nmg4if-20260630

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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 June 30, 2026


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

814-01639

New Mountain Guardian IV Income Fund, L.L.C.

1633 Broadway, 48th Floor

New York, New York 10019

Telephone: (212) 720-0300

State of Organization: Delaware

92-0964074

_________________________________________________________________________________

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 limited liability company units outstanding as of August 12, 2026 was 51,240,500. As of June 30, 2026, there was no established public market for the registrant's limited liability company units.

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FORM 10-Q FOR THE QUARTER ENDED JUNE 30, 2026

TABLE OF CONTENTS


		PAGE
PART I. FINANCIAL INFORMATION

Item 1.	Financial Statements

	Consolidated Statements of Assets, Liabilities and Members' Capital as of June 3 0 , 2026 (unaudited) and December 31, 2025	3
	Consolidated Statements of Operations for the three and six months ended June 30, 2026 (unaudited) and June 30, 2025 (unaudited)	4
	Consolidated Statements of Changes in Members' Capital for the three and six months ended June 30, 2026 (unaudited) and June 30, 2025 (unaudited)	5
	Consolidated Statements of Cash Flows for the six months ended June 30, 2026 (unaudited) and June 30, 2025 (unaudited)	6
	Consolidated Schedule of Investments as of June 3 0 , 2026 (unaudited)	7
	Schedule of Investments as of December 31, 2025	27
	Notes to the Consolidated Financial Statements of New Mountain Guardian IV Income Fund, L.L.C. (unaudited)	46
	Report of Independent Registered Public Accounting Firm	68

Item 2.	Management's Discussion and Analysis of Financial Condition and Results of Operations	69
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	84
Item 4.	Mine Safety Disclosures	84
Item 5.	Other Information	84
Item 6.	Exhibits	85
	Signatures	86

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PART I. FINANCIAL INFORMATION

Item 1. Financial Statements

New Mountain Guardian IV Income Fund, L.L.C.

Consolidated Statements of Assets, Liabilities and Members' Capital

(in thousands, except units and per unit data)

(unaudited)


	June 30, 2026		December 31, 2025
Assets
Non-controlled/non-affiliated investments at fair value (cost of $504,264 and $484,787, respectively)	$	495,107	$	482,659
Cash and cash equivalents	18,210		35,000

Interest and dividend receivable	3,688		2,743
Receivable from unsettled securities sold	988		—
Receivable from affiliates	94		152
Other assets	1,455		146
Total assets	$	519,542	$	520,700
Liabilities
Borrowings
Wells Credit Facility	$	6,000	$	—


Deferred financing costs (net of accumulated amortization of $490 and $442, respectively)	(478)		—
Net borrowings	5,522		—
Distribution payable	9,223		8,916

Income based incentive fee payable	1,014		974
Management fee payable	961		954
Interest payable	45		—




Other liabilities	741		443
Total liabilities	17,506		11,287
Commitments and contingencies (See Note 8)
Members' Capital
Common units, 51,240,500 and 51,240,500 units issued and outstanding, respectively	511,915		511,915
Accumulated underdistributed (overdistributed) earnings	(9,879)		(2,502)
Total members' capital	$	502,036	$	509,413
Total liabilities and members' capital	$	519,542	$	520,700

Members' capital per unit	$	9.80	$	9.94

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

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New Mountain Guardian IV Income Fund, L.L.C.

Consolidated Statements of Operations

(in thousands, except units and per unit data)

(unaudited)


	Three Months Ended				Six Months Ended
	June 30, 2026		June 30, 2025		June 30, 2026		June 30, 2025
Investment income
Interest income (excluding Payment-in-kind ("PIK") interest income)	$	11,041	$	10,212	$	21,928	$	19,596
PIK interest income	317		190		483		388
Dividend income	114		118		235		233
Fee income	229		259		482		594
Total investment income	11,701		10,779		23,128		20,811
Expenses
Interest and other financing expenses	126		1,110		200		2,005
Income based incentive fee	1,014		843		2,006		1,635
Management fee	961		755		1,922		1,481
Administrative expenses	290		299		584		563
Professional fees	143		161		297		354

Capital gains incentive fee	—		(30)		—		(142)
Other general and administrative expenses	48		36		75		61
Organizational and offering expenses	—		—		—		8
Total expenses	2,582		3,174		5,084		5,965

Less: management fees waived (See Note 5)	—		(5)		—		(5)

Net expenses	2,582		3,169		5,084		5,960


Net investment income (loss)	9,119		7,610		18,044		14,851
Net realized gains (losses) on investments	(40)		(11)		(304)		(20)
Net change in unrealized appreciation (depreciation) of investments	334		(1,597)		(7,029)		(2,440)
Net realized and unrealized gains (losses)	294		(1,608)		(7,333)		(2,460)
Net increase (decrease) in members' capital resulting from operations	$	9,413	$	6,002	$	10,711	$	12,391
Earnings (loss) per unit (basic & diluted)	$	0.18	$	0.18	$	0.21	$	0.37
Weighted average common units outstanding - basic & diluted (See Note 10)	51,240,500		33,362,633		51,240,500		33,334,635

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

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New Mountain Guardian IV Income Fund, L.L.C.

Consolidated Statements of Changes in Members' Capital

(in thousands, except units)

(unaudited)


	Three Months Ended				Six Months Ended
	June 30, 2026		June 30, 2025		June 30, 2026		June 30, 2025
Increase (decrease) in members' capital resulting from operations:
Net investment income (loss)	$	9,119	$	7,610	$	18,044	$	14,851
Net realized gains (losses) on investments	(40)		(11)		(304)		(20)
Net change in unrealized appreciation (depreciation) of investments	334		(1,597)		(7,029)		(2,440)
Net increase (decrease) in members' capital resulting from operations	9,413		6,002		10,711		12,391
Capital transactions
Contributions	—		51,241		—		51,241


Placement fees	—		(5)		—		(5)
Distributions declared to unitholders from net investment income	(9,223)		(7,527)		(18,088)		(14,921)

Total net increase (decrease) in members' capital resulting from capital transactions	(9,223)		43,709		(18,088)		36,315
Net increase (decrease) in members' capital	190		49,711		(7,377)		48,706
Members' capital at the beginning of the period	501,846		333,337		509,413		334,342
Members' capital at the end of the period	$	502,036	$	383,048	$	502,036	$	383,048

Capital unit activity
Units issued	—		5,124,050		—		5,124,050

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

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New Mountain Guardian IV Income Fund, L.L.C.

Consolidated Statements of Cash Flows

(in thousands)

(unaudited)


	Six Months Ended
	June 30, 2026		June 30, 2025
Cash flows from operating activities
Net increase (decrease) in members' capital resulting from operations	$	10,711	$	12,391
Adjustments to reconcile net increase in members' capital resulting from operations to net cash used in operating activities:
Net realized (gains) losses on investments	304		20
Net change in unrealized (appreciation) depreciation of investments	7,029		2,440
Amortization of purchase discount	(509)		(1,190)
Amortization of deferred financing costs	48		83

Non-cash investment income	(428)		(427)
(Increase) decrease in operating assets:
Purchase of investments and delayed draw facilities	(53,652)		(73,536)
Proceeds from sales and paydowns of investments	36,388		41,501
Cash repayments on drawn revolvers	3,071		1,803
Cash received for purchase of undrawn portion of revolving credit or delayed draw facilities	8		38
Cash paid for purchase of drawn portion of revolving credit facilities	(165)		(25)
Cash paid on drawn revolvers	(4,494)		(2,245)
Interest and dividend receivable	(945)		(346)

Receivable from unsettled securities sold	(988)		—
Receivable from affiliates	57		—
Other assets	(1,308)		(4,175)
Increase (decrease) in operating liabilities:
Payable for unsettled securities purchased	—		8,725
Interest payable	45		(35)
Accrued capital gains incentive fee	—		(142)
Income based incentive fee payable	40		66
Management fee payable	7		45

Payable to affiliate	—		(170)


Other liabilities	300		—
Net cash flows used in operating activities	(4,481)		(15,179)
Cash flows from financing activities
Distributions	(17,781)		(7,394)
Net proceeds from issuance of common units	—		51,241
Proceeds from Wells Credit Facility	6,000		—

Proceeds from BMO Subscription Line	—		76,000
Repayment of BMO Subscription Line	—		(116,000)


Placement fees paid	(2)		—

Deferred financing costs paid	(526)		—
Net cash flows provided by (used in) financing activities	(12,309)		3,847
Net increase (decrease) in cash and cash equivalents	(16,790)		(11,332)
Cash and cash equivalents at the beginning of the period	35,000		19,551
Cash and cash equivalents at the end of the period	$	18,210	$	8,219



Supplemental disclosure of cash flow information
Cash interest paid	$	3	$	2,085



Non-cash financing activities:
Distributions declared and payable	$	9,223	$	7,527
Accrued but unpaid placement fees	—		5
Accrued but unpaid deferred credit facility costs	2		3

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

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New Mountain Guardian IV Income Fund, L.L.C.

Consolidated Schedule of Investments

June 30, 2026

(in thousands, except shares)

(unaudited)


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

Non-Controlled/Non-Affiliated Investments
Funded Debt Investments - United States
Associations Finance, Inc.
Associations, Inc.
Business Services	First Lien(4)	SOFR(Q)	+	6.50%	10.42%	05/2024	07/2028	$	7,705	$	7,702	$	7,705
	Subordinated(4)	Fixed(Q)*		14.25%/PIK	14.25%	05/2024	05/2030	1,558		1,556		1,558
	Subordinated(4)	Fixed(Q)*		14.25%/PIK	14.25%	05/2024	05/2030	595		594		595
	First Lien(4)(5) - Drawn	SOFR(Q)	+	6.50%	10.42%	05/2024	07/2028	318		318		318
								10,176		10,170		10,176		2.03	%
Anaplan, Inc.
Software	First Lien(4)	SOFR(Q)	+	4.50%	8.17%	01/2024	06/2029	9,984		9,975		9,790		1.95	%
Wealth Enhancement Group, LLC
Financial Services & Technology	First Lien(4)	SOFR(Q)	+	4.25%	7.94%	10/2023	10/2028	5,183		5,178		5,183
	First Lien(4)	SOFR(Q)	+	4.25%	7.94%	02/2024	10/2028	2,858		2,850		2,858
	First Lien(4)	SOFR(Q)	+	4.25%	7.94%	11/2024	10/2028	682		681		682
	First Lien(4)	SOFR(Q)	+	4.25%	7.94%	10/2023	10/2028	586		586		586
	First Lien(4)	SOFR(Q)	+	4.25%	7.94%	10/2023	10/2028	253		253		253
	First Lien(4)	SOFR(Q)	+	4.25%	7.94%	10/2023	10/2028	146		146		146
	First Lien(4)	SOFR(Q)	+	4.25%	7.94%	10/2023	10/2028	20		20		20
								9,728		9,714		9,728		1.94	%
Viper Bidco, Inc.
Business Services	First Lien(4)	SOFR(Q)	+	4.50%	8.23%	11/2024	11/2031	6,368		6,342		6,243
	First Lien(2)(3)(4)	SOFR(Q)	+	4.50%	8.23%	11/2024	11/2031	3,482		3,468		3,414
								9,850		9,810		9,657		1.92	%
Coupa Holdings, LLC
Software	First Lien(4)	SOFR(Q)	+	5.25%	8.91%	02/2023	02/2030	8,484		8,484		8,370
	First Lien(4)	SOFR(Q)	+	5.25%	8.90%	02/2023	02/2030	773		769		763
	First Lien(4)(5) - Drawn	SOFR(Q)	+	5.25%	8.90%	02/2023	02/2029	395		395		389
								9,652		9,648		9,522		1.89	%
NC Topco, LLC
Financial Services & Technology	First Lien(4)	SOFR(Q)	+	4.50%	8.17%	08/2024	09/2031	3,619		3,606		3,583
	First Lien(2)(3)(4)	SOFR(Q)	+	4.50%	8.17%	08/2024	09/2031	3,483		3,469		3,447
	First Lien(4)	SOFR(Q)	+	4.50%	8.17%	08/2024	09/2031	2,026		2,019		2,006
								9,128		9,094		9,036		1.80	%
Businessolver.com, Inc.
Business Services	First Lien(4)	SOFR(Q)	+	4.50%	8.23%	10/2023	12/2032	8,926		8,909		8,903		1.77	%
Healthspan Buyer, LLC
Healthcare	First Lien(4)	SOFR(Q)	+	4.75%	8.48%	10/2023	10/2030	2,496		2,480		2,496
	First Lien(4)	SOFR(Q)	+	4.75%	8.48%	10/2024	10/2030	2,423		2,418		2,423
	First Lien(4)	SOFR(Q)	+	4.75%	8.48%	10/2025	10/2030	2,036		2,031		2,036
	First Lien(4)	SOFR(Q)	+	4.75%	8.48%	07/2025	10/2030	859		857		859
	First Lien(4)	SOFR(Q)	+	4.75%	8.48%	07/2025	10/2030	828		826		828
								8,642		8,612		8,642		1.72	%

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

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New Mountain Guardian IV Income Fund, L.L.C.

Consolidated Schedule of Investments (Continued)

June 30, 2026

(in thousands, except shares)

(unaudited)


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

OEConnection LLC
Business Services	First Lien(4)	SOFR(M)	+	4.50%	8.14%	04/2024	12/2032	$	5,247	$	5,228	$	5,174
	First Lien(2)(3)(4)	SOFR(M)	+	4.50%	8.14%	04/2024	12/2032	3,500		3,487		3,452
								8,747		8,715		8,626		1.72	%
Jeppesen Holdings, LLC
Business Services	First Lien(4)	SOFR(Q)	+	4.75%	8.41%	10/2025	11/2032	4,994		4,982		4,982
	First Lien(2)(3)(4)	SOFR(Q)	+	4.75%	8.41%	10/2025	11/2032	3,500		3,490		3,491
								8,494		8,472		8,473		1.68	%
Vessco Midco Holdings, LLC
Business Services	First Lien(4)	SOFR(M)	+	4.50%	8.14%	07/2024	07/2031	5,953		5,929		5,953
	First Lien(4)(5) - Drawn	SOFR(S)	+	4.50%	8.17%	11/2025	07/2031	1,951		1,944		1,951
	First Lien(4)	SOFR(S)	+	4.50%	8.19%	11/2025	07/2031	501		499		501
								8,405		8,372		8,405		1.67	%
USRP Holdings, Inc.
Business Services	First Lien(2)(3)(4)	SOFR(M)	+	4.75%	8.39%	10/2023	12/2029	3,482		3,479		3,482
	First Lien(4)	SOFR(M)	+	4.75%	8.39%	10/2023	12/2029	2,310		2,310		2,310
	First Lien(4)(5) - Drawn	SOFR(M)	+	4.75%	8.39%	08/2024	12/2029	1,312		1,307		1,312
	First Lien(4)	SOFR(M)	+	4.75%	8.39%	07/2023	12/2029	1,140		1,134		1,140
								8,244		8,230		8,244		1.64	%
Brave Parent Holdings, Inc.
Software	First Lien(2)(3)(4)	SOFR(M)	+	4.50%	8.14%	11/2023	11/2030	3,482		3,479		3,367
	First Lien(4)	SOFR(M)	+	4.50%	8.14%	11/2023	11/2030	2,751		2,748		2,660
	First Lien(4)	SOFR(M)	+	4.50%	8.14%	10/2025	11/2030	2,220		2,210		2,147
								8,453		8,437		8,174		1.63	%
Einstein Parent, Inc.
Software	First Lien(4)	SOFR(Q)	+	5.25%	8.91%	01/2025	01/2031	8,342		8,275		8,141		1.62	%
Model N, Inc.
Healthcare	First Lien(4)	SOFR(Q)	+	4.75%	8.48%	06/2024	06/2031	3,687		3,672		3,656
	First Lien(2)(3)(4)	SOFR(Q)	+	4.75%	8.48%	06/2024	06/2031	3,482		3,469		3,452
	First Lien(4)	SOFR(Q)	+	4.75%	8.42%	06/2024	06/2031	743		741		736
								7,912		7,882		7,844		1.56	%
Meta Buyer LLC
Healthcare	First Lien(4)	SOFR(Q)	+	5.25%	8.93%	12/2025	12/2031	6,283		6,255		6,250
	First Lien(4)	SOFR(Q)	+	5.25%	8.93%	12/2025	12/2031	863		857		859
	First Lien(4)(5) - Drawn	SOFR(Q)	+	5.25%	8.93%	12/2025	12/2031	371		370		369
	First Lien(4)(5) - Drawn	SOFR(Q)	+	5.25%	8.97%	12/2025	12/2031	261		262		260
								7,778		7,744		7,738		1.54	%
AAH Topco, LLC
Consumer Services	First Lien(4)(5) - Drawn	SOFR(M)	+	5.00%	8.74%	03/2025	12/2027	4,039		4,028		4,039
	First Lien(4)	SOFR(M)	+	5.25%	8.99%	11/2023	12/2027	3,688		3,673		3,688
								7,727		7,701		7,727		1.54	%
IG Investments Holdings, LLC
Business Services	First Lien(4)	SOFR(Q)	+	5.00%	8.66%	03/2024	09/2028	7,466		7,446		7,466		1.48	%

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

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New Mountain Guardian IV Income Fund, L.L.C.

Consolidated Schedule of Investments (Continued)

June 30, 2026

(in thousands, except shares)

(unaudited)


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

Foundational Education Group, Inc.
Education	First Lien	SOFR(Q)	+	4.25%	8.18%	05/2025	08/2028	$	7,145	$	6,954	$	6,645
	Second Lien(4)	SOFR(Q)	+	6.50%	10.43%	05/2022	08/2029	594		568		594
								7,739		7,522		7,239		1.44	%
Acumatica Holdings, Inc.
Software	First Lien(4)	SOFR(Q)	+	4.50%	8.23%	07/2025	07/2032	7,245		7,245		7,222		1.44	%
Diamondback Acquisition, Inc.
Software	First Lien(4)	SOFR(M)	+	4.50%	8.14%	09/2025	09/2032	7,006		6,990		6,728
	First Lien(4)(5) - Drawn	SOFR(M)	+	4.50%	9.04%	09/2025	09/2032	316		316		304
								7,322		7,306		7,032		1.40	%
Runway Bidco, LLC
Software	First Lien(2)(3)(4)	SOFR(Q)	+	4.50%	8.23%	12/2024	12/2031	3,482		3,468		3,416
	First Lien(4)	SOFR(Q)	+	4.50%	8.23%	12/2024	12/2031	3,348		3,334		3,284
								6,830		6,802		6,700		1.33	%
Bullhorn, Inc.
Software	First Lien(4)	SOFR(M)	+	5.00%	8.64%	05/2024	10/2029	3,179		3,176		3,155
	First Lien(4)	SOFR(M)	+	5.00%	8.64%	05/2024	10/2029	2,137		2,134		2,122
	First Lien(4)	SOFR(M)	+	5.00%	8.64%	05/2024	10/2029	818		817		811
	First Lien(4)	SOFR(M)	+	5.00%	8.64%	05/2024	10/2029	247		246		245
	First Lien(4)	SOFR(M)	+	5.00%	8.64%	05/2024	10/2029	183		183		182
	First Lien(4)	SOFR(M)	+	5.00%	8.64%	05/2024	10/2029	82		82		81
	First Lien(4)	SOFR(M)	+	5.00%	8.64%	05/2024	10/2029	65		65		65
	First Lien(4)(5) - Drawn	SOFR(M)	+	5.00%	8.64%	05/2024	10/2029	30		30		30
								6,741		6,733		6,691		1.33	%
iCIMS, Inc.
Software	First Lien(2)(3)(4)	SOFR(Q)	+	5.75%	9.42%	08/2022	08/2028	3,500		3,487		3,277
	First Lien(4)	SOFR(Q)	+	5.75%	9.42%	08/2022	08/2028	3,481		3,478		3,259
	First Lien(4)(5) - Drawn	SOFR(Q)	+	5.75%	9.41%	08/2022	08/2028	103		103		97
								7,084		7,068		6,633		1.32	%
Superman Holdings, LLC
Software	First Lien(2)(3)(4)	SOFR(Q)	+	4.50%	8.23%	08/2024	08/2031	3,482		3,475		3,473
	First Lien(4)	SOFR(Q)	+	4.50%	8.23%	08/2024	08/2031	1,619		1,616		1,615
	First Lien(4)	SOFR(Q)	+	4.50%	8.23%	08/2024	08/2031	1,478		1,475		1,474
								6,579		6,566		6,562		1.31	%
Auctane, Inc.
Distribution & Logistics	First Lien(2)(4)	SOFR(Q)	+	5.75%	9.42%	05/2026	06/2033	6,533		6,486		6,485		1.29	%
Pioneer Buyer I, LLC
Software	First Lien(4)	SOFR(Q)	+	5.00%	8.73%	11/2025	11/2029	5,786		5,786		5,786
	First Lien(4)	SOFR(Q)	+	5.00%	8.73%	11/2025	11/2028	682		682		682
								6,468		6,468		6,468		1.28	%
Baker Tilly Advisory Group, LP
Financial Services & Technology	First Lien(2)(3)(4)	SOFR(M)	+	4.25%	7.89%	05/2025	06/2031	2,772		2,756		2,727
	First Lien(2)(3)(4)	SOFR(M)	+	4.75%	8.39%	05/2024	06/2031	2,457		2,443		2,430
	First Lien(4)	SOFR(M)	+	4.25%	7.89%	05/2025	06/2031	1,023		1,016		1,007

								6,252		6,215		6,164		1.23	%

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

Table of Contents

New Mountain Guardian IV Income Fund, L.L.C.

Consolidated Schedule of Investments (Continued)

June 30, 2026

(in thousands, except shares)

(unaudited)


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

PPV Intermediate Holdings, LLC
Consumer Services	First Lien(2)(3)(4)	SOFR(Q)	+	5.75%	9.42%	08/2022	08/2029	$	3,482	$	3,482	$	3,417
	First Lien(4)	SOFR(Q)	+	6.00%	9.67%	09/2023	08/2029	1,918		1,912		1,882
	First Lien(4)(5) - Drawn	SOFR(Q)	+	5.25%	8.92%	08/2024	08/2029	848		846		833
	First Lien(4)	SOFR(Q)	+	5.75%	9.42%	08/2022	08/2029	23		23		22
								6,271		6,263		6,154		1.23	%
Maverick Bidco Inc.
Software	First Lien(4)	SOFR(S)	+	4.75%	8.42%	12/2025	12/2031	6,060		6,046		5,995		1.19	%
YLG Holdings, Inc.
Business Services	First Lien(4)	SOFR(Q)	+	4.75%	8.43%	06/2024	12/2030	5,841		5,838		5,841
	First Lien(4)(5) - Drawn	SOFR(Q)	+	4.75%	8.42%	04/2025	12/2030	62		62		62
	First Lien(4)(5) - Drawn	SOFR(Q)	+	4.75%	8.41%	06/2024	12/2030	48		48		48
								5,951		5,948		5,951		1.19	%
MAI Capital Management Intermediate LLC
Financial Services & Technology	First Lien(2)(3)(4)	SOFR(Q)	+	4.75%	8.48%	08/2024	08/2031	2,548		2,538		2,548
	First Lien(4)	SOFR(Q)	+	4.75%	8.48%	08/2024	08/2031	2,145		2,137		2,145
	First Lien(4)	SOFR(Q)	+	4.75%	8.48%	08/2024	08/2031	1,100		1,096		1,100
								5,793		5,771		5,793		1.15	%
HIG Intermediate, Inc. (8)
HIG Operations Holdings, Inc.
Business Services	First Lien(2)(3)(4)	SOFR(M)	+	4.50%	8.14%	03/2024	06/2031	2,968		2,964		2,968
	First Lien(4)	SOFR(M)	+	4.50%	8.14%	03/2024	06/2031	2,269		2,265		2,269
	First Lien(4)	SOFR(M)	+	4.50%	8.14%	03/2024	06/2031	522		517		522
								5,759		5,746		5,759		1.15	%
Supernova Intermediate Pty Ltd
Software	First Lien(2)(3)(4)	SOFR(Q)	+	5.00%	8.64%	05/2026	05/2033	5,767		5,753		5,753		1.15	%
CentralSquare Technologies, LLC
Software	First Lien(2)(3)(4)	SOFR(M)	+	5.75%	9.39%	04/2024	04/2030	3,483		3,454		3,483
	First Lien(4)	SOFR(M)	+	5.75%	9.39%	04/2024	04/2030	2,265		2,249		2,265
								5,748		5,703		5,748		1.14	%
Houghton Mifflin Harcourt Company
Education	First Lien	SOFR(Q)	+	5.25%	9.01%	09/2023	04/2029	3,649		3,632		2,899
	First Lien(2)(3)	SOFR(Q)	+	5.25%	9.01%	09/2023	04/2029	3,482		3,372		2,766
								7,131		7,004		5,665		1.13	%
Databricks, Inc.
Software	First Lien(2)(3)	SOFR(M)	+	4.50%	8.11%	02/2026	01/2032	3,326		3,326		3,322
	First Lien	SOFR(M)	+	4.50%	8.11%	12/2024	01/2032	1,933		1,926		1,931
								5,259		5,252		5,253		1.05	%
Legal Spend Holdings, LLC (fka Bottomline Technologies, Inc.)
Financial Services & Technology	First Lien(2)(3)(4)	SOFR(Q)	+	4.50%	8.23%	09/2024	05/2029	2,724		2,724		2,704
	First Lien(4)	SOFR(Q)	+	4.50%	8.23%	09/2024	05/2029	2,529		2,515		2,510
								5,253		5,239		5,214		1.04	%

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

Table of Contents

New Mountain Guardian IV Income Fund, L.L.C.

Consolidated Schedule of Investments (Continued)

June 30, 2026

(in thousands, except shares)

(unaudited)


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

Icefall Parent, Inc.
Financial Services & Technology	First Lien(4)	SOFR(Q)	+	4.50%	8.23%	12/2025	01/2030	$	5,203	$	5,141	$	5,203	1.04	%
MRI Software LLC
Software	First Lien(4)	SOFR(Q)	+	4.75%	8.48%	10/2024	02/2028	2,382		2,377		2,342
	First Lien(4)	SOFR(Q)	+	4.75%	8.48%	12/2023	02/2028	1,857		1,855		1,825
	First Lien(4)	SOFR(Q)	+	4.75%	8.48%	08/2024	02/2028	610		609		599
	First Lien(4)(5) - Drawn	SOFR(Q)	+	4.75%	8.48%	10/2025	02/2028	211		211		207
	First Lien(4)(5) - Drawn	SOFR(Q)	+	4.75%	8.48%	12/2023	02/2028	93		93		91
								5,153		5,145		5,064		1.01	%
GC Waves Holdings, Inc.
Financial Services & Technology	First Lien(4)	SOFR(M)	+	4.50%	8.14%	10/2024	10/2030	3,175		3,163		3,175
	First Lien(4)	SOFR(M)	+	4.50%	8.14%	10/2024	10/2030	1,797		1,796		1,797
								4,972		4,959		4,972		0.99	%
Nexus Buyer LLC
Financial Services & Technology	Second Lien(2)(3)	SOFR(M)	+	5.75%	9.39%	08/2025	02/2032	3,500		3,469		3,412
	Second Lien	SOFR(M)	+	5.75%	9.39%	08/2025	02/2032	1,500		1,485		1,462
								5,000		4,954		4,874		0.97	%
ComPsych Investments Corp.
Business Services	First Lien(2)(3)(4)	SOFR(Q)	+	4.75%	8.41%	07/2024	07/2031	3,482		3,476		3,482
	First Lien(4)	SOFR(Q)	+	4.75%	8.41%	07/2024	07/2031	1,383		1,376		1,383
								4,865		4,852		4,865		0.97	%
GHX Ultimate Parent Corporation
Healthcare	First Lien(2)(3)(4)	SOFR(Q)*	+	2.50% +2.50%/PIK	8.73%	02/2025	02/2033	3,527		3,497		3,527
	First Lien(4)	SOFR(Q)*	+	2.50% +2.50%/PIK	8.73%	02/2025	02/2033	755		748		755
	First Lien(4)	SOFR(Q)*	+	2.50% +2.50%/PIK	8.73%	02/2026	02/2033	575		573		575
								4,857		4,818		4,857		0.97	%
Alegeus Technologies Holdings Corp.
Healthcare	First Lien	SOFR(Q)	+	6.50%	10.16%	10/2024	11/2029	4,773		4,730		4,773		0.95	%
DG Investment Intermediate Holdings 2, Inc.
Business Services	Second Lien(4)	SOFR(M)	+	5.50%	9.14%	07/2025	07/2033	4,756		4,734		4,756		0.95	%
AWP Group Holdings, Inc.
Business Services	First Lien(2)(3)(4)	SOFR(Q)*	+	2.63% +3.28%/PIK	9.56%	04/2026	12/2032	4,330		4,314		4,314
	First Lien(4)(5) - Drawn	SOFR(Q)	+	5.25%	8.90%	04/2026	12/2032	180		179		179
								4,510		4,493		4,493		0.89	%
Asurion, LLC
Business Services	First Lien	SOFR(Q)	+	4.25%	7.91%	06/2025	09/2030	4,500		4,388		4,462		0.89	%
Planview Parent, Inc.
Software	Second Lien(2)(3)(4)	SOFR(Q)	+	5.75%	9.48%	06/2024	12/2028	3,500		3,494		2,583
	Second Lien(4)	SOFR(Q)	+	5.75%	9.48%	06/2024	12/2028	1,815		1,813		1,339
	First Lien(2)	SOFR(Q)	+	3.50%	7.23%	02/2026	12/2027	623		516		539
								5,938		5,823		4,461		0.89	%

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

Table of Contents

New Mountain Guardian IV Income Fund, L.L.C.

Consolidated Schedule of Investments (Continued)

June 30, 2026

(in thousands, except shares)

(unaudited)


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

Safety Borrower Holdings LLC
Business Services	First Lien(2)(3)(4)	SOFR(M)	+	4.75%	8.39%	03/2024	12/2032	$	3,483	$	3,483	$	3,461
	First Lien(4)	SOFR(M)	+	4.75%	8.39%	03/2024	12/2032	636		636		632
	First Lien(4)(5) - Drawn	P(Q)	+	3.75%	10.50%	10/2024	12/2032	15		15		15
								4,134		4,134		4,108		0.82	%
Wrench Group LLC
Consumer Services	First Lien(4)	SOFR(Q)	+	4.75%	8.48%	10/2025	09/2032	3,909		3,891		3,890		0.77	%
Optimizely North America Inc.
Software	First Lien(2)(3)(4)	SOFR(M)*	+	3.00% +2.50%/PIK	9.14%	10/2024	10/2031	3,497		3,483		3,404
	First Lien(4)	SOFR(M)*	+	3.00% +2.50%/PIK	9.14%	10/2024	10/2031	470		468		457
								3,967		3,951		3,861		0.77	%
Diligent Corporation
Software	First Lien(2)(3)(4)	SOFR(Q)	+	5.00%	8.67%	04/2024	08/2030	3,137		3,129		3,056
	First Lien(4)	SOFR(Q)*	+	8.42%/PIK	12.09%	04/2024	08/2030	538		536		524
	First Lien(4)(5) - Drawn	SOFR(Q)	+	5.00%	8.65%	04/2024	08/2030	142		142		138
								3,817		3,807		3,718		0.74	%
Legends Hospitality Holding Company, LLC
Business Services	First Lien(2)(3)(4)	SOFR(Q)*	+	2.75% +2.75%/PIK	9.16%	08/2024	08/2031	3,445		3,420		3,412
	First Lien(4)	SOFR(Q)	+	5.00%	8.66%	08/2024	08/2031	195		193		191
	First Lien(4)(5) - Drawn	SOFR(M)	+	5.00%	8.64%	08/2024	08/2030	108		108		106
								3,748		3,721		3,709		0.74	%
Rithum Holdings, Inc. (fka CommerceHub, Inc.)
Software	First Lien	SOFR(Q)	+	4.75%	8.48%	07/2025	07/2032	3,862		3,799		3,657		0.73	%
Bluefin Holding, LLC
Financial Services & Technology	First Lien(2)(3)(4)	SOFR(Q)	+	4.25%	7.91%	09/2023	09/2029	3,600		3,574		3,584		0.71	%
Trinity Air Consultants Holdings Corporation
Business Services	First Lien(4)	SOFR(Q)	+	4.25%	8.03%	10/2025	06/2029	2,122		2,113		2,122
	First Lien(4)	SOFR(Q)	+	4.25%	8.01%	06/2023	06/2029	1,444		1,440		1,444
								3,566		3,553		3,566		0.71	%
CRCI Longhorn Holdings, Inc.
Business Services	First Lien(2)(3)(4)	SOFR(M)	+	4.75%	8.40%	08/2024	08/2031	3,209		3,196		3,209
	First Lien(4)(5) - Drawn	SOFR(M)	+	4.75%	8.38%	08/2024	08/2031	357		356		357
								3,566		3,552		3,566		0.71	%
Archduke Buyer, Inc.
Software	First Lien(4)	SOFR(Q)	+	5.50%	9.16%	12/2025	12/2032	3,551		3,534		3,533		0.70	%
Sierra Enterprises, LLC
Food & Beverage	First Lien(4)	SOFR(Q)	+	5.75%	9.48%	05/2025	05/2030	3,354		3,334		3,354		0.67	%
Firebird Acquisition Corp, Inc.
Business Services	First Lien(4)	SOFR(Q)*	+	2.25% +2.75%/PIK	8.66%	01/2025	02/2032	2,479		2,475		2,479
	First Lien(4)(5) - Drawn	SOFR(Q)	+	4.50%	8.16%	01/2025	02/2032	839		837		839
								3,318		3,312		3,318		0.66	%

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

Table of Contents

New Mountain Guardian IV Income Fund, L.L.C.

Consolidated Schedule of Investments (Continued)

June 30, 2026

(in thousands, except shares)

(unaudited)


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

Fetch, Inc.
Business Services	First Lien(2)(3)(4)	SOFR(M)	+	4.75%	8.39%	03/2026	03/2033	$	3,258	$	3,242	$	3,241	0.65	%
Fullsteam Operations LLC
Financial Services & Technology	First Lien(2)(3)(4)	SOFR(Q)	+	5.25%	8.90%	08/2025	08/2031	3,111		3,098		3,096
	First Lien(4)(5) - Drawn	SOFR(M)	+	5.25%	8.88%	08/2025	08/2031	112		112		112
								3,223		3,210		3,208		0.64	%
RailPros Parent, LLC
Business Services	First Lien(2)(3)(4)	SOFR(Q)	+	4.25%	7.89%	05/2025	05/2032	2,899		2,887		2,899
	First Lien(4)(5) - Drawn	SOFR(Q)	+	4.25%	7.89%	05/2025	05/2032	269		268		269
								3,168		3,155		3,168		0.63	%
RLG Holdings, LLC
Packaging	First Lien(2)(3)(4)	SOFR(Q)	+	4.25%	8.18%	09/2025	07/2028	3,482		3,479		2,004
	First Lien(4)	SOFR(Q)	+	4.25%	8.18%	09/2025	07/2028	1,970		1,726		1,134
								5,452		5,205		3,138		0.63	%
Low Voltage Holdings Inc.
Business Services	First Lien(4)	SOFR(Q)	+	4.50%	8.23%	04/2025	04/2032	3,057		3,047		3,046
	First Lien(4)(5) - Drawn	SOFR(Q)	+	4.50%	8.17%	04/2025	04/2032	46		46		46
								3,103		3,093		3,092		0.62	%
Greenway Health, LLC
Healthcare	First Lien(2)(3)(4)	SOFR(S)	+	6.75%	10.60%	12/2023	04/2029	3,103		3,077		3,042		0.61	%
Vamos Bidco, Inc.
Software	First Lien(2)(3)(4)	SOFR(Q)	+	4.50%	8.23%	01/2025	01/2032	2,995		2,982		2,931
	First Lien(4)(5) - Drawn	SOFR(Q)	+	4.50%	8.23%	01/2025	01/2032	63		63		62
								3,058		3,045		2,993		0.60	%
Lighthouse Buyer, Inc.
Business Services	First Lien(4)	SOFR(A)	+	4.25%	7.79%	12/2025	12/2031	2,864		2,850		2,848
	First Lien(4)(5) - Drawn	SOFR(Q)	+	4.25%	7.96%	12/2025	12/2031	95		95		95
								2,959		2,945		2,943		0.59	%
Bonterra LLC
Software	First Lien(4)	SOFR(Q)	+	4.75%	8.48%	03/2025	03/2032	2,238		2,234		2,186
	First Lien(4)(5) - Drawn	SOFR(Q)	+	4.75%	8.46%	10/2025	03/2032	451		449		441
	First Lien(4)	SOFR(Q)	+	4.75%	8.48%	03/2025	03/2032	244		243		238
	First Lien(4)(5) - Drawn	SOFR(Q)	+	4.75%	8.49%	03/2025	03/2032	49		49		48
								2,982		2,975		2,913		0.58	%
GS Acquisitionco, Inc.
Software	First Lien(4)	SOFR(Q)	+	5.25%	8.98%	03/2024	05/2028	2,074		2,074		1,947
	First Lien(4)(5) - Drawn	SOFR(Q)	+	5.25%	8.98%	03/2024	05/2028	690		690		648
	First Lien(4)	SOFR(Q)	+	5.25%	8.98%	03/2024	05/2028	282		282		265
								3,046		3,046		2,860		0.57	%

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

Table of Contents

New Mountain Guardian IV Income Fund, L.L.C.

Consolidated Schedule of Investments (Continued)

June 30, 2026

(in thousands, except shares)

(unaudited)


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

Jawbreaker Topco, L.P. (10)
Jawbreaker Parent, Inc.
Software	First Lien(2)(3)(4)	SOFR(Q)	+	4.75%	8.48%	01/2026	01/2033	$	1,940	$	1,931	$	1,930
	First Lien(4)	SOFR(Q)	+	4.75%	8.48%	01/2026	01/2033	928		928		923
								2,868		2,859		2,853		0.57	%
Tempo Acquisition, LLC**
Business Services	First Lien	SOFR(M)	+	1.75%	5.39%	03/2026	08/2028	3,354		2,294		2,845		0.57	%
Eclipse Topco, Inc. (7)
Eclipse Buyer, Inc.
Financial Services & Technology	First Lien(2)(3)(4)	SOFR(Q)	+	4.50%	8.15%	09/2024	09/2031	2,764		2,753		2,723		0.54	%
PetVet Care Centers, LLC
Consumer Services	First Lien(4)	SOFR(M)	+	6.00%	9.64%	10/2023	11/2030	2,900		2,880		2,495
	First Lien(4)(5) - Drawn	SOFR(M)	+	6.00%	9.62%	10/2023	11/2029	116		117		100
								3,016		2,997		2,595		0.52	%
HP TLE Buyer, Inc.
Education	First Lien(4)	SOFR(Q)	+	4.75%	8.48%	07/2025	07/2032	2,578		2,567		2,578		0.51	%
PDI TA Holdings, Inc.
Software	First Lien(4)	SOFR(Q)*	+	3.50% +2.50%/PIK	9.66%	01/2024	02/2031	2,445		2,437		2,335
	First Lien(4)(5) - Drawn	SOFR(Q)	+	5.50%	9.17%	01/2024	02/2031	195		195		187
								2,640		2,632		2,522		0.50	%
DigiCert, Inc.
Software	First Lien(4)	SOFR(M)	+	5.75%	9.39%	07/2025	07/2030	2,428		2,413		2,410		0.48	%
Cronos Crimson Holdings, Inc. (f/k/a NMC Crimson Holdings, Inc.)
Healthcare	First Lien(4)	SOFR(Q)	+	6.24%	10.06%	04/2025	03/2028	2,353		2,343		2,316		0.46	%
Galway Borrower LLC
Business Services	First Lien	SOFR(Q)	+	4.50%	8.23%	04/2024	09/2028	1,320		1,316		1,316
	First Lien	SOFR(Q)	+	4.50%	8.23%	04/2024	09/2028	922		914		919
	First Lien	SOFR(Q)	+	4.50%	8.23%	02/2026	09/2028	44		43		43
	First Lien(4)(5) - Drawn	SOFR(Q)	+	4.50%	8.24%	02/2026	09/2028	24		24		24
								2,310		2,297		2,302		0.46	%
Centegix Intermediate II, LLC
Business Services	First Lien(4)	SOFR(Q)*	+	2.75% +3.25%/PIK	9.64%	08/2025	08/2032	1,838		1,830		1,829
	First Lien(4)	SOFR(Q)*	+	2.75% +3.25%/PIK	9.64%	08/2025	08/2032	266		264		264
	First Lien(4)(5) - Drawn	SOFR(Q)	+	5.50%	9.17%	08/2025	08/2032	169		168		168
	First Lien(2)(3)(4)	SOFR(Q)*	+	2.75% +3.25%/PIK	9.64%	03/2026	08/2032	40		40		40
								2,313		2,302		2,301		0.46	%
Community Management Holdings MidCo 2, LLC
Business Services	First Lien(4)	SOFR(Q)	+	5.00%	8.66%	11/2024	11/2031	1,228		1,221		1,228
	First Lien(4)(5) - Drawn	SOFR(Q)	+	5.00%	8.68%	11/2024	11/2031	584		580		584
	First Lien(4)	SOFR(Q)	+	5.00%	8.74%	07/2025	11/2031	203		201		203
	First Lien(4)(5) - Drawn	SOFR(Q)	+	5.00%	8.67%	11/2024	11/2031	145		144		145
								2,160		2,146		2,160		0.43	%

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

Table of Contents

New Mountain Guardian IV Income Fund, L.L.C.

Consolidated Schedule of Investments (Continued)

June 30, 2026

(in thousands, except shares)

(unaudited)


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

Next Holdco, LLC
Healthcare	First Lien(4)	SOFR(Q)	+	5.25%	8.89%	11/2023	11/2030	$	2,140	$	2,129	$	2,140	0.43	%
FS WhiteWater Holdings, LLC (9)
FS WhiteWater Borrower, LLC
Consumer Services	First Lien(4)(5) - Drawn	SOFR(Q)	+	5.00%	8.83%	12/2025	12/2029	1,167		1,157		1,167
	First Lien(4)	SOFR(Q)	+	5.00%	8.88%	09/2024	12/2029	758		754		758
	First Lien(4)	SOFR(Q)	+	5.00%	8.88%	03/2025	12/2029	147		145		147
								2,072		2,056		2,072		0.41	%
Arrow Borrower 2025, Inc.
Financial Services & Technology	First Lien(4)	SOFR(Q)	+	4.25%	7.98%	10/2025	10/2032	1,936		1,934		1,905		0.38	%
KENG Acquisition, Inc.
Business Services	First Lien(4)	SOFR(Q)	+	4.50%	8.16%	08/2023	08/2029	905		899		899
	First Lien(4)	SOFR(Q)	+	4.50%	8.16%	08/2023	08/2029	692		688		688
	First Lien(4)	SOFR(Q)	+	4.50%	8.16%	07/2024	08/2029	195		195		194
	First Lien(4)(5) - Drawn	SOFR(Q)	+	4.50%	8.16%	01/2025	08/2029	16		17		16
								1,808		1,799		1,797		0.36	%
LogRhythm, Inc.
Software	First Lien(4)	SOFR(Q)*	+	1.12% +6.38%/PIK	11.16%	07/2024	07/2029	2,115		2,095		1,788		0.36	%
Xactly Corporation
Software	First Lien(4)	SOFR(Q)	+	6.25%	10.02%	02/2023	07/2027	1,787		1,787		1,687		0.34	%
Project Accelerate Parent, LLC
Financial Services & Technology	First Lien(4)	SOFR(M)	+	5.25%	8.89%	02/2024	02/2031	1,580		1,574		1,580		0.31	%
Packaging Coordinators Midco, Inc.
Healthcare	First Lien(4)	SOFR(Q)	+	5.00%	8.66%	10/2025	10/2032	1,439		1,432		1,431
	First Lien(4)(5) - Drawn	SOFR(Q)	+	5.00%	8.66%	10/2025	10/2032	27		27		27
								1,466		1,459		1,458		0.29	%
The Ultimus Group Midco, LLC
Financial Services & Technology	First Lien(4)	SOFR(Q)	+	4.50%	8.23%	07/2025	07/2032	1,431		1,425		1,424		0.28	%
Javelin Buyer, Inc.
Software	Second Lien	SOFR(Q)	+	5.00%	8.67%	10/2024	12/2032	1,530		1,524		1,388		0.28	%
MedX Holdings, LLC
Healthcare	First Lien(4)	SOFR(M)	+	4.50%	8.14%	07/2025	07/2032	1,381		1,375		1,353
	First Lien(4)(5) - Drawn	SOFR(M)	+	4.50%	8.14%	07/2025	07/2032	3		3		3
								1,384		1,378		1,356		0.27	%
Pathway Vet Alliance LLC
Consumer Services	First Lien	SOFR(Q)	+	5.00%	8.66%	04/2025	06/2028	1,330		1,330		1,335		0.27	%
PDQ.com Corporation
Software	First Lien(4)	SOFR(Q)	+	4.50%	8.23%	10/2025	10/2032	714		712		705
	First Lien(4)	SOFR(Q)	+	4.50%	8.15%	10/2023	10/2032	442		440		436
	First Lien(4)	SOFR(Q)	+	4.50%	8.15%	10/2023	10/2032	71		71		71
	First Lien(4)(5) - Drawn	SOFR(Q)	+	4.50%	8.23%	10/2025	10/2032	44		44		43
								1,271		1,267		1,255		0.25	%

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

Table of Contents

New Mountain Guardian IV Income Fund, L.L.C.

Consolidated Schedule of Investments (Continued)

June 30, 2026

(in thousands, except shares)

(unaudited)


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

Foreside Financial Group, LLC
Business Services	First Lien(4)	SOFR(Q)	+	5.25%	9.14%	06/2026	10/2029	$	1,236	$	1,235	$	1,236
	First Lien(4)(5) - Drawn	SOFR(Q)	+	5.25%	9.14%	06/2026	10/2029	5		5		5
								1,241		1,240		1,241		0.25	%
DT1 Midco Corp.
Business Services	First Lien(4)	SOFR(M)	+	5.25%	8.90%	06/2025	12/2031	667		665		667
	First Lien(2)(3)(4)	SOFR(M)	+	5.25%	8.90%	03/2026	12/2031	481		481		481
	First Lien(2)(3)(4)	SOFR(M)	+	5.25%	8.90%	06/2025	12/2031	41		41		41
	First Lien(4)(5) - Drawn	SOFR(M)	+	5.25%	8.90%	06/2025	12/2031	17		17		17
								1,206		1,204		1,206		0.24	%
Beacon Pointe Harmony, LLC
Financial Services & Technology	First Lien(4)	SOFR(M)	+	4.50%	8.14%	06/2024	12/2028	1,067		1,064		1,066		0.21	%
TigerConnect, Inc.
Healthcare	First Lien(4)	SOFR(Q)	+	6.25%	10.06%	11/2024	08/2029	553		549		547
	First Lien(4)	SOFR(Q)	+	6.25%	10.06%	08/2025	08/2029	482		479		477
	First Lien(4)	SOFR(Q)	+	6.25%	10.06%	11/2024	08/2029	27		27		27
								1,062		1,055		1,051		0.21	%
Vehlo Purchaser, LLC
Software	First Lien(4)	SOFR(M)	+	5.25%	8.89%	06/2025	05/2028	954		948		950		0.19	%
Rarebreed Veterinary Partners, Inc.
Consumer Services	First Lien(4)	SOFR(M)	+	5.25%	8.89%	11/2025	04/2030	702		701		700
	First Lien(4)(5) - Drawn	SOFR(M)	+	5.25%	8.89%	11/2025	04/2030	188		187		188
								890		888		888		0.18	%
LSCS Holdings, Inc.
Healthcare	First Lien	SOFR(Q)	+	4.50%	8.23%	09/2024	03/2032	807		793		794		0.16	%
Kele Holdco, Inc.
Distribution & Logistics	First Lien(4)	SOFR(M)	+	4.50%	8.14%	07/2025	02/2028	672		672		672
	First Lien(4)(5) - Drawn	SOFR(M)	+	4.50%	8.14%	07/2025	02/2028	46		46		46
	First Lien(4)	SOFR(M)	+	4.50%	8.14%	07/2025	02/2028	34		34		34
								752		752		752		0.15	%
CoreTrust Purchasing Group LLC
Business Services	First Lien(4)	SOFR(M)	+	5.25%	8.89%	09/2022	10/2029	731		729		731		0.15	%
Perforce Software, Inc.
Software	First Lien	SOFR(M)	+	4.75%	8.39%	05/2024	03/2031	1,301		1,302		671		0.13	%
Capstone Borrower, Inc.
Business Services	First Lien	Fixed(S)		8.00%	8.00%	03/2026	06/2030	624		540		594		0.12	%
EAB Global, Inc.
Education	First Lien(2)(3)	SOFR(M)	+	3.00%	6.64%	06/2026	08/2030	408		349		369
	First Lien	SOFR(M)	+	3.00%	6.64%	06/2026	08/2030	72		60		65
								480		409		434		0.09	%
Daxko Acquisition Corporation
Financial Services & Technology	First Lien(4)(5) - Drawn	SOFR(M)	+	4.75%	8.39%	07/2024	10/2028	315		314		311		0.06	%
RealPage, Inc.
Software	First Lien(2)(3)	SOFR(Q)	+	3.75%	7.48%	03/2026	04/2028	325		304		306		0.06	%

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

Table of Contents

New Mountain Guardian IV Income Fund, L.L.C.

Consolidated Schedule of Investments (Continued)

June 30, 2026

(in thousands, except shares)

(unaudited)


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

Zone Climate Services, Inc.
Business Services	First Lien(4)(5) - Drawn	SOFR(Q)	+	5.75%	9.53%	11/2023	03/2028	$	156	$	156	$	153
	First Lien(4)	SOFR(Q)	+	6.00%	9.88%	11/2023	03/2028	139		139		138
								295		295		291		0.06	%
KPSKY Acquisition Inc.
Business Services	First Lien(4)	SOFR(Q)	+	5.75%	9.51%	11/2023	10/2028	9		9		9		0.00	%
Total Funded Debt Investments - United States								$	480,403	$	476,740	$	468,100	93.25	%
Funded Debt Investments - United Kingdom
Accelya Lux Finco S.a r.l.**
Business Services	First Lien(2)(3)(4)	SOFR(Q)	+	5.25%	8.98%	09/2025	10/2032	$	3,483	$	3,418	$	3,317
	First Lien(4)	SOFR(Q)	+	5.25%	8.98%	09/2025	10/2032	1,270		1,244		1,209
								4,753		4,662		4,526		0.90	%
Cleanova US Holdings, LLC**
Business Products	First Lien(4)	SOFR(Q)	+	4.75%	8.41%	05/2025	06/2032	3,895		3,778		3,823		0.76	%
Ciklum Inc.**
Business Services	First Lien(4)	SOFR(Q)	+	7.00%	10.76%	02/2024	02/2030	2,426		2,406		2,426
	First Lien(4)	SOFR(M)	+	7.00%	10.73%	02/2024	02/2030	1,376		1,370		1,376
								3,802		3,776		3,802		0.76	%
Total Funded Debt Investments - United Kingdom								$	12,450	$	12,216	$	12,151	2.42	%
Funded Debt Investments - Switzerland
Matterhorn Finco, Inc.**
Software	First Lien(2)(3)(4)	SOFR(Q)	+	5.50%	9.23%	03/2026	03/2033	$	3,991	$	3,972	$	3,971	0.79	%
Total Funded Debt Investments - Switzerland								$	3,991	$	3,972	$	3,971	0.79	%
Funded Debt Investments - Australia
Adelaide Borrower, LLC**
Business Services	First Lien(4)	SOFR(Q)	+	6.00%	9.73%	05/2024	05/2030	$	2,390	$	2,374	$	2,374
	First Lien(4)(5) - Drawn	SOFR(Q)	+	6.00%	9.74%	05/2024	05/2030	27		28		26
								2,417		2,402		2,400		0.48	%
Atlas AU Bidco Pty Ltd**
Business Services	First Lien(4)	SOFR(Q)	+	4.50%	8.16%	06/2025	12/2029	936		935		918
	First Lien(4)	SOFR(Q)	+	4.50%	8.16%	12/2023	12/2029	661		657		648
								1,597		1,592		1,566		0.31	%
Total Funded Debt Investments - Australia								$	4,014	$	3,994	$	3,966	0.79	%
Funded Debt Investments - Jersey
Tennessee Bidco Limited**
Business Services	First Lien(2)(3)(4)	SOFR(S)*	+	3.50% +2.00%/PIK	9.08%	06/2025	07/2031	$	2,590	$	2,590	$	2,590
	First Lien(4)	SOFR(S)*	+	3.50% +2.00%/PIK	9.24%	06/2025	07/2031	143		143		143
								2,733		2,733		2,733		0.54	%
Total Funded Debt Investments - Jersey								$	2,733	$	2,733	$	2,733	0.54	%

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

Table of Contents

New Mountain Guardian IV Income Fund, L.L.C.

Consolidated Schedule of Investments (Continued)

June 30, 2026

(in thousands, except shares)

(unaudited)


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

Structured Financing Obligation - United States
Ivy Hill Middle Market Credit Fund, Ltd**
Investment Fund	Structured Finance Obligations(4)	SOFR(Q)	+	7.00%	10.66%	11/2024	01/2037	$	472	$	472	$	466	0.09	%
Total Structured Financing Obligation - United States								$	472	$	472	$	466	0.09	%
Total Funded Debt Investments								$	504,063	$	500,127	$	491,387	97.88	%
Equity - United States
HIG Intermediate, Inc. (8)
Business Services	Series A preferred shares (4)	Fixed(Q)		10.50%	10.50%	12/2024	—	3,443		$	3,417	$	3,443	0.68	%
Eclipse Topco, Inc. (7)
Financial Services & Technology	Preferred shares (4)	Fixed(S)*		12.50%/PIK	12.50%	09/2024	—	74		630		634		0.13	%
Jawbreaker Topco, L.P. (10)
Software	Class A-1 common units (4)	—		—	—	01/2026	—	16,430		164		164		0.03	%
FS WhiteWater Holdings, LLC (9)
Consumer Services	Class B preferred units (4)	Fixed(A)*		20.00%/PIK	20.00%	10/2024	—	330		52		52		0.01	%
Total Shares - United States										$	4,263	$	4,293	0.85	%
Total Shares										$	4,263	$	4,293	0.85	%
Total Funded Investments										$	504,390	$	495,680	98.73	%
Unfunded Debt Investments - United States
FS WhiteWater Holdings, LLC (9)
FS WhiteWater Borrower, LLC
Consumer Services	First Lien(4)(5) - Undrawn	—		—	—	12/2025	12/2027	$	72	$	(1)	$	—	—	%
Associations Finance, Inc.
Associations, Inc.
Business Services	First Lien(4)(5) - Undrawn	—		—	—	05/2024	07/2028	286		—		—
	First Lien(4)(5) - Undrawn	—		—	—	05/2024	07/2028	487		—		—
								773		—		—		—	%
Project Accelerate Parent, LLC
Financial Services & Technology	First Lien(4)(5) - Undrawn	—		—	—	02/2024	02/2031	230		(1)		—		—	%
Firebird Acquisition Corp, Inc.
Business Services	First Lien(4)(5) - Undrawn	—		—	—	01/2025	02/2027	578		—		—
	First Lien(4)(5) - Undrawn	—		—	—	01/2025	02/2032	427		(1)		—
								1,005		(1)		—		—	%
AAH Topco, LLC
Consumer Services	First Lien(4)(5) - Undrawn	—		—	—	03/2025	03/2027	2,332		—		—		—	%

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

Table of Contents

New Mountain Guardian IV Income Fund, L.L.C.

Consolidated Schedule of Investments (Continued)

June 30, 2026

(in thousands, except shares)

(unaudited)


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

Community Management Holdings MidCo 2, LLC
Business Services	First Lien(4)(5) - Undrawn	—	—	—	11/2024	11/2026	$	7	$	—	$	—
	First Lien(4)(5) - Undrawn	—	—	—	11/2024	11/2031	62		—		—
							69		—		—		—	%
CRCI Longhorn Holdings, Inc.
Business Services	First Lien(4)(5) - Undrawn	—	—	—	08/2024	08/2026	457		—		—
	First Lien(4)(5) - Undrawn	—	—	—	08/2024	08/2031	543		(2)		—
							1,000		(2)		—		—	%
ComPsych Investments Corp.
Business Services	First Lien(4)(5) - Undrawn	—	—	—	07/2024	07/2027	1,414		(2)		—		—	%
Databricks, Inc.
Software	First Lien(5) - Undrawn	—	—	—	12/2025	01/2028	740		—		—		—	%
Icefall Parent, Inc.
Financial Services & Technology	First Lien(4)(5) - Undrawn	—	—	—	01/2024	01/2030	512		(6)		—		—	%
Foreside Financial Group, LLC
Business Services	First Lien(4)(5) - Undrawn	—	—	—	06/2026	10/2029	127		—		—		—	%
GHX Ultimate Parent Corporation
Healthcare	First Lien(4)(5) - Undrawn	—	—	—	02/2025	02/2033	626		(4)		—		—	%
IG Investments Holdings, LLC
Business Services	First Lien(4)(5) - Undrawn	—	—	—	11/2024	09/2028	744		(2)		—		—	%
GS Acquisitionco, Inc.
Software	First Lien(4)(5) - Undrawn	—	—	—	03/2024	05/2028	—		—		—		—	%
DT1 Midco Corp.
Business Services	First Lien(4)(5) - Undrawn	—	—	—	06/2025	04/2027	2,368		—		—
	First Lien(4)(5) - Undrawn	—	—	—	06/2025	12/2030	408		(1)		—
							2,776		(1)		—		—	%
Kele Holdco, Inc.
Distribution & Logistics	First Lien(4)(5) - Undrawn	—	—	—	07/2025	02/2028	31		—		—		—	%
Sierra Enterprises, LLC
Food & Beverage	First Lien(4)(5) - Undrawn	—	—	—	05/2025	05/2030	429		(3)		—		—	%
MAI Capital Management Intermediate LLC
Financial Services & Technology	First Lien(4)(5) - Undrawn	—	—	—	08/2024	08/2031	1,102		(4)		—		—	%
Next Holdco, LLC
Healthcare	First Lien(4)(5) - Undrawn	—	—	—	11/2023	11/2029	169		(1)		—		—	%
Pioneer Buyer I, LLC
Software	First Lien(4)(5) - Undrawn	—	—	—	11/2025	11/2029	820		—		—		—	%

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

Table of Contents

New Mountain Guardian IV Income Fund, L.L.C.

Consolidated Schedule of Investments (Continued)

June 30, 2026

(in thousands, except shares)

(unaudited)


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

RailPros Parent, LLC
Business Services	First Lien(4)(5) - Undrawn	—	—	—	05/2025	05/2027	$	629	$	—	$	—
	First Lien(4)(5) - Undrawn	—	—	—	05/2025	05/2032	449		(2)		—
							1,078		(2)		—		—	%
Supernova Intermediate Pty Ltd
Software	First Lien(4)(5) - Undrawn	—	—	—	05/2026	05/2029	2,097		—		—		—	%
SIG Parent Holdings, LLC
Business Services	First Lien(4)(5) - Undrawn	—	—	—	02/2026	02/2028	3,614		—		—		—	%
HP TLE Buyer, Inc.
Education	First Lien(4)(5) - Undrawn	—	—	—	07/2025	07/2032	567		(2)		—		—	%
Healthspan Buyer, LLC
Healthcare	First Lien(4)(5) - Undrawn	—	—	—	10/2023	10/2030	614		(4)		—		—	%
Trinity Air Consultants Holdings Corporation
Business Services	First Lien(4)(5) - Undrawn	—	—	—	10/2025	10/2027	457		—		—
	First Lien(4)(5) - Undrawn	—	—	—	10/2025	06/2029	122		—		—
							579		—		—		—	%
CentralSquare Technologies, LLC
Software	First Lien(4)(5) - Undrawn	—	—	—	04/2024	04/2030	630		(5)		—		—	%
USRP Holdings, Inc.
Business Services	First Lien(4)(5) - Undrawn	—	—	—	08/2024	08/2026	70		—		—
	First Lien(4)(5) - Undrawn	—	—	—	10/2023	12/2029	353		—		—
							423		—		—		—	%
Vessco Midco Holdings, LLC
Business Services	First Lien(4)(5) - Undrawn	—	—	—	11/2025	07/2026	33		—		—
	First Lien(4)(5) - Undrawn	—	—	—	11/2025	05/2028	487		—		—
	First Lien(4)(5) - Undrawn	—	—	—	07/2024	07/2031	661		(2)		—
							1,181		(2)		—		—	%
Wealth Enhancement Group, LLC
Financial Services & Technology	First Lien(4)(5) - Undrawn	—	—	—	02/2024	10/2028	165		—		—		—	%
YLG Holdings, Inc.
Business Services	First Lien(4)(5) - Undrawn	—	—	—	04/2025	11/2026	43		—		—
	First Lien(4)(5) - Undrawn	—	—	—	06/2024	12/2030	465		—		—		—	%
Galway Borrower LLC
Business Services	First Lien(4)(5) - Undrawn	—	—	—	02/2026	02/2028	153		—		—
	First Lien(4)(5) - Undrawn	—	—	—	02/2026	09/2028	52		—		—
							205		—		—		—	%

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

Table of Contents

New Mountain Guardian IV Income Fund, L.L.C.

Consolidated Schedule of Investments (Continued)

June 30, 2026

(in thousands, except shares)

(unaudited)


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

Anaplan, Inc.
Software	First Lien(4)(5) - Undrawn	—	—	—	07/2025	06/2028	$	47	$	—	$	(1)	(0.00)	%
Zone Climate Services, Inc.
Business Services	First Lien(4)(5) - Undrawn	—	—	—	11/2023	03/2028	67		(1)		(1)		(0.00)	%
DigiCert, Inc.
Software	First Lien(4)(5) - Undrawn	—	—	—	07/2025	07/2030	177		(1)		(1)		(0.00)	%
Bluefin Holding, LLC
Financial Services & Technology	First Lien(4)(5) - Undrawn	—	—	—	09/2023	09/2029	313		(2)		(1)		(0.00)	%
Bullhorn, Inc.
Software	First Lien(4)(5) - Undrawn	—	—	—	05/2024	10/2029	195		—		(1)		(0.00)	%
Centegix Intermediate II, LLC
Business Services	First Lien(4)(5) - Undrawn	—	—	—	03/2026	03/2028	195		—		(1)
	First Lien(4)(5) - Undrawn	—	—	—	08/2025	08/2032	113		(1)		(1)
							308		(1)		(2)		(0.00)	%
Safety Borrower Holdings LLC
Business Services	First Lien(4)(5) - Undrawn	—	—	—	10/2024	12/2032	251		—		(2)		(0.00)	%
AWP Group Holdings, Inc.
Business Services	First Lien(4)(5) - Undrawn	—	—	—	04/2026	12/2032	503		(2)		(2)		(0.00)	%
Superman Holdings, LLC
Software	First Lien(4)(5) - Undrawn	—	—	—	08/2024	08/2031	726		(1)		(2)		(0.00)	%
Acumatica Holdings, Inc.
Software	First Lien(4)(5) - Undrawn	—	—	—	07/2025	07/2032	742		—		(2)		(0.00)	%
Coupa Holdings, LLC
Software	First Lien(4)(5) - Undrawn	—	—	—	02/2023	02/2029	197		—		(3)		(0.00)	%
Low Voltage Holdings Inc.
Business Services	First Lien(4)(5) - Undrawn	—	—	—	04/2025	04/2032	320		(1)		(1)
	First Lien(4)(5) - Undrawn	—	—	—	04/2025	10/2027	432		—		(2)
							752		(1)		(3)		(0.00)	%
The Ultimus Group Midco, LLC
Financial Services & Technology	First Lien(4)(5) - Undrawn	—	—	—	07/2025	07/2032	180		(1)		(1)
	First Lien(4)(5) - Undrawn	—	—	—	07/2025	01/2028	480		—		(2)
							660		(1)		(3)		(0.00)	%
Businessolver.com, Inc.
Business Services	First Lien(4)(5) - Undrawn	—	—	—	12/2025	12/2027	1,337		—		(3)		(0.00)	%
Jawbreaker Topco, L.P. (10)
Jawbreaker Parent, Inc.
Software	First Lien(4)(5) - Undrawn	—	—	—	01/2026	01/2029	374		—		(2)
	First Lien(4)(5) - Undrawn	—	—	—	01/2026	01/2033	374		(2)		(2)
							748		(2)		(4)		(0.00)	%

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

Table of Contents

New Mountain Guardian IV Income Fund, L.L.C.

Consolidated Schedule of Investments (Continued)

June 30, 2026

(in thousands, except shares)

(unaudited)


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

Rarebreed Veterinary Partners, Inc.
Consumer Services	First Lien(4)(5) - Undrawn	—	—	—	11/2025	11/2027	$	165	$	—	$	—
	First Lien(4)(5) - Undrawn	—	—	—	11/2025	11/2027	353		—		(1)
	First Lien(4)(5) - Undrawn	—	—	—	11/2025	11/2027	353		—		(1)
	First Lien(4)(5) - Undrawn	—	—	—	11/2025	11/2027	353		—		(1)
	First Lien(4)(5) - Undrawn	—	—	—	11/2025	11/2027	353		—		(1)
							1,577		—		(4)		(0.00)	%
KENG Acquisition, Inc.
Business Services	First Lien(4)(5) - Undrawn	—	—	—	01/2025	01/2027	246		(1)		(2)
	First Lien(4)(5) - Undrawn	—	—	—	08/2023	08/2029	328		(2)		(2)
							574		(3)		(4)		(0.00)	%
Arrow Borrower 2025, Inc.
Financial Services & Technology	First Lien(4)(5) - Undrawn	—	—	—	10/2025	10/2032	264		—		(4)		(0.00)	%
Wrench Group LLC
Consumer Services	First Lien(4)(5) - Undrawn	—	—	—	10/2025	09/2027	536		—		(3)
	First Lien(4)(5) - Undrawn	—	—	—	10/2025	09/2031	536		(2)		(3)
							1,072		(2)		(6)		(0.00)	%
Diligent Corporation
Software	First Lien(4)(5) - Undrawn	—	—	—	04/2024	08/2030	217		(1)		(6)		(0.00)	%
Legends Hospitality Holding Company, LLC
Business Services	First Lien(4)(5) - Undrawn	—	—	—	08/2024	08/2030	284		(3)		(6)		(0.00)	%
Maverick Bidco Inc.
Software	First Lien(4)(5) - Undrawn	—	—	—	12/2025	12/2027	303		—		(3)
	First Lien(4)(5) - Undrawn	—	—	—	12/2025	12/2031	242		(1)		(3)
							545		(1)		(6)		(0.00)	%
Daxko Acquisition Corporation
Financial Services & Technology	First Lien(4)(5) - Undrawn	—	—	—	07/2024	10/2028	138		—		(2)
	First Lien(4)(5) - Undrawn	—	—	—	07/2024	07/2026	373		—		(4)
							511		—		(6)		(0.00)	%
Fullsteam Operations LLC
Financial Services & Technology	First Lien(4)(5) - Undrawn	—	—	—	08/2025	08/2031	233		(1)		(1)
	First Lien(4)(5) - Undrawn	—	—	—	08/2025	08/2027	1,037		—		(5)
							1,270		(1)		(6)		(0.00)	%
Model N, Inc.
Healthcare	First Lien(4)(5) - Undrawn	—	—	—	06/2024	06/2031	794		(3)		(7)		(0.00)	%
Eclipse Topco, Inc. (7)
Eclipse Buyer, Inc.
Financial Services & Technology	First Lien(4)(5) - Undrawn	—	—	—	09/2024	09/2026	468		—		(7)		(0.00)	%

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

Table of Contents

New Mountain Guardian IV Income Fund, L.L.C.

Consolidated Schedule of Investments (Continued)

June 30, 2026

(in thousands, except shares)

(unaudited)


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

PDQ.com Corporation
Software	First Lien(4)(5) - Undrawn	—	—	—	10/2023	10/2032	$	217	$	(1)	$	(3)
	First Lien(4)(5) - Undrawn	—	—	—	10/2025	10/2027	353		(1)		(4)
							570		(2)		(7)		(0.00)	%
MRI Software LLC
Software	First Lien(4)(5) - Undrawn	—	—	—	10/2025	10/2027	171		—		(3)
	First Lien(4)(5) - Undrawn	—	—	—	12/2023	02/2028	279		(1)		(5)
							450		(1)		(8)		(0.00)	%
Fetch, Inc.
Business Services	First Lien(4)(5) - Undrawn	—	—	—	03/2026	03/2033	575		(3)		(3)
	First Lien(4)(5) - Undrawn	—	—	—	03/2026	09/2028	958		—		(5)
							1,533		(3)		(8)		(0.00)	%
NC Topco, LLC
Financial Services & Technology	First Lien(4)(5) - Undrawn	—	—	—	08/2024	09/2031	814		(3)		(8)		(0.00)	%
Xactly Corporation
Software	First Lien(4)(5) - Undrawn	—	—	—	07/2024	07/2027	154		—		(9)		(0.00)	%
Optimizely North America Inc.
Software	First Lien(4)(5) - Undrawn	—	—	—	10/2024	10/2031	375		(1)		(10)		(0.00)	%
Meta Buyer LLC
Healthcare	First Lien(4)(5) - Undrawn	—	—	—	12/2025	12/2031	871		(4)		(4)
	First Lien(4)(5) - Undrawn	—	—	—	12/2025	12/2027	1,358		—		(7)
							2,229		(4)		(11)		(0.00)	%
Baker Tilly Advisory Group, LP
Financial Services & Technology	First Lien(4)(5) - Undrawn	—	—	—	05/2024	06/2030	832		(4)		(13)		(0.00)	%
Packaging Coordinators Midco, Inc.
Healthcare	First Lien(4)(5) - Undrawn	—	—	—	10/2025	07/2027	6		—		—
	First Lien(4)(5) - Undrawn	—	—	—	10/2025	07/2027	228		(1)		(1)
	First Lien(4)(5) - Undrawn	—	—	—	10/2025	10/2032	679		(3)		(3)
	First Lien(4)(5) - Undrawn	—	—	—	10/2025	07/2027	890		—		(4)
	First Lien(4)(5) - Undrawn	—	—	—	10/2025	07/2027	912		—		(5)
							2,715		(4)		(13)		(0.00)	%
Lighthouse Buyer, Inc.
Business Services	First Lien(4)(5) - Undrawn	—	—	—	12/2025	12/2031	382		(2)		(2)
	First Lien(4)(5) - Undrawn	—	—	—	12/2025	12/2028	2,386		—		(12)
							2,768		(2)		(14)		(0.00)	%
Bonterra LLC
Software	First Lien(4)(5) - Undrawn	—	—	—	03/2025	03/2032	196		—		(5)
	First Lien(4)(5) - Undrawn	—	—	—	10/2025	10/2027	435		—		(10)
							631		—		(15)		(0.00)	%

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

Table of Contents

New Mountain Guardian IV Income Fund, L.L.C.

Consolidated Schedule of Investments (Continued)

June 30, 2026

(in thousands, except shares)

(unaudited)


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

iCIMS, Inc.
Software	First Lien(4)(5) - Undrawn	—	—	—	08/2022	08/2028	$	253	$	—	$	(16)	(0.00)	%
MedX Holdings, LLC
Healthcare	First Lien(4)(5) - Undrawn	—	—	—	07/2025	07/2032	244		(1)		(5)
	First Lien(4)(5) - Undrawn	—	—	—	07/2025	07/2027	571		—		(11)
							815		(1)		(16)		(0.01)	%
OEConnection LLC
Business Services	First Lien(4)(5) - Undrawn	—	—	—	12/2024	12/2028	654		—		(9)
	First Lien(4)(5) - Undrawn	—	—	—	04/2024	12/2032	818		(3)		(11)
							1,472		(3)		(20)		(0.01)	%
Einstein Parent, Inc.
Software	First Lien(4)(5) - Undrawn	—	—	—	01/2025	01/2031	863		(7)		(21)		(0.01)	%
Brave Parent Holdings, Inc.
Software	First Lien(4)(5) - Undrawn	—	—	—	11/2023	11/2030	680		(1)		(22)		(0.01)	%
PPV Intermediate Holdings, LLC
Consumer Services	First Lien(4)(5) - Undrawn	—	—	—	08/2024	08/2026	1,320		—		(25)		(0.01)	%
LogRhythm, Inc.
Software	First Lien(4)(5) - Undrawn	—	—	—	07/2024	07/2029	210		(2)		(33)		(0.01)	%
Vamos Bidco, Inc.
Software	First Lien(4)(5) - Undrawn	—	—	—	01/2025	01/2032	315		(2)		(7)
	First Lien(4)(5) - Undrawn	—	—	—	01/2025	02/2027	1,260		—		(27)
							1,575		(2)		(34)		(0.01)	%
PetVet Care Centers, LLC
Consumer Services	First Lien(4)(5) - Undrawn	—	—	—	10/2023	11/2029	272		(3)		(38)		(0.01)	%
Runway Bidco, LLC
Software	First Lien(4)(5) - Undrawn	—	—	—	12/2024	12/2031	859		(3)		(16)
	First Lien(4)(5) - Undrawn	—	—	—	12/2024	12/2026	1,718		—		(33)
							2,577		(3)		(49)		(0.01)	%
Diamondback Acquisition, Inc.
Software	First Lien(4)(5) - Undrawn	—	—	—	09/2025	09/2032	642		(2)		(26)
	First Lien(4)(5) - Undrawn	—	—	—	09/2025	09/2027	1,437		—		(57)
							2,079		(2)		(83)		(0.02)	%
Total Unfunded Debt Investments - United States							$	66,418	$	(117)	$	(566)	(0.11)	%
Unfunded Debt Investments - Australia
Atlas AU Bidco Pty Ltd**
Business Services	First Lien(4)(5) - Undrawn	—	—	—	12/2022	12/2028	$	99	$	—	$	(2)	(0.00)	%

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

Table of Contents

New Mountain Guardian IV Income Fund, L.L.C.

Consolidated Schedule of Investments (Continued)

June 30, 2026

(in thousands, except shares)

(unaudited)


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

Adelaide Borrower, LLC**
Business Services	First Lien(4)(5) - Undrawn	—	—	—	05/2024	05/2030	$	307	$	(3)	$	(2)
	First Lien(4)(5) - Undrawn	—	—	—	05/2024	11/2027	524		—		(3)
							831		(3)		(5)		(0.00)	%
Total Unfunded Debt Investments - Australia							$	930	$	(3)	$	(7)	(0.00)	%
Unfunded Debt Investments - United Kingdom
Ciklum Inc.**
Business Services	First Lien(4)(5) - Undrawn	—	—	—	02/2024	02/2030	$	774	$	(6)	$	—	—	%
Total Unfunded Debt Investments - United Kingdom							$	774	$	(6)	$	—	—	%
Total Unfunded Debt Investments							$	68,122	$	(126)	$	(573)	(0.11)	%
Total Non-Controlled/Non-Affiliated Investments							$	572,185	$	504,264	$	495,107	98.62	%
Total Investments									$	504,264	$	495,107	98.62	%

(1)New Mountain Guardian IV Income Fund, L.L.C. (the "Company") generally acquires its investments in private transactions exempt from registration under the Securities Act of 1933, as amended (the "Securities Act"). These investments are generally subject to certain limitations on resale, and may be deemed to be "restricted securities" under the Securities Act.

(2)Investment is held by New Mountain Guardian IV Income Fund SPV, L.L.C.

(3)Investment is pledged as collateral for the Wells Credit Facility (as defined below), a revolving credit facility among the Company as collateral manager, equity holder and seller, New Mountain Guardian IV Income Fund SPV, L.L.C. as the borrower, Wells Fargo Bank, National Association as the swingline lender and administrative agent, Western Alliance Trust Company, N.A. as the collateral custodian. See Note 6. Borrowings, for details.

(4)The fair value of the Company's investment is determined using unobservable inputs that are significant to the overall fair value measurement. See Note 4. Fair Value, for details.

(5)Par value amounts represent the drawn or undrawn (as indicated in type of investment) portion of revolving credit facilities or delayed draws. Cost amounts represent the cash received at settlement date net of the impact of paydowns and cash paid for drawn revolvers or delayed draws.

(6)All interest is payable in cash unless otherwise indicated. A majority of the variable rate debt investments bear interest at a rate that may be determined by reference to the Secured Overnight Financing Rate (SOFR), the Prime Rate (P) and the alternative base rate (Base) and which resets monthly (M), quarterly (Q), semi-annually (S) or annually (A). For each investment the current interest rate provided reflects the rate in effect as of June 30, 2026.

(7)The Company holds preferred equity in Eclipse Topco, Inc. and a first lien term loan and a first lien delayed draw in Eclipse Buyer, Inc., a wholly-owned subsidiary of Eclipse Topco, Inc. The Company's preferred equity investment is entitled to receive cumulative preferred dividends that are calculated using the stated value of the Company's equity investment plus the aggregate unpaid compounded dividends as of the date of determination. As of June 30, 2026, the Company's stated value of its equity investment plus unpaid compounded dividends was $634.

(8)The Company holds preferred equity in HIG Intermediate, Inc. and a first lien term loan and first lien delayed draw in HIG Operations Holdings, Inc., a wholly-owned subsidiary of HIG Intermediate, Inc. As of June 30, 2026, the Company's stated value of its equity investment plus unpaid compounded dividends was $3,443.

(9)The Company holds Class B preferred units in FS WhiteWater Holdings, LLC, a first lien term loan and two first lien delayed draws in FS WhiteWater Borrower, LLC, a wholly-owned subsidiary of FS WhiteWater Holdings, LLC. The Company's Class B preferred units are entitled to receive cumulative preferred dividends that are calculated using the stated value of the Company's equity investment plus the aggregate unpaid compounded dividends as of the date of determination. As of June 30, 2026, the Company's stated value of its equity investment plus unpaid compounded dividends was $52.

(10)The Company holds Class A-1 common units in Jawbreaker Topco, L.P. and a first lien term loan, first lien delayed draws and first lien revolver in Jawbreaker Parent, Inc., a partially-owned subsidiary of Jawbreaker Topco, L.P.

* All or a portion of interest contains payment in kind ("PIK") interest. See Note 2. Summary of Significant Accounting Policies-Revenue Recognition, for details.

** Indicates assets that the Company deems to be "non-qualifying assets" under Section 55(a) of the 1940 Act. Qualifying assets must represent at least 70.0% of the Company's total assets at the time of acquisition of any additional non-qualifying assets. As of June 30, 2026, 5.03% of the Company's total assets are represented by investments at fair value that are considered non-qualifying assets.

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

Table of Contents

New Mountain Guardian IV Income Fund, L.L.C.

Consolidated Schedule of Investments (Continued)

June 30, 2026

(unaudited)


	June 30, 2026
Investment Type	Percent of Total Investments at Fair Value
First lien	95.48	%
Second lien	3.14	%
Subordinated	0.43	%
Structured Finance Obligations	0.09	%
Equity and other	0.86	%
Total investments	100.00	%


	June 30, 2026
Industry Type	Percent of Total Investments at Fair Value
Business Services	33.30	%
Software	31.99	%
Financial Services & Technology	13.61	%
Healthcare	9.28	%
Consumer Services	4.98	%
Education	3.21	%
Distribution & Logistics	1.46	%
Business Products	0.77	%
Food & Beverage	0.68	%
Packaging	0.63	%
Investment Fund	0.09	%


Total investments	100.00	%


	June 30, 2026
Interest Rate Type	Percent of Total Investments at Fair Value
Floating rates	98.61	%
Fixed rates	1.39	%
Total investments	100.00	%

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

Table of Contents

New Mountain Guardian IV Income Fund, L.L.C.

Schedule of Investments

December 31, 2025

(in thousands, except shares)


Portfolio Company, Location and Industry (1)	Type of Investment	Reference (4)		Spread (4)	Interest Rate (4)	Purchase Date	Maturity/Expiration Date	Principal Amount, Par Value or Shares		Cost		Fair Value		Percent of Members' Capital

Non-Controlled/Non-Affiliated Investments
Funded Debt Investments - United States
Associations Finance, Inc.
Associations, Inc.
Business Services	First Lien(2)	SOFR(Q)	+	6.50%	10.66%	05/2024	07/2028	$	7,744	$	7,741	$	7,744
	Subordinated(2)	Fixed(Q)*		14.25%/PIK	14.25%	05/2024	05/2030	1,452		1,449		1,481
	Subordinated(2)	Fixed(Q)*		14.25%/PIK	14.25%	05/2024	05/2030	554		554		569
	First Lien(2)(3) - Drawn	SOFR(Q)	+	6.50%	10.66%	05/2024	07/2028	259		259		259
								10,009		10,003		10,053		1.97	%
Anaplan, Inc.
Software	First Lien(2)	SOFR(Q)	+	4.50%	8.32%	10/2023	06/2029	10,034		10,024		10,034		1.97	%
Viper Bidco, Inc.
Business Services	First Lien(2)	SOFR(Q)	+	4.75%	8.42%	11/2024	11/2031	9,900		9,857		9,900		1.94	%
Wealth Enhancement Group, LLC
Financial Services & Technology	First Lien(2)	SOFR(Q)	+	4.50%	8.49%	10/2023	10/2028	5,210		5,203		5,210
	First Lien(2)	SOFR(Q)	+	4.50%	8.49%	02/2024	10/2028	2,873		2,862		2,873
	First Lien(2)	SOFR(Q)	+	4.50%	8.49%	11/2024	10/2028	686		684		686
	First Lien(2)	SOFR(Q)	+	4.50%	8.49%	10/2023	10/2028	589		589		589
	First Lien(2)	SOFR(Q)	+	4.50%	8.49%	10/2023	10/2028	255		255		255
	First Lien(2)	SOFR(Q)	+	4.50%	8.49%	10/2023	10/2028	147		147		147
	First Lien(2)	SOFR(Q)	+	4.50%	8.49%	10/2023	10/2028	20		20		20
								9,780		9,760		9,780		1.92	%
Businessolver.com, Inc.
Business Services	First Lien	SOFR(Q)	+	4.50%	8.17%	10/2023	12/2032	8,926		8,909		8,903		1.75	%
OEConnection LLC
Business Services	First Lien	SOFR(M)	+	4.50%	8.23%	04/2024	12/2032	8,747		8,712		8,761		1.72	%
Healthspan Buyer, LLC
Healthcare	First Lien(2)	SOFR(Q)	+	4.75%	8.42%	10/2023	10/2030	2,509		2,491		2,509
	First Lien(2)	SOFR(Q)	+	4.75%	8.42%	10/2024	10/2030	2,435		2,430		2,435
	First Lien(2)	SOFR(Q)	+	4.75%	8.42%	10/2025	10/2030	2,046		2,041		2,046
	First Lien(2)	SOFR(Q)	+	4.75%	8.42%	07/2025	10/2030	863		861		863
	First Lien(2)	SOFR(Q)	+	4.75%	8.42%	07/2025	10/2030	832		830		832
								8,685		8,653		8,685		1.70	%
Coupa Holdings, LLC
Software	First Lien(2)	SOFR(Q)	+	5.25%	9.09%	11/2024	02/2030	8,527		8,527		8,527		1.67	%
Jeppesen Holdings, LLC
Business Services	First Lien(2)	SOFR(Q)	+	4.75%	8.59%	10/2025	11/2032	8,494		8,471		8,473		1.66	%
Einstein Parent, Inc.
Software	First Lien(2)	SOFR(Q)	+	6.50%	10.36%	01/2025	01/2031	8,342		8,269		8,258		1.62	%
MAI Capital Management Intermediate LLC
Financial Services & Technology	First Lien(2)	SOFR(Q)	+	4.75%	8.42%	08/2024	08/2031	5,011		4,990		5,011
	First Lien(2)	SOFR(Q)	+	4.75%	8.42%	08/2024	08/2031	2,946		2,934		2,946
	First Lien(2)(3) - Drawn	SOFR(Q)	+	4.75%	8.43%	08/2024	08/2031	204		204		204
								8,161		8,128		8,161		1.60	%

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

Table of Contents

New Mountain Guardian IV Income Fund, L.L.C.

Schedule of Investments (Continued)

December 31, 2025

(in thousands, except shares)


Portfolio Company, Location and Industry (1)	Type of Investment	Reference (4)		Spread (4)	Interest Rate (4)	Purchase Date	Maturity/Expiration Date	Principal Amount, Par Value or Shares		Cost		Fair Value		Percent of Members' Capital

Vessco Midco Holdings, LLC
Business Services	First Lien(2)	SOFR(M)	+	4.50%	8.42%	07/2024	07/2031	$	5,953	$	5,928	$	5,953
	First Lien(2)(3) - Drawn	SOFR(M)	+	4.50%	8.28%	07/2024	07/2031	1,640		1,634		1,640
	First Lien(2)	SOFR(S)	+	4.50%	8.23%	11/2025	07/2031	501		499		501
								8,094		8,061		8,094		1.59	%
USRP Holdings, Inc.
Business Services	First Lien(2)	SOFR(M)	+	5.00%	8.72%	10/2023	12/2029	5,822		5,819		5,822
	First Lien(2)	SOFR(M)	+	5.00%	8.72%	07/2023	12/2029	1,146		1,138		1,146
	First Lien(2)(3) - Drawn	SOFR(M)	+	5.00%	8.72%	08/2024	12/2029	613		611		613
								7,581		7,568		7,581		1.49	%
IG Investments Holdings, LLC
Business Services	First Lien(2)	SOFR(Q)	+	5.00%	8.84%	03/2024	09/2028	7,504		7,480		7,503		1.47	%
Acumatica Holdings, Inc.
Software	First Lien(2)	SOFR(Q)	+	4.75%	8.42%	07/2025	07/2032	7,245		7,245		7,245		1.42	%
Foundational Education Group, Inc.
Education	First Lien	SOFR(Q)	+	3.75%	7.85%	06/2024	08/2028	7,182		6,952		6,640
	Second Lien(2)	SOFR(Q)	+	6.50%	10.60%	01/2025	08/2029	594		565		594
								7,776		7,517		7,234		1.42	%
Diamondback Acquisition, Inc.
Software	First Lien(2)	SOFR(M)	+	4.50%	8.22%	09/2025	09/2032	7,042		7,025		7,024
	First Lien(2)(3) - Drawn	SOFR(M)	+	4.50%	8.22%	09/2025	09/2032	182		182		182
								7,224		7,207		7,206		1.41	%
Model N, Inc.
Healthcare	First Lien(2)	SOFR(Q)	+	4.75%	8.42%	06/2024	06/2031	7,205		7,175		7,205		1.41	%
NC Topco, LLC
Financial Services & Technology	First Lien(2)	SOFR(M)	+	4.50%	8.22%	08/2024	09/2031	7,137		7,108		7,137		1.40	%
iCIMS, Inc.
Software	First Lien(2)	SOFR(Q)	+	5.75%	9.61%	09/2023	08/2028	6,981		6,962		6,793
	First Lien(2)(3) - Drawn	SOFR(Q)	+	5.75%	9.59%	03/2024	08/2028	117		119		114
								7,098		7,081		6,907		1.36	%
Runway Bidco, LLC
Software	First Lien(2)	SOFR(Q)	+	5.00%	8.67%	12/2024	12/2031	6,864		6,834		6,864		1.35	%
Bullhorn, Inc.
Software	First Lien(2)	SOFR(M)	+	5.00%	8.72%	05/2024	10/2029	3,179		3,176		3,179
	First Lien(2)	SOFR(M)	+	5.00%	8.72%	05/2024	10/2029	2,137		2,134		2,137
	First Lien(2)	SOFR(M)	+	5.00%	8.72%	05/2024	10/2029	818		817		818
	First Lien(2)	SOFR(M)	+	5.00%	8.72%	07/2025	10/2029	247		246		247
	First Lien(2)	SOFR(M)	+	5.00%	8.72%	05/2024	10/2029	183		183		183
	First Lien(2)	SOFR(M)	+	5.00%	8.72%	05/2024	10/2029	82		82		82
	First Lien(2)	SOFR(M)	+	5.00%	8.72%	05/2024	10/2029	65		65		65
	First Lien(2)(3) - Drawn	SOFR(M)	+	5.00%	8.72%	05/2024	10/2029	30		30		30
								6,741		6,733		6,741		1.32	%
Legal Spend Holdings, LLC (fka Bottomline Technologies, Inc.)
Financial Services & Technology	First Lien(2)	SOFR(Q)	+	4.50%	8.17%	10/2023	05/2029	6,749		6,734		6,682		1.31	%

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

Table of Contents

New Mountain Guardian IV Income Fund, L.L.C.

Schedule of Investments (Continued)

December 31, 2025

(in thousands, except shares)


Portfolio Company, Location and Industry (1)	Type of Investment	Reference (4)		Spread (4)	Interest Rate (4)	Purchase Date	Maturity/Expiration Date	Principal Amount, Par Value or Shares		Cost		Fair Value		Percent of Members' Capital

Superman Holdings, LLC
Software	First Lien(2)	SOFR(Q)	+	4.50%	8.17%	08/2024	08/2031	$	4,985	$	4,975	$	4,986
	First Lien(2)	SOFR(Q)	+	4.50%	8.17%	08/2024	08/2031	1,627		1,623		1,627
								6,612		6,598		6,613		1.30	%
Pioneer Buyer I, LLC
Software	First Lien(2)	SOFR(Q)	+	5.00%	8.67%	11/2025	11/2029	5,786		5,786		5,786
	First Lien(2)	SOFR(Q)	+	5.00%	8.67%	11/2025	11/2028	682		682		682
								6,468		6,468		6,468		1.27	%
Houghton Mifflin Harcourt Company
Education	First Lien	SOFR(M)	+	5.25%	9.07%	10/2023	04/2029	7,168		7,019		6,344		1.25	%
PPV Intermediate Holdings, LLC
Consumer Services	First Lien(2)	SOFR(Q)	+	5.75%	9.57%	06/2024	08/2029	3,523		3,523		3,523
	First Lien(2)	SOFR(Q)	+	6.00%	9.82%	09/2023	08/2029	1,927		1,921		1,927
	First Lien(2)(3) - Drawn	SOFR(Q)	+	5.25%	9.07%	08/2024	08/2029	853		850		853
								6,303		6,294		6,303		1.24	%
Meta Buyer LLC
Healthcare	First Lien	SOFR(S)	+	5.25%	8.94%	12/2025	12/2031	6,314		6,283		6,283		1.23	%
Brave Parent Holdings, Inc.
Software	First Lien(2)	SOFR(M)	+	4.25%	7.97%	11/2023	11/2030	6,265		6,258		6,265		1.23	%
HIG Operations Holdings, Inc.
Business Services	First Lien	SOFR(M)	+	4.50%	8.22%	03/2024	06/2031	6,175		6,165		6,175		1.21	%
Maverick Bidco Inc.
Software	First Lien	SOFR(Q)	+	4.75%	8.54%	12/2025	12/2031	6,060		6,045		6,045		1.19	%

YLG Holdings, Inc.
Business Services	First Lien(2)	SOFR(Q)	+	4.75%	8.74%	06/2024	12/2030	5,871		5,868		5,871
	First Lien(2)(3) - Drawn	SOFR(Q)	+	4.75%	8.60%	04/2025	12/2030	62		62		62
								5,933		5,930		5,933		1.16	%
Al Altius US Bidco, Inc.
Business Services	First Lien(2)	SOFR(S)	+	4.75%	8.36%	05/2024	12/2028	5,903		5,881		5,903		1.16	%
CentralSquare Technologies, LLC
Software	First Lien(2)	SOFR(M)	+	5.75%	9.47%	04/2024	04/2030	5,776		5,724		5,776		1.13	%
AAH Topco, LLC
Consumer Services	First Lien(2)	SOFR(M)	+	5.25%	9.07%	11/2023	12/2027	3,707		3,688		3,707
	First Lien(2)(3) - Drawn	SOFR(M)	+	5.00%	8.82%	03/2025	12/2027	1,825		1,818		1,825
								5,532		5,506		5,532		1.09	%
Relativity ODA LLC
Software	First Lien(2)	SOFR(M)	+	4.50%	8.22%	01/2024	05/2029	5,272		5,265		5,272		1.03	%
Baker Tilly Advisory Group, LP
Financial Services & Technology	First Lien(2)	SOFR(M)	+	4.75%	8.47%	05/2024	06/2031	2,469		2,454		2,469
	First Lien(2)	SOFR(M)	+	4.25%	7.97%	05/2025	06/2031	2,786		2,770		2,786
								5,255		5,224		5,255		1.03	%
Planview Parent, Inc.
Software	Second Lien(2)	SOFR(Q)	+	5.75%	9.42%	06/2024	12/2028	5,315		5,304		5,083		1.00	%

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

Table of Contents

New Mountain Guardian IV Income Fund, L.L.C.

Schedule of Investments (Continued)

December 31, 2025

(in thousands, except shares)


Portfolio Company, Location and Industry (1)	Type of Investment	Reference (4)		Spread (4)	Interest Rate (4)	Purchase Date	Maturity/Expiration Date	Principal Amount, Par Value or Shares		Cost		Fair Value		Percent of Members' Capital

GC Waves Holdings, Inc.
Financial Services & Technology	First Lien(2)	SOFR(M)	+	4.50%	8.22%	07/2023	10/2030	$	1,806	$	1,805	$	1,806
	First Lien(2)	SOFR(M)	+	4.50%	8.22%	10/2024	10/2030	3,191		3,178		3,191
								4,997		4,983		4,997		0.98	%
MRI Software LLC
Software	First Lien(2)	SOFR(Q)	+	4.75%	8.42%	10/2024	02/2028	2,395		2,386		2,395
	First Lien(2)	SOFR(Q)	+	4.75%	8.42%	12/2023	02/2028	1,867		1,864		1,867
	First Lien(2)	SOFR(Q)	+	4.75%	8.42%	08/2024	02/2028	613		611		613
	First Lien(2)(3) - Drawn	SOFR(Q)	+	4.75%	8.44%	12/2023	02/2028	74		76		74
	First Lien(2)(3) - Drawn	SOFR(Q)	+	4.75%	8.42%	10/2025	02/2028	46		46		46
								4,995		4,983		4,995		0.98	%
Nexus Buyer LLC
Financial Services & Technology	Second Lien	SOFR(M)	+	5.75%	9.47%	08/2025	02/2032	5,000		4,952		4,965		0.97	%
Alegeus Technologies Holdings Corp.
Healthcare	First Lien(2)	SOFR(Q)	+	6.50%	10.34%	10/2024	11/2029	4,897		4,847		4,896		0.96	%
ComPsych Investments Corp.
Business Services	First Lien(2)	SOFR(Q)	+	4.75%	8.61%	07/2024	07/2031	4,890		4,875		4,890		0.96	%
DG Investment Intermediate Holdings 2, Inc.
Business Services	Second Lien(2)	SOFR(M)	+	5.50%	9.22%	07/2025	07/2033	4,756		4,733		4,732		0.93	%
Asurion, LLC
Business Services	First Lien	SOFR(M)	+	4.25%	7.97%	06/2025	09/2030	4,523		4,399		4,527		0.89	%
Denali Intermediate Holdings, Inc.
Business Services	First Lien(2)	SOFR(M)	+	5.50%	9.23%	08/2025	08/2032	4,545		4,524		4,523		0.89	%
GHX Ultimate Parent Corporation
Healthcare	First Lien(2)	SOFR(Q)	+	4.75%	8.42%	02/2025	12/2031	4,249		4,210		4,249		0.83	%
Icefall Parent, Inc.
Financial Services & Technology	First Lien(2)	SOFR(Q)	+	4.50%	8.17%	01/2024	01/2030	4,211		4,180		4,211		0.83	%
Safety Borrower Holdings LLC
Business Services	First Lien(2)	SOFR(M)	+	4.75%	8.47%	03/2024	12/2032	4,139		4,139		4,139
	First Lien(2)(3) - Drawn	P(Q)	+	3.75%	10.50%	10/2024	12/2032	15		15		15
								4,154		4,154		4,154		0.82	%
Optimizely North America Inc.
Software	First Lien(2)	SOFR(M)	+	5.00%	8.72%	10/2024	10/2031	3,970		3,953		3,970		0.78	%
Wrench Group LLC
Consumer Services	First Lien(2)	SOFR(Q)	+	4.75%	8.42%	10/2025	09/2032	3,929		3,909		3,909		0.77	%
Rithum Holdings, Inc. (fka CommerceHub, Inc.)
Software	First Lien	SOFR(Q)	+	4.75%	8.42%	07/2025	07/2032	3,882		3,813		3,889		0.76	%
Diligent Corporation
Software	First Lien(2)	SOFR(Q)	+	5.00%	8.82%	04/2024	08/2030	3,137		3,128		3,137
	First Lien(2)	SOFR(Q)	+	5.00%	8.82%	04/2024	08/2030	538		536		538
	First Lien(2)(3) - Drawn	SOFR(Q)	+	5.00%	8.75%	04/2024	08/2030	84		84		84
								3,759		3,748		3,759		0.74	%

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

Table of Contents

New Mountain Guardian IV Income Fund, L.L.C.

Schedule of Investments (Continued)

December 31, 2025

(in thousands, except shares)


Portfolio Company, Location and Industry (1)	Type of Investment	Reference (4)		Spread (4)	Interest Rate (4)	Purchase Date	Maturity/Expiration Date	Principal Amount, Par Value or Shares		Cost		Fair Value		Percent of Members' Capital

Legends Hospitality Holding Company, LLC
Business Services	First Lien(2)	SOFR(M)*	+	2.75% +2.75%/PIK	9.23%	08/2024	08/2031	$	3,428	$	3,401	$	3,428
	First Lien(2)(3) - Drawn	SOFR(M)	+	5.00%	8.73%	08/2024	08/2031	162		161		162
	First Lien(2)(3) - Drawn	SOFR(M)	+	5.00%	8.73%	08/2024	08/2030	128		127		128
								3,718		3,689		3,718		0.73	%
Bluefin Holding, LLC
Financial Services & Technology	First Lien(2)	SOFR(Q)	+	4.25%	7.98%	09/2023	09/2029	3,600		3,571		3,600		0.71	%
Trinity Air Consultants Holdings Corporation
Business Services	First Lien(2)	SOFR(Q)	+	4.50%	8.48%	10/2025	06/2029	2,133		2,123		2,133
	First Lien(2)	SOFR(Q)	+	4.50%	8.50%	06/2023	06/2029	1,451		1,446		1,451
								3,584		3,569		3,584		0.70	%
Allworth Financial Group, L.P.
Financial Services & Technology	First Lien(2)	SOFR(M)	+	4.75%	8.47%	10/2023	12/2027	1,789		1,782		1,789
	First Lien(2)(3) - Drawn	SOFR(M)	+	4.75%	8.47%	10/2024	12/2027	1,766		1,760		1,766
								3,555		3,542		3,555		0.70	%
Archduke Buyer, Inc.
Software	First Lien	SOFR(Q)	+	5.50%	9.27%	12/2025	12/2032	3,551		3,533		3,533		0.69	%
Sierra Enterprises, LLC
Food & Beverage	First Lien(2)	SOFR(Q)	+	6.00%	9.67%	05/2025	05/2030	3,371		3,348		3,345		0.66	%
CRCI Longhorn Holdings, Inc.
Business Services	First Lien(2)	SOFR(M)	+	4.75%	8.47%	08/2024	08/2031	3,225		3,212		3,225		0.63	%
OB Hospitalist Group, Inc.
Healthcare	First Lien(2)	SOFR(M)	+	5.25%	9.07%	10/2024	09/2027	3,186		3,186		3,186		0.63	%
Greenway Health, LLC
Healthcare	First Lien(2)	SOFR(Q)	+	6.75%	10.42%	12/2023	04/2029	3,119		3,087		3,119		0.61	%
Fullsteam Operations LLC
Financial Services & Technology	First Lien(2)	SOFR(Q)	+	5.25%	9.11%	08/2025	08/2031	3,111		3,097		3,096		0.61	%
Firebird Acquisition Corp, Inc.
Business Services	First Lien(2)	SOFR(Q)*	+	2.25% +2.75%/PIK	8.84%	01/2025	02/2032	2,457		2,452		2,451
	First Lien(2)(3) - Drawn	SOFR(Q)	+	4.50%	8.34%	01/2025	02/2032	576		575		576
								3,033		3,027		3,027		0.59	%
RLG Holdings, LLC
Packaging	First Lien	SOFR(M)	+	4.25%	8.08%	05/2024	07/2028	4,910		4,906		3,021		0.59	%
Vamos Bidco, Inc.
Software	First Lien(2)	SOFR(Q)	+	4.75%	8.42%	01/2025	01/2032	3,010		2,996		2,995		0.59	%
Lighthouse Buyer, Inc.
Business Services	First Lien	SOFR(A)	+	4.50%	8.04%	12/2025	12/2031	2,864		2,850		2,848
	First Lien(3) - Drawn	SOFR(A)	+	4.50%	8.04%	12/2025	12/2031	95		95		95
								2,959		2,945		2,943		0.58	%
Low Voltage Holdings Inc.
Business Services	First Lien(2)	SOFR(Q)	+	4.75%	8.42%	04/2025	04/2032	2,914		2,904		2,903		0.57	%

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

Table of Contents

New Mountain Guardian IV Income Fund, L.L.C.

Schedule of Investments (Continued)

December 31, 2025

(in thousands, except shares)


Portfolio Company, Location and Industry (1)	Type of Investment	Reference (4)		Spread (4)	Interest Rate (4)	Purchase Date	Maturity/Expiration Date	Principal Amount, Par Value or Shares		Cost		Fair Value		Percent of Members' Capital

RailPros Parent, LLC
Business Services	First Lien(2)	SOFR(Q)	+	4.25%	8.13%	05/2025	05/2032	$	2,914	$	2,901	$	2,899	0.57	%
PetVet Care Centers, LLC
Consumer Services	First Lien(2)	SOFR(M)	+	6.00%	9.72%	10/2023	11/2030	2,915		2,892		2,788
	First Lien(2)(3) - Drawn	SOFR(M)	+	6.00%	9.84%	10/2023	11/2029	39		40		37
								2,954		2,932		2,825		0.55	%
Eclipse Topco, Inc. (5)
Eclipse Buyer, Inc.
Financial Services & Technology	First Lien(2)	SOFR(M)	+	4.50%	8.25%	09/2024	09/2031	2,764		2,752		2,764		0.54	%
Bonterra LLC
Software	First Lien(2)	SOFR(Q)	+	4.75%	8.42%	03/2025	03/2032	2,250		2,245		2,244
	First Lien(2)	SOFR(Q)	+	4.75%	8.69%	03/2025	03/2032	244		244		244
	First Lien(2)(3) - Drawn	SOFR(Q)	+	4.75%	8.69%	10/2025	03/2032	232		230		230
	First Lien(2)(3) - Drawn	SOFR(Q)	+	4.75%	8.44%	03/2025	03/2032	37		37		36
								2,763		2,756		2,754		0.54	%
GS Acquisitionco, Inc.
Software	First Lien(2)	SOFR(Q)	+	5.25%	8.92%	03/2024	05/2028	2,085		2,085		2,085
	First Lien(2)(3) - Drawn	SOFR(Q)	+	5.25%	8.92%	03/2024	05/2028	284		281		284
	First Lien(2)(3) - Drawn	SOFR(Q)	+	5.25%	8.92%	03/2024	05/2028	256		256		256
								2,625		2,622		2,625		0.52	%
PDI TA Holdings, Inc.
Software	First Lien(2)	SOFR(Q)	+	5.50%	9.34%	01/2024	02/2031	2,442		2,433		2,442
	First Lien(2)(3) - Drawn	SOFR(Q)	+	5.50%	9.34%	01/2024	02/2031	143		143		143
								2,585		2,576		2,585		0.51	%
HP TLE Buyer, Inc.
Education	First Lien(2)	SOFR(Q)	+	4.75%	8.42%	07/2025	07/2032	2,578		2,567		2,566		0.50	%
KENE Acquisition, Inc.
Business Services	First Lien(2)	SOFR(Q)	+	4.75%	8.42%	12/2025	02/2031	1,817		1,817		1,817
	First Lien(2)	SOFR(Q)	+	4.75%	8.42%	12/2025	02/2031	699		692		699
	First Lien(2)(3) - Drawn	SOFR(Q)	+	4.75%	8.44%	12/2025	02/2031	41		42		40
								2,557		2,551		2,556		0.50	%
Foreside Financial Group, LLC
Business Services	First Lien(2)	SOFR(Q)	+	5.25%	9.22%	10/2024	09/2027	1,767		1,767		1,767
	First Lien(2)	SOFR(Q)	+	5.25%	9.22%	10/2024	09/2027	506		506		506
	First Lien(2)(3) - Drawn	SOFR(Q)	+	5.25%	9.08%	03/2024	09/2027	270		267		270
								2,543		2,540		2,543		0.50	%
DigiCert, Inc.
Software	First Lien(2)	SOFR(M)	+	5.75%	9.47%	07/2025	07/2030	2,440		2,423		2,423		0.48	%
MedX Holdings, LLC
Healthcare	First Lien(2)	SOFR(M)	+	4.75%	8.47%	07/2025	07/2032	2,367		2,356		2,355		0.46	%
Cronos Crimson Holdings, Inc. (f/k/a NMC Crimson Holdings, Inc.)
Healthcare	First Lien(2)	SOFR(Q)	+	6.24%	10.25%	04/2025	03/2028	2,353		2,342		2,353		0.46	%
Next Holdco, LLC
Healthcare	First Lien(2)	SOFR(Q)	+	5.25%	9.09%	11/2023	11/2030	2,150		2,139		2,150		0.42	%

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

Table of Contents

New Mountain Guardian IV Income Fund, L.L.C.

Schedule of Investments (Continued)

December 31, 2025

(in thousands, except shares)


Portfolio Company, Location and Industry (1)	Type of Investment	Reference (4)		Spread (4)	Interest Rate (4)	Purchase Date	Maturity/Expiration Date	Principal Amount, Par Value or Shares		Cost		Fair Value		Percent of Members' Capital

eResearchTechnology, Inc.
Healthcare	First Lien(2)	SOFR(M)	+	4.75%	8.47%	03/2025	01/2032	$	1,708	$	1,692	$	1,708
	First Lien(2)	SOFR(M)	+	4.75%	8.47%	03/2025	01/2032	284		282		284
	First Lien(2)(3) - Drawn	SOFR(M)	+	4.75%	8.47%	03/2025	01/2032	45		45		45
								2,037		2,019		2,037		0.40	%
LogRhythm, Inc.
Software	First Lien(2)	SOFR(Q)	+	7.50%	11.34%	07/2024	07/2029	2,098		2,074		1,997		0.39	%
Arrow Borrower 2025, Inc.
Financial Services & Technology	First Lien(2)	SOFR(Q)	+	4.25%	8.15%	10/2025	10/2032	1,936		1,934		1,933		0.38	%
Databricks, Inc.
Software	First Lien(2)	SOFR(M)	+	4.50%	8.27%	12/2024	01/2031	1,933		1,925		1,923		0.38	%
KENG Acquisition, Inc.
Business Services	First Lien(2)	SOFR(Q)	+	4.50%	8.34%	08/2023	08/2029	910		902		910
	First Lien(2)	SOFR(Q)	+	4.50%	8.34%	08/2023	08/2029	696		690		696
	First Lien(2)	SOFR(Q)	+	4.50%	8.34%	07/2024	08/2029	196		195		196
	First Lien(2)(3) - Drawn	SOFR(Q)	+	4.50%	8.34%	01/2025	08/2029	16		17		16
								1,818		1,804		1,818		0.36	%
Xactly Corporation
Software	First Lien(2)	SOFR(Q)	+	6.25%	10.17%	07/2024	07/2027	1,787		1,787		1,766		0.35	%
Community Management Holdings MidCo 2, LLC
Business Services	First Lien(2)	SOFR(Q)	+	4.75%	8.60%	11/2024	11/2031	1,234		1,226		1,234
	First Lien(2)(3) - Drawn	SOFR(M)	+	4.75%	8.63%	11/2024	11/2031	244		243		244
	First Lien(2)	SOFR(Q)	+	4.75%	8.44%	07/2025	11/2031	204		202		204
	First Lien(2)(3) - Drawn	SOFR(Q)	+	4.75%	8.60%	11/2024	11/2031	83		83		83
								1,765		1,754		1,765		0.35	%
Centegix Intermediate II, LLC
Business Services	First Lien(2)	SOFR(Q)*	+	2.75% +3.25%/PIK	9.88%	08/2025	08/2032	1,607		1,599		1,599
	First Lien(2)(3) - Drawn	SOFR(Q)	+	5.50%	9.31%	08/2025	08/2032	159		159		159
								1,766		1,758		1,758		0.35	%
Project Accelerate Parent, LLC
Financial Services & Technology	First Lien(2)	SOFR(M)	+	5.25%	8.97%	02/2024	02/2031	1,588		1,581		1,588		0.31	%
Javelin Buyer, Inc.
Software	Second Lien(2)	SOFR(Q)	+	5.00%	8.82%	10/2024	12/2032	1,530		1,524		1,530		0.30	%
Packaging Coordinators Midco, Inc.
Healthcare	First Lien(2)	SOFR(Q)	+	4.75%	8.59%	10/2025	10/2032	1,446		1,439		1,439
	First Lien(2)(3) - Drawn	SOFR(Q)	+	4.75%	8.59%	10/2025	10/2032	8		8		8
								1,454		1,447		1,447		0.28	%
Galway Borrower LLC
Business Services	First Lien(2)	SOFR(Q)	+	4.50%	8.17%	04/2024	09/2028	894		884		894
	First Lien(2)	SOFR(Q)	+	4.50%	8.17%	04/2024	09/2028	539		536		539
								1,433		1,420		1,433		0.28	%

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

Table of Contents

New Mountain Guardian IV Income Fund, L.L.C.

Schedule of Investments (Continued)

December 31, 2025

(in thousands, except shares)


Portfolio Company, Location and Industry (1)	Type of Investment	Reference (4)		Spread (4)	Interest Rate (4)	Purchase Date	Maturity/Expiration Date	Principal Amount, Par Value or Shares		Cost		Fair Value		Percent of Members' Capital

The Ultimus Group Midco, LLC
Financial Services & Technology	First Lien(2)	SOFR(Q)	+	4.75%	8.42%	07/2025	07/2032	$	1,439	$	1,431	$	1,431	0.28	%
Pathway Vet Alliance LLC
Consumer Services	First Lien	SOFR(Q)	+	5.00%	8.84%	04/2025	06/2028	1,330		1,330		1,343		0.26	%
PDQ.COM Corporation
Software	First Lien(2)	SOFR(Q)	+	4.75%	8.42%	10/2025	10/2032	714		712		714
	First Lien(2)	SOFR(Q)	+	4.75%	8.62%	10/2023	10/2032	444		442		444
	First Lien(2)	SOFR(Q)	+	4.75%	8.61%	10/2023	10/2032	72		72		72
								1,230		1,226		1,230		0.24	%
Perforce Software, Inc.
Software	First Lien	SOFR(M)	+	4.75%	8.47%	05/2024	03/2031	1,307		1,309		1,110		0.22	%
Beacon Pointe Harmony, LLC
Financial Services & Technology	First Lien(2)	SOFR(M)	+	4.50%	8.23%	06/2024	12/2028	1,072		1,070		1,072		0.21	%
TigerConnect, Inc.
Healthcare	First Lien(2)	SOFR(Q)	+	6.25%	10.25%	11/2024	08/2029	553		549		553
	First Lien(2)	SOFR(Q)	+	6.25%	10.25%	08/2025	08/2029	482		479		482
	First Lien(2)	SOFR(Q)	+	6.25%	10.25%	11/2024	08/2029	27		27		27
								1,062		1,055		1,062		0.21	%
Vehlo Purchaser, LLC
Software	First Lien	SOFR(M)	+	5.50%	9.22%	06/2025	05/2028	958		952		954		0.19	%
FS WhiteWater Holdings, LLC (7)
FS WhiteWater Borrower, LLC
Consumer Services	First Lien(2)	SOFR(Q)	+	5.25%	9.07%	09/2024	12/2029	762		758		762
	First Lien(2)(3) - Drawn	SOFR(S)	+	5.25%	9.26%	03/2025	12/2029	137		136		137
								899		894		899		0.19	%
LSCS Holdings, Inc.
Healthcare	First Lien	SOFR(Q)	+	4.50%	8.17%	04/2025	03/2032	812		796		796		0.16	%
CoreTrust Purchasing Group LLC
Business Services	First Lien(2)	SOFR(M)	+	5.00%	8.72%	05/2024	10/2029	735		732		735		0.14	%
Kele Holdco, Inc.
Distribution & Logistics	First Lien(2)	SOFR(M)	+	4.50%	8.22%	07/2025	02/2028	676		676		676
	First Lien(2)(3) - Drawn	SOFR(M)	+	4.50%	8.22%	07/2025	02/2028	12		12		12
	First Lien(2)	SOFR(M)	+	4.50%	8.22%	07/2025	02/2028	38		38		38
								726		726		726		0.14	%
Rarebreed Veterinary Partners, Inc.
Consumer Services	First Lien(2)	SOFR(M)	+	5.25%	8.97%	11/2025	04/2030	706		704		704		0.15	%
DT1 Midco Corp.
Business Services	First Lien(2)	SOFR(M)	+	5.00%	8.72%	06/2025	12/2031	671		668		667
	First Lien(2)(3) - Drawn	SOFR(M)	+	5.00%	8.72%	06/2025	12/2031	16		16		16
								687		684		683		0.13	%
Daxko Acquisition Corporation
Financial Services & Technology	First Lien(2)(3) - Drawn	SOFR(M)	+	4.75%	8.47%	07/2024	10/2028	316		315		316		0.06	%

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

Table of Contents

New Mountain Guardian IV Income Fund, L.L.C.

Schedule of Investments (Continued)

December 31, 2025

(in thousands, except shares)


Portfolio Company, Location and Industry (1)	Type of Investment	Reference (4)		Spread (4)	Interest Rate (4)	Purchase Date	Maturity/Expiration Date	Principal Amount, Par Value or Shares		Cost		Fair Value		Percent of Members' Capital

Zone Climate Services, Inc.
Business Services	First Lien(2)(3) - Drawn	SOFR(Q)	+	6.00%	9.82%	11/2023	03/2028	$	140	$	139	$	140
	First Lien(2)(3) - Drawn	SOFR(M)	+	5.75%	9.71%	11/2023	03/2028	117		117		117
								257		256		257		0.06	%
KPSKY Acquisition Inc.
Business Services	First Lien(2)	SOFR(Q)	+	5.75%	9.67%	11/2023	10/2028	9		9		9		0.00	%
Total Funded Debt Investments - United States								$	463,060	$	460,868	$	458,420	89.99	%
Funded Debt Investments - United Kingdom
Accelya Lux Finco S.a r.l.**
Business Services	First Lien	SOFR(Q)	+	5.25%	8.92%	09/2025	10/2032	$	4,776	$	4,681	$	4,761	0.93	%
Cleanova US Holdings, LLC**
Business Products	First Lien(2)	SOFR(Q)	+	4.75%	8.48%	05/2025	06/2032	4,193		4,055		4,193		0.82	%
Ciklum Inc.**
Business Services	First Lien(2)	SOFR(Q)	+	6.50%	10.45%	02/2024	02/2030	2,439		2,416		2,439
	First Lien(2)	SOFR(Q)	+	6.50%	10.44%	02/2024	02/2030	1,383		1,377		1,383
								3,822		3,793		3,822		0.75	%
Total Funded Debt Investments - United Kingdom								$	12,791	$	12,529	$	12,776	2.50	%
Funded Debt Investments - Australia
Adelaide Borrower, LLC**
Business Services	First Lien(2)	SOFR(Q)*	+	3.38% + 3.38%/PIK	10.42%	05/2024	05/2030	$	2,390	$	2,372	$	2,390
	First Lien(2)(3) - Drawn	SOFR(Q)	+	6.25%	9.98%	05/2024	05/2030	60		60		60
								2,450		2,432		2,450		0.49	%
Atlas AU Bidco Pty Ltd**
Business Services	First Lien(2)	SOFR(Q)	+	4.75%	8.61%	06/2025	12/2029	941		939		941
	First Lien(2)	SOFR(Q)	+	4.75%	8.61%	12/2023	12/2029	664		659		664
								1,605		1,598		1,605		0.32	%
Total Funded Debt Investments - Australia								$	4,055	$	4,030	$	4,055	0.80	%
Funded Debt Investments - Jersey
Tennessee Bidco Limited**
Business Services	First Lien(2)	SOFR(S)*	+	3.50% + 2.00%/PIK	9.40%	06/2025	07/2031	$	2,564	$	2,564	$	2,564
	First Lien(2)	SOFR(S)*	+	3.50% + 2.00%/PIK	9.12%	06/2025	07/2031	142		142		142
								2,706		2,706		2,706		0.53	%
Total Funded Debt Investments - Jersey								$	2,706	$	2,706	$	2,706	0.53	%
Total Funded Debt Investments								$	482,612	$	480,133	$	477,957	93.83	%
Structured Finance Obligations - United States
Ivy Hill Middle Market Credit Fund, Ltd**
Investment Fund	Structured Finance Obligations(2)	SOFR(Q)	+	7.00%	10.86%	11/2024	01/2037	$	472	$	472	$	479	0.09	%
Total Structured Finance Obligations - United States								$	472	$	472	$	479	0.09	%

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

Table of Contents

New Mountain Guardian IV Income Fund, L.L.C.

Schedule of Investments (Continued)

December 31, 2025

(in thousands, except shares)


Portfolio Company, Location and Industry (1)	Type of Investment	Reference (4)	Spread (4)	Interest Rate (4)	Purchase Date	Maturity/Expiration Date	Principal Amount, Par Value or Shares		Cost		Fair Value		Percent of Members' Capital

Equity - United States
HIG Intermediate, Inc. (6)
Business Services	Series A preferred shares(2)	Fixed(Q)	10.50%	10.50%	12/2024	—	3,443		$	3,417	$	3,443	0.68	%
Eclipse Topco, Inc. (5)
Financial Services & Technology	Preferred Shares(2)	Fixed(S)*	12.50%/PIK	12.50%	09/2024	—	74		857		866		0.17	%
FS WhiteWater Holdings, LLC (7)
Consumer Services	Class B preferred units(2)	Fixed(A)*	20.00%/PIK	20.00%	10/2024	—	330		52		52		0.01	%
Total Shares - United States									$	4,326	$	4,361	0.86	%
Total Shares									$	4,326	$	4,361	0.86	%
Total Funded Investments									$	484,931	$	482,797	94.78	%
Unfunded Debt Investments - United States
OEConnection LLC
Business Services	First Lien(3) - Undrawn	—	—	—	12/2024	12/2028	$	655	$	—	$	1
	First Lien(3) - Undrawn	—	—	—	04/2024	12/2032	818		(3)		—
							1,473		(3)		1		0.00	%
Project Accelerate Parent, LLC
Financial Services & Technology	First Lien(2)(3) - Undrawn	—	—	—	02/2024	02/2031	230		(1)		—		—	%
AAH Topco, LLC
Consumer Services	First Lien(2)(3) - Undrawn	—	—	—	03/2025	03/2027	4,558		—		—		—	%
Allworth Financial Group, L.P.
Financial Services & Technology	First Lien(2)(3) - Undrawn	—	—	—	10/2024	10/2026	1,258		—		—
	First Lien(2)(3) - Undrawn	—	—	—	10/2024	12/2027	140		—		—
							1,398		—		—		—	%
Associations Finance, Inc.
Associations, Inc.
Business Services	First Lien(2)(3) - Undrawn	—	—	—	05/2024	07/2028	487		—		—
	First Lien(2)(3) - Undrawn	—	—	—	05/2024	07/2028	346		—		—
							833		—		—		—	%
Bluefin Holding, LLC
Financial Services & Technology	First Lien(2)(3) - Undrawn	—	—	—	09/2023	09/2029	313		(2)		—		—	%
Brave Parent Holdings, Inc.
Software	First Lien(2)(3) - Undrawn	—	—	—	11/2023	11/2030	340		—		—
	First Lien(2)(3) - Undrawn	—	—	—	11/2023	10/2026	2,226		—		—
							2,566		—		—		—	%
Bullhorn, Inc.
Software	First Lien(2)(3) - Undrawn	—	—	—	05/2024	05/2026	198		—		—
	First Lien(2)(3) - Undrawn	—	—	—	05/2024	10/2029	195		—		—
							393		—		—		—	%

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

Table of Contents

New Mountain Guardian IV Income Fund, L.L.C.

Schedule of Investments (Continued)

December 31, 2025

(in thousands, except shares)


Portfolio Company, Location and Industry (1)	Type of Investment	Reference (4)	Spread (4)	Interest Rate (4)	Purchase Date	Maturity/Expiration Date	Principal Amount, Par Value or Shares		Cost		Fair Value		Percent of Members' Capital

Businessolver.com, Inc.
Business Services	First Lien(3) - Undrawn	—	—	—	12/2025	12/2027	$	1,337	$	—	$	—	—	%
CoreTrust Purchasing Group LLC
Business Services	First Lien(2)(3) - Undrawn	—	—	—	05/2024	05/2026	73		—		—		—	%
Coupa Holdings, LLC
Software	First Lien(2)(3) - Undrawn	—	—	—	02/2023	06/2027	773		—		—
	First Lien(2)(3) - Undrawn	—	—	—	02/2023	02/2029	592		—		—
							1,365		—		—		—	%
Daxko Acquisition Corporation
Financial Services & Technology	First Lien(2)(3) - Undrawn	—	—	—	07/2024	07/2026	373		—		—
	First Lien(2)(3) - Undrawn	—	—	—	07/2024	10/2028	138		(1)		—
							511		(1)		—		—	%
Diligent Corporation
Software	First Lien(2)(3) - Undrawn	—	—	—	04/2024	04/2026	538		(1)		—
	First Lien(2)(3) - Undrawn	—	—	—	04/2024	08/2030	274		(1)		—
							812		(2)		—		—	%
Al Altius US Bidco, Inc.
Business Services	First Lien(2)(3) - Undrawn	—	—	—	05/2024	05/2026	1,538		—		—		—	%
KENG Acquisition, Inc.
Business Services	First Lien(2)(3) - Undrawn	—	—	—	01/2025	01/2027	246		(1)		—
	First Lien(2)(3) - Undrawn	—	—	—	08/2023	08/2029	328		(2)		—
							574		(3)		—		—	%
Icefall Parent, Inc.
Software	First Lien(2)(3) - Undrawn	—	—	—	01/2024	01/2030	414		(3)		—		—	%
Foreside Financial Group, LLC
Business Services	First Lien(2)(3) - Undrawn	—	—	—	03/2024	03/2026	1,669		—		—
	First Lien(2)(3) - Undrawn	—	—	—	10/2024	09/2027	132		—		—
							1,801		—		—		—	%
IG Investments Holdings, LLC
Business Services	First Lien(2)(3) - Undrawn	—	—	—	11/2024	09/2028	744		(3)		—		—	%
Model N, Inc.
Healthcare	First Lien(2)(3) - Undrawn	—	—	—	06/2024	06/2031	794		(3)		—
	First Lien(2)(3) - Undrawn	—	—	—	06/2024	06/2026	1,489		—		—
							2,283		(3)		—		—	%
MRI Software LLC
Software	First Lien(2)(3) - Undrawn	—	—	—	10/2025	10/2027	336		—		—
	First Lien(2)(3) - Undrawn	—	—	—	12/2023	02/2028	297		(1)		—
							633		(1)		—		—	%

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

Table of Contents

New Mountain Guardian IV Income Fund, L.L.C.

Schedule of Investments (Continued)

December 31, 2025

(in thousands, except shares)


Portfolio Company, Location and Industry (1)	Type of Investment	Reference (4)	Spread (4)	Interest Rate (4)	Purchase Date	Maturity/Expiration Date	Principal Amount, Par Value or Shares		Cost		Fair Value		Percent of Members' Capital

OB Hospitalist Group, Inc.
Healthcare	First Lien(2)(3) - Undrawn	—	—	—	10/2024	09/2027	$	457	$	—	$	—	—	%
PDI TA Holdings, Inc.
Software	First Lien(2)(3) - Undrawn	—	—	—	01/2024	02/2031	52		—		—		—	%
PDQ.COM Corporation
Software	First Lien(2)(3) - Undrawn	—	—	—	10/2025	10/2027	396		—		—
	First Lien(2)(3) - Undrawn	—	—	—	10/2023	10/2032	217		(1)		—
							613		(1)		—		—	%
Relativity ODA LLC
Software	First Lien(2)(3) - Undrawn	—	—	—	01/2024	05/2029	482		(1)		—		—	%
Riskonnect Parent, LLC
Software	First Lien(2)(3) - Undrawn	—	—	—	03/2024	03/2026	3,175		—		—		—	%
Safety Borrower Holdings LLC
Business Services	First Lien(2)(3) - Undrawn	—	—	—	10/2024	12/2032	251		—		—		—	%
Zone Climate Services, Inc.
Business Services	First Lien(2)(3) - Undrawn	—	—	—	11/2023	03/2028	106		(1)		—		—	%
Healthspan Buyer, LLC
Healthcare	First Lien(2)(3) - Undrawn	—	—	—	10/2023	10/2030	614		(4)		—		—	%
CentralSquare Technologies, LLC
Software	First Lien(2)(3) - Undrawn	—	—	—	04/2024	04/2030	630		(6)		—		—	%
USRP Holdings, Inc.
Business Services	First Lien(2)(3) - Undrawn	—	—	—	08/2024	08/2026	773		—		—
	First Lien(2)(3) - Undrawn	—	—	—	10/2023	12/2029	353		—		—
							1,126		—		—		—	%
Vessco Midco Holdings, LLC
Business Services	First Lien(2)(3) - Undrawn	—	—	—	07/2024	07/2031	661		(3)		—
	First Lien(2)(3) - Undrawn	—	—	—	11/2025	05/2028	487		—		—
	First Lien(2)(3) - Undrawn	—	—	—	07/2024	07/2026	344		—		—
							1,492		(3)		—		—	%
PPV Intermediate Holdings, LLC
Consumer Services	First Lien(2)(3) - Undrawn	—	—	—	08/2024	08/2026	1,320		—		—		—	%
Wealth Enhancement Group, LLC
Financial Services & Technology	First Lien(2)(3) - Undrawn	—	—	—	02/2024	10/2028	165		(1)		—		—	%
FS WhiteWater Holdings, LLC (7)
FS WhiteWater Borrower, LLC
Consumer Services	First Lien(2)(3) - Undrawn	—	—	—	12/2025	12/2027	1,239		—		—
	First Lien(2)(3) - Undrawn	—	—	—	03/2025	03/2027	10		—		—
							1,249		—		—		—	%

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

Table of Contents

New Mountain Guardian IV Income Fund, L.L.C.

Schedule of Investments (Continued)

December 31, 2025

(in thousands, except shares)


Portfolio Company, Location and Industry (1)	Type of Investment	Reference (4)	Spread (4)	Interest Rate (4)	Purchase Date	Maturity/Expiration Date	Principal Amount, Par Value or Shares		Cost		Fair Value		Percent of Members' Capital

YLG Holdings, Inc.
Business Services	First Lien(2)(3) - Undrawn	—	—	—	06/2024	12/2030	$	513	$	—	$	—
	First Lien(2)(3) - Undrawn	—	—	—	04/2025	11/2026	43		—		—
							556		—		—		—	%
Next Holdco, LLC
Healthcare	First Lien(2)(3) - Undrawn	—	—	—	11/2023	11/2029	169		(1)		—		—	%
Eclipse Topco, Inc. (5)
Eclipse Buyer, Inc.
Financial Services & Technology	First Lien(2)(3) - Undrawn	—	—	—	09/2024	09/2026	468		—		—		—	%
Superman Holdings, LLC
Software	First Lien(2)(3) - Undrawn	—	—	—	08/2024	08/2031	726		(1)		—		—	%
Legends Hospitality Holding Company, LLC
Business Services	First Lien(2)(3) - Undrawn	—	—	—	08/2024	08/2026	33		—		—
	First Lien(2)(3) - Undrawn	—	—	—	08/2024	08/2030	265		(3)		—
							298		(3)		—		—	%
ComPsych Investments Corp.
Business Services	First Lien(2)(3) - Undrawn	—	—	—	07/2024	07/2027	1,414		(2)		—		—	%
GS Acquisitionco, Inc.
Software	First Lien(2)(3) - Undrawn	—	—	—	03/2024	03/2026	480		—		—
	First Lien(2)(3) - Undrawn	—	—	—	03/2024	05/2028	435		(1)		—
							915		(1)		—		—	%
CRCI Longhorn Holdings, Inc.
Business Services	First Lien(2)(3) - Undrawn	—	—	—	08/2024	08/2031	543		(2)		—
	First Lien(2)(3) - Undrawn	—	—	—	08/2024	08/2026	814		—		—
							1,357		(2)		—		—	%
MAI Capital Management Intermediate LLC
Financial Services & Technology	First Lien(2)(3) - Undrawn	—	—	—	08/2024	08/2031	898		(4)		—
NC Topco, LLC
Financial Services & Technology	First Lien(2)(3) - Undrawn	—	—	—	08/2024	09/2031	814		(3)		—
	First Lien(2)(3) - Undrawn	—	—	—	08/2024	08/2026	2,036		—		—
							2,850		(3)		—		—	%
Acumatica Holdings, Inc.
Software	First Lien(2)(3) - Undrawn	—	—	—	07/2025	07/2032	742		—		—		—	%
Kele Holdco, Inc.
Distribution & Logistics	First Lien(2)(3) - Undrawn	—	—	—	07/2025	02/2028	66		—		—		—	%
Anaplan, Inc.
Software	First Lien(2)(3) - Undrawn	—	—	—	07/2025	06/2028	47		—		—		—	%

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

Table of Contents

New Mountain Guardian IV Income Fund, L.L.C.

Schedule of Investments (Continued)

December 31, 2025

(in thousands, except shares)


Portfolio Company, Location and Industry (1)	Type of Investment	Reference (4)	Spread (4)	Interest Rate (4)	Purchase Date	Maturity/Expiration Date	Principal Amount, Par Value or Shares		Cost		Fair Value		Percent of Members' Capital

Trinity Air Consultants Holdings Corporation
Business Services	First Lien(2)(3) - Undrawn	—	—	—	10/2025	06/2029	$	122	$	(1)	$	—
	First Lien(2)(3) - Undrawn	—	—	—	10/2025	10/2027	457		—		—
							579		(1)		—		—	%
KENE Acquisition, Inc.
Business Services	First Lien(2)(3) - Undrawn	—	—	—	12/2025	02/2031	193		—		—		—	%
Pioneer Buyer I, LLC
Software	First Lien(2)(3) - Undrawn	—	—	—	11/2025	11/2029	820		—		—		—	%
HIG Operations Holdings, Inc.
Business Services	First Lien(3) - Undrawn	—	—	—	03/2024	09/2026	613		(3)		—		—	%
Optimizely North America Inc.
Software	First Lien(2)(3) - Undrawn	—	—	—	10/2024	10/2031	375		(2)		—		—	%
GHX Ultimate Parent Corporation
Healthcare	First Lien(2)(3) - Undrawn	—	—	—	02/2025	12/2031	382		(3)		—		—	%
Community Management Holdings MidCo 2, LLC
Business Services	First Lien(2)(3) - Undrawn	—	—	—	11/2024	11/2026	348		—		—
	First Lien(2)(3) - Undrawn	—	—	—	11/2024	11/2031	124		(1)		—
							472		(1)		—		—	%
eResearchTechnology, Inc.
Healthcare	First Lien(2)(3) - Undrawn	—	—	—	03/2025	10/2031	161		(1)		—
	First Lien(2)(3) - Undrawn	—	—	—	03/2025	01/2027	277		—		—
							438		(1)		—		—	%
Baker Tilly Advisory Group, LP
Financial Services & Technology	First Lien(2)(3) - Undrawn	—	—	—	05/2025	06/2027	1,026		(3)		—
	First Lien(2)(3) - Undrawn	—	—	—	05/2024	06/2030	832		(5)		—
							1,858		(8)		—		—	%
Runway Bidco, LLC
Software	First Lien(2)(3) - Undrawn	—	—	—	12/2024	12/2031	859		(4)		—
	First Lien(2)(3) - Undrawn	—	—	—	12/2024	12/2026	1,718		—		—
							2,577		(4)		—		—	%
Arrow Borrower 2025, Inc.
Financial Services & Technology	First Lien(2)(3) - Undrawn	—	—	—	10/2025	10/2032	264		—		—		—	%
DigiCert, Inc.
Software	First Lien(2)(3) - Undrawn	—	—	—	07/2025	07/2030	177		(1)		—		—	%

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

Table of Contents

New Mountain Guardian IV Income Fund, L.L.C.

Schedule of Investments (Continued)

December 31, 2025

(in thousands, except shares)


Portfolio Company, Location and Industry (1)	Type of Investment	Reference (4)	Spread (4)	Interest Rate (4)	Purchase Date	Maturity/Expiration Date	Principal Amount, Par Value or Shares		Cost		Fair Value		Percent of Members' Capital

Maverick Bidco Inc.
Software	First Lien(3) - Undrawn	—	—	—	12/2025	12/2031	$	242	$	(1)	$	(1)
	First Lien(3) - Undrawn	—	—	—	12/2025	12/2027	303		—		—
							545		(1)		(1)		(0.00)	%
Xactly Corporation
Software	First Lien(2)(3) - Undrawn	—	—	—	07/2024	07/2027	154		—		(2)		(0.00)	%
Lighthouse Buyer, Inc.
Business Services	First Lien(3) - Undrawn	—	—	—	12/2025	12/2031	382		(2)		(2)
	First Lien(3) - Undrawn	—	—	—	12/2025	12/2028	2,386		—		—
							2,768		(2)		(2)		(0.00)	%
Databricks, Inc.
Software	First Lien(2)(3) - Undrawn	—	—	—	12/2024	07/2026	430		—		(2)		(0.00)	%
Bonterra LLC
Software	First Lien(2)(3) - Undrawn	—	—	—	10/2025	10/2027	657		—		(4)
	First Lien(2)(3) - Undrawn	—	—	—	03/2025	03/2032	208		(1)		(1)
							865		(1)		(5)		(0.00)	%
Denali Intermediate Holdings, Inc.
Business Services	First Lien(2)(3) - Undrawn	—	—	—	08/2025	08/2032	455		(2)		(2)		(0.00)	%
HP TLE Buyer, Inc.
Education	First Lien(2)(3) - Undrawn	—	—	—	07/2025	07/2032	567		(3)		(3)		(0.00)	%
Centegix Intermediate II, LLC
Business Services	First Lien(2)(3) - Undrawn	—	—	—	08/2025	08/2032	122		(1)		(1)
	First Lien(2)(3) - Undrawn	—	—	—	08/2025	08/2027	469		—		(2)
							591		(1)		(3)		(0.00)	%
Firebird Acquisition Corp, Inc.
Business Services	First Lien(2)(3) - Undrawn	—	—	—	01/2025	02/2032	427		(1)		(1)
	First Lien(2)(3) - Undrawn	—	—	—	01/2025	02/2027	845		—		(2)
							1,272		(1)		(3)		(0.00)	%
Sierra Enterprises, LLC
Food & Beverage	First Lien(2)(3) - Undrawn	—	—	—	05/2025	05/2030	429		(3)		(3)		(0.00)	%
The Ultimus Group Midco, LLC
Financial Services & Technology	First Lien(2)(3) - Undrawn	—	—	—	07/2025	07/2032	180		(1)		(1)
	First Lien(2)(3) - Undrawn	—	—	—	07/2025	01/2028	480		—		(3)
							660		(1)		(4)		(0.00)	%
Low Voltage Holdings Inc.
Business Services	First Lien(2)(3) - Undrawn	—	—	—	04/2025	10/2027	584		(1)		(2)
	First Lien(2)(3) - Undrawn	—	—	—	04/2025	04/2032	366		(1)		(1)
							950		(2)		(3)		(0.00)	%

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

Table of Contents

New Mountain Guardian IV Income Fund, L.L.C.

Schedule of Investments (Continued)

December 31, 2025

(in thousands, except shares)


Portfolio Company, Location and Industry (1)	Type of Investment	Reference (4)	Spread (4)	Interest Rate (4)	Purchase Date	Maturity/Expiration Date	Principal Amount, Par Value or Shares		Cost		Fair Value		Percent of Members' Capital

Meta Buyer LLC
Healthcare	First Lien(3) - Undrawn	—	—	—	12/2025	12/2027	$	1,731	$	—	$	—
	First Lien(3) - Undrawn	—	—	—	12/2025	12/2031	1,132		(4)		(4)
	First Lien(3) - Undrawn	—	—	—	12/2025	03/2026	865		—		—
							3,728		(4)		(4)		(0.00)	%
Rarebreed Veterinary Partners, Inc.
Consumer Services	First Lien(2)(3) - Undrawn	—	—	—	11/2025	11/2027	353		—		(1)
	First Lien(2)(3) - Undrawn	—	—	—	11/2025	11/2027	353		—		(1)
	First Lien(2)(3) - Undrawn	—	—	—	11/2025	11/2027	353		—		(1)
	First Lien(2)(3) - Undrawn	—	—	—	11/2025	11/2027	353		—		(1)
	First Lien(2)(3) - Undrawn	—	—	—	11/2025	11/2027	353		—		(1)
							1,765		—		(5)		(0.00)	%
Packaging Coordinators Midco, Inc.
Healthcare	First Lien(2)(3) - Undrawn	—	—	—	10/2025	10/2032	890		—		—
	First Lien(2)(3) - Undrawn	—	—	—	10/2025	10/2032	679		(3)		(3)
	First Lien(2)(3) - Undrawn	—	—	—	10/2025	10/2032	228		(1)		(1)
	First Lien(2)(3) - Undrawn	—	—	—	10/2025	10/2032	912		—		—
	First Lien(2)(3) - Undrawn	—	—	—	10/2025	10/2032	25		—		—
							2,734		(4)		(4)		(0.00)	%
Wrench Group LLC
Consumer Services	First Lien(2)(3) - Undrawn	—	—	—	10/2025	09/2031	536		(3)		(3)
	First Lien(2)(3) - Undrawn	—	—	—	10/2025	09/2027	536		—		(3)
							1,072		(3)		(6)		(0.00)	%
Diamondback Acquisition, Inc.
Software	First Lien(2)(3) - Undrawn	—	—	—	09/2025	09/2032	776		(2)		(2)
	First Lien(2)(3) - Undrawn	—	—	—	09/2025	09/2027	1,437		—		(4)
							2,213		(2)		(6)		(0.00)	%
iCIMS, Inc.
Software	First Lien(2)(3) - Undrawn	—	—	—	03/2024	08/2028	238		(2)		(7)		(0.00)	%
RailPros Parent, LLC
Business Services	First Lien(2)(3) - Undrawn	—	—	—	05/2025	05/2027	899		—		(4)
	First Lien(2)(3) - Undrawn	—	—	—	05/2025	05/2032	449		(2)		(2)
							1,348		(2)		(6)		(0.00)	%
Fullsteam Operations LLC
Financial Services & Technology	First Lien(2)(3) - Undrawn	—	—	—	08/2025	08/2031	346		(2)		(2)
	First Lien(2)(3) - Undrawn	—	—	—	08/2025	08/2027	1,037		—		(4)
							1,383		(2)		(6)		(0.00)	%

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

Table of Contents

New Mountain Guardian IV Income Fund, L.L.C.

Schedule of Investments (Continued)

December 31, 2025

(in thousands, except shares)


Portfolio Company, Location and Industry (1)	Type of Investment	Reference (4)	Spread (4)	Interest Rate (4)	Purchase Date	Maturity/Expiration Date	Principal Amount, Par Value or Shares		Cost		Fair Value		Percent of Members' Capital

MedX Holdings, LLC
Healthcare	First Lien(2)(3) - Undrawn	—	—	—	07/2025	07/2032	$	419	$	(2)	$	(2)
	First Lien(2)(3) - Undrawn	—	—	—	07/2025	07/2027	985		—		(5)
							1,404		(2)		(7)		(0.00)	%
Vamos Bidco, Inc.
Software	First Lien(2)(3) - Undrawn	—	—	—	01/2025	01/2032	378		(2)		(2)
	First Lien(2)(3) - Undrawn	—	—	—	01/2025	02/2027	1,260		—		(6)
							1,638		(2)		(8)		(0.00)	%
Einstein Parent, Inc.
Software	First Lien(2)(3) - Undrawn	—	—	—	01/2025	01/2031	863		(7)		(9)		(0.00)	%
LogRhythm, Inc.
Software	First Lien(2)(3) - Undrawn	—	—	—	07/2024	07/2029	210		(2)		(10)		(0.01)	%
DT1 Midco Corp.
Business Services	First Lien(2)(3) - Undrawn	—	—	—	06/2025	12/2030	337		(2)		(2)
	First Lien(2)(3) - Undrawn	—	—	—	06/2025	04/2027	2,231		—		(11)
							2,568		(2)		(13)		(0.01)	%
PetVet Care Centers, LLC
Consumer Services	First Lien(2)(3) - Undrawn	—	—	—	10/2023	11/2029	349		(3)		(15)		(0.01)	%
Total Unfunded Debt Investments - United States							$	86,034	$	(134)	$	(138)	(0.03)	%
Unfunded Debt Investments - Australia
Adelaide Borrower, LLC**
Business Services	First Lien(2)(3) - Undrawn	—	—	—	05/2024	05/2026	$	524	$	—	$	—
	First Lien(2)(3) - Undrawn	—	—	—	05/2024	05/2030	273		(3)		—
							797		(3)		—		—	%
Atlas AU Bidco Pty Ltd**
Business Services	First Lien(2)(3) - Undrawn	—	—	—	06/2025	12/2028	99		—		—		—	%
Total Unfunded Debt Investments - Australia							$	896	$	(3)	$	—	—	%
Unfunded Debt Investments - United Kingdom
Ciklum Inc.**
Business Services	First Lien(2)(3) - Undrawn	—	—	—	02/2024	02/2030	$	774	$	(7)	$	—
Total Unfunded Debt Investments - United Kingdom							$	774	$	(7)	$	—	—	%
Total Unfunded Debt Investments							$	87,704	$	(144)	$	(138)	(0.03)	%
Total Non-Controlled/Non-Affiliated Investments									$	484,787	$	482,659	94.75	%
Total Investments									$	484,787	$	482,659	94.75	%

(2)The fair value of the Company's investment is determined using unobservable inputs that are significant to the overall fair value measurement. See Note 4. Fair Value, for details.

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

Table of Contents

New Mountain Guardian IV Income Fund, L.L.C.

Schedule of Investments (Continued)

December 31, 2025

(in thousands, except shares)

(3)Par value amounts represent the drawn or undrawn (as indicated in type of investment) portion of revolving credit facilities or delayed draws. Cost amounts represent the cash received at settlement date net of the impact of paydowns and cash paid for drawn revolvers or delayed draws.

(4)All interest is payable in cash unless otherwise indicated. A majority of the variable rate debt investments bear interest at a rate that may be determined by reference to the Secured Overnight Financing Rate (SOFR), the Prime Rate (P) and the alternative base rate (Base) and which resets monthly (M), quarterly (Q), semi-annually (S) or annually (A). For each investment the current interest rate provided reflects the rate in effect as of December 31, 2025.

(5)The Company holds preferred equity in Eclipse Topco, Inc. and a first lien term loan and a first lien delayed draw in Eclipse Buyer, Inc., a wholly-owned subsidiary of Eclipse Topco, Inc.

(6)The Company holds preferred equity in HIG Intermediate, Inc. and a first lien term loan and first lien delayed draw in Higginbotham Insurance Agency, Inc., a wholly- owned subsidiary of HIG Intermediate, Inc.

(7) The Company holds preferred equity in FS WhiteWater Holdings, LLC, a first lien term loan and two first lien delayed draws in FS WhiteWater Borrower, LLC, a wholly-owned subsidiary of FS WhiteWater Holdings, LLC.

* All or a portion of interest contains PIK interest. See Note 2. Summary of Significant Accounting Policies-Revenue Recognition, for details.

** Indicates assets that the Company deems to be "non-qualifying assets" under Section 55(a) of the 1940 Act. Qualifying assets must represent at least 70.0% of the Company's total assets at the time of acquisition of any additional non-qualifying assets. As of December 31, 2025, 3.84% of the Company's total assets are represented by investments at fair value that are considered non-qualifying assets.

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

Table of Contents

New Mountain Guardian IV Income Fund, L.L.C.

Schedule of Investments (Continued)

December 31, 2025

(in thousands, except shares)


	December 31, 2025
Investment Type	Percent of Total Investments at Fair Value
First lien	95.08	%
Second lien	3.50	%
Subordinated	0.42	%
Structured finance obligations	0.10	%
Equity and other	0.90	%
Total investments	100.00	%


	December 31, 2025
Industry Type	Percent of Total Investments at Fair Value
Business Services	34.13	%
Software	30.52	%
Financial Services & Technology	14.79	%
Healthcare	10.32	%
Consumer Services	4.46	%
Education	3.34	%
Business Products	0.87	%
Food & Beverage	0.69	%
Packaging	0.63	%
Distribution & Logistics	0.15	%
Investment Fund	0.10	%






Total investments	100.00	%


	December 31, 2025
Interest Rate Type	Percent of Total Investments at Fair Value
Floating rates	98.67	%
Fixed rates	1.33	%
Total investments	100.00	%

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

Notes to the Consolidated Financial Statements of

New Mountain Guardian IV Income Fund, L.L.C.

June 30, 2026

(in thousands, except unit data)

(unaudited)

Note 1. Formation and Business Purpose

New Mountain Guardian IV Income Fund, L.L.C. (the "Company"), formerly known as New Mountain Guardian IV Unlevered BDC, L.L.C., is a Delaware limited liability company formed on November 4, 2022. The Company is a closed-end, non-diversified management investment company that has elected to be regulated as a business development company ("BDC") under the Investment Company Act of 1940, as amended (the "1940 Act"). The Company has elected to be treated for U.S. federal income tax purposes, and intends to comply with the requirements to continue to qualify annually, as a regulated investment company ("RIC") under Subchapter M of the Internal Revenue Code of 1986, as amended (the "Code").

New Mountain Finance Advisers, L.L.C. (the "Investment Adviser"), formerly known as New Mountain Finance Advisers BDC, L.L.C., is a wholly-owned subsidiary of New Mountain Capital Group, L.P. (together with New Mountain Capital, L.L.C. and its affiliates, "New Mountain Capital"), whose ultimate owners include Steven B. Klinsky, other current and former New Mountain Capital professionals and related vehicles and a minority investor. New Mountain Capital is a global investment firm with approximately $60 billion of assets under management and a track record of investing in the middle market. New Mountain Capital focuses on investing in defensive growth companies across its private equity, credit and net lease investment strategies. The Investment Adviser manages the Company's day-to-day operations and provides it with investment advisory and management services. The Investment Adviser also manages other funds that may have investment mandates that are similar, in whole or in part, to the Company's. New Mountain Finance Administration, L.L.C. (the "Administrator"), a wholly-owned subsidiary of New Mountain Capital, provides the administrative services necessary to conduct the Company's day-to-day operations. The Administrator has hired a third-party sub-administrator to assist with the provision of administrative services.

The Company conducted a private offering (the "Private Offering") of units of the Company's limited liability company interests (the "Units") to investors in reliance on exemptions from the registration requirements of the Securities Act of 1933, as amended (the "Securities Act"). Units were offered for subscription continuously throughout the Closing Period (as defined below). Each investor in the Private Offering made a capital commitment (each, a "Capital Commitment") to purchase Units pursuant to a subscription agreement entered into with the Company (each, a "Subscription Agreement"). Closings occurred, from time to time, in the Investment Adviser's sole discretion, during the 18-month period (the "Closing Period") following the initial closing of Capital Commitments, which occurred on May 23, 2023. On November 20, 2024, pursuant to the limited liability company agreement, as amended and restated on July 10, 2023, (the "A&R LLC Agreement"), the Investment Adviser elected to extend the Closing Period from November 23, 2024 to March 31, 2025. At the end of the Closing Period, the Company had aggregate Capital Commitments from investors of $512,405. The Company accepted and drew down on Capital Commitments from investors throughout and after the Closing Period. The final drawdown of Capital Commitments closed on December 15, 2025. The Company commenced loan origination and investment activities on May 24, 2023. The "Investment Period" began on May 23, 2023 and will continue until March 31, 2029, the four-year anniversary of the end of the Closing Period. The term of the Company is until March 31, 2031, six years from the end of the Closing Period, subject to (i) a one-year extension as determined by the Investment Adviser in its sole discretion and (ii) an additional one year extension as determined by the Company's board of directors.

The Company established New Mountain Guardian IV Income Fund SPV, L.L.C. ("GIV Income SPV") on December 18, 2025 as a wholly-owned direct subsidiary of the Company, whose assets are used to secure GIV Income SPV's credit facility.

The Company focuses on providing direct lending solutions to U.S. upper middle market companies backed by top private equity sponsors. The Company's 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. The Company's differentiated investment approach leverages the deep sector knowledge and operating resources of New Mountain Capital.

The Company primarily invests in senior secured debt of U.S. sponsor-backed, middle market companies. The Company defines middle market companies as those with annual earnings before interest, taxes, depreciation and amortization ("EBITDA") between $10,000 and $200,000. The Company focuses 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.

Senior secured loans may include traditional first lien loans or unitranche loans. The Company invests a significant portion of its portfolio in unitranche loans, which are loans that combine both senior and subordinated debt, generally in a first-lien position. Because unitranche loans combine characteristics of senior and subordinated debt, they have risks similar to the risks associated with secured debt and subordinated debt. Certain unitranche loan investments may include “last-out” positions, which generally heighten the risk of loss. The Company generally does not hold any last-out positions. In some cases, the Company’s investments may also include equity interests.

As of June 30, 2026, the Company's top five industry concentrations were business services, software, financial services & technology, healthcare and consumer services.

Note 2. Summary of Significant Accounting Policies

Basis of accounting—The Company's consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States ("GAAP"). The Company is an investment company following accounting and reporting guidance in Accounting Standards Codification Topic 946, Financial Services—Investment Companies ("ASC 946"). The Company consolidates its wholly-owned direct subsidiary GIV Income SPV.

The Company's consolidated financial statements reflect all adjustments and reclassifications which, in the opinion of management, are necessary for the fair presentation of the results of operations and financial condition for the period(s) presented. All intercompany transactions have been eliminated. Revenues are recognized when earned and expenses when incurred. The financial results of the Company's portfolio investments are not consolidated in the financial statements.

The Company's interim consolidated financial statements are prepared in accordance with GAAP and pursuant to the requirements for reporting on Form 10-Q and Articles 6 and 10 of Regulation S-X. Accordingly, the Company’s interim consolidated financial statements do not include all of the information and notes required by GAAP for annual financial statements. In the opinion of management, all adjustments, consisting solely of normal recurring accruals considered necessary for the fair presentation of financial statements for the interim period, have been included. The current period's results of operations will not necessarily be indicative of results that ultimately may be achieved for the fiscal year ending December 31, 2026.

Investments—The Company applies fair value accounting in accordance with GAAP. Fair value is the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Investments are reflected in the Company's Consolidated Statements of Assets, Liabilities and Members' Capital at fair value, with changes in unrealized gains and losses resulting from changes in fair value reflected on the Company's Consolidated Statements of Operations as "Net change in unrealized appreciation (depreciation) of investments" and realizations on portfolio investments reflected in the Company's Consolidated Statements of Operations as "Net realized gains (losses) on investments".

The Company values its assets on a quarterly basis, or more frequently if required under the 1940 Act. In all cases, the Company's board of directors is ultimately and solely responsible for determining the fair value of the Company's portfolio investments on a quarterly basis in good faith, including investments that are not publicly traded, those whose market prices are not readily available and any other situation where its portfolio investments require a fair value determination. Security transactions are accounted for on a trade date basis. The Company's quarterly valuation procedures are set forth in more detail below:

(1)Investments for which market quotations are readily available on an exchange are valued at such market quotations based on the closing price indicated from independent pricing services.

(2)Investments for which indicative prices are obtained from various pricing services and/or brokers or dealers are valued through a multi-step valuation process, as described below, to determine whether the quote(s) obtained is representative of fair value in accordance with GAAP.

a.Bond quotes are obtained through independent pricing services. Internal reviews are performed by the investment professionals of the Investment Adviser to ensure that the quote obtained is representative of fair value in accordance with GAAP and, if so, the quote is used. If the Investment Adviser is unable to sufficiently validate the quote(s) internally and if the investment's par value or its fair value exceeds the materiality threshold, the investment is valued similarly to those assets with no readily available quotes (see (3) below); and

b.For investments other than bonds, the Company looks at the number of quotes readily available and performs the following procedures:

i.Investments for which two or more quotes are received from a pricing service are valued using the mean of the mean of the bid and ask of the quotes obtained. The Company will evaluate the reasonableness of the quote, and if the quote is determined to not be representative of fair value, the Company will use one or more of the methodologies outlined below to determine fair value; and

ii.Investments for which one quote is received from a pricing service are validated internally. The investment professionals of the Investment Adviser analyze the market quotes obtained using an array of valuation methods (further described below) to validate the fair value. If the Investment Adviser is unable to sufficiently validate the quote internally and if the investment's par value or its fair value exceeds the materiality threshold, the investment is valued similarly to those assets with no readily available quotes (see (3) below).

(3)Investments for which quotations are not readily available through exchanges, pricing services, brokers or dealers are valued through a multi-step valuation process:

a.Each portfolio company or investment is initially valued by the investment professionals of the Investment Adviser responsible for the credit monitoring;

b.Preliminary valuation conclusions will then be documented and discussed with the Company's senior management;

c.If an investment falls into (3) above for four consecutive quarters and if the investment's par value or its fair value exceeds the materiality threshold, then at least once each fiscal year, the valuation for each portfolio investment for which the Company does not have a readily available market quotation will be reviewed by an independent valuation firm engaged by the Company's board of directors; and

d.When deemed appropriate by the Company's management, an independent valuation firm may be engaged to review and value investment(s) of a portfolio company, without any preliminary valuation being performed by the Investment Adviser. The investment professionals of the Investment Adviser will review and validate the value provided.

For investments in revolving credit facilities and delayed draw commitments, the cost basis of the funded investments purchased is offset by any costs/netbacks received for any unfunded portion on the total balance committed. The fair value is also adjusted for the price appreciation or depreciation on the unfunded portion. As a result, the purchase of a commitment not completely funded may result in a negative fair value until it is called and funded.

The values assigned to investments are based upon available information and do not necessarily represent amounts which might ultimately be realized, since such amounts depend on future circumstances and cannot be reasonably determined until the individual positions are liquidated. Due to the inherent uncertainty of determining the fair value of investments that do not have a readily available market value, the fair value of the Company's investments may fluctuate from period to period and the fluctuations could be material.

See Note 3. Investments, for further discussion relating to investments.

Cash and cash equivalents—Cash and cash equivalents include cash and short-term, highly liquid investments. The Company defines cash equivalents as securities that are readily convertible into known amounts of cash and so near maturity that there is insignificant risk of changes in value. These securities have original maturities of three months or less. The Company did not hold any cash equivalents as of June 30, 2026 and December 31, 2025. The cash deposits are FDIC insured up to $250 per ownership category, per institution.

Revenue recognition

Sales and paydowns of investments: Realized gains and losses on investments are determined on the specific identification method.

Interest and dividend income: Interest income, including amortization of premium and discount using the effective interest method, is recorded on an accrual basis and periodically assessed for collectability. Interest income also includes interest earned from cash on hand. Upon the prepayment of a loan or debt security, any prepayment penalties are recorded as part of interest income. The Company has loans and certain preferred equity investments in its portfolio that contain a payment-in-kind ("PIK") interest or dividend provision. PIK interest and dividends are accrued and recorded as income at the contractual rates, if deemed collectible. The PIK interest and dividends are added to the principal or share balances on the capitalization dates and are generally due at maturity or when redeemed by the issuer. For the three and six months ended June 30, 2026, the Company recognized PIK interest from investments of $317 and $483, respectively, and PIK dividends from investments of $25 and $54, respectively. For the three and six months ended June 30, 2025, the Company recognized PIK interest from investments of $190 and $388, respectively, and PIK dividends from investments of $26 and $52, respectively.

Dividend income on preferred securities is recorded as dividend income on an accrual basis to the extent that such amounts are deemed collectible.

Non-accrual income: Investments are placed on non-accrual status when principal or interest payments are past due for 30 days or more and when there is reasonable doubt that principal or interest will be collected. Accrued cash and un-capitalized PIK interest or dividends are generally reversed when an investment is placed on non-accrual status. Previously capitalized PIK interest or dividends are not reversed when an investment is placed on non-accrual status. Interest or dividend payments received on non-accrual investments may be recognized as income or applied to principal depending upon management's judgment of the ultimate collectability. Non-accrual investments are restored to accrual status when past due principal and interest is paid and, in management's judgment, are likely to remain current.

Fee income: Fee income represents delayed compensation, revolver fees, upfront fees, amendment fees, consent fees and other miscellaneous fees received which are typically non-recurring in nature. Delayed compensation is income earned from counterparties on trades that do not settle within a set number of business days after the trade date. Fee income may also include fees from bridge loans. The Company may from time to time enter into bridge financing commitments, an obligation to provide interim financing to a counterparty until permanent credit can be obtained. These commitments are short-term in nature and may expire unfunded. A fee is received by the Company for providing such commitments. Structuring fees and upfront fees are recognized as income when earned, usually when paid at the closing of the investment, and are non-refundable.

Interest and other financing expenses—Interest and other financing fees are recorded on an accrual basis by the Company. See Note 6. Borrowings, for details.

Organizational expenses—Organizational expenses include costs and expenses incurred in connection with the formation and organization of the Company and are expensed as incurred in the Consolidated Statements of Operations. Any organizational and offering expenses paid by the Company in excess of the lesser of $2,000 or 0.25% of the aggregate Capital Commitments pursuant to the Expense Limitation and Reimbursement Agreement (as defined below), will be applied as a reduction to the base management fee paid to the Investment Adviser and cannot be recouped by the Investment Adviser.

Deferred financing costs—The deferred financing costs of the Company consist of capitalized expenses related to the origination and amending of the Company's borrowings. The Company amortizes these costs into expense over the stated life of the related borrowing. See Note 6. Borrowings, for details.

Income taxes—The Company has elected to be treated as a RIC for U.S. federal income tax purposes under Subchapter M of the Code and intends to comply with the requirements to qualify and maintain its status as a RIC annually. As a RIC, the Company is not subject to U.S. federal income tax on the portion of taxable income and gains timely distributed to its unitholders.

To continue to qualify and be subject to tax treatment as a RIC, the Company is required to meet certain income and asset diversification tests in addition to timely distributing at least 90.0% of its investment company taxable income, as defined by the Code. Since U.S. federal income tax regulations differ from GAAP, distributions in accordance with tax regulations may differ from net investment income and realized gains recognized for financial reporting purposes.

Differences between taxable income and the results of operations for financial reporting purposes may be permanent or temporary in nature. Permanent differences are reclassified among capital accounts in the consolidated financial statements to reflect their tax character. Differences in classification may also result from the treatment of short-term gains as ordinary income for U.S. federal income tax purposes.

For U.S. federal income tax purposes, distributions paid to unitholders of the Company are reported as ordinary income, return of capital, long term capital gains or a combination thereof.

The Company will be subject to a 4.0% nondeductible federal excise tax on certain undistributed income unless the Company distributes, in a timely manner as required by the Code, an amount at least equal to the sum of (1) 98.0% of its respective net ordinary income earned for the calendar year and (2) 98.2% of its respective capital gain net income for the one-year period ending October 31 in the calendar year.

Based on its analysis, the Company has determined that there were no uncertain tax positions that do not meet the more likely than not threshold as defined by Accounting Standards Codification Topic 740, Income Taxes ("ASC 740") through December 31, 2025. The 2023 year and forward remain subject to examination by the U.S. federal, state, and local tax authorities.

Distributions—Distributions to the Company's unitholders are recorded on the record date as set by the Company's board of directors. The Company intends to make timely distributions to its unitholders that will be sufficient to enable the Company to qualify and maintain its status as a RIC. The Company intends to distribute approximately all of its net investment income on a quarterly basis and substantially all of its taxable income on an annual basis, except that the Company may retain certain net capital gains for reinvestment.

Earnings per Unit—The Company's earnings per unit ("EPU") amounts have been computed based on the weighted-average number of Units outstanding for the period. Basic EPU is computed by dividing net increase (decrease) in members'

capital resulting from operations by the weighted average number of Units outstanding during the period of computation. Diluted EPU is computed by dividing net increase (decrease) in members' capital resulting from operations by the weighted average number of Units assuming all potential Units had been issued, and the related net impact to members' capital accounted for, and the additional Units were dilutive. Diluted EPU reflects the potential dilution, using the as-if-converted method for convertible debt, which could occur if all potentially dilutive securities were exercised.

Foreign securities—The accounting records of the Company are maintained in U.S. dollars. Investment securities denominated in foreign currencies are translated into U.S. dollars based on the rate of exchange of such currencies on the date of valuation. Purchases and sales of investment securities and income and expense items denominated in foreign currencies are translated into U.S. dollars based on the rate of exchange of such currencies on the respective dates of the transactions. The Company isolates that portion of the results of operations resulting from changes in foreign exchange rates on investments from the fluctuations arising from changes in market prices of securities held. Such fluctuations are included with "Net change in unrealized appreciation (depreciation) of foreign currency" and "Net realized gains (losses) of foreign currency" in the Company's Consolidated Statements of Operations.

Investments denominated in foreign currencies may be negatively affected by movements in the rate of exchange between the U.S. dollar and foreign currencies. This movement is beyond the control of the Company and cannot be predicted.

Use of estimates—The preparation of the Company's consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the Company's consolidated financial statements and the reported amounts of revenues and expenses during the reporting periods. Changes in the economic environment, financial markets and other metrics used in determining these estimates could cause actual results to differ from the estimates used, and the differences could be material.

Note 3. Investments

At June 30, 2026, the Company's investments consisted of the following:

Investment Cost and Fair Value by Type


	Cost		Fair Value
First lien	$	480,292	$	472,661
Second lien	17,087		15,534
Subordinated	2,150		2,153
Structured finance obligations	472		466
Equity and other	4,263		4,293
Total investments	$	504,264	$	495,107

Investment Cost and Fair Value by Industry


	Cost		Fair Value
Business Services	$	164,389	$	164,822
Software	163,637		158,376
Financial Services & Technology	67,543		67,371
Healthcare	45,999		45,964
Consumer Services	25,172		24,640
Education	17,500		15,916
Distribution & Logistics	7,238		7,237
Business Products	3,778		3,823
Food & Beverage	3,331		3,354
Packaging	5,205		3,138
Investment Fund	472		466







Total investments	$	504,264	$	495,107

At December 31, 2025, the Company's investments consisted of the following:

Investment Cost and Fair Value by Type


	Cost		Fair Value
First lien	$	460,908	$	458,865
Second lien	17,078		16,904
Subordinated	2,003		2,050
Structured finance obligations	472		479
Equity and other	4,326		4,361
Total investments	$	484,787	$	482,659

Investment Cost and Fair Value by Industry


	Cost		Fair Value
Business Services	$	164,057	$	164,717
Software	147,745		147,292
Financial Services & Technology	71,193		71,399
Healthcare	49,573		49,808
Consumer Services	21,615		21,541
Education	17,100		16,141
Packaging	4,906		3,021
Business Products	4,055		4,193
Food & Beverage	3,345		3,342
Distribution & Logistics	726		726
Investment Fund	472		479
Total investments	$	484,787	$	482,659

For discussion of the Company's unfunded commitments, see Note 8. Commitments and Contingencies.

Investment Risk Factors—First and second lien debt that the Company invests in is almost entirely rated below investment grade or may be unrated. Debt investments rated below investment grade are often referred to as "leveraged loans", "high yield" or "junk" debt investments, and may be considered "high risk" compared to debt investments that are rated investment grade. These debt investments are considered speculative because of the credit risk of the issuers. Such issuers are considered more likely than investment grade issuers to default on their payments of interest and principal, and such risk of default could reduce the members' capital and income distributions of the Company. In addition, some of the Company's debt investments will not fully amortize during their lifetime, which could result in a loss or a substantial amount of unpaid principal and interest due upon maturity. First and second lien debt may also lose significant market value before a default occurs. Furthermore, an active trading market may not exist for these first and second lien debt investments. This illiquidity may make it more difficult to value the debt investments.

Subordinated debt is generally subject to similar risks as those associated with first and second lien debt, except that such debt is subordinated in payment and/or lower in lien priority. Subordinated debt is subject to the additional risk that the cash flow of the borrower and the property securing the debt, if any, may be insufficient to meet scheduled payments after giving effect to the senior secured and unsecured obligations of the borrower.

The Company invests a significant portion of its portfolio in unitranche loans, which combine both senior and subordinated debt, generally in a first-lien position. Such loans have risks similar to the risks associated with secured debt and subordinated debt according to the combination of loan characteristics of the unitranche loan. Unitranche loans typically allow a borrower to make a lump sum payment of the principal at the end of the loan term. If the borrower is unable to pay the lump sum, or refinance the amount owed at maturity, the Company may lose the value of its investment. The Company will be subject to heightened risk similar to the risks of subordinated or second lien loans described above to the extent the Company invests in the "last out" tranche of a unitranche loan. The Company generally does not hold any last-out positions.

The Company may directly invest in the equity of private companies or, in some cases, equity investments could be made in connection with a debt investment. Equity investments may or may not fluctuate in value, resulting in recognized realized gains or losses upon disposition.

Note 4. Fair Value

Pursuant to Rule 2a-5 under the 1940 Act, a market quotation is readily available for purposes of Section 2(a)(41) of the 1940 Act with respect to a security only when that “quotation is a quoted price (unadjusted) in active markets for identical investments that the fund can access at the measurement date, provided that a quotation will not be readily available if it is not reliable”. Fair value is the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Accounting Standards Codification Topic 820, Fair Value Measurements and Disclosure ("ASC 820") establishes a fair value hierarchy that prioritizes and ranks the inputs to valuation techniques used in measuring investments at fair value. The hierarchy classifies the inputs used in measuring fair value into three levels as follows:

Level I—Quoted prices (unadjusted) are available in active markets for identical investments and the Company has the ability to access such quotes as of the reporting date. The type of investments which would generally be included in Level I include active exchange-traded equity securities and exchange-traded derivatives. As required by ASC 820, the Company, to the extent that it holds such investments, does not adjust the quoted price for these investments, even in situations where the Company holds a large position and a sale could reasonably impact the quoted price.

Level II—Pricing inputs are observable for the investments, either directly or indirectly, as of the reporting date, but are not the same as those used in Level I. Level II inputs include the following:

•Quoted prices for similar assets or liabilities in active markets;

•Quoted prices for identical or similar assets or liabilities in non-active markets (examples include corporate and municipal bonds, which trade infrequently);

•Pricing models whose inputs are observable for substantially the full term of the asset or liability (examples include most over-the-counter derivatives, including foreign exchange forward contracts); and

•Pricing models whose inputs are derived principally from or corroborated by observable market data through correlation or other means for substantially the full term of the asset or liability.

Level III—Pricing inputs are unobservable for the investment and include situations where there is little, if any, market activity for the investment.

The inputs used to measure fair value may fall into different levels. In all instances when the inputs fall within different levels of the hierarchy, the level within which the fair value measurement is categorized is based on the lowest level of input that is significant to the fair value measurement in its entirety. As such, a Level III fair value measurement may include inputs that are both observable and unobservable. Gains and losses for such assets categorized within the Level III table below may include changes in fair value that are attributable to both observable inputs and unobservable inputs.

The inputs into the determination of fair value require significant judgment or estimation by management and consideration of factors specific to each investment. A review of the fair value hierarchy classifications is conducted on a quarterly basis. Changes in the observability of valuation inputs may result in the transfer of certain investments within the fair value hierarchy from period to period.

The following table summarizes the levels in the fair value hierarchy that the Company's portfolio investments fell into as of June 30, 2026:


	Total		Level I		Level II		Level III
First lien	$	472,661	$	—	$	35,502	$	437,159
Second lien	15,534		—		6,262		9,272
Subordinated	2,153		—		—		2,153
Structured finance obligations	466		—		—		466
Equity and other	4,293		—		—		4,293
Total investments	$	495,107	$	—	$	41,764	$	453,343

The following table summarizes the levels in the fair value hierarchy that the Company's portfolio investments fell into as of December 31, 2025:


	Total		Level I		Level II		Level III
First lien	$	458,865	$	—	$	41,193	$	417,672
Second lien	16,904		—		4,965		11,939
Subordinated	2,050		—		—		2,050
Structured finance obligations	479		—		—		479
Equity and other	4,361		—		—		4,361
Total investments	$	482,659	$	—	$	46,158	$	436,501

The following table summarizes the changes in fair value of Level III portfolio investments for the three months ended June 30, 2026, as well as the portion of appreciation (depreciation) included in income attributable to the net change in unrealized appreciation (depreciation) related to those assets and liabilities still held by the Company at June 30, 2026:


	Total		First Lien		Second Lien		Subordinated		Structured Finance Obligations		Equity and other
Fair Value, March 31, 2026	$	454,494	$	435,886	$	11,541	$	2,078	$	465	$	4,524
Total gains or losses included in earnings:
Net realized gains (losses) on investments	(40)		(40)		—		—		—		—
Net change in unrealized appreciation (depreciation) of investments	620		125		494		—		1		—
Purchases, including capitalized PIK and revolver fundings	28,757		28,634		—		75		—		48
Proceeds from sales and paydowns of investments	(22,829)		(22,550)		—		—		—		(279)
Transfers into Level III (1)	6,137		2,596		3,541		—		—		—
Transfers out of Level III (1)	(13,796)		(7,492)		(6,304)		—		—		—
Fair Value, June 30, 2026	$	453,343	$	437,159	$	9,272	$	2,153	$	466	$	4,293
Net change in unrealized appreciation (depreciation) for the period relating to those Level III assets that were still held by the Company at the end of the period:	$	602	107		494		—		1		—

(1) As of June 30, 2026, portfolio investments were transferred into Level III from Level II and out of Level III into Level II at fair value as of the beginning of the quarterly period in which the reclassification occurred.

The following table summarizes the changes in fair value of Level III portfolio investments for the three months ended June 30, 2025, as well as the portion of appreciation (depreciation) included in income attributable to the net change in unrealized appreciation (depreciation) related to those assets and liabilities still held by the Company at June 30, 2025:


	Total		First Lien		Second Lien		Subordinated		Structured Finance Obligations		Equity and other
Fair Value, March 31, 2025	$	368,063	$	358,356	$	3,186	$	1,830	$	472	$	4,219
Total gains or losses included in earnings:
Net realized gains (losses) on investments	(3)		(3)		—		—		—		—
Net change in unrealized appreciation (depreciation) of investments	(185)		(166)		(34)		13		2		—
Purchases, including capitalized PIK and revolver fundings	36,411		36,299		—		65		—		47
Proceeds from sales and paydowns of investments	(23,485)		(23,485)		—		—		—		—
Transfers into Level III (1)	8,783		1,964		6,819		—		—		—
Transfers out of Level III (1)	(4,719)		(4,719)		—		—		—		—
Fair Value, June 30, 2025	$	384,865	$	368,246	$	9,971	$	1,908	$	474	$	4,266
Net change in unrealized appreciation (depreciation) for the period relating to those Level III assets that were still held by the Company at the end of the period:	$	(196)	$	(177)	$	(34)	$	13	$	2	$	—

(1)As of June 30, 2025, portfolio investments were transferred out of Level III into Level II and into Level III from Level II at fair value as of the beginning of the quarterly period in which the reclassification occurred.

The following table summarizes the changes in fair value of Level III portfolio investments for the six months ended June 30, 2026, as well as the portion of appreciation (depreciation) included in income attributable to the net change in unrealized appreciation (depreciation) related to those assets and liabilities still held by the Company at June 30, 2026:


	Total		First Lien		Second Lien		Subordinated		Structured Finance Obligations		Equity and other
Fair Value, December 31, 2025	$	436,501	$	417,672	$	11,939	$	2,050	$	479	$	4,361
Total gains or losses included in earnings:
Net realized gains (losses) on investments	(304)		(304)		—		—		—		—
Net change in unrealized appreciation (depreciation) of investments	(3,759)		(3,916)		214		(43)		(13)		(1)
Purchases, including capitalized PIK and revolver fundings	54,440		54,082		—		146		—		212
Proceeds from sales and paydowns of investments	(39,282)		(39,003)		—		—		—		(279)
Transfers into Level III (1)	24,626		16,120		8,506		—		—		—
Transfers out of Level III (1)	(18,879)		(7,492)		(11,387)		—		—		—
Fair Value, June 30, 2026	$	453,343	$	437,159	$	9,272	$	2,153	$	466	$	4,293
Net change in unrealized appreciation (depreciation) for the period relating to those Level III assets that were still held by the Company at the end of the period:	$	(5,744)	$	(4,550)	$	(1,137)	$	(43)	$	(13)	$	(1)

(1)As of June 30, 2026, portfolio investments were transferred out of Level III into Level II and into Level III from Level II at fair value as of the beginning of the period in which the reclassification occurred.

The following table summarizes the changes in fair value of Level III portfolio investments for the six months ended June 30, 2025, as well as the portion of appreciation (depreciation) included in income attributable to the net change in unrealized appreciation (depreciation) related to those assets and liabilities still held by the Company at June 30, 2025:


	Total		First Lien		Second Lien		Subordinated		Structured Finance Obligations		Equity and other
Fair Value, December 31, 2024	$	331,675	$	321,600	$	4,115	$	1,741	$	—	$	4,219
Total gains or losses included in earnings:
Net realized gains (losses) on investments	(11)		(11)		—		—		—		—
Net change in unrealized appreciation (depreciation) of investments	(127)		(163)		(6)		40		2		—
Purchases, including capitalized PIK and revolver fundings	69,148		68,414		560		127		—		47
Proceeds from sales and paydowns of investments	(32,173)		(32,173)		—		—		—		—
Transfers into Level III (1)	16,353		10,579		5,302		—		472		—
Transfers out of Level III (1)	—		—		—		—		—		—
Fair Value, June 30, 2025	$	384,865	$	368,246	$	9,971	$	1,908	$	474	$	4,266
Net change in unrealized appreciation (depreciation) for the period relating to those Level III assets that were still held by the Company at the end of the period:	$	(146)	$	(182)	$	(6)	$	40	$	2	$	—

(1)As of June 30, 2025, portfolio investments were transferred out of Level III into Level II and into Level III from Level II at fair value as of the beginning of the period in which the reclassification occurred.

Except as noted in the tables above, there were no other transfers in or out of Levels I, II, or III during the three and six months ended June 30, 2026 and June 30, 2025. Transfers into Level III occur as quotations obtained through pricing services are deemed not representative of fair value as of the balance sheet date, and such assets are internally valued. As quotations obtained through pricing services are substantiated through additional market sources, investments are transferred out of Level III. In addition, transfers out of Level III and transfers into Level III occur based on the increase or decrease in the availability of certain observable inputs. Investments will be transferred into Level III from Level II and out of Level III into Level II at fair value as of the beginning of the period in which the reclassification occurred.

The Company invests in revolving credit facilities. These investments are generally categorized as Level III investments as these assets are not actively traded and their fair values are often implied by the term loans of the respective portfolio companies.

The Company generally uses the following framework when determining the fair value of investments where there is little, if any, market activity or observable pricing inputs. The Company typically determines the fair value of its performing debt investments utilizing an income approach. Additional consideration is given using a market based approach, as well as reviewing the overall underlying portfolio company's performance and associated financial risks. The following outlines additional details on the approaches considered:

Company Performance, Financial Review, and Analysis: Prior to investment, as part of its due diligence process, the Company evaluates the overall performance and financial stability of the portfolio company. Post investment, the Company analyzes each portfolio company's current operating performance and relevant financial trends versus prior year and budgeted results, including, but not limited to, factors affecting its revenue and EBITDA growth, margin trends, liquidity position, covenant compliance and changes to its capital structure. The Company also attempts to identify and subsequently track any developments at the portfolio company within its customer or vendor base, or within the industry or the macroeconomic environment, generally, that may alter any material element of its original investment thesis. This analysis is specific to each portfolio company. The Company leverages the knowledge gained from its original due diligence process, augmented by this subsequent monitoring, to continually refine its outlook for each of its portfolio companies and ultimately form the valuation of its investment in each portfolio company. When an external event such as a purchase transaction, public offering or subsequent sale occurs, the Company will consider the pricing indicated by the external event to corroborate the private valuation.

For debt investments, the Company may employ the Market Based Approach (as described below) to assess the total enterprise value of the portfolio company, in order to evaluate the enterprise value coverage of the Company's debt investment. For equity investments or in cases where the Market Based Approach implies a lack of enterprise value coverage for the debt investment, the Company may additionally employ a discounted cash flow analysis based on the free cash flows of the portfolio

company to assess the total enterprise value. After enterprise value coverage is demonstrated for the Company's debt investments through the method(s) above, the Income Based Approach (as described below) may be employed to estimate the fair value of the investment.

Market Based Approach: The Company may estimate the total enterprise value of each portfolio company by utilizing EBITDA or revenue multiples of publicly traded comparable companies and comparable transactions. The Company considers numerous factors when selecting the appropriate companies whose trading multiples are used to value its portfolio companies. These factors include, but are not limited to, the type of organization, similarity to the business being valued, and relevant risk factors, as well as size, profitability and growth expectations. The Company may apply an average of various relevant comparable company EBITDA or revenue multiples to the portfolio company's latest twelve month ("LTM") EBITDA or revenue or projected EBITDA or revenue to calculate the enterprise value of the portfolio company. Significant increases or decreases in the EBITDA or revenue multiples will result in an increase or decrease in enterprise value, which may result in an increase or decrease in the fair value estimate of the investment. In applying the market based approach as of June 30, 2026 and December 31, 2025, the Company used the relevant EBITDA or revenue multiple ranges set forth in the table below to determine the enterprise value of its portfolio companies. The Company believes these were reasonable ranges in light of current comparable company trading levels and the specific portfolio companies involved.

Income Based Approach: The Company also may use a discounted cash flow analysis to estimate the fair value of the investment. Projected cash flows represent the relevant security's contractual interest, fee and principal payments plus the assumption of full principal recovery at the investment's expected maturity date. These cash flows are discounted at a rate established utilizing a combination of a yield calibration approach and a comparable investment approach. The yield calibration approach incorporates changes in the credit quality (as measured by relevant statistics) of the portfolio company, as compared to changes in the yield associated with comparable credit quality market indices, between the date of origination and the valuation date. The comparable investment approach utilizes an average yield-to-maturity of a selected set of high-quality, liquid investments to determine a comparable investment discount rate. Significant increases or decreases in the discount rate would result in a decrease or increase in the fair value measurement. In applying the income based approach as of June 30, 2026 and December 31, 2025, the Company used the discount ranges set forth in the table below to value investments in its portfolio companies.

The unobservable inputs used in the fair value measurement of the Company's Level III investments as of June 30, 2026 were as follows:

Range

Type

Fair Value as of June 30, 2026

Approach

Unobservable Input

Low

High

Weighted
Average (1)

First lien

432,386

Market & income approach

EBITDA multiple

6.8x

25.0x

15.5x

Revenue multiple

2.5x

10.0x

6.7x

Discount rate

6.5%

57.3%

9.8%

4,773

Other

N/A (2)

N/A

Second lien

9,272

Market & income approach

EBITDA multiple

12.0x

16.0x

14.0x

Discount rate

10.0%

21.7%

15.1%

Subordinated

2,153

Market & income approach

EBITDA multiple

13.5x

15.5x

14.3x

Discount rate

14.6%

Structured Finance Obligations

466

Income approach

Discount rate

11.1%

Equity and other

4,293

Market & income approach

EBITDA multiple

9.0x

18.0x

17.0x

Discount rate

11.1%

20.4%

11.2%

453,343

(1)Unobservable inputs were weighted by the relative fair value of the investments.

(2)Fair value was determined based on transaction pricing or a recent acquisition or sale as the best measure of fair value with no material changes in operations of the related portfolio company since the transaction date.

The unobservable inputs used in the fair value measurement of the Company's Level III investments as of December 31, 2025 were as follows:


					Range
Type	Fair Value as of December 31, 2025		Approach	Unobservable Input	Low		High		Weighted Average (1)
First lien	$	382,843	Market & income approach	EBITDA multiple	7.0x		31.3x		17.5x
				Revenue multiple	4.0x		14.0x		10.7x
				Discount rate	6.1	%	13.2	%	8.5	%

	34,829		Other	N/A (2)	N/A		N/A		N/A


Second lien	11,939		Market & income approach	EBITDA multiple	14.0x		18.0x		16.0x
				Discount rate	8.8	%	13.7	%	10.4	%

Subordinated	2,050		Market & income approach	EBITDA multiple	13.5x		13.5x		13.5x

				Discount rate	14.6	%	14.6	%	14.6	%
Structured Finance Obligations	479		Income approach	Discount rate	10.5	%	10.5	%	10.5	%
Equity and other	4,361		Market & income approach	EBITDA multiple	12.0x		19.0x		17.6x

				Discount rate	11.3	%	12.7	%	11.5	%

	$	436,501

(1)Unobservable inputs were weighted by the relative fair value of the investments.

The Wells Credit Facility (as defined below) and the Unsecured Management Company Revolver (as defined below) are considered Level III securities. See Note 6. Borrowings for details.

The following are the principal amounts and fair values of the Company’s borrowings as of June 30, 2026 and December 31, 2025. There was no outstanding balance under the Unsecured Management Company Revolver as of December 31, 2025. Fair value is estimated by discounting remaining payments using applicable current market rates, which take into account changes in the Company’s marketplace credit ratings, or market quotes, if available.


	As of
	June 30, 2026
	Principal Amount		Fair Value

Wells Credit Facility	$	6,000	$	5,972

Fair value risk factors—The Company seeks investment opportunities that offer the possibility of attaining substantial capital appreciation. Certain events particular to each industry in which the Company's portfolio companies conduct their operations, as well as general economic, political and health conditions, may have a significant negative impact on the operations and profitability of the Company's investments and/or on the fair value of the Company's investments. The Company's investments are subject to the risk of non-payment of scheduled interest or principal, resulting in a reduction in income to the Company and their corresponding fair valuations. Also, there may be risk associated with the concentration of investments in one geographic region or in certain industries. These events are beyond the control of the Company and cannot be predicted. Furthermore, the ability to liquidate investments and realize value is subject to uncertainties.

Note 5. Agreements and Related Parties

The Company entered into an investment advisory and management agreement (the "Investment Management Agreement") with the Investment Adviser on December 14, 2022. The Investment Management Agreement initially had a term of two years which began on December 14, 2022, and thereafter will continue automatically for successive annual periods, provided that such continuance is specifically approved at least annually by (A) the vote of the Company's board of directors, or by the vote of a majority of the outstanding voting securities of the Company and (B) the vote of a majority of the Company's directors who are not parties to the Investment Management Agreement or "interested persons" (as such term is defined in Section 2(a)(19) of the 1940 Act) of any such party, in accordance with the requirements of the 1940 Act. The Investment Management Agreement was most recently re-approved by the Company's board of directors on February 11, 2026 for a period of 12 months commencing on March 1, 2026. Under the Investment Management Agreement, the Investment Adviser manages

the day-to-day operations of, and provides investment advisory services to, the Company. For providing these services, the Investment Adviser receives an annual base management fee and incentive fee from the Company.

Pursuant to the Investment Management Agreement, the base management fee is payable quarterly in arrears at an annual rate of 0.75% of the aggregate contributed capital from all unitholders (including any outstanding borrowings under any subscription line drawn in lieu of capital calls) less any return of capital distributions and less any cumulative realized losses since inception (calculated net of any subsequently reversed realized losses and net of any realized gains) as of the last day of the applicable quarter. For the period from the effective date of the Investment Management Agreement through the one year anniversary of the Initial Drawdown Date (as defined in the Investment Management Agreement), the base management fee was reduced by 50% (for the avoidance of doubt, this resulted in an annual management fee rate of 0.375% through May 31, 2024). Because the one year anniversary of the Initial Drawdown Date occurred on a date other than the last day of a calendar quarter, the management fee was prorated for such calendar quarter and calculated based on the number of days in such period up to, and including, the one year anniversary of the Initial Drawdown Date. The base management fee also could be reduced by any voluntary fee waivers made by the Investment Adviser. The management fee will be reduced, but not below zero, by any amounts paid by the Company or its subsidiaries to a placement agent, any organizational and offering expenses in excess of the lesser of $2,000 or 0.25% of the aggregate Capital Commitments pursuant to the Expense Limitation and Reimbursement Agreement (as defined below), and any fund expenses in excess of the Specified Expenses Cap (as defined below).

The Investment Adviser has entered into agreements with placement agents that provide for ongoing payments from the Investment Adviser based upon the amount of a unitholder's Capital Commitment or capital contributions. Neither the Company nor any unitholders will bear any of the fees paid to placement agents of the Company as any such fees paid by the Company will offset the management fees.

The incentive fee consists of two components that are independent of each other, with the result that one component may be payable even if the other is not. A portion of the incentive fee is based on a percentage of the Company's income and a portion is based on a percentage of the Company's capital gains, each as described below.

Incentive Fee on Pre-Incentive Fee Net Investment Income

The portion based on the Company's income (the "Income Incentive Fee") is based on pre-incentive fee net investment income ("Pre-Incentive Fee Net Investment Income"). Pre-Incentive Fee Net Investment Income means interest income, dividend income and any fee income (including any other fees (other than fees for providing managerial assistance), such as commitment, origination, structuring, upfront, diligence and consulting fees or other fees that the Company receives from portfolio companies) accrued during the calendar quarter, minus the Company's operating expenses for the quarter (including the base management fee, expenses payable under the Administration Agreement, and any interest expense and distributions paid on any issued and outstanding preferred units, but excluding the incentive fee). Pre-Incentive Fee Net Investment Income includes, in the case of investments with a deferred interest feature (such as original issue discount, debt instruments with PIK interest and zero coupon securities), accrued income that we have not yet received in cash. Pre-Incentive Fee Net Investment Income does not include any realized capital gains, realized capital losses or unrealized capital appreciation or depreciation.

Pre-Incentive Fee Net Investment Income, expressed as a rate of return on the value of the Company's members' capital at the end of the immediately preceding quarter, is compared to a "hurdle rate" of return of 1.25% per quarter (5.0% annualized).

The Company will pay the Investment Adviser an incentive fee quarterly in arrears with respect to the Company's Pre-Incentive Fee Net Investment Income in each calendar quarter as follows:

•no incentive fee based on Pre-Incentive Fee Net Investment Income in any calendar quarter in which the Company's Pre-Incentive Fee Net Investment Income does not exceed the hurdle rate of 1.25% (5.0% annualized);

•100% of the dollar amount of our Pre-Incentive Fee Net Investment Income with respect to that portion of such Pre-Incentive Fee Net Investment Income, if any, that exceeds the hurdle rate but is less than or equal to a rate of return of 1.389% (5.556% annualized). The Company refers to this portion of the Company's Pre-Incentive Fee Net Investment Income (which exceeds the hurdle rate but is less than 1.389%) as the "catch-up." The "catch-up" is meant to provide the Investment Adviser with approximately 10.0% of the Company's Pre-Incentive Fee Net Investment Income as if a hurdle rate did not apply if this net investment income exceeds 1.389% in any calendar quarter; and

•10.0% of the dollar amount of the Company's Pre-Incentive Fee Net Investment Income, if any, that exceeds a rate of return of 1.389% (5.556% annualized). This reflects that once the hurdle rate is reached and the catch-up is achieved, 10.0% of all Pre-Incentive Fee Net Investment Income thereafter is allocated to the Investment Adviser.

For both the three and six months ended June 30, 2026 and June 30, 2025, incentive fees waived were under $1 thousand. The fees that are payable under the Investment Management Agreement for any partial period will be appropriately prorated.

Incentive Fee on Capital Gains

The second component of the incentive fee is the capital gains incentive fee. The Company will pay the Investment Adviser an incentive fee with respect to the Company's cumulative realized capital gains computed net of all realized capital losses and unrealized capital depreciation since inception ("Cumulative Net Realized Gains") based on the waterfall below:

a.First, no incentive fee is payable to the Investment Adviser on Cumulative Net Realized Gains until total return of capital distributions, distributions of net investment income and distributions of net realized capital gains to unitholders is equal to total capital contributions;

b.Second, no incentive fee is payable to the Investment Adviser on Cumulative Net Realized Gains until the Company has paid cumulative distributions equal to an annualized, cumulative internal rate of return of 5.0% on the total contributed capital to the Company calculated from the date that each such amount was due to be contributed to the Company until the date each such distribution is paid;

c.Third, upon a distribution that results in cumulative distributions exceeding the amounts in clause (a) and (b) above, an incentive fee on capital gains payable to the Investment Adviser equal to 100.0% of the amount of Cumulative Net Realized Gains until the Investment Adviser has received (together with amounts the Investment Adviser has received under Income Incentive Fees) an amount equal to 10.0% of the sum of (i) the cumulative distributions to unitholders made pursuant to clause (b) above, (ii) Income Incentive Fee paid to the Investment Adviser and (iii) amounts paid to the Investment Adviser pursuant to this clause (c); and

d.Thereafter, an incentive fee on capital gains equal to 10.0% of additional undistributed Cumulative Net Realized Gains.

Upon termination of the term of the Company, the Investment Adviser will be required to return incentive fees to the Company to the extent that: (i) the Investment Adviser has received cumulative incentive fees in excess of 10.0% of the sum of (A) the Company's cumulative distributions other than return of capital contributions and (B) the cumulative incentive fees paid to the Investment Adviser; or (ii) the unitholders have not received a 5.0% cumulative internal rate of return; provided that in no event will such restoration be more than the incentive fees received by the Investment Adviser.

In accordance with GAAP, the Company accrues a hypothetical capital gains incentive fee based upon the cumulative net realized capital gains and realized capital losses and the cumulative net unrealized capital appreciation and unrealized capital depreciation on investments held at the end of each period. The accrual for any capital gains incentive fee under GAAP in a given period may result in an additional expense if such cumulative amount is greater than such cumulative amount in the prior period or a reduction of previously recorded expense if such cumulative amount is less than the amount in the prior period. If such cumulative amount is negative, then there is no accrual. Actual amounts paid to the Investment Adviser are consistent with the Investment Management Agreement and are based only on realized capital gains computed net of all realized capital losses and unrealized capital depreciation on a cumulative basis from inception through the end of each calendar year.

Incentive Fee Waiver

On December 18, 2023, the Company and the Investment Adviser entered into a voluntary letter waiver agreement (the “Waiver Agreement”) effective as of January 1, 2024, whereby the Investment Adviser agreed to waive certain portions of the incentive fees paid by the Company to the Investment Adviser pursuant to the Investment Management Agreement. The Waiver Agreement increases the hurdle rate, as described above, to 6.0% and waives any income based incentive fees that would have been earned at the current hurdle rate of 5.0%, so long as the average three-month SOFR over the trailing three-month period (the “Three Month SOFR”) is equal to or greater than 3.0% on the last day of the applicable quarter. If the Three Month SOFR falls below 3.0% on the last day of the applicable quarter, the hurdle rate will reset to 5.0%. Additionally, through the Waiver Agreement and with respect to the incentive fee on capital gains, the annualized, cumulative internal rate of return will be calculated using a Weighted Average Hurdle Rate (as defined in the Waiver Agreement) that takes into account any hurdle rate increases during the year.

Expense Limitation

Notwithstanding the foregoing, the Investment Adviser has agreed to reduce and/or waive its management fee (the "Specified Expenses Cap") each year such that the Company will not be required to pay Specified Expenses (as defined below) in excess of a maximum aggregate amount in any calendar year (prorated for partial years and portions of years for which each applicable prong of the cap applies) equal to: (1) during the Closing Period, 0.40% of the greater of (A) $500,000 or (B) actual aggregate Capital Commitments as of the end of such calendar year, (2) at the end of the Closing Period until the end of the Investment Period, 0.40% of aggregate Capital Commitments and (3) after the end of the Investment Period, 0.40% of the

Company's average Members' Capital for the calendar year. Further, if the actual aggregate committed capital of the Company at the end of the Closing Period is less than $500,000, the prong of the Specified Expenses Cap in clause (1) above will be retroactively adjusted to equal 0.40% of aggregate Capital Commitments at the end of the Closing Period, and the Investment Adviser has agreed to further reduce and/or waive its management fee for the year in which the Closing Period ends in an amount equal to the difference between (A) the amount that would have been required to be waived/reimbursed pursuant to clause (1) above as adjusted and (B) the amount previously waived/reimbursed pursuant to clause (1) above. "Specified Expenses" of the Company means all Company Expenses (as defined under "Fund Expenses" in the "A&R LLC Agreement") incurred in the operation of the Company with the exception of: (i) the management fee, (ii) any incentive fees, (iii) Organizational and Offering Expenses (as defined in the A&R LLC Agreement) (which are subject to the Organizational and Offering Expenses Cap as defined in the A&R LLC Agreement), (iv) Placement Fees (as defined in the A&R LLC Agreement), (v) interest on and fees and expenses arising out of all Company indebtedness and other financing, (vi) costs of any litigation and damages (including the costs of any indemnity or contribution right granted to any placement agent or third-party finder engaged by the Company or its affiliates) and (vii) for the avoidance of doubt, if applicable, any investor level withholding or other taxes.

If, while the Investment Adviser is the investment adviser to the Company, the annualized Specified Expenses for a given calendar year are less than the Specified Expenses Cap, the Investment Adviser shall be entitled to reimbursement by the Company of the compensation waived and other expenses borne by the Investment Adviser (the "Reimbursement Amount") on behalf of the Company pursuant to the expense limitation and reimbursement agreement between the Company and the Investment Adviser (the "Expense Limitation and Reimbursement Agreement") during any of the previous thirty-six months, and provided that such amount paid to the Investment Adviser will in no event exceed the total Reimbursement Amount and will not include any amounts previously reimbursed. The Reimbursement Amount plus the annualized Specified Expenses for a given calendar year shall not exceed the Specified Expenses Cap. The Investment Adviser may recapture a Specified Expense in any year within the thirty-six month period after the Investment Adviser bears the expense. For both the three and six months ended June 30, 2026 and June 30, 2025, there were no reimbursements paid by the Company to the Investment Adviser pursuant to this provision.

The Expense Limitation and Reimbursement Agreement may be amended by mutual agreement of the parties, provided that any amendment that could result in an increase in expenses borne by the Company also must be approved by vote of a majority of the Company's outstanding units.

The following table summarizes the management fees and incentive fees incurred by the Company for the three and six months ended June 30, 2026 and June 30, 2025:


	Three Months Ended				Six Months Ended
	June 30, 2026		June 30, 2025		June 30, 2026		June 30, 2025
Management fee	$	961	$	755	$	1,922	$	1,481
Less: management fee waiver	—		(5)		—		(5)
Net management fee	961		750		1,922		1,476
Income based incentive fee	$	1,014	$	843	$	2,006	$	1,635
Capital gains incentive fee	$	—	$	(30)	$	—	$	(142)

As of both June 30, 2026 and December 31, 2025, no incentive fees on capital gains were accrued or payable under the Investment Management Agreement by the Company, as both hypothetical and actual return of capital distributions, distributions of net investment income and distributions of net realized capital gains to unitholders did not exceed capital contributions.

The Company has entered into an administration agreement with the Administrator (the "Administration Agreement") under which the Administrator provides administrative services. The Administration Agreement was most recently re-approved by the Board on February 11, 2026 for a period of 12 months commencing on March 1, 2026. The Administrator maintains, or oversees the maintenance of, the Company's consolidated financial records, prepares reports filed with the U.S. Securities and Exchange Commission (the "SEC"), generally monitors the payment of the Company's expenses and oversees the performance of administrative and professional services rendered by others. The Administrator has hired a third-party sub-administrator to assist with the provision of administrative services. The Company reimburses the Administrator for the Company's allocable portion of overhead and other expenses incurred by the Administrator in performing its obligations to the Company under the Administration Agreement, including compensation of the Company's chief financial officer and chief compliance officer, and their respective staffs. Pursuant to the Administration Agreement and further restricted by the Company, the Administrator may, in its own discretion, submit to the Company for reimbursement some or all of the expenses that the Administrator has incurred on behalf of the Company during any quarterly period. As a result, the amount of expenses for which the Company

will have to reimburse the Administrator may fluctuate in future quarterly periods and there can be no assurance given as to when, or if, the Administrator may determine to limit the expenses that the Administrator submits to the Company for reimbursement in the future. The Administrator cannot recoup any expenses that the Administrator has previously waived. For the three and six months ended June 30, 2026, approximately $143 and $303, respectively, of indirect administrative expenses were included in administrative expenses, none of which were waived by the Administrator. For the three and six months ended June 30, 2025, approximately $182 and $337, respectively, of indirect administrative expenses were included in administrative expenses, none of which were waived by the Administrator. As of June 30, 2026 and December 31, 2025, approximately $143 and $179, respectively, of indirect administrative expenses were included in receivable from affiliates.

The Company, the Investment Adviser and the Administrator have also entered into a Trademark License Agreement, as amended (the "Trademark License Agreement"), with New Mountain Capital, pursuant to which New Mountain Capital has agreed to grant the Company, the Investment Adviser and the Administrator a non-exclusive, royalty-free license to use the "New Mountain Capital" name. Under the Trademark License Agreement, subject to certain conditions, the Company, the Investment Adviser and the Administrator will have a right to use the "New Mountain Capital" name, for so long as the Investment Adviser or one of its affiliates remains the investment adviser of the Company. Other than with respect to this limited license, the Company, the Investment Adviser and the Administrator will have no legal right to the "New Mountain Capital" name.

The Investment Adviser and its affiliates may also manage other funds in the future that may have investment mandates that are similar, in whole or in part, to the Company's investment mandate. The Investment Adviser and its affiliates may determine that an investment is appropriate for the Company or for one or more of those other funds. In such event, depending on the availability of such investment and other appropriate factors, the Investment Adviser or its affiliates may determine that the Company should invest side-by-side with one or more other funds. Any such investments will be made only to the extent permitted by applicable law and interpretive positions of the SEC and its staff and consistent with the Investment Adviser's allocation procedures. The Company may be prohibited under the 1940 Act from participating in certain transactions with its affiliates without prior approval of the directors who are not interested persons, and in some cases, the prior approval of the SEC. The Company, the Investment Adviser and certain of their affiliates were granted an order for exemptive relief that permitted co-investing with affiliates of the Company subject to various approvals of the board of directors and other conditions. On May 13, 2025, the Company, the Investment Adviser and certain of their affiliates were granted a new order for exemptive relief (the “Exemptive Order”) by the SEC. The Exemptive Order allows the Company to co-invest in certain negotiated transactions with other funds managed by the Investment Adviser or certain affiliates pursuant to the conditions of the Exemptive Order. Pursuant to such Exemptive Order, the Company generally is permitted to co-invest in certain negotiated transactions with certain of its affiliates if such co-investments are done on the same terms and at the same time, as further detailed in the Exemptive Order. The Exemptive Order requires that a “required majority” (as defined in Section 57(o) of the 1940 Act) of the board of directors make certain findings (1) in most instances when the Company co-invests with its affiliates in an issuer where an affiliate of the Company has an existing investment in the issuer, and (2) if the Company disposes of an asset acquired in a transaction under the Exemptive Order unless the disposition is done on a pro rata basis or is a sale of a tradeable security. Pursuant to the Exemptive Order, the board of directors oversees the Company’s participation in the co-investment program. As required by the Exemptive Order, the Company has adopted, and the board of directors has approved, policies and procedures reasonably designed to ensure compliance with the terms of the Exemptive Order, and the Investment Adviser and the Company’s Chief Compliance Officer will provide reporting to the board of directors.

On June 23, 2023, the Company entered into the Uncommitted Revolving Loan Agreement (as defined below) with NMF Investments III, L.L.C., an affiliate of the Investment Adviser, with a $10,000 maximum amount of revolver borrowings available and a maturity date of December 31, 2025. Refer to Note 6. Borrowings for discussion of the Unsecured Management Company Revolver (as defined below).

Note 6. Borrowings

Unsecured Management Company Revolver—The Uncommitted Revolving Loan Agreement, dated June 23, 2023, between the Company, as the borrower, and NMF Investments III, L.L.C., an affiliate of the Investment Adviser, as the lender (the "Uncommitted Revolving Loan Agreement"), was structured as a discretionary unsecured revolving credit facility (the "Unsecured Management Company Revolver"). The proceeds from the Unsecured Management Company Revolver were used for general corporate purposes, including the funding of portfolio investments. The maturity date of the Unsecured Management Company Revolver was December 31, 2025 and the maximum facility amount was $10,000. The Unsecured Management Company Revolver generally bore interest at a rate of 7.00% per annum (as defined in the Uncommitted Revolving Loan Agreement).

For the three months ended June 30, 2025, interest expense and amortization of financing costs incurred on the Unsecured Management Company Revolver were $0 and $1, respectively. For the six months ended June 30, 2025, interest expense and amortization of financing costs incurred on the Unsecured Management Company Revolver were $0 and $3, respectively.

As of December 31, 2025, there was no outstanding balance under the Unsecured Management Company Revolver.

BMO Subscription Line—On June 29, 2023, the Company entered into a Loan Authorization Agreement with BMO Bank N.A. (formerly known as BMO Harris Bank N.A., "BMO") (as amended, from time to time, and most recently amended on April 12, 2024, the "Loan Authorization Agreement"), which allowed the Company to borrow on a revolving credit basis an aggregate principal amount not exceeding $65,332 (the "BMO Subscription Line"). All outstanding borrowings under the BMO Subscription Line were due on BMO's demand within 15 business days or the earliest to occur on the date (x) six months after each advance date and (y) 30 days prior to the termination of the Investment Period, which varied throughout the period. The BMO Subscription Line was collateralized by the unfunded Capital Commitments of each of the Company's unitholders. All fees associated with the origination and amendment of the BMO Subscription Line were capitalized on the Statements of Assets, Liabilities and Members' Capital and were amortized and charged against income as other financing costs over the life of the BMO Subscription Line. On December 15, 2025, the BMO Subscription Line was terminated in connection with the final drawdown on Capital Commitments. The BMO Subscription Line bore interest at the greater of the prime commercial rate minus 0.25% per annum or the SOFR Quoted Rate (as defined below) for such day plus 2.50% per annum. SOFR Quoted Rate means as of any day of determination, 3-month Term SOFR on the date that is two U.S. Government Securities Business Days prior to such day of determination as such rate is published by the Term SOFR Administrator plus a credit spread adjustment of 0.15%. The BMO Subscription Line also charged an annual administrative fee, based on the Amount of Maximum Credit then in effect (as defined in the Loan Authorization Agreement).

The following table summarizes the interest expense, administrative fees and amortization of financing costs incurred on the BMO Subscription Line for the three and six months ended June 30, 2025:


	Three Months Ended			Six Months Ended
	June 30, 2025			June 30, 2025
Interest expense	$	1,111		$	2,050
Administrative fees	$	—		$	(127)
Amortization of financing costs	$	(2)		$	79
Weighted average interest rate	7.3		%	7.3		%
Effective interest rate	7.2		%	7.1		%
Average debt outstanding	$	61,462		$	57,030

Wells Credit Facility—On January 15, 2026, the Company's wholly-owned subsidiary, GIV Income SPV, entered into a Loan and Security Agreement (together with the exhibits and schedules thereto, and as amended from time to time, the “Wells Loan and Security Agreement”) by and among GIV Income SPV, as the borrower, the Company, as seller, equityholder and collateral manager, Wells Fargo Bank, National Association ("Wells Fargo"), as the administrative agent and swingline lender, and Western Alliance Trust Company, N.A., as the collateral custodian (“WATC”), which is structured as a secured revolving credit facility (the "Wells Credit Facility"). The Wells Credit Facility is generally designed to provide liquidity to satisfy future funding obligations arising from existing commitments, including revolving credit facilities, bridge financing arrangements and delayed draw commitments. The Wells Credit Facility will mature on January 15, 2031 and has a maximum facility amount of $50,000. Under the Wells Credit Facility, GIV Income SPV is permitted to borrow up to 25.0%, 45.0%, 55.0%, 67.5% or 70.0% of the purchase price of pledged assets, subject to approval by Wells Fargo. The Wells Credit Facility is non-recourse to the Company and is collateralized by all of the investments held by GIV Income SPV on an investment by investment basis. All fees associated with the origination, amending or upsizing of the Wells Credit Facility are capitalized on the Company's Consolidated Statements of Assets, Liabilities and Members' Capital and charged against income as other financing expenses over the life of the Wells Credit Facility. The Wells Credit Facility contains certain customary affirmative and negative covenants and events of default. The covenants are generally not tied to mark to market fluctuations in the prices of GIV Income SPV investments, but rather to the performance of the underlying portfolio companies.

The Wells Credit Facility bears interest at a rate of Daily Simple SOFR plus 1.85% per annum. The Wells Credit Facility also charges a non-usage fee, based on the unused facility amount multiplied by the Non-Usage Fee Rate (as defined in the Wells Loan and Security Agreement).

The following table summarizes the interest expense, administrative fees and amortization of financing costs incurred on the Wells Credit Facility for the three and six months ended June 30, 2026:


	Three Months Ended			Six Months Ended
	June 30, 2026			June 30, 2026 (1)
Interest expense	$	30		$	30
Non-usage fee	$	60		$	112
Amortization of financing costs	$	26		$	47
Weighted average interest rate	5.5		%	5.5		%
Effective interest rate	21.4		%	35.0		%
Average debt outstanding	$	2,176		$	1,186

(1)For the six months ended June 30, 2026, amounts represent the period from January 15, 2026 (commencement of the Wells Credit Facility) to June 30, 2026.

As of June 30, 2026, there was a $6,000 outstanding balance under the Wells Credit Facility, and GIV Income SPV was in compliance with the applicable covenants of the Wells Loan and Security Agreement on such date.

Leverage risk factors—The Company intends to be generally unlevered during the course of its life (excluding borrowings under any subscription line secured by unfunded Capital Commitments and short-term working capital facilities) and will not incur leverage to the same extent as is customary for other business development companies, or for long-term investment purposes. The Company's lenders will have fixed dollar claims on the unfunded Capital Commitments of each of the Company's unitholders, and the Company would expect such lenders to seek recovery against these assets in the event of a default. The use of leverage also magnifies the potential for gain or loss on amounts invested. Leverage may magnify interest rate risk (particularly on the Company's fixed-rate investments), which is the risk that the prices of portfolio investments will fall or rise if market interest rates for those types of securities rise or fall. As a result, leverage may cause greater changes in the Company's members' capital. Similarly, leverage may cause a sharper decline in the Company's income than if the Company had not borrowed. Such a decline could negatively affect the Company's ability to make distributions to its unitholders. Leverage is generally considered a speculative investment technique. The Company's ability to service any debt incurred will depend largely on financial performance and will be subject to prevailing economic conditions and competitive pressures.

Note 7. Regulation

The Company has elected to be treated for U.S. federal income tax purposes as a RIC under Subchapter M of the Code and intends to comply with the requirements to continue to qualify and maintain its status as a RIC annually. In order to continue to qualify and be subject to tax treatment as a RIC for U.S. federal income tax purposes, among other things, the Company is generally required to timely distribute to its unitholders at least 90.0% of its investment company taxable income, as defined by the Code, for each year. The Company, among other things, intends to make and will continue to make the requisite timely distributions to its unitholders, and as such, the Company will generally be relieved from U.S. federal, state, and local income taxes (excluding excise taxes which may be imposed under the Code).

Additionally, as a BDC, the Company must not acquire any assets other than "qualifying assets" (as defined in Section 55(a) of the 1940 Act) unless, at the time the acquisition is made, at least 70.0% of its total assets are qualifying assets (with certain limited exceptions). In addition, the Company must offer to make available to all "eligible portfolio companies" (as defined in the 1940 Act) significant managerial assistance.

Note 8. Commitments and Contingencies

In the normal course of business, the Company may enter into contracts that contain a variety of representations and warranties and which provide general indemnifications. The Company may also enter into future funding commitments such as revolving credit facilities, bridge financing commitments or delayed draw commitments. As of June 30, 2026, the Company had unfunded commitments on revolving credit facilities of $29,746, no outstanding bridge financing commitments and other future funding commitments of $38,376. As of December 31, 2025, the Company had unfunded commitments on revolving credit facilities of $31,141, no outstanding bridge financing commitments, and other future funding commitments of $56,563. The unfunded commitments on revolving credit facilities and delayed draws are disclosed on the Company's Schedules of Investments.

The Company also had revolving borrowings available under the Wells Loan and Security Agreement as of June 30, 2026 and the Unsecured Management Company Revolver as of December 31, 2025. See Note 6. Borrowings, for details.

The Company may from time to time enter into financing commitment letters. As of June 30, 2026 and December 31, 2025, the Company had commitment letters to purchase investments in the aggregate par amount of $5,711 and $10,323, respectively, which could require funding in the future.

Note 9. Members' Capital

There were no Units issued or proceeds received related to capital drawdowns delivered pursuant to the Subscription Agreements for the six months ended June 30, 2026.

The following table summarizes the total Units issued and proceeds received related to capital drawdowns delivered pursuant to the Subscription Agreements for the six months ended June 30, 2025:

Drawdown Date

Unit Issue Date

Units Issued

Aggregate Offering Price

June 13, 2025

June 30, 2025

5,124,050

51,241

The following table reflects the distributions declared on the Company's Units for the six months ended June 30, 2026:

Date Declared

Record Date

Payment Date

Per Unit Amount

March 25, 2026

March 31, 2026

April 20, 2026

0.173

June 25, 2026

June 30, 2026

July 20, 2026

0.180

0.353

The following table reflects the distributions declared on the Company's Units for the six months ended June 30, 2025:

Date Declared

Record Date

Payment Date

Per Unit Amount

March 25, 2025

March 28, 2025

April 21, 2025

0.222

June 23, 2025

June 27, 2025

July 21, 2025

0.226

0.448

Note 10. Earnings (Loss) Per Unit

The following information sets forth the computation of basic net increase (decrease) in the Company's members' capital per unit resulting from operations for the three and six months ended June 30, 2026 and June 30, 2025:


	Three Months Ended				Six Months Ended
	June 30, 2026		June 30, 2025		June 30, 2026		June 30, 2025
Earnings per unit—basic & diluted
Numerator for basic & diluted earnings per unit:	$	9,413	$	6,002	$	10,711	$	12,391
Denominator for basic & diluted weighted average per unit:	51,240,500		33,362,633		51,240,500		33,334,635
Basic & diluted earnings per unit:	$	0.18	$	0.18	$	0.21	$	0.37

Note 11. Financial Highlights

The following information sets forth the Company's financial highlights for the six months ended June 30, 2026 and June 30, 2025:


	Six Months Ended
	June 30, 2026			June 30, 2025
Per unit data(1):
Members' capital, December 31, 2025 and December 31, 2024, respectively	$	9.94		$	10.04
Net investment income (loss)	0.35			0.45
Net realized and unrealized gains (losses)	(0.14)			(0.07)
Total net increase (decrease)	0.21			0.38


Distributions declared to unitholders from net investment income	(0.35)			(0.45)


Members' capital, June 30, 2026 and June 30, 2025, respectively	$	9.80		$	9.97
Total return based on members' capital(2)	2.15		%	3.78		%
Units outstanding at end of period	51,240,500			38,430,375
Average weighted units outstanding for the period	51,240,500			33,334,635
Average members' capital for the period	$	505,568		$	334,106
Ratio to average members' capital:
Net investment income (loss)(3)	7.20		%	8.97		%
Total expenses, before waivers(3)	2.03		%	3.60		%
Total expenses, net of waivers(3)	2.03		%	3.59		%


Average debt outstanding—BMO Subscription Line	N/A			$	57,030
Average debt outstanding—Wells Credit Facility(4)	$	1,186		N/A

Asset coverage ratio	8,467.26		%	2,228.04		%
Portfolio turnover	7.49		%	10.80		%

Capital Commitments	$	512,405		$	512,405
Funded Capital Commitments	$	512,405		$	384,304
% of Capital Commitments funded	100.00		%	75.00		%

(1)Per unit data is based on weighted average units outstanding for the respective period (except for distributions declared to unitholders, which are based on actual rate per unit).

(2)Total return is calculated assuming a purchase price at members' capital per Unit on the first day of the year and a sale at members' capital per Unit on the last day of the period. Dividends and distributions, if any, are assumed for purposes of this calculation, to be reinvested at members' capital per Unit on the last day of the respective quarter. Total return calculation is not annualized.

(3)Annualized, except organizational and offering costs.

(4)For the six months ended June 30, 2026, average debt outstanding represents the period from January 15, 2026 (commencement of the Wells Credit Facility) to June 30, 2026.

N/A Not Applicable.

Note 12. Recent Accounting Standards Updates

In November 2024, the FASB issued ASU 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (“ASU 2024-03”), which requires disaggregated disclosure of certain costs and expenses, including purchases of inventory, employee compensation, depreciation, amortization and depletion, within relevant income statement captions. ASU 2024-03 is effective for fiscal years beginning after December 15, 2026, and interim periods beginning with the first quarter ending March 31, 2028. Early adoption and retrospective application is permitted. The Company is currently

assessing the impact of this guidance, however, the Company does not expect a material impact on its consolidated financial statements.

In April 2026, the FASB issued ASU 2026-01, Equity (Topic 505): Initial Measurement of Paid-in-Kind Dividends on Equity-Classified Preferred Stock ("ASU 2026-01"), which requires an issuer to initially measure paid-in-kind dividends on equity-classified preferred stock by multiplying the stated PIK dividend rate by the liquidation preference of the shares. The ASU addresses measurement only and does not change recognition requirements. The guidance is effective for annual reporting periods beginning after December 15, 2026, and interim periods within those annual periods, with early adoption permitted. The Company is currently assessing the impact of this guidance, however, the Company does not expect a material impact on its consolidated financial statements.

Note 13. Segment Reporting

The Company operates through a single operating and reporting segment with an investment objective to generate both current income and capital appreciation through debt and equity investments. The chief operating decision maker ("CODM") is the Company’s Chief Executive Officer and the CODM assesses the performance and makes operating decisions of the Company on a consolidated basis primarily based on the Company’s net increase in members’ capital resulting from operations (“net income”). In addition to numerous other factors and metrics, the CODM utilizes net income as a key metric in determining the amount of dividends to be distributed to the Company’s unitholders. As the Company’s operations are comprised of a single reporting segment, the segment assets are reflected on the accompanying Consolidated Statements of Assets, Liabilities and Members' Capital as “total assets” and the significant segment expenses are listed on the accompanying Consolidated Statements of Operations.

Note 14. Subsequent Events

The Company has evaluated the need for disclosures and/or adjustments resulting from recent developments through the date the financial statements were issued. There have been no recent developments that require recognition or disclosure in these financial statements.

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the unitholders and the Board of Directors of New Mountain Guardian IV Income Fund, L.L.C.

Results of Review of Interim Financial Information

We have reviewed the accompanying consolidated statement of assets, liabilities and members’ capital of New Mountain Guardian IV Income Fund, L.L.C. and subsidiary (the "Company"), including the consolidated schedule of investments, as of June 30, 2026, the related consolidated statements of operations and changes in members’ capital for the three-month and six-month periods ended June 30, 2026 and 2025, the consolidated statements of cash flows and financial highlights for the six-month periods ended June 30, 2026 and 2025, and the related notes (collectively referred to as the "interim financial information"). Based on our reviews, we are not aware of any material modifications that should be made to the accompanying interim financial information for it to be in conformity with accounting principles generally accepted in the United States of America.

We have previously audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the statement of assets, liabilities and members’ capital of the Company, including the schedule of investments as of December 31, 2025, and the related statements of operations, changes in members’ capital, cash flows, and financial highlights for the year then ended (not presented herein); and in our report dated March 5, 2026, we expressed an unqualified opinion on those financial statements. In our opinion, the information set forth in the accompanying statement of assets, liabilities and members’ capital as of December 31, 2025, is fairly stated, in all material respects, in relation to the statement of assets, liabilities and members’ capital from which it has been derived.

Basis for Review Results

This interim financial information is the responsibility of the Company's management. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our reviews in accordance with standards of the PCAOB. A review of interim financial information consists principally of applying analytical procedures and making inquiries of persons responsible for financial and accounting matters. It is substantially less in scope than an audit conducted in accordance with the standards of the PCAOB, the objective of which is the expression of an opinion regarding the financial statements taken as a whole. Accordingly, we do not express such an opinion.

/s/ DELOITTE & TOUCHE LLP

New York, New York

August 12, 2026

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations

The information in management's discussion and analysis of financial condition and results of operations relates to New Mountain Guardian IV Income Fund, L.L.C. ("we", "us", "our", "GIV Income" or the "Company").

Forward-Looking Statements

The information contained in this section should be read in conjunction with the financial data and consolidated financial statements and notes thereto appearing elsewhere in this report. Some of the statements in this report (including in the following discussion) constitute forward-looking statements, which relate to future events or our future performance or our financial condition. The forward-looking statements contained in this section involve a number of risks and uncertainties, including:

•statements concerning the impact of a protracted decline in the liquidity of credit markets;

•the general economy, including the effects of fluctuating interest and inflation rates on the industries in which we invest;

•the uncertainty associated with the imposition of tariffs and/or trade barriers and changes in trade policy and their impact on our portfolio companies and the global economy;

•the impact of interest rate volatility on our business and our portfolio companies;

•our future operating results, our business prospects and the adequacy of our cash resources and working capital;

•the ability of our portfolio companies to achieve their objectives;

•our ability to make investments consistent with our investment objectives, including with respect to the size, nature and terms of our investments;

•the ability of New Mountain Finance Advisers, L.L.C. (the "Investment Adviser"), formerly known as New Mountain Finance Advisers BDC, L.L.C., or its affiliates to attract and retain highly talented professionals;

•actual and potential conflicts of interest with the Investment Adviser and New Mountain Capital Group, L.P. (together with New Mountain Capital, L.L.C. and its affiliates, "New Mountain Capital"), whose ultimate owners include Steven B. Klinsky, other current and former New Mountain Capital professionals and related vehicles and a minority investor; and

•the risk factors set forth in Item 1A.—Risk Factors contained in our Annual Report on Form 10-K for the year ended December 31, 2025 and in this Quarterly Report on Form 10-Q.

Forward-looking statements are identified by terms and phrases such as "anticipate", "believe", "continue", "could", "estimate", "expect", "intend", "may", "plan", "potential", "project", "seek", "should", "target", "will", "would" or similar expressions. Actual results could differ materially from those projected in the forward-looking statements for any reason, including the factors set forth in Item 1A.—Risk Factors contained in our Annual Report on Form 10-K for the year ended December 31, 2025 and in this Quarterly Report on Form 10-Q.

We have based the forward-looking statements included in this report on information available to us on the date of this report. We assume no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law. Although we undertake no obligation to revise or update any forward-looking statements, you are advised to consult any additional disclosures that we may make directly to you or through reports that we have filed or in the future may file with the U.S. Securities and Exchange Commission (the "SEC"), including annual reports on Form 10-K, registration statements on Form 10, quarterly reports on Form 10-Q and current reports on Form 8-K.

Overview

We are a Delaware limited liability company formed on November 4, 2022. We are a closed-end, non-diversified management investment company that has elected to be regulated as a business development company ("BDC") under the Investment Company Act of 1940, as amended (the "1940 Act"). We have elected to be treated for U.S. federal income tax purposes, and intend to comply with the requirements to continue to qualify annually, as a regulated investment company ("RIC") under Subchapter M of the Internal Revenue Code of 1986, as amended (the "Code").

The Investment Adviser is a wholly-owned subsidiary of New Mountain Capital. New Mountain Capital is a global investment firm with approximately $60 billion of assets under management and a track record of investing in the middle market. New Mountain Capital focuses on investing in defensive growth companies across its private equity, credit and net lease investment strategies. The Investment Adviser manages our day-to-day operations and provides us with investment advisory and management services. The Investment Adviser also manages other funds that may have investment mandates that are similar, in whole or in part, to ours. New Mountain Finance Administration, L.L.C. (the "Administrator"), a wholly-owned subsidiary of New Mountain Capital, provides the administrative services necessary to conduct our day-to-day operations. The Administrator has hired a third-party sub-administrator to assist with the provision of administrative services.

We conducted a private offering (the "Private Offering") of units of our limited liability company interests (the "Units") to investors in reliance on exemptions from the registration requirements of the Securities Act of 1933, as amended (the "Securities Act"). Units were offered for subscription continuously throughout the Closing Period (as defined below). Each investor in the Private Offering made a capital commitment (each, a "Capital Commitment") to purchase Units pursuant to a subscription agreement entered into with us (each, a "Subscription Agreement"). Closings of the Private Offering occurred, from time to time, in the Investment Adviser's sole discretion, during the 18-month period (the "Closing Period") following the initial closing of Capital Commitments, which occurred on May 23, 2023. On November 20, 2024, pursuant to our limited liability company agreement as amended and restated on July 10, 2023 (the "A&R LLC Agreement"), the Investment Adviser elected to extend the Closing Period from November 23, 2024 to March 31, 2025. At the end of the Closing Period, we had aggregate Capital Commitments from investors of $512.4 million. We accepted and drew down on Capital Commitments from investors throughout and after the Closing Period. The final drawdown on Capital Commitments closed on December 15, 2025. We commenced our loan origination and investment activities on May 24, 2023. The investment period began on May 23, 2023 and will continue until March 31, 2029, the four-year anniversary of the end of the Closing Period (the "Investment Period"). Our term is until March 31, 2031, six years from the end of the Closing Period, subject to (i) a one year extension as determined by the Investment Adviser in its sole discretion and (ii) an additional one year extension as determined by our board of directors.

New Mountain Guardian IV Income Fund SPV, L.L.C. ("GIV Income SPV"), our wholly owned direct subsidiary, was formed on December 18, 2025 as a Delaware limited liability company.

We focus 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.

We primarily invest in senior secured debt of U.S. sponsor-backed, middle market companies. We define middle market companies as those with annual earnings before interest, taxes, depreciation and amortization ("EBITDA") of $10.0 million to $200.0 million. Our 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.

Senior secured loans may include traditional first lien loans or unitranche loans. We invest a significant portion of our portfolio in unitranche loans, which are loans that combine both senior and subordinated debt, generally in a first-lien position. Because unitranche loans combine characteristics of senior and subordinated debt, they have risks similar to the risks associated with secured debt and subordinated debt. Certain unitranche loan investments may include “last-out” positions, which generally heighten the risk of loss. In some cases, our investments may also include equity interests.

As of June 30, 2026, our top five industry concentrations were business services, software, financial services & technology, healthcare and consumer services.

As of June 30, 2026, our members' capital was approximately $502.0 million and our portfolio had a fair value of approximately $495.1 million in 120 portfolio companies.

Critical Accounting Estimates

The preparation of financial statements and related disclosures in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts of

assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and revenues and expenses during the periods reported. Actual results could materially differ from those estimates. We have identified the following items as critical accounting estimates.

Valuation and Leveling of Portfolio Investments

At all times, consistent with GAAP and the 1940 Act, we conduct a valuation of our assets, which impacts our members' capital.

We value our assets on a quarterly basis, or more frequently if required under the 1940 Act. In all cases, our board of directors is ultimately and solely responsible for determining the fair value of our portfolio investments on a quarterly basis in good faith, including investments that are not publicly traded, those whose market prices are not readily available and any other situation where our portfolio investments require a fair value determination. Security transactions are accounted for on a trade date basis. Our quarterly valuation procedures are set forth in more detail below:

(1)Investments for which market quotations are readily available on an exchange are valued at such market quotations based on the closing price indicated from independent pricing services.

a. Bond quotes are obtained through independent pricing services. Internal reviews are performed by the investment professionals of the Investment Adviser to ensure that the quote obtained is representative of fair value in accordance with GAAP and, if so, the quote is used. If the Investment Adviser is unable to sufficiently validate the quote(s) internally and if the investment's par value or its fair value exceeds the materiality threshold, the investment is valued similarly to those assets with no readily available quotes (see (3) below); and

b. For investments other than bonds, we look at the number of quotes readily available and perform the following procedures:

i. Investments for which two or more quotes are received from a pricing service are valued using the mean of the mean of the bid and ask of the quotes obtained. We will evaluate the reasonableness of the quote, and if the quote is determined to not be representative of fair value, we will use one or more of the methodologies outlined below to determine fair value; and

ii. Investments for which one quote is received from a pricing service are validated internally. The investment professionals of the Investment Adviser analyze the market quotes obtained using an array of valuation methods (further described below) to validate the fair value. If the Investment Adviser is unable to sufficiently validate the quote internally and if the investment's par value or its fair value exceeds the materiality threshold, the investment is valued similarly to those assets with no readily available quotes (see (3) below).

(3)Investments for which quotations are not readily available through exchanges, pricing services, brokers or dealers are valued through a multi-step valuation process:

a. Each portfolio company or investment is initially valued by the investment professionals of the Investment Adviser responsible for the credit monitoring;

b. Preliminary valuation conclusions will then be documented and discussed with our senior management;

c. If an investment falls into (3) above for four consecutive quarters and if the investment's par value or its fair value exceeds the materiality threshold, then at least once each fiscal year, the valuation for each portfolio investment for which we do not have a readily available market quotation will be reviewed by an independent valuation firm engaged by our board of directors; and

d. When deemed appropriate by our management, an independent valuation firm may be engaged to review and value investment(s) of a portfolio company, without any preliminary valuation being performed by the Investment Adviser. The investment professionals of the Investment Adviser will review and validate the value provided.

until the individual positions are liquidated. Due to the inherent uncertainty of determining the fair value of investments that do not have a readily available market value, the fair value of our investments may fluctuate from period to period and the fluctuations could be material.

GAAP fair value measurement guidance classifies the inputs used in measuring fair value into three levels as follows:

Level I—Quoted prices (unadjusted) are available in active markets for identical investments and we have the ability to access such quotes as of the reporting date. The type of investments which would generally be included in Level I include active exchange-traded equity securities and exchange-traded derivatives. As required by Accounting Standards Codification Topic 820, Fair Value Measurements and Disclosures ("ASC 820"), we, to the extent that we hold such investments, do not adjust the quoted price for these investments, even in situations where we hold a large position and a sale could reasonably impact the quoted price.

•Quoted prices for similar assets or liabilities in active markets;

•Quoted prices for identical or similar assets or liabilities in non-active markets (examples include corporate and municipal bonds, which trade infrequently);

•Pricing models whose inputs are derived principally from or corroborated by observable market data through correlation or other means for substantially the full term of the asset or liability.

Level III—Pricing inputs are unobservable for the investment and include situations where there is little, if any, market activity for the investment.

See Item 1.—Financial Statements—Note 4. Fair Value in this Quarterly Report on Form 10-Q for additional information on fair value hierarchy as of June 30, 2026.

We generally use the following framework when determining the fair value of investments where there is little, if any, market activity or observable pricing inputs. We typically determine the fair value of our performing debt investments utilizing an income approach. Additional consideration is given using a market based approach, as well as reviewing the overall underlying portfolio company's performance and associated financial risks. The following outlines additional details on the approaches considered:

Company Performance, Financial Review, and Analysis: Prior to investment, as part of our due diligence process, we evaluate the overall performance and financial stability of the portfolio company. Post investment, we analyze each portfolio company's current operating performance and relevant financial trends versus prior year and budgeted results, including, but not limited to, factors affecting its revenue and EBITDA growth, margin trends, liquidity position, covenant compliance and changes to its capital structure. We also attempt to identify and subsequently track any developments at the portfolio company, within its customer or vendor base or within the industry or the macroeconomic environment, generally, that may alter any material element of our original investment thesis. This analysis is specific to each portfolio company. We leverage the knowledge gained from our original due diligence process, augmented by this subsequent monitoring, to continually refine our outlook for each of our portfolio companies and ultimately form the valuation of our investment in each portfolio company. When an external event such as a purchase transaction, public offering or subsequent sale occurs, we will consider the pricing indicated by the external event to corroborate the private valuation.

For debt investments, we may employ the Market Based Approach (as described below) to assess the total enterprise value of the portfolio company, in order to evaluate the enterprise value coverage of our debt investment. For equity investments or in cases where the Market Based Approach implies a lack of enterprise value coverage for the debt investment, we may additionally employ a discounted cash flow analysis based on the free cash flows of the portfolio company to assess the

total enterprise value. After enterprise value coverage is demonstrated for our debt investments through the method(s) above, the Income Based Approach (as described below) may be employed to estimate the fair value of the investment.

Market Based Approach: We may estimate the total enterprise value of each portfolio company by utilizing EBITDA or revenue multiples of publicly traded comparable companies and comparable transactions. We consider numerous factors when selecting the appropriate companies whose trading multiples are used to value our portfolio companies. These factors include, but are not limited to, the type of organization, similarity to the business being valued, and relevant risk factors, as well as size, profitability and growth expectations. We may apply an average of various relevant comparable company EBITDA or revenue multiples to the portfolio company's latest twelve month ("LTM") EBITDA or revenue or projected EBITDA or revenue to calculate the enterprise value of the portfolio company. Significant increases or decreases in the EBITDA or revenue multiples will result in an increase or decrease in enterprise value, which may result in an increase or decrease in the fair value estimate of the investment.

Income Based Approach: We also may use a discounted cash flow analysis to estimate the fair value of the investment. Projected cash flows represent the relevant security's contractual interest, fee and principal payments plus the assumption of full principal recovery at the investment's expected maturity date. These cash flows are discounted at a rate established utilizing a combination of a yield calibration approach and a comparable investment approach. The yield calibration approach incorporates changes in the credit quality (as measured by relevant statistics) of the portfolio company, as compared to changes in the yield associated with comparable credit quality market indices, between the date of origination and the valuation date. The comparable investment approach utilizes an average yield-to-maturity of a selected set of high-quality, liquid investments to determine a comparable investment discount rate. Significant increases or decreases in the discount rate would result in a decrease or increase in the fair value measurement.

See Item 1.—Financial Statements—Note 4. Fair Value in this Quarterly Report on Form 10-Q for additional information on unobservable inputs used in the fair value measurement of our Level III investments as of June 30, 2026.

Revenue Recognition

Sales and paydowns of investments: Realized gains and losses on investments are determined on the specific identification method.

Interest and dividend income: Interest income, including amortization of premium and discount using the effective interest method, is recorded on the accrual basis and periodically assessed for collectability. Interest income also includes interest earned from cash on hand. Upon the prepayment of a loan or debt security, any prepayment penalties are recorded as part of interest income. We have loans and certain preferred equity investments in the portfolio that contain a payment-in-kind ("PIK") interest or dividend provision. PIK interest and dividends are accrued and recorded as income at the contractual rates, if deemed collectible. The PIK interest and dividends are added to the principal balance on the capitalization date and are generally due at maturity or when redeemed by the issuer. For the three and six months ended June 30, 2026, we recognized PIK interest from investments of approximately $0.3 million and $0.5 million, respectively, and PIK dividends from investments of less than $50 thousand and approximately $54 thousand, respectively. For the three and six months ended June 30, 2025, we recognized PIK interest from investments of approximately $0.2 million and $0.4 million, respectively, and PIK dividends from investments of less than $50 thousand and approximately $52 thousand, respectively.

Dividend income on preferred securities is recorded as dividend income on an accrual basis to the extent that such amounts are deemed collectible.

Fee income: Fee income represents delayed compensation, revolver fees, upfront fees, amendment fees, consent fees and other miscellaneous fees received and are typically non-recurring in nature. Delayed compensation is income earned from counterparties on trades that do not settle within a set number of business days after the trade date. Fee income may also include fees from bridge loans. We may from time to time enter into bridge financing commitments, an obligation to provide interim financing to a counterparty until permanent credit can be obtained. These commitments are short-term in nature and may expire unfunded. A fee is received by us for providing such commitments. Structuring fees and upfront fees are recognized as income when earned, usually when paid at the closing of the investment, and are non-refundable.

Monitoring of Portfolio Investments

We monitor the performance and financial trends of our portfolio companies on at least a quarterly basis. We attempt to identify any developments within the portfolio company, the industry or the macroeconomic environment that may alter any material element of our original investment strategy. Our portfolio monitoring procedures are designed to provide a simple yet comprehensive analysis of our portfolio companies based on their operating performance and underlying business characteristics, which in turn forms the basis of its Risk Rating (as defined below).

We use an investment risk rating system to characterize and monitor the credit profile and expected level of returns on each investment in the portfolio. As such, we assign each investment a composite score ("Risk Rating") based on two metrics – 1) Operating Performance and 2) Business Characteristics:

•Operating Performance assesses the health of the investment in context of its financial performance and the market environment it faces. The metric is expressed in Tiers of "4" to "1", with "4" being the best and "1" being the worst:

◦Tier 4 – Business performance is in-line with or above expectations

◦Tier 3 – Moderate business underperformance and/or moderate market headwinds

◦Tier 2 – Significant business underperformance and/or significant market headwinds

◦Tier 1 – Severe business underperformance and/or severe market headwinds

•Business Characteristics assesses the health of the investment in context of the underlying portfolio company's business and credit quality, the underlying portfolio company's current balance sheet, and the level of support from the equity sponsor. The metric is expressed on a qualitative scale of "A" to "C", with "A" being the best and "C" being the worst.

The Risk Rating for each investment is a composite of these two metrics. 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 mapping of the composite scores to these categories is below:

•Green – 4C, 3B, 2A, 4B, 3A, and 4A (e.g., Tier 4 for Operating Performance and C for Business Characteristics)

•Yellow – 3C, 2B, and 1A

•Orange – 2C and 1B

•Red – 1C

The following table shows the Risk Ratings of our portfolio companies as of June 30, 2026:


(in millions)	As of June 30, 2026
Risk Rating	Cost		Percent		Fair Value		Percent
Green	$	483.8	96.0	%	$	478.6	96.6	%
Yellow	18.4		3.6	%	14.7		3.0	%
Orange	2.1		0.4	%	1.8		0.4	%

	$	504.3	100.0	%	$	495.1	100.0	%

As of June 30, 2026, all investments in our portfolio had a Green Risk Rating, with the exception of six portfolio companies that had a Yellow Risk Rating and one that had an Orange Risk Rating.

Portfolio and Investment Activity

The fair value of our investments, as determined in good faith by our board of directors, was approximately $495.1 million in 120 portfolio companies at June 30, 2026 and approximately $482.7 million in 117 portfolio companies at December 31, 2025.

The following table shows our portfolio and investment activity for the six months ended June 30, 2026 and June 30, 2025:


	Six Months Ended
(in millions)	June 30, 2026		June 30, 2025
Investments in 45 and 53, respectively, new and existing portfolio companies	$	53.8	$	73.5
Debt repayments in existing portfolio companies	(28.5)		(39.1)
Sales of securities in 5 and 3 portfolio companies, respectively	(8.0)		(2.4)
Change in unrealized appreciation on 22 and 30 portfolio companies, respectively	0.8		0.3
Change in unrealized depreciation on 101 and 78 portfolio companies, respectively	(7.8)		(2.7)

Recent Accounting Standards Updates

See Item 1.—Financial Statements—Note 12. Recent Accounting Standards Updates in this Quarterly Report on Form 10-Q for details on recent accounting standards updates.

Results of Operations for the Three Months Ended June 30, 2026 and June 30, 2025

Revenue


	Three Months Ended
(in millions)	June 30, 2026		June 30, 2025
Total interest income	$	11.4	$	10.4
Dividend income	0.1		0.1
Fee income	0.2		0.3
Total investment income	$	11.7	$	10.8

Our total investment income increased by approximately $0.9 million, or 9%, for the three months ended June 30, 2026 as compared to the same period in the prior year. For the three months ended June 30, 2026, total investment income of approximately $11.7 million consisted of approximately $10.8 million in cash interest from investments, approximately $0.3 million in PIK and non-cash interest from investments, net amortization of purchase premiums and discounts of approximately $0.3 million, approximately $0.1 million in dividends from investments and approximately $0.2 million in fee income.

The increase in interest income of approximately $1.0 million during the three months ended June 30, 2026 was primarily attributable to our increasing invested balances as compared to the same period in the prior year. Fee income during the three months ended June 30, 2026, which represents fees that are generally non-recurring in nature, was primarily attributable to upfront fees received from 4 portfolio companies and commitment fees.

Operating Expenses


	Three Months Ended
(in millions)	June 30, 2026		June 30, 2025
Management fee	$	1.0	$	0.8
Less: management fee waiver (1)	—		—
Net management fee	1.0		0.8
Interest and other financing expenses	0.1		1.1
Income based incentive fees	1.0		0.8
Administrative expenses	0.3		0.3
Professional fees	0.1		0.2


Capital gains incentive fee (1)	—		—
Other general and administrative expenses (2)	0.1		—




Net expenses	$	2.6	$	3.2

(1)Amounts are $0 and less than $0.1 million, respectively.

(2)Amount for the three months ended June 30, 2025 is less than $0.1 million.

Our total net operating expenses decreased by approximately $0.6 million for the three months ended June 30, 2026 as compared to the same period in the prior year. Our net management fee increased by approximately $0.2 million and our income based incentive fee increased by approximately $0.2 million for the three months ended June 30, 2026 as compared to the same period in the prior year. The increase in management fees and income based incentive fees over the three months ended June 30, 2026 as compared to the same period in the prior year was attributable to larger managed and invested capital balances. There were no capital gains incentive fees for the three months ended June 30, 2026. The accrual for any capital gains incentive fee under GAAP in a given period may result in an additional expense if such cumulative amount is greater than the cumulative amount in the prior period or a reduction of previously recorded expense if such cumulative amount is less than the amount in the prior period. If such cumulative amount is negative, then there is no accrual. Amounts accrued are not payable unless gains are realized and distributions are greater than contributions.

Interest and other financing expenses decreased by approximately $1.0 million during the three months ended June 30, 2026 as compared to the same period in the prior year, primarily due to termination of the BMO Subscription Line.

Our total net administrative expenses, professional fees and other general and administrative expenses remained relatively flat during the three months ended June 30, 2026 as compared to the same period in the prior year.

Net Realized Gains (Losses) and Net Change in Unrealized Appreciation (Depreciation)


	Three Months Ended
(in millions)	June 30, 2026		June 30, 2025
Net realized gains (losses) on investments (1)	$	—	$	—
Net change in unrealized appreciation (depreciation) of investments	0.3		(1.6)

Net realized and unrealized gains (losses)	$	0.3	$	(1.6)

(1)Amounts are less than $0.1 million.

We had net realized losses and net unrealized appreciation which resulted in a net gain of approximately $0.3 million for the three months ended June 30, 2026 as compared to net realized losses and net unrealized depreciation resulting in a net loss of approximately $1.6 million for the same period in the prior year. As movement in unrealized appreciation or depreciation can be the result of realizations, we look at net realized and unrealized gains or losses together. The net gain for the three months ended June 30, 2026 was primarily driven by unrealized appreciation in RLG Holdings, LLC and Planview Parent, Inc. offset by unrealized depreciation in Houghton Mifflin Harcourt Company. The net loss for the three months ended June 30, 2025 was primarily driven by the overall decrease in market prices of our investments during the period and material accelerated amortization realized on our investment in Sierra Enterprises, LLC due to early repayments.

Results of Operations for the Six Months Ended June 30, 2026 and June 30, 2025

Revenue


	Six Months Ended
(in millions)	June 30, 2026		June 30, 2025
Total interest income	$	22.4	$	20.0
Dividend income	0.2		0.2
Fee income	0.5		0.6
Total investment income	$	23.1	$	20.8

Our total investment income increased by approximately $2.3 million, or 11%, for the six months ended June 30, 2026 as compared to the same period in the prior year. For the six months ended June 30, 2026, total investment income of approximately $23.1 million consisted of approximately $21.4 million in cash interest from investments, approximately $0.5 million in PIK and non-cash interest from investments, net amortization of purchase premiums and discounts of approximately $0.5 million, approximately $0.2 million in dividends from investments and approximately $0.5 million in fee income.

The increase in interest income of approximately $2.4 million during the six months ended June 30, 2026 was primarily attributable to our increasing invested balances as compared to the same period in the prior year. Fee income during the six months ended June 30, 2026, which represents fees that are generally non-recurring in nature, was primarily attributable to upfront fees received from 11 portfolio companies and commitment fees.

Operating Expenses


	Six Months Ended
(in millions)	June 30, 2026		June 30, 2025
Management fee	$	1.9	$	1.5
Less: management fee waiver (1)	—		—
Net management fee	1.9		1.5
Interest and other financing expenses	0.2		2.0
Income based incentive fees	2.0		1.6
Administrative expenses	0.6		0.6
Professional fees	0.3		0.3

Organizational and offering expenses (1)	—		—
Capital gains incentive fee	—		(0.1)
Other general and administrative expenses	0.1		0.1




Net expenses	$	5.1	$	6.0

(1)Amounts are $0 and less than $0.1 million, respectively.

Our total net operating expenses decreased by approximately $0.9 million for the six months ended June 30, 2026 as compared to the same period in the prior year. Our net management fee increased by approximately $0.4 million and our income based incentive fee increased by approximately $0.4 million for the six months ended June 30, 2026 as compared to the same period in the prior year. The increase in management fees and income based incentive fees over the six months ended June 30, 2026 as compared to the same period in the prior year was attributable to larger managed and invested capital balances. There were no capital gains incentive fees for the six months ended June 30, 2026. The accrual for any capital gains incentive fee under GAAP in a given period may result in an additional expense if such cumulative amount is greater than the cumulative amount in the prior period or a reduction of previously recorded expense if such cumulative amount is less than the amount in the prior period. If such cumulative amount is negative, then there is no accrual. Amounts accrued are not payable unless gains are realized and distributions are greater than contributions.

Interest and other financing expenses decreased by approximately $1.8 million during the six months ended June 30, 2026 as compared to the same period in the prior year, primarily due to termination of the BMO Subscription Line.

Our total net administrative expenses, professional fees and other general and administrative expenses remained relatively flat during the six months ended June 30, 2026 as compared to the same period in the prior year.

Net Realized Gains (Losses) and Net Change in Unrealized Appreciation (Depreciation)


	Six Months Ended
(in millions)	June 30, 2026		June 30, 2025
Net realized gains (losses) on investments (1)	$	(0.3)	$	—
Net change in unrealized appreciation (depreciation) of investments	(7.0)		(2.5)

Net realized and unrealized gains (losses)	$	(7.3)	$	(2.5)

(1)Amount for the six months ended June 30, 2025 is less than $0.1 million.

We had net realized losses and net unrealized depreciation which resulted in a net loss of approximately $7.3 million for the six months ended June 30, 2026 as compared to net realized losses and net unrealized depreciation resulting in a net loss of approximately $2.5 million for the same period in the prior year. As movement in unrealized appreciation or depreciation can be the result of realizations, we look at net realized and unrealized gains or losses together. The net loss for the six months ended June 30, 2026 was primarily driven by unrealized depreciation in Planview Parent, Inc. offset by unrealized appreciation in Tempo Acquisition, LLC. The net loss for the six months ended June 30, 2025 was primarily driven by the overall decrease in market prices of our investments during the period and material accelerated amortization realized on our investment in Sierra Enterprises, LLC due to early repayments made.

Liquidity, Capital Resources, Off-Balance Sheet Arrangements, Borrowings and Contractual Obligations

Liquidity and Capital Resources

The primary use of existing funds and any funds raised in the future is expected to be for investments in portfolio companies, repayment of indebtedness, cash distributions to our unitholders or for other general corporate purposes.

We expect to generate cash from (1) cash flows from investments and operations and (2) borrowings from banks or other lenders. We will seek to enter into any bank debt, credit facility or other financing arrangements on at least customary market terms, however, we cannot assure you we will be able to do so. Any such incurrence or issuance would be subject to prevailing market conditions, our liquidity requirements, contractual and regulatory restrictions and other factors. Upon organization, we adopted the application of the modified asset coverage requirements set forth in Section 61(a) of the 1940 Act, as amended by the Small Business Credit Availability Act, which resulted in the reduction of the minimum asset coverage ratio applicable to us from 200.0% to 150.0%. In connection with their subscriptions of the Units, our unitholders were required to acknowledge our ability to operate with an asset coverage ratio that may be as low as 150.0%. In accordance with the 1940 Act, with certain limited exceptions, we are only allowed to borrow amounts such that our asset coverage, calculated pursuant to the 1940 Act, is at least 150.0% after such borrowing (which means we can borrow $2 for every $1 of our equity). As of June 30, 2026, our asset coverage ratio was 8,467.26%.

Since our inception on November 4, 2022, we entered into Subscription Agreements with several investors on various dates. Closings of the Private Offering occurred, from time to time, in the Investment Adviser's sole discretion, during the Closing Period. On June 30, 2026 and December 31, 2025, we had aggregate capital commitments accepted and undrawn capital commitments from investors as follows:


(in millions)	June 30, 2026			December 31, 2025
Capital Commitments	$	512.4		$	512.4
Unfunded Capital Commitments	—			—
% of Capital Commitments funded	100.0		%	100.0		%

The BMO Subscription Line was terminated on December 15, 2025 and the Unsecured Management Company Revolver matured on December 31, 2025. As of June 30, 2026, our credit facilities consisted of the Wells Credit Facility. As of December 31, 2025, our credit facilities consisted of the Unsecured Management Company Revolver. See Item 1—Financial Statements—Note 6. Borrowings in this Quarterly Report on Form 10-Q for additional information.

As of June 30, 2026 and December 31, 2025, we had cash and cash equivalents of approximately $18.2 million and $35.0 million, respectively. Our cash used in operating activities for the six months ended June 30, 2026 and June 30, 2025 was approximately $4.5 million and $15.2 million, respectively. We expect that all current liquidity needs will be met with cash flows from investments and operations and borrowings from banks or other lenders.

Off-Balance Sheet Arrangements

We may become a party to financial instruments with off-balance sheet risk in the normal course of business to meet the financial needs of our portfolio companies. These instruments may include commitments to extend credit and involve, to varying degrees, elements of liquidity and credit risk in excess of the amount recognized on the balance sheet. As of June 30, 2026 and December 31, 2025, we had outstanding commitments to third parties to fund investments totaling $68.1 million and $87.7 million, respectively, under various undrawn revolving credit facilities, delayed draw commitments or other future funding commitments.

We may from time to time enter into financing commitment letters or bridge financing commitments, which could require funding in the future. As of June 30, 2026 and December 31, 2025, we had commitment letters to purchase investments in the aggregate par amount of approximately $5.7 million and $10.3 million, respectively, which could require funding in the future. As of June 30, 2026 and December 31, 2025, we had not entered into any bridge financing commitments which could require funding in the future.

Contractual Obligations

A summary of our significant contractual payment obligations as of June 30, 2026 is as follows:


	Contractual Obligations Payments Due by Period
(in millions)	Total		Less than 1 Year		1 - 3 Years		3 - 5 Years		More than 5 Years
Wells Credit Facility (1)	$	6.0	$	—	$	—	$	6.0	$	—

(1) Under the terms of the $50.0 million Wells Credit Facility, all outstanding borrowings under that facility ($6.0 million as of June 30, 2026) must be repaid on or before January 15, 2031. As of June 30, 2026, there was approximately $44.0 million of possible capacity remaining under the Wells Credit Facility. See Item 1—Financial Statements —Note 6. Borrowings in this Quarterly Report on Form 10-Q, for material details on the Wells Credit Facility.

We have entered into an investment advisory and management agreement (the "Investment Management Agreement") with the Investment Adviser in accordance with the 1940 Act. Under the Investment Management Agreement, the Investment Adviser has agreed to provide us with investment advisory and management services. We have agreed to pay for these services (1) a management fee and (2) an incentive fee based on our performance.

We have also entered into an administration agreement (the "Administration Agreement") with the Administrator. Under the Administration Agreement, the Administrator arranges office space for us and provides office equipment and clerical, bookkeeping and record keeping services and other administrative services necessary to conduct our respective day-to-day operations. The Administrator also maintains, or oversees the maintenance of, our financial records, our reports to unitholders and reports filed with the SEC. The Administrator has hired a third-party sub-administrator to assist with the provision of administrative services.

If any of the contractual obligations discussed above are terminated, our costs under any new agreements that are entered into may increase. In addition, we would likely incur significant time and expense in locating alternative parties to provide the services we receive under the Investment Management Agreement and the Administration Agreement.

Distributions and Dividends

Distributions declared to unitholders for the six months ended June 30, 2026 totaled approximately $18.1 million.

Tax characteristics of all distributions paid are reported to unitholders on Form 1099 or Form 1042 after the end of the calendar year. For the years ended December 31, 2025 and December 31, 2024, total distributions declared were $32.0 million and $19.6 million, respectively, of which the distributions were comprised of approximately 97.96% and 97.19%, respectively, of ordinary income, 2.04% and 1.68%, respectively, of long-term capital gains and 0.00% and 1.13%, respectively, of a return of capital. Future quarterly distributions, if any, will be determined by our board of directors.

We intend to pay quarterly distributions to our unitholders in amounts sufficient to qualify as and maintain our status as a RIC. We intend to distribute approximately all of our net investment income on a quarterly basis and substantially all of our taxable income on an annual basis, except that we may retain certain net capital gains for reinvestment.

Related Parties

We have entered into a number of business relationships with affiliated or related parties, including the following:

•We have entered into the Investment Management Agreement with the Investment Adviser, a wholly-owned subsidiary of New Mountain Capital. Therefore, New Mountain Capital is entitled to any profits earned by the Investment Adviser, which includes any fees payable to the Investment Adviser under the terms of the Investment Management Agreement, less expenses incurred by the Investment Adviser in performing its services under the Investment Management Agreement.

•We have entered into the Expense Limitation and Reimbursement Agreement with the Investment Adviser. The Investment Adviser has agreed to reduce and/or waive its management fee (the "Specified Expenses Cap") each year such that we will not be required to pay certain expenses in excess of a maximum aggregate amount defined in the Expense Limitation and Reimbursement Agreement.

•We have entered into the Administration Agreement with the Administrator, a wholly-owned subsidiary of New Mountain Capital. The Administrator arranges our office space and provides office equipment and administrative services necessary to conduct our respective day-to-day operations pursuant to the Administration Agreement. The Administrator has hired a third-party sub-administrator to assist with the provision of administrative services. We reimburse the Administrator for the allocable portion of overhead and other expenses incurred by it in performing its obligations to us under the Administration Agreement, which includes the fees and expenses associated with performing administrative, finance and compliance functions, and the compensation of our chief financial officer and chief compliance officer and their respective staffs. Pursuant to the Administration Agreement and further restricted by us, the Administrator may, in its own discretion, submit to us for reimbursement some or all of the expenses that the Administrator has incurred on our behalf during any quarterly period. As a result, the amount of expenses for which we will have to reimburse the Administrator may fluctuate in future quarterly periods and there can be no assurance given as to when, or if, the Administrator may determine to limit the expenses that the Administrator submits to us for reimbursement in the future. The Administrator cannot recoup any expenses that the Administrator has previously waived. For the three and six months ended June 30, 2026, approximately $0.1 million and $0.3 million, respectively, of indirect administrative expenses were included in administrative expenses, none of which were waived by the Administrator. As of June 30, 2026, $0.1 million of indirect administrative expenses were included in receivable from affiliates on the Consolidated Statement of Assets, Liabilities and Members' Capital.

•We, the Investment Adviser and the Administrator have entered into a royalty-free Trademark License Agreement with New Mountain Capital, pursuant to which New Mountain Capital has agreed to grant us, the Investment Adviser and the Administrator a non-exclusive, royalty-free license to use the name "New Mountain Capital".

In addition, we have adopted a formal code of ethics that governs the conduct of our officers and directors. These officers and directors also remain subject to the duties imposed by the 1940 Act and the Delaware Limited Liability Company Act.

The Investment Adviser and its affiliates may also manage other funds in the future that may have investment mandates that are similar, in whole or in part, to our investment mandates. The Investment Adviser and its affiliates may determine that an investment is appropriate for us and for one or more of those other funds. In such event, depending on the availability of such investment and other appropriate factors, the Investment Adviser or its affiliates may determine that we should invest side-by-side with one or more other funds. Any such investments will be made only to the extent permitted by applicable law and interpretive positions of the SEC and its staff, and consistent with the Investment Adviser's allocation procedures.

We may be prohibited under the 1940 Act from participating in certain transactions with our affiliates without prior approval of the directors who are not "interested persons", and in some cases, the prior approval of the SEC. We, the Investment Adviser and certain of our affiliates were granted an order for exemptive relief that permitted co-investing with affiliates subject to various approvals of our board of directors and other conditions. On May 13, 2025, we, the Investment Adviser and certain of our affiliates were granted a new order for exemptive relief (the “Exemptive Order”) by the SEC. The Exemptive Order allows us to co-invest in certain negotiated transactions with other funds managed by the Investment Adviser or certain affiliates pursuant to the conditions of the Exemptive Order. Pursuant to such Exemptive Order, we generally are permitted to co-invest with certain of our affiliates if such co-investments are done on the same terms and at the same time, as further detailed in the Exemptive Order. The Exemptive Order requires that a “required majority” (as defined in Section 57(o) of the 1940 Act) of our board of directors make certain findings (1) in most instances when we co-invest with our affiliates in an issuer where our affiliate has an existing investment in the issuer, and (2) if we dispose of an asset acquired in a transaction under the Exemptive Order unless the disposition is done on a pro rata basis or is a sale of a tradeable security. Pursuant to the Exemptive Order, our board of directors oversees our participation in the co-investment program. As required by the Exemptive Order, we have adopted, and our board of directors has approved, policies and procedures reasonably designed to ensure

compliance with the terms of the Exemptive Order, and the Investment Adviser and our Chief Compliance Officer will provide reporting to the board of directors.

On June 23, 2023, we entered into the Uncommitted Revolving Loan Agreement with NMF Investments III, L.L.C., an affiliate of the Investment Adviser, with a $10.0 million maximum amount of borrowings available under the Unsecured Management Company Revolver, which had a maturity date of December 31, 2025. See Item 1.—Financial Statements—Note 6. Borrowings in this Quarterly Report on Form 10-Q for more information.

Item 3. Quantitative and Qualitative Disclosures About Market Risk

We are subject to certain financial market risks, such as interest rate fluctuations. Because we fund a portion of our investments with borrowings, our net investment income is affected by the difference between the rate at which we invest and the rate at which we borrow. As a result, there can be no assurance that a significant change in market interest rates will not have a material adverse effect on our net investment income. The Federal Reserve held interest rates flat at each meeting held in 2026 after previously decreasing interest rates by 0.25% in each of September, October and December of 2025. While market participants had broadly expected additional rate cuts in 2026 at the start of the year, expectations have shifted toward rates remaining at current levels for longer, as headline inflation remains above the Federal Reserve's 2% target and geopolitical tensions have added further upside pressure to the inflation outlook. Given the evolving economic environment and the Federal Reserve's continued focus on balancing its dual mandate of full employment and progress toward its long-run inflation target, there can be no assurance regarding the magnitude or timing of future federal funds rate adjustments in either direction. In an elevated interest rate environment, our net investment income would increase due to an increase in interest income generated by our investment portfolio. However, our cost of funds would also increase, which would also impact net investment income. It is possible that the Federal Reserve's tightening cycle could result in a recession in the United States, which would likely decrease interest rates. Alternatively, in a prolonged low interest rate environment, including a reduction of base rates, such as SOFR to zero, the difference between the total interest income earned on interest earning assets and the total interest expense incurred on interest bearing liabilities may be compressed, reducing our net interest income and potentially adversely affecting our operating results. During the six months ended June 30, 2026, certain of the loans held in our portfolio had floating Prime or SOFR interest rates. As of June 30, 2026, approximately 98.6% of our investments at fair value (excluding unfunded debt investments and non-interest bearing equity investments) represent floating-rate investments and approximately 1.4% of our investments at fair value represent fixed-rate investments. Additionally, our Wells Credit Facility is subject to floating interest rates and is currently paid based on the floating SOFR interest rates.

The following table estimates the potential changes in interest income net of interest expense, should interest rates decrease by 200, 150, 100 or 50 basis points, or increase by 50, 100, 150 or 200 basis points. Interest income is calculated as revenue from interest generated from our portfolio of investments held on June 30, 2026. Interest expense is calculated based on the terms of our Wells Credit Facility. For our borrowings we use the outstanding balance as of June 30, 2026. This analysis does not take into account the impact of the incentive fee or other expenses. These hypothetical calculations are based on a model of the investments in our portfolio, held as of June 30, 2026, and are only adjusted for assumed changes in the underlying base interest rates.

Actual results could differ significantly from those estimated in the table.


Change in Interest Rates	Estimated Percentage Change in Interest Income Net of Interest Expense (unaudited)
-200 Basis Points	(22.70)	%
-150 Basis Points	(17.03)	%
-100 Basis Points	(11.35)	%
-50 Basis Points	(5.68)	%
+50 Basis Points	5.68	%
+100 Basis Points	11.35	%
+150 Basis Points	17.03	%
+200 Basis Points	22.70	%

Item 4. Controls and Procedures

(a)Evaluation of Disclosure Controls and Procedures

As of June 30, 2026 (the end of the period covered by this report), we, including our Chief Executive Officer and Chief Financial Officer, evaluated the effectiveness of the design and operation of our disclosure controls and procedures (as defined in Rule 13a-15(e) of the Securities Exchange Act of 1934, as amended). Based on that evaluation, our management, including our Chief Executive Officer and Chief Financial Officer, concluded that our disclosure controls and procedures were effective and provided reasonable assurance that information required to be disclosed in our periodic SEC filings is recorded, processed, summarized and reported within the time periods specified in the SEC's rules and forms, and that such information is accumulated and communicated to our management, including our Chief Executive Officer and Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosure. However, in evaluating the disclosure controls and procedures, management recognized that any controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving the desired control objectives, and management necessarily was required to apply its judgment in evaluating the cost-benefit relationship of such possible controls and procedures.

(b)Changes in Internal Control Over Financial Reporting

There have been no changes in our internal control over financial reporting that occurred during our most recently completed fiscal quarter that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

PART II. OTHER INFORMATION

The terms "we", "us", "our" and the "Company" refer to New Mountain Guardian IV Income Fund, L.L.C. and its consolidated subsidiary.

Item 1. Legal Proceedings

We, the Investment Adviser and the Administrator are not currently subject to any material legal proceedings as of June 30, 2026. From time to time, we may be a party to certain legal proceedings incidental to the normal course of our business including the enforcement of our rights under contracts with our portfolio companies. While the outcome of these legal proceedings cannot be predicted with certainty, we do not expect that these proceedings will have a material effect upon our business, financial condition or results of operations.

Item 1A. Risk Factors

In addition to the other information set forth in this report, you should carefully consider the factors discussed in Item 1A. Risk Factors in our Annual Report on Form 10-K for the fiscal year ended December 31, 2025, which could materially affect our business, financial condition and/or operating results, including the Risk Factor titled "Company-Level Borrowings". The risks described in our Annual Report on Form 10-K are not the only risks we face. Additional risks and uncertainties not currently known to us or that we currently deem to be immaterial also may materially and adversely affect our business, financial condition and/or operating results. There have been no material changes during the six months ended June 30, 2026 to the risk factors discussed in Item 1A. Risk Factors in our Annual Report on Form 10-K for the fiscal year ended December 31, 2025.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

None, other than those already disclosed in certain current reports on Form 8-K filed with the SEC.

Item 3. Defaults Upon Senior Securities

None.

Item 4. Mine Safety Disclosures

Not applicable.

Item 5. Other Information

(a) None.

(b) None.

(c) For the period covered by this Quarterly Report on Form 10-Q, no director or officer has adopted or terminated (i) any contract, instruction or written plan for the purchase or sale of securities intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) under the Exchange Act or (ii) any non-Rule 10b5-1 trading arrangement.

We have adopted insider trading policies and procedures governing the purchase, sale and disposition of our securities by our officers and directors that are reasonably designed to promote compliance with insider trading laws, rules and regulations.

Item 6. Exhibits

The following exhibits are filed as part of this report or hereby incorporated by reference to exhibits previously filed with the U.S. Securities and Exchange Commission:


Exhibit Number						Description
3.1						Amended and Restated Limited Liability Company Agreement dated as of May 23, 2023(3)
3.2						Amendment to the Amended and Restated Limited Liability Company Agreement dated as of July 10, 2023(2)
3.3						Amended and Restated Certificate of Formation, effective as of July 10, 2023(2)
4.1						Form of Subscription Agreement(1)
31.1						Certification of Chief Executive Officer pursuant to Rule 13a-14(a) of the Securities Exchange Act of 1934, as amended*
31.2						Certification of Chief Financial Officer pursuant to Rule 13a-14(a) of the Securities Exchange Act of 1934, as amended*
32.1						Certification of Chief Executive Officer pursuant to Section 906 of The Sarbanes-Oxley Act of 2002 (18 U.S.C. 1350)*
32.2						Certification of Chief Financial Officer pursuant to Section 906 of The Sarbanes-Oxley Act of 2002 (18 U.S.C. 1350)*
101.INS						Inline XBRL Instance Document
101.SCH						Inline XBRL Taxonomy Extension Schema Document
101.CAL						Inline XBRL Taxonomy Extension Calculation Linkbase Document
101.DEF						Inline XBRL Taxonomy Extension Definition Linkbase Document
101.LAB						Inline XBRL Taxonomy Extension Label Linkbase Document
101.PRE						Inline XBRL Taxonomy Extension Presentation Linkbase Document
104						Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)

(1)Previously filed in connection with New Mountain Guardian IV Income Fund, L.L.C.'s Registration Statement on Form 10 Pre-Effective Amendment No. 1 (File No. 000-56554) filed on July 20, 2023.

(2)Previously filed in connection with New Mountain Guardian IV Income Fund, L.L.C.'s Current Report on Form 8-K filed on July 13, 2023.

(3)Previously filed in connection with New Mountain Guardian IV Income Fund, L.L.C.'s Annual Report on Form 10-K filed on March 5, 2024.

* Filed herewith.

SIGNATURES

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized on August 12, 2026.


			NEW MOUNTAIN GUARDIAN IV INCOME FUND, L.L.C.

			By:						/s/ JOHN R. KLINE
									John R. Kline President and Chief Executive Officer (Principal Executive Officer)

			By:						/s/ Laura C. Holson
									Laura C. Holson Chief Financial Officer (Principal Financial and Accounting Officer), Chief Operating Officer and Treasurer