New Mountain Finance Corporation · NASDAQ:NMFC
New Mountain Finance — Q1 2026 Earnings Presentation
38 slides from New Mountain Finance's earnings presentation, May 5, 2026
Slide 1: Earnings Presentation Q1 2026
Earnings Presentation Q1 2026 May 5, 2026 14
Slide 2: Important Notices and Safe Harbor Statement
Important Notices and Safe Harbor Statement This presentation contains forward looking statements, which are not guarantees of future performance, conditions or results, and involve substantial risks and uncertainties, including the current conflict between Russia and Ukraine, conflict in the Middle
Slide 3: Important Notices and Safe Harbor Statement (cont.)
Important Notices and Safe Harbor Statement (cont.) Yield to Maturity (“YTM”) at Cost assumes that the accruing investments in our portfolio as of each date are purchased at cost on that date and held until their respective maturities with no prepayments or losses and are exited at par at maturity.
Slide 4: Today's Presenters
Today’s Presenters Steven B. Klinsky John R. Kline Laura C. Holson Kris Corbett Founder & Chairman President & CEO COO CFO Years at 26 17 16 2 4
Slide 5: New Mountain Capital Overview
New Mountain Capital Overview New Mountain Capital (“NMC”) was founded in 1999 to focus on “defensive growth” business building and deep fundamental research ~$60bn ~305 ~180 0 4bps Employees & Senior Investment Flagship Private Equity Realized Total Net Loss Rate for Assets Under Management(1) Advi
Slide 6: Chairman's Overview
Chairman’s Overview ▪ Q1 2026 adjusted net investment income (“NII”) of $0.32 covered our dividend of $0.32 per share (1) – NII was supported by recurring income and a full, voluntary incentive fee waiver of $6.1 million ▪ Announcing Q2 2026 dividend of $0.25 per share payable on June 30, 2026 to ho
Slide 7: Defensive Growth Sector Selection
Defensive Growth Sector Selection Why NMFC? ACYCLICAL SECTORS(4) Where NMC has deep expertise “Defensive Growth” Strategy • Focused on investing in strong businesses in acyclical sectors Other Utility & Data Center Services • Achieving strong risk-adjusted returns despite Packaging 6% 7% economic vo
Slide 8: NMFC by the Numbers
NMFC by the Numbers New Mountain Finance Superior Credit Quality Attractive Return Profile $2.3bn ~91% ~12% Green Annualized Div. Yield Portfolio Size(1) Portfolio Risk Rating as of Q2 2026(4) 17 Year Operating History 47% s Avg. Loan to Value(2) 10% Annual Return Since IPO(5) Baa3 / 4bps Stable Rea
Slide 9: Progress on Strategic Priorities
Progress on Strategic Priorities Strategic Focus and Target KPIs ▪ Rotate non-yielding equity positions into cash yielding assets Income ▪ Reduce PIK income Cash Yielding PIK Income Assets Increasing Decreasing ▪ Maintain or increase senior assets Assets ▪ Diversify top positions 81% Senior Assets(2
Slide 10: Summary of Risk Rating Changes
Summary of Risk Rating Changes(1) Risk ratings related to positions representing ~$2.0 billion of fair value were unchanged during the quarter, while positions representing just ~$97 million of fair value migrated negatively(1) Q4 2025 Risk Ratings Q1 2026 Risk Ratings (Fair Value as of 12/31/2025)
Slide 11: Q1 2026 NMFC NAV Update
Q1 2026 NMFC NAV Update Q1 2026 NAV declined $0.23 per share (or 2.1%) compared to prior quarter, pro forma for the Secondary Sale(1) $11.52 ($0.37) $11.15 ($0.15) $10.92 ($0.34) $0.26 Company $ / Share Benevis + $0.06 UniTek + $0.05 Affordable Care – $0.06 Northstar / Black – $0.12 Elk Other – $0.0
Slide 12: Credit Performance Track Record
Credit Performance Track Record ▪ Non-accruals represent just 2.6% of total portfolio fair value ▪ $10.5 billion of cumulative investments since IPO have generated net realized losses of just $56 million ($ in millions) As of 3/31/2026 Cumulative Since IPO (14+ years)(1) Investments Investments Fair
Slide 13: Addressing the Current Market Narrative
Addressing the Current Market Narrative Current Narrative NMC’s Perspective Not all software companies are created All software loans present significant risk equal SaaSpocalypse Default rates remain below the 10-year Private credit is facing a major stress test average Systemic Credit Stress Many i
Slide 14: Interest Rate Sensitivity
Interest Rate Sensitivity Significant progress in increasing NMFC’s floating liability mix to better align with asset mix over the last 12 months Asset Mix Prior Year Liability Mix(2) Current Liability Mix (Aggregate par value of $1,876 million as of 3/31/2026)(1) ($1,344 million drawn as of 3/31/20
Slide 15: Q1 2026 Portfolio Activity
Q1 2026 Portfolio Activity ($ in millions) Type of W.A. Company Industry $ Invested Investment Purchase Price Spread (1) Originations Thorne Healthcare Products - Healthcare $53.1 First Lien 99.0 S + 4.75% Alight Insurance & Benefits Services - Business Services 13.5 First Lien 66.4 S + 1.75% Nexthi
Slide 16: Portfolio Mix by Type
Portfolio Mix by Type (Fair Value as of 3/31/2026)(1) ~81% of the portfolio is senior in nature, up from ~77% in the prior year period Common Equity & Other Positions(3) Common Equity & Other Positions(3) Preferred Subordinated 5% 6% Company FMV ($M) 2nd Lien 4% Benevis $35.9 Equity Co-invests 25.1
Slide 17: Q1 2026 Investment Activity Roll
Q1 2026 Investment Activity Roll YTM at Cost(1) / Purchase(2) 15.5% 11.1% 10.5% 10.7% 10.5% 12/31/2025 12/31/2025 Q1 Originations Q1 Sales & 3/31/2026 PF for 3/31/2026 Repayments Base Rate Changes(3) Cost ($m)(4) $2,942.1 $2,942.1 $117.1 $492.0 $2,555.6 1 Assumes that investments are purchased at co
Slide 18: Diverse Portfolio
Diverse Portfolio (By Fair Value as of 3/31/2026)(1) Top 10 portfolio companies represent $556.7 million, or 24.0%, of consolidated investments(2) Benevis UniTek 3.8% 3.5% Permian 2.8% Thorne 2.5% SmartSheet 2.3% Associa 1.9% Top Model N 10 1.9% Po rtf Edmentum 2 1.8% ol .0% io 4 1.8% Deca Dental Co
Slide 19: Balance Sheet Highlights
Balance Sheet Highlights Quarter Ended ($ in millions, except per share data) 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026 Assets Portfolio $3,047.7 $3,014.2 $2,957.1 $2,755.5 $2,319.1 Cash & Equivalents 85.5 57.4 63.7 80.7 51.1 (1) Other Assets 63.5 88.1 68.1 66.7 57.0 Total Assets $3,196.7 $
Slide 20: Income Statement Highlights
Income Statement Highlights Quarter Ended ($ in millions, except per share data) 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026 Investment Income Interest income $61.5 $62.9 $59.4 $56.3 $48.0 Dividend income 20.8 19.2 19.1 18.7 18.9 Other income 3.2 1.3 1.9 2.3 1.8 Total investment income $85.5
Slide 21: Investment Income Detail
Investment Income Detail Quarter Ended ($ in millions) 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026 Investment Income Build Cash Interest and Dividend Income $54.3 $52.2 $50.7 $47.3 $43.6 (1) SLP and Net Lease Income 12.1 11.7 11.7 11.7 11.8 Recurring Cash Investment Income $66.4 $63.9 $62.4 $
Slide 22: Investment Income Mix
Investment Income Mix Our investment income continues to be predominantly paid in cash PIK Interest / Dividend Income via Modification(2) Other(3) 83% of investment income is cash and only 3% 2% 3% of investment income is generated from PIK Interest / Dividend Income via Origination(1) PIK via modif
Slide 23: Dividend Summary and Coverage
Dividend Summary and Coverage ▪ Declared a Q2 dividend of $0.25 per share (payable in June 2026) ▪ Investment Adviser has pledged to reduce its incentive fee to 15% through Q4 2026 to support the quarterly dividend ▪ Upon expiration of our dividend protection program at the end of 2026, we plan to p
Slide 24: Leverage Profile
Leverage Profile (As of 3/31/2026, Outstanding Percentage of $ in millions) / Facility Size Interest Rate(1) Maturity Outstanding NMFC Credit Facility $31(2) / $527 Base Rate + 1.90%(3) September 2029 2.3% Corporate Revolving Credit Facilities $31 / $527 Base Rate + 1.90%(3) 2.3% Holdings Credit Fac
Slide 25: Leverage Maturity Schedule
Leverage Maturity Schedule (As of 3/31/2026, $ in millions) Floating vs Fixed Debt Mix Debt Type Outstanding Debt Max Facility Size Fixed 27% 18% Floating 73% 82% $388 $13 $350 $350 $19 $75 $300 $132 $350 $300 $116 $17 $8 $115 $116 $4 $4 $31 2026 2027 2028 2029 2030 2031 % of Total 0.6% 28.9% 9.8% 2
Slide 26: Appendix
NIM] NEW MOUNTAIN FINANCE CORPORATION Appendix
Slide 27: Appendix A: Key Highlights
Appendix A: Key Highlights Financial Highlights Quarter Ended 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026 Adjusted NII Per Share(1) $0.32 $0.32 $0.32 $0.32 $0.32 NAV Per Share $12.45 $12.21 $12.06 $11.52 $10.92 Dividends Per Share $0.32 $0.32 $0.32 $0.32 $0.32 Pro Forma Statutory Debt / Equit
Slide 28: Appendix B: Cumulative Performance Since IPO
Appendix B: Cumulative Performance Since IPO(1) ($ in millions) Since IPO in 2011, NMFC has earned $1.5+ billion while creating $1.2+ billion of total value for shareholders $1,215 $1,400 NMFC has generated $1,531 million of Adj. NII, $56 million of net realized losses and $1,200 $260 million of net
Slide 29: Appendix C: Portfolio – Risk Ratings
Appendix C: Portfolio – Risk Ratings (FMV as of 3/31/2026) ($ in millions / company count) $64 / 5 $58 / 7 $10 / 1 Software $41 / 2 Healthcare $37 / 4 Healthcare $10 / 1 Business Characteristics(2) (A = Best; C = Worst) Healthcare $15 / 1 Education $16 / 1 C Business Services $9 / 2 Software $4 / 1
Slide 30: Appendix D: Risk Rating Migration from Prior Quarter
Appendix D: Risk Rating Migration from Prior Quarter (FMV as of 3/31/2026) ($ in millions / company count) Software - $21 / 1 Healthcare - $15 / 1 Software Healthcare $4 / 1 $10 / 1 Business Characteristics(2) (A = Best; C = Worst) C Consumer Services $47 / 2 B A ** Excludes Green to Green Migration
Slide 31: Appendix E: Portfolio Company EBITDA and Credit Statistics
Appendix E: Portfolio Company EBITDA and Credit Statistics (Dollars in millions) Portfolio Weighted Average EBITDA(1) $200 $189 $176 $180 $181 $180 $170 $160 $140 $120 $100 $80 $60 $40 $20 $0 Q1-25 Q2-25 Q3-25 Q4-25 Q1-26 Portfolio Credit Statistics(2)(3) 10.0x 9.0x 8.0x 7.0x 6.3x 6.4x 6.5x 6.5x 6.2
Slide 32: Appendix F: Income Reconciliation
Appendix F: Income Reconciliation (in millions, except per share data) Year Ended YTD (unaudited) IPO - 12/31/17 12/31/18 12/31/19 12/31/20 12/31/21 12/31/22 12/31/23 12/31/24 12/31/25 3/31/26 GAAP net investment income ("NII") $490.5 $106.0 $117.2 $117.3 $118.8 $119.6 $159.9 $146.0 $136.4 $30.6 Non
Slide 33: Appendix G: Performance Since IPO Detail
Appendix G: Performance Since IPO Detail IPO - (1) ($ in millions) 12/31/2017 2018 2019 2020 2021 2022 2023 2024 2025 YTD 2026 Regular & Supplemental Dividend (2) $475.1 $103.4 $117.4 $120.1 $116.5 $122.4 $154.8 $147.2 $135.7 $31.1 Cumulative Regular & Supplemental Dividend 475.1 578.5 695.9 816.0 9
Slide 34: Appendix H: Capital Structure Snapshot
Appendix H: Capital Structure Snapshot Focus on maintaining healthy unsecured debt mix, while increasing liquidity and asset coverage 1.08x 71% 189% Asset Coverage Statutory Leverage(1) Unsecured Debt(2) Ratio(3) 2.1x 3.9x 232% Coverage of unfunded Fixed Charge Asset Coverage for investments through
Slide 35: Appendix I: Capital Structure Philosophy
Appendix I: Capital Structure Philosophy Committed to consistently accessing Unsecured Debt Markets Unsecured ▪ NMFC has issued multiple series of unsecured debt: $200 million in 2021, $275 million in 2022, $175 Issuances million in 2023 and $600 million in 2024 – Includes two Public Investment Grad
Slide 36: Appendix J: Credit Performance
Appendix J: Credit Performance (2) (2) (2) NMFC Leverage Ratio NMFC Leverage Ratio NMFC Leverage Ratio Variance Variance Variance (1) (1) (1) Company / Asset Type (Vintage) Purchase Current + / (-) Company / Asset Type (Vintage) Purchase Current + / (-) Company / Asset Type (Vintage) Purchase Curren
Slide 37: Appendix K: Broad Industry Analyst Coverage
Appendix K: Broad Industry Analyst Coverage Bank of America Securities B Riley J.P. Morgan – Fixed Income Keefe, Bruyette & Woods Derek Hewett Sean Paul-Adams Kabir Caprihan Paul Johnson Lucid Capital Markets Oppenheimer & Co. Raymond James Wells Fargo Securities Ethan Kaye Mitchel Penn Robert Dodd
Slide 38: INIMIF]
INIMIF] New MountTAIN FINANCE CORPORATION