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First Lien2025-03-310002037804CCBlue Bidco, Inc., First Lien 12025-03-310002037804CCBlue Bidco, Inc., First Lien 22025-03-310002037804newcred:CCBlueBidcoIncMembernewcred:FundedDebtSecuritiesMember2025-03-310002037804Diamondback Acquisition, Inc., First Lien2025-03-310002037804Anaplan, Inc., First Lien2025-03-310002037804Notorious Topco, LLC, First Lien 12025-03-310002037804Notorious Topco, LLC, First Lien 22025-03-310002037804Notorious Topco, LLC, First Lien Drawn2025-03-310002037804newcred:NotoriousTopcoLLCMembernewcred:FundedDebtSecuritiesMember2025-03-310002037804Wealth Enhancement Group, LLC, First Lien 12025-03-310002037804Wealth Enhancement Group, LLC, Subordinated2025-03-310002037804Wealth Enhancement Group, LLC, First Lien 22025-03-310002037804Wealth Enhancement Group, LLC, First Lien 32025-03-310002037804newcred:WealthEnhancementGroupLLCMembernewcred:FundedDebtSecuritiesMember2025-03-310002037804IG Investments Holdings, LLC, First Lien2025-03-310002037804Ocala Bidco, Inc., First Lien 12025-03-310002037804Ocala Bidco, Inc., First Lien 22025-03-310002037804newcred:OcalaBidcoInc.Membernewcred:FundedDebtSecuritiesMember2025-03-310002037804DECA Dental Holdings LLC, First Lien 12025-03-310002037804DECA Dental Holdings LLC, First Lien 22025-03-310002037804DECA Dental Holdings LLC, First Lien 32025-03-310002037804newcred:DECADentalHoldingsLLCMembernewcred:FundedDebtSecuritiesMember2025-03-310002037804iCIMS, Inc., First Lien 12025-03-310002037804iCIMS, Inc., First Lien 22025-03-310002037804iCIMS, Inc., First Lien Drawn2025-03-310002037804newcred:ICIMSIncMembernewcred:FundedDebtSecuritiesMember2025-03-310002037804Auctane Inc. (fka Stamps.com Inc.), First Lien 12025-03-310002037804Auctane Inc. 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First Lien2025-03-310002037804Galway Borrower LLC, First Lien2025-03-310002037804Galway Borrower LLC, First Lien - Drawn2025-03-310002037804newcred:GalwayBorrowerLLCMembernewcred:FundedDebtSecuritiesMember2025-03-310002037804Businessolver.com, Inc., First Lien2025-03-310002037804Businessolver.com, Inc., First Lien - Drawn2025-03-310002037804newcred:BusinessolvercomIncMembernewcred:FundedDebtSecuritiesMember2025-03-310002037804FS WhiteWater Borrower, LLC, First Lien 12025-03-310002037804FS WhiteWater Borrower, LLC, First Lien 22025-03-310002037804FS WhiteWater Borrower, LLC, First Lien 32025-03-310002037804newcred:FSWhiteWaterBorrowerLLCMembernewcred:FundedDebtSecuritiesMember2025-03-310002037804DOCS, MSO, LLC, First Lien 12025-03-310002037804DOCS, MSO, LLC, First Lien 22025-03-310002037804DOCS, MSO, LLC, First Lien 32025-03-310002037804newcred:DOCSMSOLLCMembernewcred:FundedDebtSecuritiesMember2025-03-310002037804TigerConnect, Inc., First Lien2025-03-310002037804TigerConnect, Inc., First Lien - 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Drawn2025-03-310002037804newcred:CalabrioIncMembernewcred:FundedDebtSecuritiesMember2025-03-310002037804eResearchTechnology, Inc., First Lien2025-03-310002037804eResearchTechnology, Inc., First Lien - Drawn2025-03-310002037804newcred:EResearchTechnologyInc.Membernewcred:FundedDebtSecuritiesMember2025-03-310002037804TMK Hawk Parent, Corp., First Lien2025-03-310002037804TMK Hawk Parent, Corp., Subordinated2025-03-310002037804newcred:TMKHawkParentCorpMembernewcred:FundedDebtSecuritiesMember2025-03-310002037804Bamboo Health Holdings, LLC (f/k/a Appriss Health, LLC), First Lien2025-03-310002037804Bayou Intermediate II, LLC., First Lien2025-03-310002037804Therapy Brands Holdings LLC., First lien 32025-03-310002037804Cloudera, Inc., Second Lien2025-03-310002037804Planview Parent, Inc., Second Lien2025-03-310002037804AG Parent Holdings, LLC, First Lien2025-03-310002037804MH Sub I, LLC (Micro Holding Corp.), Second Lien2025-03-310002037804Kele Holdco, Inc., First Lien2025-03-310002037804Next Holdco, LLC, First Lien2025-03-310002037804QBS Parent, Inc., First Lien2025-03-310002037804PDI TA Holdings, Inc., First Lien2025-03-310002037804Reorganized Careismatic Brands, LLC, Trust Claim2025-03-310002037804country:USus-gaap:InvestmentUnaffiliatedIssuerMembernewcred:FundedDebtSecuritiesMember2025-03-310002037804Aston FinCo S.a r.l. / Aston US Finco, LLC, Second Lien2025-03-310002037804country:GBus-gaap:InvestmentUnaffiliatedIssuerMembernewcred:FundedDebtSecuritiesMember2025-03-310002037804us-gaap:InvestmentUnaffiliatedIssuerMembernewcred:FundedDebtSecuritiesMember2025-03-310002037804Dealer Tire Holdings, LLC, Preferred shares2025-03-310002037804ACI Parent Inc., Preferred shares2025-03-310002037804KWOR Intermediate I, Inc. Preferred shares2025-03-310002037804KWOR Intermediate I, Inc. Ordinary shares2025-03-310002037804newcred:KWORIntermediateIInc.Memberus-gaap:EquitySecuritiesMember2025-03-310002037804Knockout Intermediate Holdings I Inc, Preferred shares, 2025-03-310002037804Project Essential Super Parent, Inc., Preferred shares, 2025-03-310002037804Diligent Preferred Issuer, Inc., Preferred shares2025-03-310002037804Firebird Co-Invest L.P. LP Interest,2025-03-310002037804Ambrosia Holdco Corp, Ordinary shares 12025-03-310002037804Ambrosia Holdco Corp, Ordinary shares 22025-03-310002037804newcred:AmbrosiaHoldcoCorpMemberus-gaap:EquitySecuritiesMember2025-03-310002037804Pioneer Topco I, L.P., Ordinary shares2025-03-310002037804country:USus-gaap:InvestmentUnaffiliatedIssuerMember2025-03-310002037804us-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:EquitySecuritiesMember2025-03-310002037804Reorganized Careismatic Brands, LLC, Warrants,2025-03-310002037804country:USus-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:WarrantMember2025-03-310002037804us-gaap:InvestmentUnaffiliatedIssuerMembernewcred:FundedSecuritiesMember2025-03-310002037804KWOR Acquisition, Inc. First Lien - Undrawn 12025-03-310002037804KWOR Acquisition, Inc., First Lien - Undrawn 22025-03-310002037804newcred:KWORAcquisitionIncMembernewcred:UnfundedDebtSecuritiesMember2025-03-310002037804AAH Topco, LLC, First Lien - Undrawn,2025-03-310002037804Allworth Financial Group, L.P. First Lien - Undrawn,2025-03-310002037804AmeriVet Partners Management, Inc.s, First Lien - Undrawn,2025-03-310002037804Bamboo Health Holdings, LLC (f/k/a Appriss Health, LLC), First Lien - Undrawn2025-03-310002037804Beacon Pointe Harmony, LLC, First Lien - Undrawn2025-03-310002037804Legal Spend Holdings, LLC (fka Bottomline Technologies, Inc.), First Lien - Undrawn,2025-03-310002037804Businessolver.com, Inc., First Lien - Undrawn2025-03-310002037804Calabrio, Inc., First Lien - Undrawn2025-03-310002037804CG Group Holdings, LLC, First Lien - Undrawn2025-03-310002037804Daxko Acquisition Corporation, First Lien - Undrawn2025-03-310002037804KENG Acquisition, Inc., First Lien - Undrawn2025-03-310002037804Foreside Financial Group, LLC, First Lien) - Undrawn 2025-03-310002037804Fortis Solutions Group, LLC, First Lien - Undrawn 12025-03-310002037804Fortis Solutions Group, LLC, First Lien - Undrawn 22025-03-310002037804newcred:FortisSolutionsGroupLLCMembernewcred:UnfundedDebtSecuritiesMember2025-03-310002037804Infogain Corporation, First Lien - Undrawn2025-03-310002037804IG Investments Holdings, LLC, First Lien - Undrawn2025-03-310002037804GS Acquisitionco, Inc., First Lien - Undrawn2025-03-310002037804OB Hospitalist Group, Inc., First Lien - Undrawn2025-03-310002037804OEConnection LLC., First Lien - Undrawn2025-03-310002037804OA Buyer, Inc., First Lien - Undrawn2025-03-310002037804Pioneer Buyer I, LLC, First Lien - Undrawn2025-03-310002037804PDQ.com Corporation, First Lien - Undrawn2025-03-310002037804Radwell Parent, LLC, First Lien - Undrawn 12025-03-310002037804Radwell Parent, LLC, First Lien - Undrawn 22025-03-310002037804newcred:RadwellParentLLCMembernewcred:UnfundedDebtSecuritiesMember2025-03-310002037804Relativity ODA LLC, First Lien - Undrawn2025-03-310002037804Safety Borrower Holdings LLC, First Lien - Undrawn2025-03-310002037804TigerConnect, Inc., First Lien - Undrawn 12025-03-310002037804TigerConnect, Inc., First Lien - Undrawn 22025-03-310002037804newcred:TigerConnectIncMembernewcred:UnfundedDebtSecuritiesMember2025-03-310002037804TMK Hawk Parent, Corp., First Lien - Undrawn2025-03-310002037804Trinity Air Consultants Holdings Corporation, First Lien - Undrawn 12025-03-310002037804Trinity Air Consultants Holdings Corporation, First Lien - Undrawn 22025-03-310002037804newcred:TrinityAirConsultantsHoldingsCorporationMembernewcred:UnfundedDebtSecuritiesMember2025-03-310002037804Wealth Enhancement Group, LLC, First Lien - Undrawn2025-03-310002037804FS WhiteWater Borrower, LLC, First Lien - Undrawn 12025-03-310002037804FS WhiteWater Borrower, LLC, First Lien - Undrawn 22025-03-310002037804newcred:FSWhiteWaterBorrowerLLCMembernewcred:UnfundedDebtSecuritiesMember2025-03-310002037804Ministry Brands Holdings, LLC, First Lien - Undrawn2025-03-310002037804Bonterra LLC, First Lien - Undrawn 12025-03-310002037804Bonterra LLC, First Lien - Undrawn 22025-03-310002037804newcred:BonterraLLCMembernewcred:UnfundedDebtSecuritiesMember2025-03-310002037804Huskies Parent, Inc., First Lien - Undrawn2025-03-310002037804Firebird Acquisition Corp, Inc. First Lien - Undrawn 12025-03-310002037804Firebird Acquisition Corp, Inc. First Lien - Undrawn 22025-03-310002037804newcred:FirebirdAcquisitionCorpInc.Membernewcred:UnfundedDebtSecuritiesMember2025-03-310002037804Smile Doctors LLC, First Lien - Undrawn2025-03-310002037804Specialtycare, Inc., First Lien - Undrawn2025-03-310002037804Vamos Bidco, Inc., Inc. First Lien - Undrawn 12025-03-310002037804Vamos Bidco, Inc., Inc. First Lien - Undrawn 22025-03-310002037804newcred:VamosBidcoInc.Membernewcred:UnfundedDebtSecuritiesMember2025-03-310002037804DOCS, MSO, LLC, First Lien - Undrawn2025-03-310002037804GHX Ultimate Parent Corporation, First Lien - Undrawn2025-03-310002037804Galway Borrower LLC, First Lien - Undrawn2025-03-310002037804Databricks, Inc., First Lien - Undrawn2025-03-310002037804eResearchTechnology, Inc., First Lien - Undrawn 12025-03-310002037804eResearchTechnology, Inc., First Lien - Undrawn 22025-03-310002037804eResearchTechnology, Inc., First Lien - Undrawn 32025-03-310002037804newcred:EResearchTechnologyInc.Membernewcred:UnfundedDebtSecuritiesMember2025-03-310002037804Einstein Parent, Inc.., First Lien - Undrawn2025-03-310002037804iCIMS, Inc., First Lien - Undrawn 2025-03-310002037804ACI Group Holdings, Inc., First Lien - Undrawn2025-03-310002037804Project Essential Bidco, Inc., First Lien- Undrawn2025-03-310002037804Notorious Topco, LLC, First Lien - Undrawn2025-03-310002037804country:USus-gaap:InvestmentUnaffiliatedIssuerMembernewcred:UnfundedDebtSecuritiesMember2025-03-310002037804us-gaap:InvestmentUnaffiliatedIssuerMembernewcred:UnfundedDebtSecuritiesMember2025-03-310002037804us-gaap:InvestmentUnaffiliatedIssuerMember2025-03-310002037804 Project Essential Topco, Inc., Wholly-owned subsidiaries2025-03-310002037804ACI Parent Inc., First lien - Delayed Draw2025-03-310002037804Kaseya Inc., First lien - Delayed Draw2025-03-310002037804newcred:DebtSecuritiesFirstLienMembernewcred:InvestmentTypeConcentrationRiskMembernewcred:InvestmentsAtFairValueMember2025-01-012025-03-310002037804newcred:DebtSecuritiesSecondLienMembernewcred:InvestmentTypeConcentrationRiskMembernewcred:InvestmentsAtFairValueMember2025-01-012025-03-310002037804us-gaap:SubordinatedDebtMembernewcred:InvestmentTypeConcentrationRiskMembernewcred:InvestmentsAtFairValueMember2025-01-012025-03-310002037804us-gaap:OtherAggregatedInvestmentsMembernewcred:InvestmentTypeConcentrationRiskMembernewcred:InvestmentsAtFairValueMember2025-01-012025-03-310002037804newcred:SoftwareSectorMembernewcred:IndustryConcentrationRiskMembernewcred:InvestmentsAtFairValueMember2025-01-012025-03-310002037804us-gaap:HealthcareSectorMembernewcred:IndustryConcentrationRiskMembernewcred:InvestmentsAtFairValueMember2025-01-012025-03-310002037804newcred:BusinessServicesSectorMembernewcred:IndustryConcentrationRiskMembernewcred:InvestmentsAtFairValueMember2025-01-012025-03-310002037804newcred:ConsumerServicesSectorMembernewcred:IndustryConcentrationRiskMembernewcred:InvestmentsAtFairValueMember2025-01-012025-03-310002037804us-gaap:FinancialServicesSectorMembernewcred:IndustryConcentrationRiskMembernewcred:InvestmentsAtFairValueMember2025-01-012025-03-310002037804us-gaap:TransportationSectorMembernewcred:IndustryConcentrationRiskMembernewcred:InvestmentsAtFairValueMember2025-01-012025-03-310002037804newcred:ConsumerProductsSectorMembernewcred:IndustryConcentrationRiskMembernewcred:InvestmentsAtFairValueMember2025-01-012025-03-310002037804us-gaap:ContainerAndPackagingSectorMembernewcred:IndustryConcentrationRiskMembernewcred:InvestmentsAtFairValueMember2025-01-012025-03-310002037804newcred:EducationSectorMembernewcred:IndustryConcentrationRiskMembernewcred:InvestmentsAtFairValueMember2025-01-012025-03-310002037804us-gaap:ChemicalsSectorMembernewcred:IndustryConcentrationRiskMembernewcred:InvestmentsAtFairValueMember2025-01-012025-03-310002037804newcred:DebtSecuritiesFloatingInterestRateMembernewcred:InterestRateTypeRiskMembernewcred:InvestmentsAtFairValueMember2025-01-012025-03-310002037804newcred:DebtSecuritiesFixedInterestRateMembernewcred:InterestRateTypeRiskMembernewcred:InvestmentsAtFairValueMember2025-01-012025-03-310002037804AAH Topco, LLC, First Lien 12024-12-310002037804AAH Topco, LLC, First Lien 22024-12-310002037804AAH Topco, LLC, Subordinated2024-12-310002037804newcred:AAHTopcoLLCMembernewcred:FundedDebtSecuritiesMember2024-12-310002037804GS Acquisitionco, Inc., First Lien 12024-12-310002037804Legal Spend Holdings, LLC (fka Bottomline Technologies, Inc.), First Lien2024-12-310002037804AAH Topco, LLC, Subordinated 2024-12-310002037804OA Buyer, Inc., First Lien 12024-12-310002037804OA Buyer, Inc., First Lien 22024-12-310002037804newcred:OABuyerIncMembernewcred:FundedDebtSecuritiesMember2024-12-310002037804OA Buyer, Inc., First Lien 72024-12-310002037804Al Altius US Bidco, Inc., First Lien2024-12-310002037804CCBlue Bidco, Inc., First Lien 12024-12-310002037804CCBlue Bidco, Inc., First Lien 22024-12-310002037804newcred:CCBlueBidcoIncMembernewcred:FundedDebtSecuritiesMember2024-12-310002037804Diamondback Acquisition, Inc., First Lien2024-12-310002037804Notorious Topco, LLC, First Lien 12024-12-310002037804Notorious Topco, LLC, First Lien 22024-12-310002037804newcred:NotoriousTopcoLLCMembernewcred:FundedDebtSecuritiesMember2024-12-310002037804Anaplan, Inc., First Lien2024-12-310002037804Wealth Enhancement Group, LLC, First Lien 12024-12-310002037804Wealth Enhancement Group, LLC, Subordinated2024-12-310002037804Wealth Enhancement Group, LLC, First Lien 22024-12-310002037804Wealth Enhancement Group, LLC, First Lien 32024-12-310002037804newcred:WealthEnhancementGroupLLCMembernewcred:FundedDebtSecuritiesMember2024-12-310002037804IG Investments Holdings, LLC, First Lien2024-12-310002037804KWOR Acquisition, Inc., First Lien 12024-12-310002037804KWOR Acquisition, Inc., First Lien 22024-12-310002037804newcred:KWORAcquisitionIncMembernewcred:FundedDebtSecuritiesMember2024-12-310002037804Ocala Bidco, Inc., First Lien 12024-12-310002037804Ocala Bidco, Inc., First Lien 22024-12-310002037804newcred:OcalaBidcoInc.Membernewcred:FundedDebtSecuritiesMember2024-12-310002037804iCIMS, Inc., First Lien 12024-12-310002037804iCIMS, Inc., First Lien 22024-12-310002037804iCIMS, Inc., First Lien Drawn2024-12-310002037804newcred:ICIMSIncMembernewcred:FundedDebtSecuritiesMember2024-12-310002037804DECA Dental Holdings LLC, First Lien 12024-12-310002037804DECA Dental Holdings LLC, First Lien 22024-12-310002037804DECA Dental Holdings LLC, First Lien 32024-12-310002037804newcred:DECADentalHoldingsLLCMembernewcred:FundedDebtSecuritiesMember2024-12-310002037804Auctane Inc. (fka Stamps.com Inc.), First Lien 12024-12-310002037804Auctane Inc. (fka Stamps.com Inc.), First Lien 22024-12-310002037804newcred:AuctaneIncFkaStampscomIncMembernewcred:FundedDebtSecuritiesMember2024-12-310002037804Pioneer Buyer I, LLC, First Lien 12024-12-310002037804Pioneer Buyer I, LLC, First Lien 22024-12-310002037804newcred:PioneerBuyerILLCMembernewcred:FundedDebtSecuritiesMember2024-12-310002037804Foreside Financial Group, LLC, First Lien2024-12-310002037804Fortis Solutions Group, LLC, First Lien 12024-12-310002037804Fortis Solutions Group, LLC, First Lien Drawn 12024-12-310002037804Fortis Solutions Group, LLC, First Lien Drawn 22024-12-310002037804Fortis Solutions Group, LLC, First Lien 22024-12-310002037804newcred:FortisSolutionsGroupLLCMembernewcred:FundedDebtSecuritiesMember2024-12-310002037804CFS Management, LLC, First Lien 12024-12-310002037804CFS Management, LLC, First Lien 22024-12-310002037804CFS Management, LLC, First Lien 32024-12-310002037804CFS Management, LLC, First Lien 42024-12-310002037804newcred:CFSManagementLLCMembernewcred:FundedDebtSecuritiesMember2024-12-310002037804Infogain Corporation, Subordinated2024-12-310002037804Infogain Corporation, First Lien 12024-12-310002037804Infogain Corporation, First Lien 22024-12-310002037804newcred:InfogainCorporationMembernewcred:FundedDebtSecuritiesMember2024-12-310002037804FS WhiteWater Borrower, LLC, First Lien 12024-12-310002037804FS WhiteWater Borrower, LLC, First Lien 22024-12-310002037804FS WhiteWater Borrower, LLC, First Lien 32024-12-310002037804newcred:FSWhiteWaterBorrowerLLCMembernewcred:FundedDebtSecuritiesMember2024-12-310002037804Kaseya Inc., First Lien 12024-12-310002037804Kaseya Inc., First Lien 22024-12-310002037804Kaseya Inc., First Lien Drawn2024-12-310002037804Kaseya Inc., First Lien 32024-12-310002037804newcred:KnockoutIntermediateHoldingsIInc.Membernewcred:FundedDebtSecuritiesMember2024-12-310002037804Galway Borrower LLC, First Lien2024-12-310002037804Galway Borrower LLC, First Lien - Drawn2024-12-310002037804newcred:GalwayBorrowerLLCMembernewcred:FundedDebtSecuritiesMember2024-12-310002037804Businessolver.com, Inc., First Lien2024-12-310002037804Businessolver.com, Inc., First Lien - Drawn2024-12-310002037804newcred:BusinessolvercomIncMembernewcred:FundedDebtSecuritiesMember2024-12-310002037804Avalara, Inc., First Lien2024-12-310002037804Fortis Solutions Group, LLC, First Lien - Drawn 12024-12-310002037804DOCS, MSO, LLC, First Lien2024-12-310002037804TigerConnect, Inc., First Lien2024-12-310002037804TigerConnect, Inc., First Lien - Drawn2024-12-310002037804newcred:TigerConnectIncMembernewcred:FundedDebtSecuritiesMember2024-12-310002037804Foundational Education Group, Inc., Second Lien2024-12-310002037804Daxko Acquisition Corporation, First Lien 12024-12-310002037804Daxko Acquisition Corporation, First Lien 22024-12-310002037804Daxko Acquisition Corporation, First Lien 32024-12-310002037804newcred:DaxkoAcquisitionCorporationMembernewcred:FundedDebtSecuritiesMember2024-12-310002037804OB Hospitalist Group, Inc., First Lien2024-12-310002037804Idera, Inc., Second Lien2024-12-310002037804Project Essential Bidco, Inc., First Lien2024-12-310002037804Relativity ODA LLC, First Lien2024-12-310002037804ACI Group Holdings, Inc., First Lien 12024-12-310002037804ACI Group Holdings, Inc., First Lien 22024-12-310002037804ACI Group Holdings, Inc., First Lien 32024-12-310002037804ACI Group Holdings, Inc., First Lien - Drawn2024-12-310002037804newcred:ACIGroupHoldingsIncMembernewcred:FundedDebtSecuritiesMember2024-12-310002037804PDQ.com Corporation, First Lien - Drawn2024-12-310002037804PDQ.com Corporation, First Lien2024-12-310002037804newcred:PDQcomCorporationMembernewcred:FundedDebtSecuritiesMember2024-12-310002037804NMC Crimson Holdings, Inc., First Lien 12024-12-310002037804NMC Crimson Holdings, Inc., First Lien 22024-12-310002037804newcred:NMCCrimsonHoldingsIncMembernewcred:FundedDebtSecuritiesMember2024-12-310002037804DCA Investment Holding, LLC, First Lien 12024-12-310002037804DCA Investment Holding, LLC, First Lien 22024-12-310002037804DCA Investment Holding, LLC, First Lien 32024-12-310002037804DCA Investment Holding, LLC, First Lien 42024-12-310002037804newcred:DCAInvestmentHoldingLLCMembernewcred:FundedDebtSecuritiesMember2024-12-310002037804Databricks, Inc., First lien 2024-12-310002037804Syndigo LLC, Second Lien2024-12-310002037804HS Purchaser, LLC / Help/Systems Holdings, Inc., Second Lien2024-12-310002037804DG Investment Intermediate Holdings 2, Inc., Second Lien2024-12-310002037804MRI Software LLC, First Lien 12024-12-310002037804MRI Software LLC, First Lien 22024-12-310002037804newcred:MRISoftwareLLCMembernewcred:FundedDebtSecuritiesMember2024-12-310002037804Allworth Financial Group, L.P., First Lien 12024-12-310002037804Allworth Financial Group, L.P., First Lien 22024-12-310002037804Allworth Financial Group, L.P., First Lien 32024-12-310002037804newcred:AllworthFinancialGroupLPMembernewcred:FundedDebtSecuritiesMember2024-12-310002037804Specialtycare, Inc., First Lien 12024-12-310002037804Specialtycare, Inc., First Lien - Drawn2024-12-310002037804Specialtycare, Inc., First Lien 22024-12-310002037804newcred:SpecialtycareIncMembernewcred:FundedDebtSecuritiesMember2024-12-310002037804AmeriVet Partners Management, Inc., First Lien 12024-12-310002037804AmeriVet Partners Management, Inc., First Lien 22024-12-310002037804AmeriVet Partners Management, Inc., First Lien 32024-12-310002037804newcred:AmeriVetPartnersManagementIncMembernewcred:FundedDebtSecuritiesMember2024-12-310002037804Beacon Pointe Harmony, LLC, First Lien 12024-12-310002037804Beacon Pointe Harmony, LLC, First Lien 22024-12-310002037804Beacon Pointe Harmony, LLC, First Lien 32024-12-310002037804newcred:BeaconPointeHarmonyLLCMembernewcred:FundedDebtSecuritiesMember2024-12-310002037804GC Waves Holdings, Inc., First Lien2024-12-310002037804Maverick Bidco Inc., Second Lien2024-12-310002037804Trinity Air Consultants Holdings Corporation, First Lien2024-12-310002037804Trinity Air Consultants Holdings Corporation, First Lien - Drawn2024-12-310002037804newcred:TrinityAirConsultantsHoldingsCorporationMembernewcred:FundedDebtSecuritiesMember2024-12-310002037804CG Group Holdings, LLC, First Lien2024-12-310002037804CG Group Holdings, LLC, First Lien - Drawn2024-12-310002037804newcred:CGGroupHoldingsLLCMembernewcred:FundedDebtSecuritiesMember2024-12-310002037804Radwell Parent, LLC, First Lien2024-12-310002037804Radwell Parent, LLC, First Lien - Drawn 2024-12-310002037804newcred:RadwellParentLLCMembernewcred:FundedDebtSecuritiesMember2024-12-310002037804KPSKY Acquisition Inc., First Lien 12024-12-310002037804KPSKY Acquisition Inc., First Lien 22024-12-310002037804newcred:KPSKYAcquisitionIncMembernewcred:FundedDebtSecuritiesMember2024-12-310002037804Huskies Parent, Inc., First Lien2024-12-310002037804Huskies Parent, Inc., First Lien - Drawn2024-12-310002037804newcred:HuskiesParentIncMembernewcred:FundedDebtSecuritiesMember2024-12-310002037804Smile Doctors LLC, First Lien2024-12-310002037804Smile Doctors LLC, First Lien - Drawn2024-12-310002037804newcred:SmileDoctorsLLCMembernewcred:FundedDebtSecuritiesMember2024-12-310002037804Ministry Brands Holdings, LLC, First Lien 12024-12-310002037804Ministry Brands Holdings, LLC, First Lien 22024-12-310002037804newcred:MinistryBrandsHoldingsLLCMembernewcred:FundedDebtSecuritiesMember2024-12-310002037804Safety Borrower Holdings LLC, First Lien2024-12-310002037804Safety Borrower Holdings LLC, First Lien - Drawn2024-12-310002037804newcred:SafetyBorrowerHoldingsLLCMembernewcred:FundedDebtSecuritiesMember2024-12-310002037804Calabrio, Inc., First Lien2024-12-310002037804Calabrio, Inc., First Lien - Drawn2024-12-310002037804newcred:CalabrioIncMembernewcred:FundedDebtSecuritiesMember2024-12-310002037804TMK Hawk Parent, Corp., First Lien2024-12-310002037804TMK Hawk Parent, Corp., Subordinated2024-12-310002037804newcred:TMKHawkParentCorpMembernewcred:FundedDebtSecuritiesMember2024-12-310002037804Bamboo Health Holdings, LLC (f/k/a Appriss Health, LLC), First Lien2024-12-310002037804Therapy Brands Holdings LLC., First lien 32024-12-310002037804Bayou Intermediate II, LLC., First Lien2024-12-310002037804Cloudera, Inc., Second Lien2024-12-310002037804Planview Parent, Inc., Second Lien2024-12-310002037804MH Sub I, LLC (Micro Holding Corp.), Second Lien2024-12-310002037804AG Parent Holdings, LLC, First Lien2024-12-310002037804Kele Holdco, Inc., First Lien2024-12-310002037804Reorganized Careismatic Brands, LLC, Trust Claim2024-12-310002037804country:USus-gaap:InvestmentUnaffiliatedIssuerMembernewcred:FundedDebtSecuritiesMember2024-12-310002037804Aston FinCo S.a r.l. / Aston US Finco, LLC, Second Lien2024-12-310002037804country:GBus-gaap:InvestmentUnaffiliatedIssuerMembernewcred:FundedDebtSecuritiesMember2024-12-310002037804us-gaap:InvestmentUnaffiliatedIssuerMembernewcred:FundedDebtSecuritiesMember2024-12-310002037804Dealer Tire Holdings, LLC, Preferred shares2024-12-310002037804ACI Parent Inc., Preferred shares2024-12-310002037804Knockout Intermediate Holdings I Inc, Preferred shares, 2024-12-310002037804Project Essential Super Parent, Inc., Preferred shares, 2024-12-310002037804Diligent Preferred Issuer, Inc., Preferred shares2024-12-310002037804Bamboo Health Intermediate Holdings (fka Appriss Health Intermediate Holdings, Inc.), Preferred shares2024-12-310002037804Ambrosia Holdco Corp, Ordinary shares 12024-12-310002037804Ambrosia Holdco Corp, Ordinary shares 22024-12-310002037804newcred:AmbrosiaHoldcoCorpMemberus-gaap:EquitySecuritiesMember2024-12-310002037804Pioneer Topco I, L.P., Ordinary shares2024-12-310002037804country:USus-gaap:InvestmentUnaffiliatedIssuerMember2024-12-310002037804us-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:EquitySecuritiesMember2024-12-310002037804Reorganized Careismatic Brands, LLC, Warrants,2024-12-310002037804country:USus-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:WarrantMember2024-12-310002037804us-gaap:InvestmentUnaffiliatedIssuerMembernewcred:FundedSecuritiesMember2024-12-310002037804AAH Topco, LLC, First Lien - Undrawn,2024-12-310002037804Allworth Financial Group, L.P. First Lien - Undrawn,2024-12-310002037804AmeriVet Partners Management, Inc.s, First Lien - Undrawn,2024-12-310002037804Bamboo Health Holdings, LLC (f/k/a Appriss Health, LLC), First Lien - Undrawn2024-12-310002037804Avalara, Inc., First Lien - Undrawn,2024-12-310002037804Beacon Pointe Harmony, LLC, First Lien - Undrawn2024-12-310002037804Legal Spend Holdings, LLC (fka Bottomline Technologies, Inc.), First Lien - Undrawn,2024-12-310002037804Businessolver.com, Inc., First Lien - Undrawn2024-12-310002037804Calabrio, Inc., First Lien - Undrawn2024-12-310002037804Databricks, Inc.. First lien 2024-12-310002037804Daxko Acquisition Corporation, First Lien - Undrawn2024-12-310002037804Foreside Financial Group, LLC, First Lien) - Undrawn 2024-12-310002037804Fortis Solutions Group, LLC, First Lien - Undrawn 12024-12-310002037804Fortis Solutions Group, LLC, First Lien - Undrawn 22024-12-310002037804newcred:FortisSolutionsGroupLLCMembernewcred:UnfundedDebtSecuritiesMember2024-12-310002037804Infogain Corporation, First Lien - Undrawn2024-12-310002037804IG Investments Holdings, LLC, First Lien - Undrawn2024-12-310002037804GS Acquisitionco, Inc., First Lien - Undrawn2024-12-310002037804Kaseya Inc., First Lien - Undrawn 12024-12-310002037804Kaseya Inc., First Lien - Undrawn 22024-12-310002037804newcred:KaseyaIncMembernewcred:UnfundedDebtSecuritiesMember2024-12-310002037804OB Hospitalist Group, Inc., First Lien - Undrawn2024-12-310002037804OEConnection LLC., First Lien - Undrawn2024-12-310002037804OA Buyer, Inc., First Lien - Undrawn2024-12-310002037804Pioneer Buyer I, LLC, First Lien - Undrawn2024-12-310002037804PDQ.com Corporation, First Lien - Undrawn2024-12-310002037804Radwell Parent, LLC, First Lien - Undrawn 12024-12-310002037804Radwell Parent, LLC, First Lien - Undrawn 22024-12-310002037804newcred:RadwellParentLLCMembernewcred:UnfundedDebtSecuritiesMember2024-12-310002037804Safety Borrower Holdings LLC, First Lien - Undrawn2024-12-310002037804TigerConnect, Inc., First Lien - Undrawn 12024-12-310002037804TigerConnect, Inc., First Lien - Undrawn 22024-12-310002037804newcred:TigerConnectIncMembernewcred:UnfundedDebtSecuritiesMember2024-12-310002037804TMK Hawk Parent, Corp., First Lien - Undrawn2024-12-310002037804Trinity Air Consultants Holdings Corporation, First Lien - Undrawn 12024-12-310002037804Trinity Air Consultants Holdings Corporation, First Lien - Undrawn 22024-12-310002037804newcred:TrinityAirConsultantsHoldingsCorporationMembernewcred:UnfundedDebtSecuritiesMember2024-12-310002037804Wealth Enhancement Group, LLC, First Lien - Undrawn2024-12-310002037804FS WhiteWater Borrower, LLC, First Lien - Undrawn2024-12-310002037804CG Group Holdings, LLC, First Lien - Undrawn2024-12-310002037804Huskies Parent, Inc., First Lien - Undrawn2024-12-310002037804Ministry Brands Holdings, LLC, First Lien - Undrawn2024-12-310002037804Specialtycare, Inc., First Lien - Undrawn2024-12-310002037804Relativity ODA LLC, First Lien - Undrawn2024-12-310002037804Smile Doctors LLC, First Lien - Undrawn2024-12-310002037804DOCS, MSO, LLC, First Lien - Undrawn2024-12-310002037804iCIMS, Inc., First Lien - Undrawn 2024-12-310002037804Galway Borrower LLC, First Lien - Undrawn2024-12-310002037804ACI Group Holdings, Inc., First Lien - Undrawn2024-12-310002037804Project Essential Bidco, Inc., First Lien- Undrawn2024-12-310002037804Notorious Topco, LLC, First Lien - Undrawn2024-12-310002037804country:USus-gaap:InvestmentUnaffiliatedIssuerMembernewcred:UnfundedDebtSecuritiesMember2024-12-310002037804us-gaap:InvestmentUnaffiliatedIssuerMembernewcred:UnfundedDebtSecuritiesMember2024-12-310002037804AAH Topco, LLC, First Lien - Undrawn 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Table of Contents

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
_________________________________________________________________________________
FORM 10-Q
_________________________________________________________________________________
ýQuarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
For the Quarterly Period Ended March 31, 2025
oTransition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
_________________________________________________________________________________
Commission File Number Exact name of registrant as specified in its charter, address of principal executive offices, telephone number and states or other jurisdictions of incorporation or organization I.R.S. Employer
Identification Number
000-56072 
New Mountain Private Credit Fund
1633 Broadway, 48th Floor
New York, New York 10019
Telephone: (212) 720-0300
State of Organization: Maryland
 99-6860731
_________________________________________________________________________________
Securities registered pursuant to Section 12(b) of the Act: None
Title of each classTrading Symbol(s)Name of each exchange on which registered
NoneN/AN/A
_________________________________________________________________________________
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 (the "Exchange Act") during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ý    No o
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ý    No o
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of "large accelerated filer", "accelerated filer", "smaller reporting company" and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large accelerated filer ☐Accelerated filer ☐
Non-accelerated filer ý
Smaller reporting company ☐
Emerging growth company ☒
    If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o
    Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes o    No ý
_________________________________________________________________________________
The number of the registrant's common shares of beneficial interests outstanding as of May 13, 2025 was 41,062,860. As of March 31, 2025, there was no established public market for the registrant's limited liability company common shares of beneficial interests.
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FORM 10-Q FOR THE QUARTER ENDED MARCH 31, 2025
TABLE OF CONTENTS
  PAGE

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PART I. FINANCIAL INFORMATION
Item 1.    Financial Statements
New Mountain Private Credit Fund
Consolidated Statements of Assets and Liabilities
(in thousands, except shares and per share data)
(unaudited)
 March 31, 2025December 31, 2024
Assets  
Non-controlled/non-affiliated investments at fair value (cost of $1,588,990 and $1,524,545, respectively)
$1,561,659 $1,495,564 
Cash and cash equivalents105,101 66,683 
Interest and dividend receivable11,268 8,772 
Receivable from affiliate— 7 
Deferred tax asset7 7 
Other assets429 441 
Total assets$1,678,464 $1,571,474 
Liabilities  
Borrowings
GS Credit Facility$440,707 $374,707 
Unsecured Notes200,000 200,000 
Deferred financing costs (net of accumulated amortization of $12,619 and $12,133, respectively)
(6,662)(7,148)
Net borrowings634,045 567,559 
Subscriptions received in advance34,866 — 
Interest payable8,586 4,560 
Distribution payable7,550 — 
Payable for unsettled securities purchased5,876 19,036 
Incentive Fee Payable3,018 496 
Management fee payable2,996 492 
Payable for share repurchases1,170 — 
Payable to affiliate311 — 
Other liabilities1,519 1,151 
Total liabilities699,937 593,294 
Commitments and contingencies (See Note 8)  
Net Assets  
Common shares, $0.001 par value (39,193,289 and 39,025,005) shares issued and outstanding, respectively
39 39 
Additional Paid in Capital999,285 995,040 
Accumulated Retained earnings(20,797)(16,899)
Total net assets 978,527 978,180 
Total liabilities and net assets1,678,464 1,571,474 
Net Assets per share24.9725.07
The accompanying notes are an integral part of these consolidated financial statements.
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New Mountain Private Credit Fund
Consolidated Statements of Operations
(in thousands, except shares or units and per share or per unit data)
(unaudited)
 SuccessorPredecessor
 Three months ended March 31, 2025Three months ended March 31, 2024
Investment income  
Interest income (excluding Payment-in-kind ("PIK") interest income)$36,116 $52,021 
PIK interest income2,252 4,238 
Dividend income2,339 2,741 
Fee income1,308 466 
Total investment income42,015 59,466 
Expenses  
Interest and other financing expenses9,395 16,865 
Incentive fee3,018 5,730 
Management fee3,017 3,145 
Administrative expenses653 702 
Professional fees602 366 
Organizational and offering expenses214 — 
Other general and administrative expenses62 62 
Total expenses16,961 26,870 
Less: management fees waived (See Note 5)(21)— 
Less: expense support(181)— 
Net expenses16,759 26,870 
Net investment income before income taxes25,256 32,596 
Income tax expense80 121 
Net investment income25,176 32,475 
Net realized gains (losses) on investments(8,417)(3,285)
Net change in unrealized appreciation (depreciation) of investments1,669 11,608 
Benefit (provision) for taxes1 (238)
Net realized and unrealized gains (losses)(6,747)8,085 
Net increase in net assets (Successor) and members' capital (Predecessor from operations$18,429 $40,560 
Earnings per share (Successor) and per unit (Predecessor) - basic and diluted$0.47 $0.35 
Weighted average common shares (Successor) and common units (Predecessor) outstanding - basic & diluted (See Note 10)39,133,013 114,906,527 

The accompanying notes are an integral part of these consolidated financial statements.
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New Mountain Private Credit Fund
Consolidated Statements of Changes in Net Assets
(in thousands, except shares and units)
(unaudited)
 SuccessorPredecessor
Three Months Ended March 31, 2025Three Months Ended March 31, 2024
Increase (decrease) in net assets (Successor) and members' capital (Predecessor) resulting from operations: 
Net investment income$25,176 $32,475 
Net realized gains (losses) on investments(8,417)(3,285)
Net change in unrealized appreciation (depreciation) of investments1,669 11,608 
Benefit (provision) for taxes1 (238)
Net increase in net assets (Successor) and members' capital (Predecessor) resulting from operations18,429 40,560 
Capital transactions  
Subscriptions1,182 — 
Reinvestment of distributions4,270 — 
Repurchased shares, net of early repurchase deduction(1,207)— 
Return of capital distributions— (49,984)
Placement fees(21)— 
Distributions declared to shareholders or Predecessor's unitholders from net investment income(22,306)(32,059)
Total net increase (decrease) in net assets (Successor) and members' capital (Predecessor) resulting from capital transactions(18,082)(82,043)
Net increase (decrease) in net assets (Successor) and members' capital (Predecessor)347 (41,483)
Net assets (Successor) and members' capital (Predecessor) at the beginning of the period978,180 1,108,751 
Net assets (Successor) and members' capital (Predecessor) at the end of the period$978,527 $1,067,268 
Capital Activity
Shares Issued217,603 — 

The accompanying notes are an integral part of these consolidated financial statements.
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New Mountain Private Credit Fund
Consolidated Statements of Cash Flows
(in thousands)
(unaudited)
 SuccessorPredecessor
 Three months ended March 31, 2025Three months ended March 31,2024
Cash flows from operating activities  
Net increase in net assets (Successor) and members' capital (Predecessor) resulting from operations$18,429 $40,560 
Adjustments to reconcile net increase in net assets (Successor) and members' capital (Predecessor) resulting from operations to net cash (used in) provided by operating activities:
Net realized (gains) losses on investments8,417 3,285 
Net change in unrealized (appreciation) depreciation of investments(1,669)(11,608)
Amortization of purchase discount(834)(755)
Amortization of deferred financing costs486 1,025 
Non-cash investment income(3,555)(6,958)
(Increase) decrease in operating assets:  
Purchase of investments and delayed draw facilities(128,583)(5,904)
Proceeds from sales and paydowns of investments61,887 75,351 
Cash received for purchase of undrawn portion of revolving credit or delayed draw facilities4 — 
Cash paid on drawn revolvers(4,805)(11,441)
Cash repayments on drawn revolvers3,043 8,475 
Receivable from unsettled securities sold— (21,319)
Interest and dividend receivable(2,496)(3,704)
Receivable from affiliate7 — 
Deferred tax asset(1)150 
Other assets12 (54)
Increase (decrease) in operating liabilities:  
Payable for unsettled securities purchased(13,160)— 
Interest payable4,026 5,709 
Incentive fee payable2,522 (283)
Management fee payable2,504 353 
Deferred tax liability— 87 
Payable to affiliates269 (164)
Other liabilities353 (150)
Net cash flows provided by (used in) operating activities(53,144)72,655 
Cash flows from financing activities  
Distributions from net investment income(10,486)(35,506)
Subscriptions received in advance34,866 — 
Return of capital distributions— (49,984)
Net proceeds from issuance of shares1,182 — 
Proceeds from GS Credit Facility118,000 33,000 
Repayment of GS Credit Facility(52,000)(41,800)
Deferred financing costs paid— (2)
Net cash flows (used in) provided by financing activities91,562 (94,292)
Net increase (decrease) in cash and cash equivalents38,418 (21,637)
Cash and cash equivalents at the beginning of the period66,683 69,873 
Cash and cash equivalents at the end of the period$105,101 $48,236 
Supplemental disclosure of cash flow information  
Cash interest paid$4,804 $10,022 
Income taxes (refunded)/paid167 47 
Non-cash operating activities:
Non-cash activity on investments$36,840 $6,137 
Non-cash financing activities:  
Distributions declared and payable$7,550 $32,059 
Reinvestment of distributions4,270 — 
Share repurchases accrued but not yet paid1,170 — 
Accrual for early repurchase penalty37 — 
Accrual for placement fees21 — 
The accompanying notes are an integral part of these consolidated financial statements.
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New Mountain Private Credit Fund

Consolidated Schedule of Investments
March 31, 2025
(in thousands, except shares)
(unaudited)


Portfolio Company, Location and Industry (1)Type of InvestmentReference (6)Spread (6)Interest Rate (6)Acquisition DateMaturity/Expiration Date Principal
Amount,
Par Value
or Shares		 Cost Fair
Value		Percent of
Net Assets
Non-Controlled/Non-Affiliated Investments
Funded Debt Investments - United States
Paw Midco, Inc.
AAH Topco, LLC
Consumer ServicesFirst Lien(2)(3)(4)SOFR(M)+5.25%9.67%12/202112/2027$19,919 $19,828 $19,919 
First Lien(2)(3)(4)SOFR(M)+5.25%9.67%12/202112/202719,725 19,623 19,725 
Subordinated(4)FIXED(Q)*+
11.50%/PIK
11.50%12/202112/203113,888 13,784 13,657 
53,532 53,235 53,301 5.45 %
GS Acquisitionco, Inc.
SoftwareFirst Lien(2)(3)(4)SOFR(Q)+5.25%9.55%02/202005/202852,170 52,056 52,170 5.33 %
Legal Spend Holdings, LLC (fka Bottomline Technologies, Inc.)
SoftwareFirst Lien(2)(3)(4)SOFR(Q)+5.25%9.55%05/202205/202948,626 48,306 48,626 4.97 %
OA Buyer, Inc.
HealthcareFirst Lien(2)(3)(4)SOFR(M)+4.50%8.82%12/202112/202845,282 45,007 45,282 
First Lien(2)(3)(4)SOFR(M)+4.50%8.82%05/202212/20282,866 2,848 2,866 
48,148 47,855 48,148 4.92 %
Al Altius US Bidco, Inc.
Business ServicesFirst Lien(2)(3)(4)SOFR(S)+4.75%9.03%12/202112/202847,800 47,506 47,800 4.88 %
CCBlue Bidco, Inc.
HealthcareFirst Lien(2)(4)SOFR(Q)*+
2.50% +4.00%/PIK
10.90%12/202112/202847,573 47,340 42,107 
First Lien(4)SOFR(Q)*+
2.50% +4.00%/PIK
10.90%12/202112/20282,473 2,469 2,188 
50,046 49,809 44,295 4.53 %
Diamondback Acquisition, Inc.
SoftwareFirst Lien(2)(3)(4)SOFR(M)+5.50%9.92%09/202109/202841,657 41,420 41,657 4.26 %
Anaplan, Inc.
SoftwareFirst Lien(2)(3)(4)SOFR(Q)+5.00%9.30%06/202206/202940,339 40,065 40,339 4.12 %
Notorious Topco, LLC
Consumer ProductsFirst Lien(2)(4)SOFR(Q)*+
4.75% +2.50%/PIK
11.71%11/202111/202741,450 41,295 35,112 
First Lien(2)(4)SOFR(Q)*+
4.75% +2.50%/PIK
11.71%11/202111/20273,612 3,599 3,060 
First Lien(4)(5) - DrawnSOFR(Q)+6.75%11.21%11/202105/2027964 953 816 
46,026 45,847 38,988 3.98 %
WEG Sub Intermediate Holdings, LLC
Wealth Enhancement Group, LLC
Financial ServicesFirst Lien(2)(3)(4)SOFR(Q)+5.00%9.30%08/202110/202829,468 29,416 29,468 
Subordinated(4)Fixed(Q)*+
13.00%/PIK
13.00%05/202305/20334,236 4,199 4,236 
First Lien(2)(3)(4)SOFR(Q)+5.00%9.32%01/202210/20283,020 3,003 3,020 
First Lien(2)(3)(4)SOFR(Q)+5.00%9.30%01/202210/20282,025 2,014 2,025 
38,749 38,632 38,749 3.96 %
The accompanying notes are an integral part of these consolidated financial statements.
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New Mountain Private Credit Fund
 
Consolidated Schedule of Investments (Continued)
March 31, 2025
(in thousands, except shares)
(unaudited)

Portfolio Company, Location and Industry (1)Type of InvestmentReference (6)Spread (6)Interest Rate (6)Acquisition DateMaturity/Expiration Date Principal
Amount,
Par Value
or Shares		 Cost Fair
Value		Percent of
Net Assets
IG Investments Holdings, LLC
Business ServicesFirst Lien(2)(3)(4)SOFR(Q)+5.00%9.29%09/202109/2028$38,546 $38,325 $38,546 3.94 %
Ocala Bidco, Inc.
HealthcareFirst Lien(2)(3)(4)SOFR(Q)+5.75%10.31%12/202111/202832,395 32,172 32,395 
First Lien(2)(3)(4)SOFR(Q)+5.75%10.31%12/202111/20282,471 2,454 2,471 
34,866 34,626 34,866 3.56 %
DECA Dental Holdings LLC
HealthcareFirst Lien(2)(3)(4)SOFR(Q)+5.75%10.15%08/202108/202828,013 27,855 27,766 
First Lien(2)(3)(4)SOFR(Q)+5.75%10.15%08/202108/20282,949 2,944 2,923 
First Lien(2)(3)(4)SOFR(Q)+5.75%10.15%08/202108/20272,292 2,282 2,272 
33,254 33,081 32,961 3.37 %
iCIMS, Inc.
SoftwareFirst Lien(2)(3)(4)SOFR(Q)+5.75%10.04%08/202208/202828,496 28,361 28,120 
First Lien(4)SOFR(Q)+6.25%10.54%10/202208/20284,508 4,482 4,449 
First Lien(4)(5) - DrawnSOFR(Q)+5.75%10.04%08/202208/2028277 284 274 
33,281 33,127 32,843 3.36 %
Auctane Inc. (fka Stamps.com Inc.)
SoftwareFirst Lien(2)(3)(4)SOFR(Q)+5.75%10.14%10/202110/202819,328 19,216 18,949 
First Lien(2)(3)(4)SOFR(Q)+5.75%10.14%12/202110/202814,005 13,923 13,731 
33,333 33,139 32,680 3.34 %
Pioneer Topco I, L.P. (12)
Pioneer Buyer I, LLC
SoftwareFirst Lien(4)SOFR(Q)+6.00%10.30%11/202111/202828,383 28,259 28,383 
First Lien(4)SOFR(Q)+6.00%10.30%03/202211/20283,890 3,872 3,890 
32,273 32,131 32,273 3.30 %
Foreside Financial Group, LLC
Business ServicesFirst Lien(2)(3)(4)SOFR(Q)+5.25%9.71%05/202209/202731,760 31,602 31,760 
First Lien(4)(5) - DrawnSOFR(Q)+5.25%9.70%05/202209/2027465 470 465 
32,225 32,072 32,225 3.30 %
Fortis Solutions Group, LLC
PackagingFirst Lien(2)(3)(4)SOFR(Q)+5.50%9.90%10/202110/202829,809 29,648 29,809 
First Lien(4)(5) - DrawnSOFR(Q)+5.50%9.90%10/202110/20271,318 1,321 1,318 
First Lien(4)SOFR(Q)+5.50%9.90%10/202110/2028349 349 349 
First Lien(4)(5) - DrawnSOFR(Q)+5.50%9.90%06/202210/2028100 96 100 
First Lien(4)SOFR(Q)+5.50%9.90%10/202110/202881 74 81 
31,657 31,488 31,657 3.24 %
IG IntermediateCo LLC
Infogain Corporation
Business ServicesSubordinated(4)SOFR(Q)+7.50%11.90%07/202207/202919,764 19,590 19,764 
First Lien(2)(3)(4)SOFR(M)+5.75%10.17%07/202107/20288,897 8,860 8,897 
First Lien(2)(3)(4)SOFR(M)+5.75%10.17%07/202207/20281,544 1,534 1,544 
30,205 29,984 30,205 3.09 %
The accompanying notes are an integral part of these consolidated financial statements.
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New Mountain Private Credit Fund
 
Consolidated Schedule of Investments (Continued)
March 31, 2025
(in thousands, except shares)
(unaudited)

Portfolio Company, Location and Industry (1)Type of InvestmentReference (6)Spread (6)Interest Rate (6)Acquisition DateMaturity/Expiration Date Principal
Amount,
Par Value
or Shares		 Cost Fair
Value		Percent of
Net Assets
CFS Management, LLC
HealthcareFirst Lien(2)(3)(4)SOFR(Q)*+
6.25% +2.25%/PIK
13.31%08/201909/2026$25,372 $25,331 $22,201 
First Lien(2)(3)(4)SOFR(Q)*+
6.25% +2.25%/PIK
13.31%09/202109/20265,994 5,990 5,244 
First Lien(4)SOFR(Q)*+
6.25% +2.25%/PIK
13.31%08/201909/20262,266 2,264 1,983 
First Lien(2)(3)(4)SOFR(Q)*+
6.25% +2.25%/PIK
13.31%02/202209/2026389 389 340 
34,021 33,974 29,768 3.04 %
KWOR Intermediate I, Inc. (13)
KWOR Acquisition, Inc.
Business ServicesFirst Lien(4)SOFR(Q)*+
1.00% +5.25%/PIK
10.56%02/202502/203020,794 20,794 20,794 
Subordinated(4)SOFR(Q)*+
8.00%/PIK
12.31%02/202502/20306,931 6,931 6,931 
First Lien(4)SOFR(Q)+0.05259.56%02/202502/2030173 173 173 
First Lien(4)SOFR(Q)+
5.25%/PIK
9.56%02/202502/2030115 115 115 
28,013 28,013 28,013 2.86 %
Einstein Parent, Inc.
SoftwareFirst Lien(4)SOFR(Q)+6.50%10.79%01/202501/203127,167 26,901 26,895 2.75 %
Galway Borrower LLC
Business ServicesFirst Lien(2)(3)(4)SOFR(Q)+4.50%8.80%09/202109/202826,407 26,250 26,143 
First Lien(4)(5) - DrawnSOFR(Q)+4.50%8.80%09/202109/2028619 623 613 
27,026 26,873 26,756 2.73 %
Businessolver.com, Inc.
SoftwareFirst Lien(2)(3)(4)SOFR(Q)+5.50%9.90%12/202112/202723,857 23,796 23,857 
First Lien(4)(5) - DrawnSOFR(Q)+5.50%9.90%12/202112/2027852 852 852 
24,709 24,648 24,709 2.53 %
FS WhiteWater Borrower, LLC
Consumer ServicesFirst Lien(2)(3)SOFR(Q)+5.00%9.45%12/202112/202914,520 14,444 14,520 
First Lien(2)(3)(4)SOFR(Q)+5.00%9.45%12/202112/20294,874 4,849 4,874 
First Lien(2)(3)(4)SOFR(Q)+5.00%9.45%12/202112/20294,843 4,818 4,843 
24,237 24,111 24,237 2.48 %
DOCS, MSO, LLC
HealthcareFirst Lien(2)(3)(4)SOFR(M)+5.75%10.17%06/202206/202820,664 20,664 20,577 
First Lien(2)(3)(4)SOFR(M)+5.75%10.17%02/202506/20282,778 2,758 2,766 
First Lien(4)(5) - DrawnSOFR(S)+5.75%10.13%06/202206/2028395 395 394 
23,837 23,817 23,737 2.43 %
TigerConnect, Inc.
HealthcareFirst Lien(2)(3)(4)SOFR(Q)*+
3.38% +3.38%/PIK
11.20%02/202202/202818,409 18,316 18,409 
First Lien(2)(4)(5) - DrawnSOFR(Q)*+
3.38% +3.38%/PIK
11.20%02/202202/20281,679 1,679 1,679 
20,088 19,995 20,088 2.05 %
Foundational Education Group, Inc.
EducationSecond Lien(4)SOFR(Q)+6.50%11.05%08/202108/202919,706 19,654 19,706 2.01 %
The accompanying notes are an integral part of these consolidated financial statements.
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New Mountain Private Credit Fund
 
Consolidated Schedule of Investments (Continued)
March 31, 2025
(in thousands, except shares)
(unaudited)

Portfolio Company, Location and Industry (1)Type of InvestmentReference (6)Spread (6)Interest Rate (6)Acquisition DateMaturity/Expiration Date Principal
Amount,
Par Value
or Shares		 Cost Fair
Value		Percent of
Net Assets
Daxko Acquisition Corporation
SoftwareFirst Lien(2)(3)(4)SOFR(M)+5.00%9.32%10/202110/2028$17,345 $17,244 $17,345 
First Lien(4)SOFR(M)+5.00%9.32%10/202110/20281,461 1,455 1,461 
First Lien(2)(3)(4)SOFR(M)+5.00%9.32%10/202110/202887 87 87 
18,893 18,786 18,893 1.93 %
OB Hospitalist Group, Inc.
HealthcareFirst Lien(2)(3)(4)SOFR(M)+5.25%9.67%09/202109/202718,831 18,741 18,831 1.92 %
Project Essential Topco, Inc. (8)
Project Essential Bidco, Inc.
SoftwareFirst Lien(2)(3)(4)SOFR(Q)*+
3.00% +3.25%/PIK
10.71%04/202104/202818,285 18,207 17,362 1.77 %
Relativity ODA LLC
SoftwareFirst LienSOFR(M)+4.50%8.82%05/202105/202916,848 16,763 16,848 1.72 %
Idera, Inc.
SoftwareSecond Lien(4)SOFR(Q)+6.75%11.19%03/202103/202917,607 17,601 16,705 1.71 %
ACI Parent Inc. (9)
ACI Group Holdings, Inc.
HealthcareFirst Lien(2)(3)(4)SOFR(M)*+
2.75% +3.25%/PIK
10.42%08/202108/202810,740 10,682 10,356 
First Lien(2)(3)(4)SOFR(M)*+
2.75% +3.25%/PIK
10.42%08/202108/20282,062 2,042 1,989 
First Lien(4)SOFR(M)*+
2.75% +3.25%/PIK
10.42%08/202108/20281,904 1,898 1,837 
First Lien(2)(3)(4)(5) - DrawnSOFR(M)+5.50%9.92%08/202108/2027137 133 133 
14,843 14,755 14,315 1.46 %
PDQ.com Corporation
SoftwareFirst Lien(2)(3)(4)(5) - DrawnSOFR(Q)+4.50%8.80%12/202108/20278,578 8,555 8,578 
First Lien(2)(3)SOFR(Q)+4.50%8.81%12/202108/20275,529 5,515 5,529 
14,107 14,070 14,107 1.44 %
GHX Ultimate Parent Corporation
HealthcareFirst Lien(4)SOFR(Q)+4.75%9.05%02/202512/203113,943 13,804 13,803 1.41 %
HS Purchaser, LLC / Help/Systems Holdings, Inc.
SoftwareSecond LienSOFR(Q)+6.75%11.14%05/202111/202718,882 18,882 13,689 1.40 %
NMC Crimson Holdings, Inc.
HealthcareFirst Lien(2)(3)(4)SOFR(Q)+6.09%10.55%03/202103/202811,101 11,019 11,101 
First Lien(2)(3)(4)SOFR(Q)+6.09%10.55%03/202103/20282,302 2,297 2,302 
13,403 13,316 13,403 1.37 %
DCA Investment Holding, LLC
HealthcareFirst Lien(2)(3)(4)SOFR(Q)+6.41%10.70%03/202104/20289,283 9,247 9,084 
First Lien(2)(3)(4)SOFR(Q)+6.41%10.70%02/202204/20282,052 2,047 2,008 
First Lien(4)SOFR(Q)+6.41%10.70%03/202104/20281,555 1,549 1,522 
First Lien(2)(3)(4)SOFR(Q)+6.50%10.80%12/202204/2028488 484 478 
13,378 13,327 13,092 1.34 %
Databricks, Inc.
SoftwareFirst Lien(4)SOFR(M)+4.50%8.82%12/202401/203112,592 12,530 12,529 1.34 %
The accompanying notes are an integral part of these consolidated financial statements.
10
Table of Contents
New Mountain Private Credit Fund
 
Consolidated Schedule of Investments (Continued)
March 31, 2025
(in thousands, except shares)
(unaudited)

Portfolio Company, Location and Industry (1)Type of InvestmentReference (6)Spread (6)Interest Rate (6)Acquisition DateMaturity/Expiration Date Principal
Amount,
Par Value
or Shares		 Cost Fair
Value		Percent of
Net Assets
Syndigo LLC
SoftwareSecond Lien(4)SOFR(Q)+8.00%12.55%12/202012/2028$12,500 $12,445 $12,500 1.28 %
DG Investment Intermediate Holdings 2, Inc.
Business ServicesSecond LienSOFR(M)+6.75%11.19%03/202103/202912,188 12,169 12,020 1.23 %
MRI Software LLC
SoftwareFirst Lien(2)(3)(4)SOFR(Q)+4.75%9.05%01/202002/20278,006 7,993 8,006 
First Lien(2)(3)(4)SOFR(Q)+4.75%9.05%03/202102/20273,548 3,545 3,548 
11,554 11,538 11,554 1.18 %
Allworth Financial Group, L.P.
Financial ServicesFirst Lien(2)(3)(4)SOFR(M)+4.75%9.07%01/202212/20275,012 4,988 5,012 
First Lien(2)(3)(4)SOFR(M)+4.75%9.07%01/202212/20274,980 4,953 4,980 
First Lien(4)SOFR(M)+4.75%9.07%01/202212/20271,508 1,498 1,508 
11,500 11,439 11,500 1.18 %
Specialtycare, Inc.
HealthcareFirst Lien(2)(3)(4)SOFR(Q)+5.75%10.32%06/202106/202811,461 11,388 11,132 
First Lien(2)(3)(4)(5) - DrawnSOFR(M)+4.00%8.44%06/202106/2026117 119 114 
First Lien(4)SOFR(Q)+5.75%10.31%06/202106/202882 82 80 
11,660 11,589 11,326 1.16 %
AmeriVet Partners Management, Inc.
Consumer ServicesFirst Lien(2)(3)(4)SOFR(S)+5.25%9.72%02/202202/20287,904 7,882 7,904 
First Lien(4)SOFR(S)+5.25%9.72%02/202202/20282,199 2,197 2,199 
First Lien(2)(3)(4)SOFR(S)+5.25%9.72%02/202202/2028289 288 289 
10,392 10,367 10,392 1.06 %
Beacon Pointe Harmony, LLC
Financial ServicesFirst Lien(2)(3)(4)SOFR(M)+4.75%9.07%12/202112/20286,902 6,859 6,902 
First Lien(4)SOFR(M)+4.75%9.07%12/202112/20282,707 2,695 2,707 
First Lien(2)(3)(4)SOFR(M)+4.75%9.07%12/202112/2028772 767 772 
10,381 10,321 10,381 1.06 %
GC Waves Holdings, Inc.
Financial ServicesFirst Lien(2)(3)(4)SOFR(M)+4.75%9.17%08/202110/203010,314 10,261 10,314 1.05 %
Maverick Bidco Inc.
SoftwareSecond Lien(4)SOFR(Q)+6.75%11.19%04/202105/202910,200 10,182 10,200 1.04 %
CommerceHub, Inc.
SoftwareFirst Lien(2)(3)(4)SOFR(Q)+6.25%10.56%01/202512/20279,974 9,951 9,974 1.02 %
Michael Baker International, LLC
Business ServicesFirst Lien(4)SOFR(M)+4.00%8.32%01/202512/20289,975 9,975 9,963 1.02 %
Trinity Air Consultants Holdings Corporation
Business ServicesFirst Lien(2)(3)(4)SOFR(S)+5.25%9.76%06/202106/20287,449 7,407 7,449 
First Lien(2)(3)(4)SOFR(S)+5.25%9.62%06/202106/20282,163 2,154 2,163 
First Lien(2)(3)(4)(5) - DrawnSOFR(S)+4.50%8.82%06/202106/2028334 331 334 
9,946 9,892 9,946 1.02 %
Houghton Mifflin Harcourt Company
EducationFirst Lien(2)(3)SOFR(M)+5.25%9.67%01/202504/20299,974 9,870 9,873 1.01 %
The accompanying notes are an integral part of these consolidated financial statements.
11
Table of Contents
New Mountain Private Credit Fund
 
Consolidated Schedule of Investments (Continued)
March 31, 2025
(in thousands, except shares)
(unaudited)

Portfolio Company, Location and Industry (1)Type of InvestmentReference (6)Spread (6)Interest Rate (6)Acquisition DateMaturity/Expiration Date Principal
Amount,
Par Value
or Shares		 Cost Fair
Value		Percent of
Net Assets
Vamos Bidco, Inc.
SoftwareFirst Lien(4)SOFR(Q)+4.75%9.05%01/202501/2032$9,851 $9,803 $9,802 1.00 %
CG Group Holdings, LLC
Specialty Chemicals & MaterialsFirst Lien(2)(3)(4)SOFR(Q)*+
6.75% +2.00%/PIK
13.05%07/202107/20278,514 8,474 8,514 
First Lien(2)(3)(4)(5) - DrawnSOFR(M)*+
6.75% +2.00%/PIK
13.08%07/202107/20261,073 1,070 1,073 
9,587 9,544 9,587 0.98 %
Wrench Group LLC
Consumer ServicesFirst Lien(2)(3)(4)SOFR(Q)+4.00%8.56%01/202510/20289,980 9,687 9,518 0.97 %
LSCS Holdings, Inc.
HealthcareFirst LienSOFR(Q)+4.50%8.80%02/202503/20329,362 9,315 9,315 0.95 %
Radwell Parent, LLC
Distribution & LogisticsFirst Lien(2)(3)(4)SOFR(Q)+5.50%9.80%03/202204/20299,123 9,079 9,123 
First Lien(4)(5) - DrawnSOFR(Q)+5.50%9.80%03/202204/2029120 120 120 
9,243 9,199 9,243 0.94 %
KPSKY Acquisition Inc.
Business ServicesFirst Lien(2)(3)(4)SOFR(Q)+5.50%9.89%10/202110/20288,394 8,346 8,124 
First Lien(4)SOFR(Q)+5.50%9.89%10/202110/2028962 956 932 
9,356 9,302 9,056 0.93 %
Huskies Parent, Inc.
SoftwareFirst Lien(2)(3)SOFR(M)+5.25%9.67%12/202111/20288,270 8,232 8,247 
First Lien(2)(3)(4)(5) - DrawnSOFR(M)+5.25%9.67%12/202111/2027128 130 127 
8,398 8,362 8,374 0.86 %
Smile Doctors LLC
HealthcareFirst Lien(2)(3)(4)SOFR(Q)+5.90%10.32%02/202212/20287,784 7,757 7,647 
First Lien(2)(3)(4)(5) - DrawnSOFR(Q)+5.90%10.32%06/202312/2028644 637 633 
8,428 8,394 8,280 0.85 %
Firebird Co-Invest L.P. (7)
Firebird Acquisition Corp, Inc.
Business ServicesFirst Lien(4)SOFR(Q)*+
2.25% +2.75%/PIK
9.29%01/202502/20327,877 7,858 7,858 0.80 %
Ministry Brands Holdings, LLC
SoftwareFirst Lien(2)(3)(4)SOFR(M)+5.50%9.92%12/202112/20286,850 6,829 6,836 
First Lien(2)(3)(4)SOFR(M)+5.50%9.92%12/202112/2028693 692 691 
7,543 7,521 7,527 0.77 %
Bonterra LLC
SoftwareFirst LienSOFR(Q)+5.00%9.30%03/202503/20327,363 7,345 7,345 
First Lien(5) - DrawnSOFR(Q)+5.00%9.30%03/202503/2032130 130 130 
7,493 7,475 7,475 0.76 %
Safety Borrower Holdings LLC
SoftwareFirst Lien(2)(3)(4)SOFR(M)+5.25%9.69%09/202109/20276,816 6,801 6,816 
First Lien(4)(5) - DrawnP(Q)+4.25%11.75%09/202109/2027128 129 128 
6,944 6,930 6,944 0.71 %
The accompanying notes are an integral part of these consolidated financial statements.
12
Table of Contents
New Mountain Private Credit Fund
 
Consolidated Schedule of Investments (Continued)
March 31, 2025
(in thousands, except shares)
(unaudited)

Portfolio Company, Location and Industry (1)Type of InvestmentReference (6)Spread (6)Interest Rate (6)Acquisition DateMaturity/Expiration Date Principal
Amount,
Par Value
or Shares		 Cost Fair
Value		Percent of
Net Assets
Calabrio, Inc.
SoftwareFirst Lien(4)SOFR(Q)+5.50%9.81%04/202104/2027$5,934 $5,916 $5,934 
First Lien(4)(5) - DrawnSOFR(Q)+5.50%9.81%04/202104/2027309 310 309 
6,243 6,226 6,243 0.64 %
eResearchTechnology, Inc.
HealthcareFirst LienSOFR(M)+4.75%9.07%03/202501/20325,562 5,506 5,506 
First Lien(5) - DrawnSOFR(M)+4.75%9.07%03/202501/203252 47 52 
5,614 5,553 5,558 0.57 %
Ambrosia Holdco Corp (11)
TMK Hawk Parent, Corp.
Distribution & LogisticsFirst Lien(2)(4)SOFR(M)*+
5.25%/PIK
9.57%01/202406/20295,779 5,779 4,876 
Subordinated(2)(4)FIXED(Q)*+
11.00%/PIK
11.00%01/202412/2031185 185 185 
5,964 5,964 5,061 0.52 %
Bamboo Health Holdings, LLC (f/k/a Appriss Health, LLC)
HealthcareFirst Lien(4)SOFR(Q)+7.00%11.48%05/202105/20274,564 4,545 4,564 0.47 %
Bayou Intermediate II, LLC
HealthcareFirst Lien(2)(3)(4)SOFR(Q)+4.50%9.05%12/202408/20284,260 4,233 4,260 0.44 %
Therapy Brands Holdings LLC
HealthcareSecond Lien(2)(3)(4)SOFR(M)+6.75%11.19%05/202105/20296,000 5,976 3,932 0.39 %
Cloudera, Inc.
SoftwareSecond LienSOFR(M)+6.00%10.42%08/202110/20294,006 4,000 3,829 0.38 %
Planview Parent, Inc.
SoftwareSecond Lien(2)(3)(4)SOFR(Q)+5.75%10.05%12/202412/20282,278 2,267 2,270 0.22 %
AG Parent Holdings, LLC
HealthcareFirst Lien(2)(3)SOFR(Q)+5.00%9.57%07/201907/20261,945 1,942 1,867 0.18 %
MH Sub I, LLC (Micro Holding Corp.)
Business ServicesSecond Lien(4)SOFR(M)+6.25%10.57%02/202102/20291,865 1,863 1,738 0.17 %
Kele Holdco, Inc.
Distribution & LogisticsFirst Lien(2)(3)(4)SOFR(M)+4.50%8.82%12/202102/20281,716 1,713 1,716 0.17 %
Next Holdco, LLC
HealthcareFirst LienSOFR(Q)+5.25%9.55%02/202511/20301,382 1,375 1,382 0.13 %
QBS Parent, Inc.
SoftwareFirst Lien(4)SOFR(Q)+4.75%9.05%02/202511/20311,255 1,252 1,252 0.12 %
PDI TA Holdings, Inc.
SoftwareFirst Lien(4)SOFR(Q)+5.50%9.79%03/202502/2031251 251 251 0.02 %
Reorganized Careismatic Brands, LLC
HealthcareTrust Claim(4)———06/202406/202975 75 75 0.01 %
Total Funded Debt Investments - United States$1,479,187 $1,472,096 $1,446,735 147.85 %
The accompanying notes are an integral part of these consolidated financial statements.
13
Table of Contents
New Mountain Private Credit Fund
 
Consolidated Schedule of Investments (Continued)
March 31, 2025
(in thousands, except shares)
(unaudited)

Portfolio Company, Location and Industry (1)Type of InvestmentReference (6)Spread (6)Interest Rate (6)Acquisition DateMaturity/Expiration Date Principal
Amount,
Par Value
or Shares		 Cost Fair
Value		Percent of
Net Assets
Funded Debt Investments - United Kingdom
Aston FinCo S.a r.l. / Aston US Finco, LLC**
SoftwareSecond Lien(2)(3)(4)SOFR(M)+8.25%12.69%10/201910/2027$22,500 $22,431 $22,500 2.30 %
Total Funded Debt Investments - United Kingdom$22,500 $22,431 $22,500 2.30 %
Total Funded Debt Investments$1,501,687 $1,494,527 $1,469,235 150.15 %
Equity - United States
Dealer Tire Holdings, LLC
Distribution & LogisticsPreferred shares (4)Fixed(A)*
7.00%/PIK
7.00%09/2021—30,082 $40,590 $42,007 4.29 %
ACI Parent Inc. (9)
HealthcarePreferred shares (4)Fixed(Q)*
11.75%/PIK
11.75%08/2021—12,500 18,982 16,871 1.72 %
KWOR Intermediate I, Inc. (13)
Business ServicesPreferred shares (4)SOFR(Q)*
8.00%/PIK
12.31%02/2025—4,621 4,621 4,621 
Ordinary shares (4)———02/2025—4,321 4,493 4,206 
8,942 9,114 8,827 0.90 %
Knockout Intermediate Holdings I Inc. (10)
SoftwarePreferred shares (4)SOFR(S)*
10.75%/PIK
15.03%06/2022—5,709 7,861 7,917 0.81 %
Project Essential Topco, Inc. (8)
Project Essential Super Parent, Inc.
SoftwarePreferred shares (4)SOFR(Q)*+
9.50%/PIK
13.95%04/2021—5,000 8,246 7,774 0.79 %
Diligent Preferred Issuer, Inc.
SoftwarePreferred shares (4)Fixed(S)*
10.50%/PIK
10.50%04/2021—5,000 7,456 7,182 0.73 %
Firebird Co-Invest L.P. (7)
Business ServicesLP Interest (4)———01/2025—16,415 1,642 1,642 0.17 %
Ambrosia Holdco Corp (11)
Distribution & LogisticsOrdinary shares (2)(4)———01/2024—55,984 596 571 
Ordinary shares (4)———01/2024—19,197 205 196 
75,181 801 767 0.09 %
Pioneer Topco I, L.P. (12)
SoftwareOrdinary shares (4)———11/2021—10 — — — %
Total Shares - United States$94,692 $92,987 9.50 %
Total Shares$94,692 $92,987 9.50 %
The accompanying notes are an integral part of these consolidated financial statements.
14
Table of Contents
New Mountain Private Credit Fund
 
Consolidated Schedule of Investments (Continued)
March 31, 2025
(in thousands, except shares)
(unaudited)

Portfolio Company, Location and Industry (1)Type of InvestmentReference (6)Spread (6)Interest Rate (6)Acquisition DateMaturity/Expiration Date Principal
Amount,
Par Value
or Shares		 Cost Fair
Value		Percent of
Net Assets
Warrants - United States
Reorganized Careismatic Brands, LLC
HealthcareWarrants(4)———06/202406/2029$68,568 $90 $135 0.01 %
Total Warrants - United States$90 $135 0.01 %
Total Funded Investments$1,589,309 $1,562,357 159.66 %
Unfunded Debt Investments - United States
KWOR Intermediate I, Inc. (13)
KWOR Acquisition, Inc.
Business ServicesFirst Lien(4)(5) - Undrawn———02/202502/2027$4,603 $— $— 
First Lien(4)(5) - Undrawn———02/202502/20303,469 — — 
8,072 — — — %
Paw Midco, Inc.
AAH Topco, LLC
Consumer ServicesFirst Lien(4)(5) - Undrawn———12/202112/20272,427 (11)— — %
Allworth Financial Group, L.P.
Financial ServicesFirst Lien(4)(5) - Undrawn———01/202212/20271,573 (7)— — %
AmeriVet Partners Management, Inc.
Consumer ServicesFirst Lien(4)(5) - Undrawn———02/202202/20281,214 (3)— — %
Bamboo Health Holdings, LLC (f/k/a Appriss Health, LLC)
HealthcareFirst Lien(4)(5) - Undrawn———05/202105/2027313 (1)— — %
Beacon Pointe Harmony, LLC
Financial ServicesFirst Lien(4)(5) - Undrawn———12/202112/2027736 (3)— — %
Legal Spend Holdings, LLC (fka Bottomline Technologies, Inc.)
SoftwareFirst Lien(4)(5) - Undrawn———05/202205/20284,156 (22)— — %
Businessolver.com, Inc.
SoftwareFirst Lien(4)(5) - Undrawn———12/202106/20252,724 — — — %
Calabrio, Inc.
SoftwareFirst Lien(4)(5) - Undrawn———04/202104/2027411 (3)— — %
CG Group Holdings, LLC
Specialty Chemicals & MaterialsFirst Lien(2)(3)(4)(5) - Undrawn———07/202107/2026113 (1)— — %
Daxko Acquisition Corporation
SoftwareFirst Lien(4)(5) - Undrawn———10/202110/20281,331(6)— — %
KENG Acquisition, Inc.
Business ServicesFirst Lien(4)(5) - Undrawn———01/202501/2027854— — — %
The accompanying notes are an integral part of these consolidated financial statements.
15
Table of Contents
New Mountain Private Credit Fund
 
Consolidated Schedule of Investments (Continued)
March 31, 2025
(in thousands, except shares)
(unaudited)

Portfolio Company, Location and Industry (1)Type of InvestmentReference (6)Spread (6)Interest Rate (6)Acquisition DateMaturity/Expiration Date Principal
Amount,
Par Value
or Shares		 Cost Fair
Value		Percent of
Net Assets
Foreside Financial Group, LLC
Business ServicesFirst Lien(4)(5) - Undrawn———05/202209/2027$1,325 $(13)$— — %
Fortis Solutions Group, LLC
PackagingFirst Lien(4)(5) - Undrawn———06/202206/20253,339 — — 
First Lien(4)(5) - Undrawn———10/202110/20271,610(16)— 
4,949 (16)— — %
IG IntermediateCo LLC
Infogain Corporation
Business ServicesFirst Lien(4)(5) - Undrawn———07/202107/20261,854(4)— — %
IG Investments Holdings, LLC
Business ServicesFirst Lien(4)(5) - Undrawn———09/202109/20283,103 (15)— — %
GS Acquisitionco, Inc.
SoftwareFirst Lien(4)(5) - Undrawn———02/202005/20282,362(4)— — %
OB Hospitalist Group, Inc.
HealthcareFirst Lien(4)(5) - Undrawn———09/202109/20272,523(11)— — %
OEConnection LLC
SoftwareFirst Lien(4)(5) - Undrawn———12/202412/20263,891— — — %
OA Buyer, Inc.
HealthcareFirst Lien(4)(5) - Undrawn———12/202112/20285,959(32)— — %
Pioneer Buyer I, LLC
SoftwareFirst Lien(4)(5) - Undrawn———11/202111/20274,009 (17)— — %
PDQ.com Corporation
SoftwareFirst Lien(2)(3)(4)(5) - Undrawn———12/202112/20255,571 — — — %
Radwell Parent, LLC
Distribution & LogisticsFirst Lien(4)(5) - Undrawn———03/202204/2025187 (1)— 
First Lien(4)(5) - Undrawn———03/202204/2029330 (2)— 
517 (3)— — %
Relativity ODA LLC
SoftwareFirst Lien(4)(5) - Undrawn———05/202105/20291,439 (7)— — %
Safety Borrower Holdings LLC
SoftwareFirst Lien(4)(5) - Undrawn———09/202109/2027384 (2)— — %
TigerConnect, Inc.
HealthcareFirst Lien(2)(4)(5) - Undrawn———02/202212/2025627 — — 
First Lien(4)(5) - Undrawn———02/202202/20282,630 (13)— 
3,257 (13)— — %
TMK Hawk Parent, Corp.
Distribution & LogisticsFirst Lien(4)(5) - Undrawn———10/202410/2026612 — — — %
The accompanying notes are an integral part of these consolidated financial statements.
16
Table of Contents
New Mountain Private Credit Fund
 
Consolidated Schedule of Investments (Continued)
March 31, 2025
(in thousands, except shares)
(unaudited)

Portfolio Company, Location and Industry (1)Type of InvestmentReference (6)Spread (6)Interest Rate (6)Acquisition DateMaturity/Expiration Date Principal
Amount,
Par Value
or Shares		 Cost Fair
Value		Percent of
Net Assets
Trinity Air Consultants Holdings Corporation
Business ServicesFirst Lien(2)(3)(4)(5) - Undrawn———06/202104/2025$46 $— $— 
First Lien(4)(5) - Undrawn———06/202106/2028727 (3)— 
773 (3)— — %
WEG Sub Intermediate Holdings, LLC
Wealth Enhancement Group, LLC
Financial ServicesFirst Lien(4)(5) - Undrawn———08/202110/20281,885 (3)— — %
FS WhiteWater Borrower, LLC
Consumer ServicesFirst Lien(4)(5) - Undrawn———03/202503/20274,637 — — 
First Lien(4)(5) - Undrawn———12/202112/20292,384 (11)— 
7,021 (11)— — %
Ministry Brands Holdings, LLC
SoftwareFirst Lien(4)(5) - Undrawn———12/202112/2027678 (2)(1)(0.00)%
Bonterra LLC
SoftwareFirst Lien(5) - Undrawn———03/202503/2027796 — — 
First Lien(5) - Undrawn———03/202503/2032666 (2)(2)
1,462 (2)(2)(0.00)%
Huskies Parent, Inc.
SoftwareFirst Lien(2)(3)(4)(5) - Undrawn———12/202111/2027596 (4)(2)(0.00)%
Firebird Co-Invest L.P. (7)
Firebird Acquisition Corp, Inc.
Business ServicesFirst Lien(4)(5) - Undrawn———01/202502/20274,635 — — 
First Lien(4)(5) - Undrawn———01/202502/20321,391 (3)(3)
6,026 (3)(3)(0.00)%
Smile Doctors LLC
HealthcareFirst Lien(2)(3)(4)(5) - Undrawn———06/202306/2025256 — (5)(0.00)%
Specialtycare, Inc.
HealthcareFirst Lien(2)(3)(4)(5) - Undrawn———06/202106/2026162 (2)(5)(0.00)%
Vamos Bidco, Inc.
SoftwareFirst Lien(4)(5) - Undrawn———01/202502/20274,105 — — 
First Lien(4)(5) - Undrawn———01/202501/20321,231 (6)(6)
5,336 (6)(6)(0.00)%
DOCS, MSO, LLC
HealthcareFirst Lien(4)(5) - Undrawn———06/202206/20281,581 — (7)(0.00)%
The accompanying notes are an integral part of these consolidated financial statements.
17
Table of Contents
New Mountain Private Credit Fund
 
Consolidated Schedule of Investments (Continued)
March 31, 2025
(in thousands, except shares)
(unaudited)

Portfolio Company, Location and Industry (1)Type of InvestmentReference (6)Spread (6)Interest Rate (6)Acquisition DateMaturity/Expiration Date Principal
Amount,
Par Value
or Shares		 Cost Fair
Value		Percent of
Net Assets
GHX Ultimate Parent Corporation
HealthcareFirst Lien(4)(5) - Undrawn———02/202512/2031$1,245 $(12)$(12)(0.00)%
Galway Borrower LLC
Business ServicesFirst Lien(4)(5) - Undrawn———09/202109/20281,274 (13)(13)(0.00)%
Databricks, Inc.
SoftwareFirst Lien(4)(5) - Undrawn———12/202407/20262,798 — (14)(0.00)%
eResearchTechnology, Inc.
HealthcareFirst Lien(5) - Undrawn———03/202501/2027997 — (5)
First Lien(5) - Undrawn———03/202503/2026924 (5)(5)
First Lien(5) - Undrawn———03/202510/2031525 (5)(5)
2,446 (10)(15)(0.00)%
Einstein Parent, Inc.
SoftwareFirst Lien(4)(5) - Undrawn———01/202501/20312,810 (27)(28)(0.00)%
iCIMS, Inc.
SoftwareFirst Lien(4)(5) - Undrawn———08/202208/20282,245 (20)(30)(0.00)%
ACI Parent Inc. (9)
ACI Group Holdings, Inc.
HealthcareFirst Lien(2)(3)(4)(5) - Undrawn———08/202108/20271,008 — (36)(0.01)%
Project Essential Topco, Inc. (8)
Project Essential Bidco, Inc.
SoftwareFirst Lien(4)(5) - Undrawn———04/202104/20272,259 (7)(114)(0.02)%
Notorious Topco, LLC
Consumer ProductsFirst Lien(4)(5) - Undrawn———11/202105/20272,650 — (405)(0.04)%
Total Unfunded Debt Investments - United States$110,190 $(319)$(698)(0.07)%
Total Unfunded Debt Investments $110,190 $(319)$(698)(0.07)%
Total Non-Controlled/Non-Affiliated Investments$1,588,990 $1,561,659 159.59 %
Total Investments$1,588,990 $1,561,659 159.59 %
(1)New Mountain Private Credit Fund (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 Private Credit Fund SPV I, L.L.C. ("NEWCRED SPV")
(3)Investment is pledged as collateral for the GS Credit Facility, a revolving credit facility among the Company as Collateral Manager, NEWCRED SPV, as the Borrower, GS ASL, LLC, as administrative agent, Goldman Sachs Bank USA, as syndication agent, and Western Alliance Trust Company, N.A. as Collateral Agent, Collateral Custodian and Collateral Administrator. 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.
The accompanying notes are an integral part of these consolidated financial statements.
18
Table of Contents
New Mountain Private Credit Fund
 
Consolidated Schedule of Investments (Continued)
March 31, 2025
(in thousands, except shares)
(unaudited)

(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 March 31, 2025.
(7)The Company holds LP Interests in Firebird Co-Invest L.P. The Company holds a first lien term loan, a first lien delayed draw and a first lien revolver in Firebird Acquisition Corp, Inc., a wholly-owned subsidiary of Firebird Co-Invest L.P.
(8)The Company holds investments in two subsidiaries of Project Essential Topco, Inc. The Company holds a first lien term loan and first lien revolver in Project Essential Bidco, Inc. and preferred equity in Project Essential Super Parent, Inc.
(9)The Company holds investments in ACI Parent Inc. and a wholly-owned subsidiary of ACI Parent Inc. The Company holds a first lien term loan, two first lien delayed draws and a first lien revolver in ACI Group Holdings, Inc. and preferred equity in ACI Parent Inc.
(10)The Company holds preferred equity in Knockout Intermediate Holdings I Inc. and a first lien term loan, a first lien revolver and two first lien delayed draws in Kaseya Inc., a wholly-owned subsidiary of Knockout Intermediate Holdings I Inc.
(11)The Company holds ordinary shares in Ambrosia Holdco Corp., a first lien term loan and a subordinated loan in TMK Hawk Parent, Corp., a wholly-owned subsidiary of Ambrosia Holdco Corp.
(12)The Company holds investments in Pioneer Topco I, L.P. and a wholly-owned subsidiary of Pioneer Topco I, L.P. The Company holds two first lien term loans and a first lien revolver in Pioneer Buyer I, LLC, and common equity in Pioneer Topco I, L.P.
(13)The Company holds preferred equity, ordinary shares, and subordinated notes of KWOR Intermediate I, Inc., and three first lien term loans, a first lien delayed draw and a first lien revolver in KWOR Acquisition, Inc., a wholly-owned subsidiary of KWOR Intermediate I, Inc.
*    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 Investment Company Act of 1940, as amended. 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 March 31, 2025, 1.34% 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.
19
Table of Contents
New Mountain Private Credit Fund
 
Consolidated Schedule of Investments (Continued)
March 31, 2025
(unaudited)

 March 31, 2025
Investment TypePercent of Total
Investments at Fair Value
First lien83.53 %
Second lien7.63 %
Subordinated2.87 %
Equity and other5.97 %
Total investments100.00 %


 March 31, 2025
Industry TypePercent of Total
Investments at Fair Value
Software37.51 %
Healthcare24.01 %
Business Services16.94 %
Consumer Services6.24 %
Financial Services4.54 %
Distribution & Logistics3.76 %
Consumer Products2.47 %
Packaging2.03 %
Education1.89 %
Specialty Chemicals & Materials0.61 %
Total investments100.00 %

 
 March 31, 2025
Interest Rate TypePercent of Total
Investments at Fair Value
Floating rates94.18 %
Fixed rates5.82 %
Total investments100.00 %
The accompanying notes are an integral part of these consolidated financial statements.
20
Table of Contents
New Mountain Private Credit Fund
Consolidated Schedule of Investments
December 31, 2024
(in thousands, except shares)
Portfolio Company, Location and Industry(1)Type of
Investment		Reference (6)Spread (6)Interest Rate (6)Acquisition DateMaturity/Expiration
Date		Principal
Amount,
Par Value or Shares		CostFair ValuePercent of
Net Assets
Non-Controlled/Non-Affiliated Investments
Funded Debt Investments - United States
Paw Midco, Inc.
AAH Topco, LLC
Consumer ServicesFirst Lien(2)(3)(4)SOFR(M)+5.25%9.71%12/202112/2027$19,970 $19,871 $19,970 
First Lien(2)(3)(4)SOFR(M)+5.25%9.71%12/202112/202719,775 19,664 19,775 
Subordinated(4)Fixed(Q)*+
11.50%/PIK
11.50%12/202112/203113,498 13,393 13,186 
53,243 52,928 52,931 5.41 %
GS Acquisitionco, Inc.
SoftwareFirst Lien(2)(3)(4)SOFR(Q)+5.25%9.58%02/202005/202852,307 52,185 52,307 5.35 %
Legal Spend Holdings, LLC (fka Bottomline Technologies, Inc.)
SoftwareFirst Lien(2)(3)(4)SOFR(M)+5.25%9.61%05/202205/202948,751 48,414 48,751 4.98 %
OA Buyer, Inc.
HealthcareFirst Lien(2)(3)(4)SOFR(M)+4.75%9.11%12/202112/202845,398 45,107 45,398 
First Lien(2)(3)(4)SOFR(M)+4.75%9.11%05/202212/20282,874 2,855 2,874 
48,272 47,962 48,272 4.93 %
Al Altius US Bidco, Inc.
Business ServicesFirst Lien(2)(3)(4)SOFR(S)+4.75%9.03%12/202112/202847,800 47,489 47,800 4.89 %
CCBlue Bidco, Inc.
HealthcareFirst Lien(2)(4)SOFR(Q)*+
6.50%/PIK
10.93%12/202112/202847,079 46,831 42,959 
First Lien(4)SOFR(Q)*+
6.50%/PIK
10.93%12/202112/20282,447 2,443 2,233 
49,526 49,274 45,192 4.62 %
Diamondback Acquisition, Inc.
SoftwareFirst Lien(2)(3)(4)SOFR(M)+5.50%9.96%09/202109/202841,764 41,513 41,764 4.27 %
Notorious Topco, LLC
Consumer ProductsFirst Lien(2)(4)SOFR(Q)*+
4.75% +2.50%/PIK
11.91%11/202111/202741,293 41,125 37,940 
First Lien(2)(4)SOFR(Q)*+
4.75% +2.50%/PIK
11.91%11/202111/20273,599 3,583 3,306 
44,892 44,708 41,246 4.22 %
Anaplan, Inc.
SoftwareFirst Lien(2)(3)(4)SOFR(Q)+5.25%9.58%06/202206/202940,440 40,151 40,440 4.13 %
WEG Sub Intermediate Holdings, LLC
Wealth Enhancement Group, LLC
Financial ServicesFirst Lien(2)(3)(4)SOFR(Q)+5.00%9.55%08/202110/202829,544 29,488 29,544 
Subordinated(4)Fixed(Q)*+
13.00%/PIK
13.00%05/202305/20334,231 4,192 4,231 
First Lien(2)(3)(4)SOFR(Q)+5.00%9.50%01/202210/20283,028 3,010 3,028 
First Lien(2)(3)(4)SOFR(Q)+5.00%9.56%01/202210/20282,031 2,019 2,031 
38,834 38,709 38,834 3.97 %
The accompanying notes are an integral part of these consolidated financial statements.
21
Table of Contents
New Mountain Private Credit Fund
 
Consolidated Schedule of Investments (Continued)
December 31, 2024
(in thousands, except shares)

Portfolio Company, Location and Industry(1)Type of
Investment		Reference (6)Spread (6)Interest Rate (6)Acquisition DateMaturity/Expiration
Date		Principal
Amount,
Par Value or Shares		CostFair ValuePercent of
Net Assets
IG Investments Holdings, LLC
Business ServicesFirst Lien(2)(3)(4)SOFR(Q)+5.00%9.57%09/202109/2028$38,643 $38,408 $38,643 3.95 %
KWOR Acquisition, Inc.
Business ServicesFirst Lien(2)(3)(4)P(Q)(13)+4.25%11.75%12/202112/202839,885 39,693 32,267 
First Lien(2)(3)(4)P(Q)(13)+4.25%11.75%12/202112/20275,653 5,630 4,573 
45,538 45,323 36,840 3.77 %
Ocala Bidco, Inc.
HealthcareFirst Lien(2)(3)(4)SOFR(Q)+5.75%10.17%12/202111/202832,329 32,093 32,329 
First Lien(2)(3)(4)SOFR(Q)+5.75%10.17%12/202111/20282,464 2,445 2,464 
34,793 34,538 34,793 3.56 %
iCIMS, Inc.
SoftwareFirst Lien(2)(3)(4)SOFR(Q)+5.75%10.38%08/202208/202828,496 28,353 28,282 
First Lien(4)SOFR(Q)+6.25%10.88%10/202208/20284,508 4,481 4,474 
First Lien(2)(3)(4)(5) - DrawnSOFR(Q)+5.75%10.34%08/202208/2028505 509 500 
33,509 33,343 33,256 3.40 %
DECA Dental Holdings LLC
HealthcareFirst Lien(2)(3)(4)SOFR(Q)+5.75%10.18%08/202108/202828,086 27,917 27,715 
First Lien(2)(3)(4)SOFR(Q)+5.75%10.18%08/202108/20282,956 2,951 2,917 
First Lien(2)(3)(4)SOFR(Q)+5.75%10.20%08/202108/20272,292 2,281 2,262 
33,334 33,149 32,894 3.36 %
Auctane Inc. (fka Stamps.com Inc.)
SoftwareFirst Lien(2)(3)(4)SOFR(S)+5.75%10.94%10/202110/202819,378 19,259 18,942 
First Lien(2)(3)(4)SOFR(S)+5.75%10.94%12/202110/202814,042 13,954 13,726 
33,420 33,213 32,668 3.34 %
Pioneer Topco I, L.P. (12)
Pioneer Buyer I, LLC
SoftwareFirst Lien(4)SOFR(Q)+6.50%10.83%11/202111/202828,383 28,252 28,383 
First Lien(4)SOFR(Q)+6.50%10.83%03/202211/20283,890 3,871 3,890 
32,273 32,123 32,273 3.30 %
Foreside Financial Group, LLC
Business ServicesFirst Lien(2)(3)(4)SOFR(M)+5.25%9.71%05/202209/202731,842 31,669 31,842 3.26 %
Fortis Solutions Group, LLC
PackagingFirst Lien(2)(3)(4)SOFR(Q)+5.50%9.93%10/202110/202829,885 29,715 29,885 
First Lien(2)(3)(4)(5) - DrawnSOFR(Q)+5.50%10.30%10/202110/20271,025 1,030 1,025 
First Lien(2)(3)(4)(5) - DrawnSOFR(Q)+5.50%9.90%06/202210/2028350 345 350 
First Lien(4)SOFR(Q)+5.50%9.93%10/202110/202882 75 82 
31,342 31,165 31,342 3.20 %
The accompanying notes are an integral part of these consolidated financial statements.
22
Table of Contents
New Mountain Private Credit Fund
 
Consolidated Schedule of Investments (Continued)
December 31, 2024
(in thousands, except shares)

Portfolio Company, Location and Industry(1)Type of
Investment		Reference (6)Spread (6)Interest Rate (6)Acquisition DateMaturity/Expiration
Date		Principal
Amount,
Par Value or Shares		CostFair ValuePercent of
Net Assets
CFS Management, LLC
HealthcareFirst Lien(2)(3)(4)SOFR(Q)*+
6.25% +2.25%/PIK
13.09%08/201909/2026$25,292 $25,245 $22,763 
First Lien(2)(3)(4)SOFR(Q)*+
6.25% +2.25%/PIK
13.09%09/202109/20265,970 5,966 5,373 
First Lien(4)SOFR(Q)*+
6.25% +2.25%/PIK
13.09%08/201909/20262,259 2,256 2,033 
First Lien(2)(3)(4)SOFR(Q)*+
6.25% +2.25%/PIK
13.09%02/202209/2026388 387 349 
33,909 33,854 30,518 3.12 %
IG IntermediateCo LLC
Infogain Corporation
Business ServicesSubordinated(4)SOFR(Q)+7.50%11.93%07/202207/202919,764 19,582 19,764 
First Lien(2)(3)(4)SOFR(M)+5.75%10.21%07/202107/20288,897 8,858 8,897 
First Lien(2)(3)(4)SOFR(M)+5.75%10.21%07/202207/20281,548 1,538 1,548 
30,209 29,978 30,209 3.09 %
FS WhiteWater Borrower, LLC
Consumer ServicesFirst Lien(2)(3)(4)SOFR(Q)+5.75%10.23%12/202112/202717,342 17,244 17,342 
First Lien(2)(3)(4)SOFR(Q)+5.75%10.23%12/202112/20275,821 5,789 5,821 
First Lien(2)(3)(4)SOFR(Q)+5.75%10.23%12/202112/20275,784 5,752 5,784 
28,947 28,785 28,947 2.96 %
Knockout Intermediate Holdings I Inc. (10)
Kaseya Inc.
SoftwareFirst Lien(2)(3)(4)SOFR(Q)+5.50%10.09%06/202206/202926,269 26,132 26,269 
First Lien(2)(3)(4)(5) - DrawnSOFR(Q)+5.50%9.83%06/202206/2029399 400 399 
First Lien(2)(3)(4)(5) - DrawnSOFR(Q)+5.50%10.09%06/202206/2029308 305 308 
First Lien(2)(3)(4)SOFR(Q)+5.50%10.09%06/202206/202998 98 98 
27,074 26,935 27,074 2.77 %
Galway Borrower LLC
Business ServicesFirst Lien(2)(3)(4)SOFR(Q)+4.50%8.83%09/202109/202826,481 26,313 26,217 
First Lien(2)(3)(4)(5) - DrawnSOFR(Q)+4.50%8.82%09/202109/2028158 166 157 
26,639 26,479 26,374 2.70 %
Businessolver.com, Inc.
SoftwareFirst Lien(2)(3)(4)SOFR(Q)+5.50%9.93%12/202112/202723,918 23,852 23,918 
First Lien(2)(3)(4)(5) - DrawnSOFR(Q)+5.50%9.93%12/202112/2027855 854 855 
24,773 24,706 24,773 2.53 %
Avalara, Inc.
SoftwareFirst Lien(2)(3)(4)SOFR(Q)+6.25%10.58%10/202210/202821,654 21,461 21,654 2.21 %
DOCS, MSO, LLC
HealthcareFirst Lien(2)(3)(4)SOFR(M)+5.75%10.40%06/202206/202820,717 20,717 20,603 2.11 %
TigerConnect, Inc.
HealthcareFirst Lien(2)(3)(4)SOFR(Q)*+
3.38% +3.38%/PIK
11.48%02/202202/202818,409 18,308 18,409 
First Lien(2)(3)(4)(5) - DrawnSOFR(Q)*+
3.38% +3.38%/PIK
11.47%02/202202/20281,504 1,504 1,504 
19,913 19,812 19,913 2.04 %
The accompanying notes are an integral part of these consolidated financial statements.
23
Table of Contents
New Mountain Private Credit Fund
 
Consolidated Schedule of Investments (Continued)
December 31, 2024
(in thousands, except shares)

Portfolio Company, Location and Industry(1)Type of
Investment		Reference (6)Spread (6)Interest Rate (6)Acquisition DateMaturity/Expiration
Date		Principal
Amount,
Par Value or Shares		CostFair ValuePercent of
Net Assets
Foundational Education Group, Inc.
EducationSecond Lien(4)SOFR(Q)+6.50%11.35%08/202108/2029$19,705 $19,652 $19,705 2.01 %
Daxko Acquisition Corporation
SoftwareFirst Lien(2)(3)(4)SOFR(M)+5.00%9.36%10/202110/202817,390 17,283 17,390 
First Lien(4)SOFR(M)+5.00%9.36%10/202110/20281,465 1,459 1,465 
First Lien(2)(3)(4)SOFR(M)+5.00%9.36%10/202110/202888 87 88 
18,943 18,829 18,943 1.94 %
OB Hospitalist Group, Inc.
HealthcareFirst Lien(2)(3)(4)SOFR(M)+5.25%9.71%09/202109/202718,880 18,781 18,880 1.93 %
Idera, Inc.
SoftwareSecond Lien(4)SOFR(Q)+6.75%11.47%03/202103/202917,607 17,601 17,607 1.80 %
Project Essential Topco, Inc. (8)
Project Essential Bidco, Inc.
SoftwareFirst Lien(2)(3)(4)SOFR(Q)*+
3.00% +3.25%/PIK
10.91%04/202104/202818,136 18,053 16,956 1.73 %
Relativity ODA LLC
SoftwareFirst Lien(4)SOFR(M)+4.50%8.86%05/202105/202916,848 16,759 16,779 1.72 %
ACI Parent Inc. (9)
ACI Group Holdings, Inc.
HealthcareFirst Lien(2)(3)(4)SOFR(M)*+
2.75% +3.25%/PIK
10.46%08/202108/202810,653 10,591 10,340 
First Lien(2)(3)(4)SOFR(M)*+
2.75% +3.25%/PIK
10.46%08/202108/20282,045 2,024 1,985 
First Lien(4)SOFR(M)*+
2.75% +3.25%/PIK
10.46%08/202108/20281,888 1,883 1,833 
First Lien(2)(3)(4)(5) - DrawnSOFR(M)+5.50%9.96%08/202108/2027114 120 110 
14,700 14,618 14,268 1.46 %
PDQ.com Corporation
SoftwareFirst Lien(2)(3)(4)(5) - DrawnSOFR(Q)+4.75%9.32%12/202108/20278,170 8,147 8,170 
First Lien(2)(3)(4)SOFR(Q)+4.75%9.34%12/202108/20275,543 5,528 5,543 
13,713 13,675 13,713 1.40 %
NMC Crimson Holdings, Inc.
HealthcareFirst Lien(2)(3)(4)SOFR(Q)+6.09%10.85%03/202103/202811,101 11,013 11,101 
First Lien(2)(3)(4)SOFR(Q)+6.09%10.69%03/202103/20282,302 2,297 2,302 
13,403 13,310 13,403 1.37 %
DCA Investment Holding, LLC
HealthcareFirst Lien(2)(3)(4)SOFR(Q)+6.41%10.73%03/202104/20289,309 9,271 9,073 
First Lien(2)(3)(4)SOFR(Q)+6.41%10.73%02/202204/20282,057 2,051 2,005 
First Lien(4)SOFR(Q)+6.41%10.73%03/202104/20281,559 1,553 1,520 
First Lien(2)(3)(4)SOFR(Q)+6.50%10.83%12/202204/2028489 485 478 
13,414 13,360 13,076 1.34 %
Databricks, Inc.
SoftwareFirst LienSOFR (Q)+4.50%8.83%12/202401/203112,592 12,529 12,529 1.34 %
Syndigo LLC
SoftwareSecond Lien(4)SOFR(Q)+8.00%12.89%12/202012/202812,500 12,443 12,500 1.28 %
HS Purchaser, LLC / Help/Systems Holdings, Inc.
SoftwareSecond LienSOFR(Q)+6.75%11.44%05/202111/202718,882 18,882 12,179 1.25 %
The accompanying notes are an integral part of these consolidated financial statements.
24
Table of Contents
New Mountain Private Credit Fund
 
Consolidated Schedule of Investments (Continued)
December 31, 2024
(in thousands, except shares)

Portfolio Company, Location and Industry(1)Type of
Investment		Reference (6)Spread (6)Interest Rate (6)Acquisition DateMaturity/Expiration
Date		Principal
Amount,
Par Value or Shares		CostFair ValuePercent of
Net Assets
DG Investment Intermediate Holdings 2, Inc.
Business ServicesSecond LienSOFR(M)+6.75%11.22%03/202103/2029$12,188 $12,168 $12,168 1.24 %
MRI Software LLC
SoftwareFirst Lien(2)(3)(4)SOFR(Q)+4.75%9.08%01/202002/20278,027 8,012 8,027 
First Lien(2)(3)(4)SOFR(Q)+4.75%9.08%03/202102/20273,558 3,554 3,558 
11,585 11,566 11,585 1.18 %
Allworth Financial Group, L.P.
Financial ServicesFirst Lien(2)(3)(4)SOFR(M)+5.00%9.36%01/202212/20275,024 4,999 5,024 
First Lien(2)(3)(4)SOFR(M)+5.00%9.36%01/202212/20274,992 4,964 4,992 
First Lien(4)SOFR(M)+5.00%9.36%01/202212/20271,511 1,501 1,511 
11,527 11,464 11,527 1.18 %
Specialtycare, Inc.
HealthcareFirst Lien(2)(3)(4)SOFR(Q)+5.75%10.60%06/202106/202811,491 11,413 11,161 
First Lien(2)(3)(4)(5) - DrawnSOFR(M)+4.00%9.04%06/202106/2026162 163 157 
First Lien(4)SOFR(Q)+5.75%10.66%06/202106/202883 82 80 
11,736 11,658 11,398 1.17 %
AmeriVet Partners Management, Inc.
Consumer ServicesFirst Lien(2)(3)(4)SOFR(S)+5.25%9.50%02/202202/20287,924 7,901 7,924 
First Lien(4)SOFR(S)+5.25%9.50%02/202202/20282,205 2,203 2,205 
First Lien(2)(3)(4)SOFR(S)+5.25%9.50%02/202202/2028290 289 290 
10,419 10,393 10,419 1.07 %
Beacon Pointe Harmony, LLC
Financial ServicesFirst Lien(2)(3)(4)SOFR(M)+4.75%9.21%12/202112/20286,920 6,875 6,920 
First Lien(4)SOFR(Q)+4.75%9.49%12/202112/20282,714 2,701 2,714 
First Lien(2)(3)(4)SOFR(Q)+4.75%9.49%12/202112/2028774 769 774 
10,408 10,345 10,408 1.06 %
GC Waves Holdings, Inc.
Financial ServicesFirst Lien(2)(3)(4)SOFR(M)+4.75%9.21%08/202110/203010,340 10,285 10,340 1.06 %
Maverick Bidco Inc.
SoftwareSecond LienSOFR(Q)+6.75%11.49%04/202105/202910,200 10,182 10,013 1.02 %
Trinity Air Consultants Holdings Corporation
Business ServicesFirst Lien(2)(3)(4)SOFR(Q)+5.25%9.76%06/202106/20287,449 7,405 7,449 
First Lien(2)(3)(4)SOFR(Q)+5.25%9.78%06/202106/20282,163 2,153 2,163 
9,612 9,558 9,612 0.98 %
CG Group Holdings, LLC
Specialty Chemicals & MaterialsFirst Lien(2)(3)(4)SOFR(Q)*+
6.75% +2.00%/PIK
13.08%07/202107/20278,493 8,448 8,449 
First Lien(2)(3)(4)(5) - DrawnSOFR(M)*+
6.75% +2.00%/PIK
13.11%07/202107/2026954 953 950 
9,447 9,401 9,399 0.96 %
Radwell Parent, LLC
Distribution & LogisticsFirst Lien(2)(3)(4)SOFR(Q)+5.50%9.83%03/202204/20299,147 9,100 9,147 
First Lien(2)(3)(4)(5) - DrawnSOFR(Q)+5.50%9.83%03/202204/202990 91 90 
9,237 9,191 9,237 0.94 %
The accompanying notes are an integral part of these consolidated financial statements.
25
Table of Contents
New Mountain Private Credit Fund
 
Consolidated Schedule of Investments (Continued)
December 31, 2024
(in thousands, except shares)

Portfolio Company, Location and Industry(1)Type of
Investment		Reference (6)Spread (6)Interest Rate (6)Acquisition DateMaturity/Expiration
Date		Principal
Amount,
Par Value or Shares		CostFair ValuePercent of
Net Assets
KPSKY Acquisition Inc.
Business ServicesFirst Lien(2)(3)(4)SOFR(Q)+5.50%10.19%10/202110/2028$8,415 $8,364 $8,100 
First Lien(4)SOFR(Q)+5.50%10.28%10/202110/2028964 958 928 
9,379 9,322 9,028 0.92 %
Huskies Parent, Inc.
SoftwareFirst Lien(2)(3)(4)SOFR(M)+5.50%9.96%12/202111/20288,291 8,251 8,243 
First Lien(2)(3)(4)(5) - DrawnSOFR(M)+5.50%9.96%12/202111/2027468 467 465 
8,759 8,718 8,708 0.89 %
Smile Doctors LLC
HealthcareFirst Lien(2)(3)(4)SOFR(S)+5.90%10.81%02/202212/20287,804 7,776 7,663 
First Lien(2)(3)(4)(5) - DrawnSOFR(S)+5.90%10.68%06/202312/2028542 536 533 
8,346 8,312 8,196 0.84 %
Ministry Brands Holdings, LLC
SoftwareFirst Lien(2)(3)(4)SOFR(M)+5.50%9.96%12/202112/20286,868 6,846 6,846 
First Lien(2)(3)(4)SOFR(M)+5.50%9.96%12/202112/2028694 694 692 
7,562 7,540 7,538 0.77 %
Safety Borrower Holdings LLC
SoftwareFirst Lien(2)(3)(4)SOFR(M)+5.25%9.72%09/202109/20276,834 6,817 6,834 
First Lien(2)(3)(4)(5) - DrawnP(Q)+4.25%11.75%09/202109/2027128 129 128 
6,962 6,946 6,962 0.71 %
Calabrio, Inc.
SoftwareFirst Lien(4)SOFR(Q)+5.50%10.01%04/202104/20275,949 5,929 5,949 
First Lien(2)(3)(4)(5) - DrawnSOFR(Q)+5.50%10.02%04/202104/2027309 310 309 
6,258 6,239 6,258 0.64 %
Ambrosia Holdco Corp (11)
TMK Hawk Parent, Corp.
Distribution & LogisticsFirst Lien(2)(4)SOFR(M)*+
5.25%/PIK
9.59%01/202406/20295,711 5,711 4,819 
Subordinated(2)(4)Fixed(Q)*+
11.00%/PIK
11.00%01/202412/2031179 179 179 
5,890 5,890 4,998 0.5 %
Bamboo Health Holdings, Inc. (f/k/a Appriss Health Holdings,Inc.) (7)
Bamboo Health Holdings, LLC (f/k/a Appriss Health, LLC)
HealthcareFirst Lien(4)SOFR(S)+7.00%12.08%05/202105/20274,582 4,561 4,582 0.47 %
Therapy Brands Holdings LLC
HealthcareSecond Lien(2)(3)SOFR(M)+6.75%11.22%05/202105/20296,000 5,974 4,350 0.44 %
Bayou Intermediate II, LLC
HealthcareFirst Lien(2)(4)SOFR(Q)+4.50%9.35%12/202408/20284,269 4,241 4,269 0.43 %
Cloudera, Inc.
SoftwareSecond LienSOFR(M)+6.00%10.46%08/202110/20294,006 3,999 3,944 0.39 %
Planview Parent, Inc.
SoftwareSecond Lien(2)(3)SOFR(Q)+5.75%10.08%12/202412/20282,278 2,267 2,272 0.22 %
The accompanying notes are an integral part of these consolidated financial statements.
26
Table of Contents
New Mountain Private Credit Fund
 
Consolidated Schedule of Investments (Continued)
December 31, 2024
(in thousands, except shares)

Portfolio Company, Location and Industry(1)Type of
Investment		Reference (6)Spread (6)Interest Rate (6)Acquisition DateMaturity/Expiration
Date		Principal
Amount,
Par Value or Shares		CostFair ValuePercent of
Net Assets
MH Sub I, LLC (Micro Holding Corp.)
Business ServicesSecond LienSOFR(M)+6.25%10.61%02/202102/2029$1,865 $1,862 $1,851 0.18 %
AG Parent Holdings, LLC
HealthcareFirst Lien(2)(3)SOFR(Q)+5.00%9.78%07/201907/20261,950 1,947 1,842 0.18 %
Kele Holdco, Inc.
Distribution & LogisticsFirst Lien(2)(3)(4)SOFR(M)+4.50%8.84%12/202102/20281,720 1,718 1,720 0.17 %
Reorganized Careismatic Brands, LLC
HealthcareTrust Claim(4)———06/202406/202975 75 75 0.01 %
Total Funded Debt Investments - United States$1,420,281 $1,413,305 $1,385,390 141.63 %
Funded Debt Investments - United Kingdom
Aston FinCo S.a r.l. / Aston US Finco, LLC**
SoftwareSecond Lien(2)(3)(4)SOFR(M)+8.25%12.72%10/201910/2027$22,500 $22,425 $22,500 2.30 %
Total Funded Debt Investments - United Kingdom$22,500 $22,425 $22,500 2.30 %
Total Funded Debt Investments$1,442,781 $1,435,730 $1,407,890 143.93 %
Equity - United States
Dealer Tire Holdings, LLC
Distribution & LogisticsPreferred shares (4)Fixed(A)*+
7.00%/PIK
7.00%09/2021—30,082 $40,590 $42,352 4.33 %
ACI Parent Inc. (9)
HealthcarePreferred shares (4)Fixed(Q)*+
11.75%/PIK
11.75%08/2021—12,500 18,444 16,418 1.68 %
Knockout Intermediate Holdings I Inc. (10)
SoftwarePreferred shares (4)SOFR(S)*+
10.75%/PIK
15.03%06/2022—9,061 12,453 12,566 1.28 %
Project Essential Topco, Inc. (8)
Project Essential Super Parent, Inc.
SoftwarePreferred shares (4)SOFR(Q)*+
9.50%/PIK
14.10%04/2021—5,000 7,965 7,417 0.76 %
Diligent Preferred Issuer, Inc.
SoftwarePreferred shares (4)Fixed(S)*+
10.50%/PIK
10.50%04/2021—5,000 7,081 6,804 0.70 %
Bamboo Health Holdings, Inc. (f/k/a Appriss Health Holdings,Inc.) (7)
Bamboo Health Intermediate Holdings (fka Appriss Health Intermediate Holdings, Inc.)
HealthcarePreferred shares (4)Fixed(Q)*+
11.00%/PIK
11.00%05/2021—1,167 1,717 1,686 0.17 %
Ambrosia Holdco Corp (11)
Distribution & LogisticsOrdinary shares (2)(4)———01/2024—55,984 596 596 
Ordinary shares (4)———01/2024—19,197 205 205 
75,181 801 801 0.08 %
Pioneer Topco I, L.P. (12)
SoftwareOrdinary shares (4)———11/2021—10 — — — %
Total Shares - United States$89,051 $88,044 9.00 %
Total Shares$89,051 $88,044 9.00 %
Warrants - United States
The accompanying notes are an integral part of these consolidated financial statements.
27
Table of Contents
New Mountain Private Credit Fund
 
Consolidated Schedule of Investments (Continued)
December 31, 2024
(in thousands, except shares)

Portfolio Company, Location and Industry(1)Type of
Investment		Reference (6)Spread (6)Interest Rate (6)Acquisition DateMaturity/Expiration
Date		Principal
Amount,
Par Value or Shares		CostFair ValuePercent of
Net Assets
Reorganized Careismatic Brands, LLC
HealthcareWarrants(4)———06/202406/202968,568 $90 $162 0.02 %
Total Warrants - United States$90 $162 0.02 %
Total Funded Investments$1,524,871 $1,496,096 152.95 %
Unfunded Debt Investments - United States
Paw Midco, Inc.
AAH Topco, LLC
Consumer ServicesFirst Lien(2)(3)(4)(5) - Undrawn———12/202112/2027$2,427 $(12)$— — %
Allworth Financial Group, L.P.
Financial ServicesFirst Lien(2)(3)(4)(5) - Undrawn———01/202212/20271,573 (7)— — %
AmeriVet Partners Management, Inc.
Consumer ServicesFirst Lien(2)(3)(4)(5) - Undrawn———02/202202/20281,214 (3)— — %
Bamboo Health Holdings, Inc. (f/k/a Appriss Health Holdings,Inc.) (7)
Bamboo Health Holdings, LLC (f/k/a Appriss Health, LLC)
HealthcareFirst Lien(2)(3)(4)(5) - Undrawn———05/202105/2027313 (1)— — %
Avalara, Inc.
SoftwareFirst Lien(2)(3)(4)(5) - Undrawn———10/202210/20282,165 (17)— — %
Beacon Pointe Harmony, LLC
Financial ServicesFirst Lien(2)(3)(4)(5) - Undrawn———12/202112/2027736 (4)— — %
Legal Spend Holdings, LLC (fka Bottomline Technologies, Inc.)
SoftwareFirst Lien(2)(3)(4)(5) - Undrawn———05/202205/20284,156 (24)— — %
Businessolver.com, Inc.
SoftwareFirst Lien(2)(3)(4)(5) - Undrawn———12/202106/20252,724 — — — %
Calabrio, Inc.
SoftwareFirst Lien(2)(3)(4)(5) - Undrawn———04/202104/2027411 (3)— — %
Databricks, Inc.
SoftwareFirst Lien(5) - Undrawn———12/202407/20262,798 — — — %
Daxko Acquisition Corporation
SoftwareFirst Lien(2)(3)(4)(5) - Undrawn———10/202110/20281,331 (6)— — %
The accompanying notes are an integral part of these consolidated financial statements.
28
Table of Contents
New Mountain Private Credit Fund
 
Consolidated Schedule of Investments (Continued)
December 31, 2024
(in thousands, except shares)

Portfolio Company, Location and Industry(1)Type of
Investment		Reference (6)Spread (6)Interest Rate (6)Acquisition DateMaturity/Expiration
Date		Principal
Amount,
Par Value or Shares		CostFair ValuePercent of
Net Assets
Foreside Financial Group, LLC
Business ServicesFirst Lien(2)(3)(4)(5) - Undrawn———05/202209/2027$1,790 $(9)$— — %
Fortis Solutions Group, LLC
PackagingFirst Lien(2)(3)(4)(5) - Undrawn———06/202206/20253,439 — — 
First Lien(2)(3)(4)(5) - Undrawn———10/202110/20271,903 (19)— 
5,342 (19)— — %
IG IntermediateCo LLC
Infogain Corporation
Business ServicesFirst Lien(2)(3)(4)(5) - Undrawn———07/202107/20261,854 (4)— — %
IG Investments Holdings, LLC
Business ServicesFirst Lien(2)(3)(4)(5) - Undrawn———09/202109/20283,103 (16)— — %
GS Acquisitionco, Inc.
SoftwareFirst Lien(2)(3)(4)(5) - Undrawn———02/202005/20282,362 (5)— — %
Knockout Intermediate Holdings I Inc. (10)
Kaseya Inc.
SoftwareFirst Lien(2)(3)(4)(5) - Undrawn———06/202206/20251,174 — — 
First Lien(2)(3)(4)(5) - Undrawn———06/202206/20291,183 (9)— 
2,357 (9)— — %
OB Hospitalist Group, Inc.
HealthcareFirst Lien(2)(3)(4)(5) - Undrawn———09/202109/20272,523 (12)— — %
OEConnection LLC
SoftwareFirst Lien(4)(5) - Undrawn———12/202412/20263,891 — — — %
OA Buyer, Inc.
HealthcareFirst Lien(2)(3)(4)(5) - Undrawn———12/202112/20285,959 (34)— — %
Pioneer Buyer I, LLC
SoftwareFirst Lien(2)(3)(4)(5) - Undrawn———11/202111/20274,009 (19)— — %
PDQ.com Corporation
SoftwareFirst Lien(2)(3)(4)(5) - Undrawn———12/202112/20256,000 — — — %
The accompanying notes are an integral part of these consolidated financial statements.
29
Table of Contents
New Mountain Private Credit Fund
 
Consolidated Schedule of Investments (Continued)
December 31, 2024
(in thousands, except shares)

Portfolio Company, Location and Industry(1)Type of
Investment		Reference (6)Spread (6)Interest Rate (6)Acquisition DateMaturity/Expiration
Date		Principal
Amount,
Par Value or Shares		CostFair ValuePercent of
Net Assets
Radwell Parent, LLC
Distribution & LogisticsFirst Lien(2)(3)(4)(5) - Undrawn———03/202204/2025$187 $(1)$— 
First Lien(2)(3)(4)(5) - Undrawn———03/202204/2029360 (3)— 
547 (4)— — %
Safety Borrower Holdings LLC
SoftwareFirst Lien(2)(3)(4)(5) - Undrawn———09/202109/2027384 (2)— — %
TigerConnect, Inc.
HealthcareFirst Lien(2)(3)(4)(5) - Undrawn———02/202212/2025803 — — 
First Lien(2)(3)(4)(5) - Undrawn———02/202202/20282,631 (14)— 
3,434 (14)— — %
TMK Hawk Parent, Corp.
Distribution & LogisticsFirst Lien(4)(5) - Undrawn———10/202410/2026612 — — — %
Trinity Air Consultants Holdings Corporation
Business ServicesFirst Lien(2)(4)(5) - Undrawn———06/202104/2025380 (2)— 
First Lien(2)(3)(4)(5) - Undrawn———06/202106/2028727 (3)— 
1,107 (5)— — %
WEG Sub Intermediate Holdings, LLC
Wealth Enhancement Group, LLC
Financial ServicesFirst Lien(2)(3)(4)(5) - Undrawn———08/202110/20281,885 (3)— — %
FS WhiteWater Borrower, LLC
Consumer ServicesFirst Lien(2)(3)(4)(5) - Undrawn———12/202112/20272,384 (12)— — %
CG Group Holdings, LLC
Specialty Chemicals & MaterialsFirst Lien(2)(3)(4)(5) - Undrawn———07/202107/2026226 (3)(1)(0.00)%
Huskies Parent, Inc.
SoftwareFirst Lien(2)(3)(4)(5) - Undrawn———12/202111/2027255 (2)(1)(0.00)%
Ministry Brands Holdings, LLC
SoftwareFirst Lien(2)(3)(4)(5) - Undrawn———12/202112/2027678 (2)(2)(0.00)%
Specialtycare, Inc.
HealthcareFirst Lien(2)(3)(4)(5) - Undrawn———06/202106/2026117 (2)(3)(0.00)%
Relativity ODA LLC
SoftwareFirst Lien(2)(3)(4)(5) - Undrawn———05/202105/20291,439 (8)(6)0.00 %
The accompanying notes are an integral part of these consolidated financial statements.
30
Table of Contents
New Mountain Private Credit Fund
 
Consolidated Schedule of Investments (Continued)
December 31, 2024
(in thousands, except shares)

Portfolio Company, Location and Industry(1)Type of
Investment		Reference (6)Spread (6)Interest Rate (6)Acquisition DateMaturity/Expiration
Date		Principal
Amount,
Par Value or Shares		CostFair ValuePercent of
Net Assets
Smile Doctors LLC
HealthcareFirst Lien(2)(3)(4)(5) - Undrawn———06/202303/2025$360 $— $(6)(0.00)%
DOCS, MSO, LLC
HealthcareFirst Lien(2)(3)(4)(5) - Undrawn———06/202206/20281,977 — (11)(0.00)%
iCIMS, Inc.
SoftwareFirst Lien(2)(3)(4)(5) - Undrawn———08/202208/20282,018 (18)(15)(0.00)%
Galway Borrower LLC
Business ServicesFirst Lien(2)(3)(4)(5) - Undrawn———09/202109/20281,735 (17)(17)(0.00)%
ACI Parent Inc. (9)
ACI Group Holdings, Inc.
HealthcareFirst Lien(2)(3)(4)(5) - Undrawn———08/202108/20271,030 (10)(30)(0.00)%
Project Essential Topco, Inc. (8)
Project Essential Bidco, Inc.
SoftwareFirst Lien(2)(3)(4)(5) - Undrawn———04/202104/20272,259 (8)(147)(0.02)%
Notorious Topco, LLC
Consumer ProductsFirst Lien(2)(4)(5) - Undrawn———11/202105/20273,614 (12)(293)(0.03)%
Total Unfunded Debt Investments - United States$85,099 $(326)$(532)(0.05)%
Total Unfunded Debt Investments$85,099 $(326)$(532)(0.05)%
Total Non-Controlled/Non-Affiliated Investments$1,524,545 $1,495,564 152.90 %
Total Investments$1,524,545 $1,495,564 152.9 %
(1)New Mountain Private Credit Fund (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 Private Credit Fund SPV I, L.L.C. ("NEWCRED SPV").
(3)Investment is pledged as collateral for the GS Credit Facility, a revolving credit facility among the Company as Collateral Manager, NEWCRED SPV, as the Borrower, GS ASL, LLC, as administrative agent, Goldman Sachs Bank USA, as syndication agent, and Western Alliance Trust Company, N.A. as Collateral Agent, Collateral Custodian and Collateral Administrator. 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 March 31, 2025.
(7)The Company holds investments in two wholly-owned subsidiaries of Bamboo Health Holdings, Inc. (f/k/a Appriss Health Holdings, Inc.). The Company holds a first lien term loan and a first lien revolver in Bamboo Health Holdings, LLC (f/k/a Appriss Health, LLC) and preferred equity in Bamboo Health Intermediate Holdings (fka Appriss Health Intermediate Holdings, Inc.).
(8)The Company holds investments in two subsidiaries of Project Essential Topco, Inc. The Company holds a first lien term loan and first lien revolver in Project Essential Bidco, Inc. and preferred equity in Project Essential Super Parent, Inc.
The accompanying notes are an integral part of these consolidated financial statements.
31
Table of Contents
New Mountain Private Credit Fund
 
Consolidated Schedule of Investments (Continued)
December 31, 2024
(in thousands, except shares)

(9)The Company holds investments in ACI Parent Inc. and a wholly-owned subsidiary of ACI Parent Inc. The Company holds a first lien term loan, two first lien delayed draws and a first lien revolver in ACI Group Holdings, Inc. and preferred equity in ACI Parent Inc.
(10)The Company holds preferred equity in Knockout Intermediate Holdings I Inc. and a first lien term loan, a first lien revolver and a first lien delayed draw in Kaseya Inc., a wholly-owned subsidiary of Knockout Intermediate Holdings I Inc.
(11)The Company holds ordinary shares in Ambrosia Holdco Corp., a first lien term loan and a subordinated loan in TMK Hawk Parent, Corp., a wholly-owned subsidiary of Ambrosia Holdco Corp.
(12)The Company holds investments in Pioneer Topco I, L.P. and a wholly-owned subsidiary of Pioneer Topco I, L.P. The Company holds a first lien term loan and a first lien revolver in Pioneer Buyer I, LLC, and common equity in Pioneer Topco I, L.P.
(13)Investment is on non-accrual status. See Note 3. Investments, for details.
*    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 December 31, 2024, 1.43% 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.
32
Table of Contents
New Mountain Private Credit Fund
 
Consolidated Schedule of Investments (Continued)
December 31, 2024

 December 31, 2024
Investment TypePercent of Total
Investments at Fair Value
First lien83.64 %
Second lien7.96 %
Subordinated2.50 %
Equity and other5.90 %
Total investments100.00 %


 December 31, 2024
Industry TypePercent of Total
Investments at Fair Value
Software38.95 %
Healthcare23.05 %
Business Services16.34 %
Consumer Services6.17 %
Financial Services4.75 %
Distribution & Logistics3.95 %
Consumer Products2.74 %
Packaging2.10 %
Education1.32 %
Specialty Chemicals & Materials0.63 %
Total investments100.00 %


 December 31, 2024
Interest Rate TypePercent of Total
Investments at Fair Value
Floating rates94.26 %
Fixed rates5.74 %
Total investments100.00 %

The accompanying notes are an integral part of these consolidated financial statements.
33
Table of Contents
Notes to the Consolidated Financial Statements of
New Mountain Private Credit Fund
March 31, 2025
(in thousands, except for share or unit data)
(unaudited)
Note 1. Formation and Business Purpose
New Mountain Private Credit Fund (the "Company" or the "Successor") is a Maryland statutory trust formed on August 19, 2024. 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 intends to elect to be treated for United States federal income tax purposes, and to qualify thereafter, as a regulated investment company (“RIC”) under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”). The Company commenced operations on December 17, 2024.
On December 17, 2024, the Company completed its previously announced acquisition of New Mountain Guardian III BDC, L.L.C., a Delaware limited liability company (“GIII” or the "Predecessor"). Pursuant to that certain Agreement and Plan of Merger (the “Merger Agreement”) by and among the Company, GIII, and, solely for the limited purposes set forth therein, the Investment Adviser (as defined below), dated as of October 11, 2024, GIII merged with and into the Company, with the Company continuing as the surviving company (the "Merger"). the Company's consolidated financial statements are presented as Predecessor for the periods prior to the Merger on December 17, 2024, and Successor for subsequent periods. In accordance with the terms of the Merger Agreement, at the effective time of the Merger, each GIII unitholder was given the opportunity to transfer all or a portion of their units of GIII limited liability company interests (the "Units") to the Company prior to the closing in exchange for the Company's common shares of beneficial interest ("Shares"). As a result of the Merger, the Company issued an aggregate of 24,216,852 Shares to former GIII unitholders.
The Merger is accounted for as a common control transaction between GIII and the Company. In accordance with the common control method of accounting, as detailed in Accounting Standards Codification Topic 805-50, Business Combinations - Related Issues, there is no change in basis of the assets and liabilities. Accordingly, the ongoing financial statements of the Company are presented as a continuation of those of GIII, such that the assets and liabilities of GIII were contributed to the Company at their current carrying values, and the equity of the Company was adjusted to reflect the equity of GIII immediately prior to the Merger. The Company is the accounting survivor of the Merger. The Merger was considered a tax-free reorganization and the historical cost basis of the acquired GIII investments are carried forward for tax purposes.
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 $55 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.
New Mountain Private Credit Fund SPV I, L.L.C. ("NEWCRED SPV"), formerly known as New Mountain Guardian III SPV L.L.C ("GIII SPV"), is a wholly-owned direct subsidiary of the Company, whose assets are used to secure NEWCRED SPV's credit facility. New Mountain Private Credit Fund OEC, Inc. ("NEWCRED OEC"), formerly known as New Mountain Guardian III OEC, Inc ("GIII OEC"), is a wholly-owned direct subsidiary of the Company, which is treated as a corporation for U.S. federal income tax purposes and is intended to facilitate our compliance with the requirements to be treated as a RIC under the Code by holding equity or equity like investments in one of the Company's portfolio companies organized as a limited liability company; the Company consolidates this corporation for accounting purposes, but the corporation is not consolidated for U.S. federal income tax purposes and may incur U.S. federal income tax expense as a result of its ownership of the portfolio company.
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.
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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. In some cases, the Company’s investments may also include equity interests.
As of March 31, 2025, the Company's top five industry concentrations were software, healthcare, business services, consumer services and financial 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 subsidiaries NEWCRED SPV and NEWCRED OEC.
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, 2025.
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 on the Company's Consolidated Statements of Assets and Liabilities at fair value, with changes in unrealized gains and losses resulting from changes in fair value reflected in 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 monthly basis, or more frequently if required under the 1940 Act. In all cases, the Board 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:
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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 Board; 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 March 31, 2025 and December 31, 2024. 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 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. 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 months ended March 31, 2025 and March 31, 2024, the Company recognized PIK interest from investments of $2,252 and $4,238, respectively, and PIK dividends from investments of $2,339 and $2,741, respectively.
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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 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. As of March 31, 2025 and December 31, 2024, there were 0 and 1 investments on non-accrual status, respectively.
Fee income: Fee income represents delayed compensation, amendment fees, revolver 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. 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 and offering expenses—Organizational expenses include costs and expenses incurred in connection with the formation and organization of the Company. Organizational costs are expensed as incurred in the Consolidated Statements of Operations. Offering expenses consist of fees and expenses incurred in connection with the Company's continuous offering. Costs associated with the offering of the Company’s shares are capitalized as deferred offering costs and amortized over a twelve-month period from incurrence on the Consolidated Statements of Operations. Deferred offering costs are included in the Consolidated Statements of Assets and Liabilities until amortized.
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 shareholders.
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 shareholders 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.
Certain consolidated subsidiaries of the Company are subject to U.S. federal and state income taxes. These taxable entities are not consolidated for U.S. federal income tax purposes and may generate income tax liabilities or assets from permanent and temporary differences in the recognition of items for financial reporting and U.S. federal income tax purposes.

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The following table summarizes the total income tax provision, income tax expense and deferred income tax provision for the three months ended March 31, 2025 and March 31, 2024:
SuccessorPredecessor
 Three Months Ended March 31, 2025Three Months Ended March 31, 2024
Deferred income tax (benefit) provision$(1)$238 
Current income tax (benefit) expense80 121 
Total income tax (benefit) provision$79 $359 
As of March 31, 2025 and December 31, 2024, the Company had $7 and $7, respectively, of deferred tax assets primarily relating to deferred taxes attributable to certain differences between the computation of income for U.S. federal income tax purposes as compared to GAAP.
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, 2024. The 2021 through 2024 tax years and forward remain subject to examination by the U.S. federal, state, and local tax authorities.
Distributions—Distributions to the Company's shareholders are recorded on the record date as set by the Board. The Company intends to make timely distributions to its shareholders 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 Share—The Company's earnings per share ("EPS") amounts have been computed based on the weighted-average number of Shares outstanding for the period. Basic EPS is computed by dividing net increase (decrease) in net assets resulting from operations by the weighted average number of Shares outstanding during the period of computation. Diluted EPS is computed by dividing net increase (decrease) in net assets resulting from operations by the weighted average number of Share assuming all potential Share had been issued, and its related net impact to net assets accounted for, and the additional Share were dilutive. Diluted EPS reflects the potential dilution, using the as-if-converted method for convertible debt, which could occur if all potentially dilutive securities were exercised.
GIII'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 GIII's 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 GIII's members' capital resulting from operations by the weighted average number of Units assuming all potential Units had been issued, and its related net impact to GIII's 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 does not isolate 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 investments" and "Net realized gains (losses) on investments" 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 such 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.

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Note 3. Investments
At March 31, 2025, the Company's investments consisted of the following:
Investment Cost and Fair Value by Type
 CostFair Value
First lien$1,321,974 $1,304,600 
Second lien127,470 119,089 
Subordinated44,689 44,773 
Equity and other94,857 93,197 
Total investments$1,588,990 $1,561,659 
Investment Cost and Fair Value by Industry
 CostFair Value
Software$592,700 $585,696 
Healthcare389,088 374,792 
Business Services264,537 264,579 
Consumer Services97,375 97,448 
Financial Services70,640 70,944 
Distribution & Logistics58,264 58,794 
Consumer Products45,847 38,583 
Packaging31,472 31,657 
Education29,524 29,579 
Specialty Chemicals & Materials9,543 9,587 
Total investments$1,588,990 $1,561,659 
At December 31, 2024, the Company's investments consisted of the following:
Investment Cost and Fair Value by Type
 CostFair Value
First lien$1,270,528 $1,250,834 
Second lien127,455 119,089 
Subordinated37,346 37,360 
Equity and other89,216 88,281 
Total investments$1,524,545 $1,495,564 
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Investment Cost and Fair Value by Industry
 CostFair Value
Software$590,073 $582,562 
Healthcare356,321 344,740 
Business Services252,205 244,350 
Consumer Services92,079 92,297 
Financial Services70,789 71,109 
Distribution & Logistics58,186 59,108 
Consumer Products44,696 40,953 
Packaging31,146 31,342 
Education19,652 19,705 
Specialty Chemicals & Materials9,398 9,398 
Total investments$1,524,545 $1,495,564 
For a 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 net assets 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.
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 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);
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•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 March 31, 2025:
 TotalLevel ILevel IILevel III
First lien$1,304,600 $— $31,221 $1,273,379 
Second lien119,089 — 33,546 85,543 
Subordinated44,773 — — 44,773 
Equity and other93,197 — — 93,197 
Total investments$1,561,659 $— $64,767 $1,496,892 
The following table summarizes the levels in the fair value hierarchy that the Company's portfolio investments fell into as of December 31, 2024:
 TotalLevel ILevel IILevel III
First lien$1,250,834 $— $1,842 $1,248,992 
Second lien119,089 — 46,777 72,312 
Subordinated37,360 — — 37,360 
Equity and other88,281 — — 88,281 
Total investments$1,495,564 $— $48,619 $1,446,945 
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The following table summarizes the changes in fair value of Level III portfolio investments for the three months ended March 31, 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 March 31, 2025:
 TotalFirst LienSecond LienSubordinatedEquity and other
Fair Value, December 31, 2024$1,446,945 $1,248,992 $72,312 $37,360 $88,281 
Total gains or losses included in earnings: 
Net realized gains (losses) on investments(8,417)(8,490)— — 73 
Net change in unrealized appreciation (depreciation) of investments1,484 3,258 (1,132)84 (726)
Purchases, including capitalized PIK and revolver fundings (1)144,188 124,862 — 7,329 11,997 
Proceeds from sales and paydowns of investments (1)(101,671)(95,243)— — (6,428)
Transfers into Level III (2)14,363 — 14,363 — — 
Fair Value, March 31, 2025$1,496,892 $1,273,379 $85,543 $44,773 $93,197 
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:$1,455 $3,261 $(1,133)$84 $(757)
(1)Includes non-cash reorganizations and restructurings.
(2)As of March 31, 2025, portfolio investments were transferred 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 three months ended March 31, 2024, 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 Predecessor at March 31, 2024:
 TotalFirst LienSecond LienSubordinatedEquity and other
Fair Value, December 31, 2023$1,958,982 $1,555,234 $269,766 $35,080 $98,902 
Total gains or losses included in earnings:
Net realized losses on investments(3,249)(3,249)— — — 
Net change in unrealized appreciation of investments11,301 6,208 4,071 (61)1,083 
Purchases, including capitalized PIK and revolver fundings30,439 26,418 — 650 3,371 
Proceeds from sales and paydowns of investments (1)(83,019)(60,519)(22,500)— — 
Transfers into Level III (2)6,404 — 6,404 — — 
Fair Value, March 31, 2024$1,920,858 $1,524,092 $257,741 $35,669 $103,356 
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:$6,011 $2,924 $2,065 $(61)$1,083 
(1)Includes non-cash reorganizations and restructurings.
(2)As of March 31, 2024, portfolio investments were transferred 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 months ended March 31, 2025 and March 31, 2024. 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.
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The Company invests in revolving credit facilities. These investments are 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 March 31, 2025 and December 31, 2024, 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 March 31, 2025 and December 31, 2024, the Company used the discount ranges set forth in the table below to value investments in its portfolio companies.
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The unobservable inputs used in the fair value measurement of the Company's Level III investments as of March 31, 2025 were as follows:
   Range
TypeFair Value as of March 31, 2025ApproachUnobservable InputLowHighWeighted
Average (1)
First lien$1,251,048 Market & income approachEBITDA multiple8.0x30.0x17.5x
Revenue multiple7.0x18.5x9.7x
 Discount rate7.0 %21.9 %9.5 %
22,331 OtherN/A (2)N/AN/AN/A
Second lien85,543 Market & income approachEBITDA multiple14.0x20.0x17.8x
 Discount rate9.4 %14.3 %10.2 %
Subordinated44,773 Market & income approachEBITDA multiple9.0x24.5x19.2x
Discount rate12.6 %14.2 %11.1 %
Equity and other93,197 Market & income approachEBITDA multiple6.0x19.0x12.6x
Revenue multiple5.0x10.5x5.5x
 Discount rate8.6 %16.7 %10.5 %
$1,496,892      
(1)Unobservable inputs were weighted by the relative fair value of the investments.
(2)Fair value was determined based on transaction pricing or 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, 2024 were as follows:
   Range
TypeFair Value as of December 31, 2024ApproachUnobservable InputLowHighWeighted
Average (1)
First lien$1,236,463 Market & income approachEBITDA multiple9.0x30.0x17.2x
Revenue multiple3.0x19.5x11.0x
Discount rate6.9 %22.1 %9.8 %
12,529 OtherN/A (2)N/AN/AN/A
Second lien72,312 Market & income approachEBITDA multiple14.0x20.0x17.9x
Discount rate10.1 %13.4 %10.7 %
Subordinated37,360 Market & income approachEBITDA multiple9.0x21.0x19.1x
Discount rate12.5%14.3%13.2%
Equity and other88,281 Market & income approachEBITDA multiple9.0x26.5x15.2x
Revenue multiple13.5x19.5x16.5x
Discount rate8.2 %17.2 %11.9 %
$1,446,945      
(1)Unobservable inputs were weighted by the relative fair value of the investments.
(2)Fair value was determined based on transaction pricing or 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.

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The fair value measurements of the GS Credit Facility (as defined below) and the Unsecured Notes (as defined below) are considered Level III. See Note 6. Borrowings for details.
The following are the principal amounts and fair values of the Company’s borrowings as of March 31, 2025 and December 31, 2024. 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
 March 31, 2025December 31, 2024
Principal Amount
Fair Value
Principal Amount
Fair Value
GS Credit Facility$440,707 $442,806 $374,707 $383,298 
Unsecured Notes200,000 198,362 200,000 197,053 
Total Borrowings$640,707 $641,168 $574,707 $580,351 
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
Advisory and Management Agreements
The Company entered into an investment advisory and management agreement (the "Investment Advisory Agreement") with the Investment Adviser. Under the Investment Advisory 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. Following approval from the Company's initial shareholder, the Investment Advisory Agreement became effective on November 7, 2024, and thereafter shall continue automatically for successive annual periods, provided that such continuance is specifically approved at least annually by (A) the vote of the Board, 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 trustees who are not parties to the Investment Advisory 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. Although the initial term of the Investment Advisory Agreement would not have expired until November 7, 2026, the Board most recently re-approved the Investment Advisory Agreement on January 29, 2025, at an in-person meeting, for a period of 12 months commencing on March 1, 2025.
GIII entered into the GIII Investment Management Agreement (as defined below) with the Investment Adviser that was effective until December 17, 2024. Under the GIII Investment Management Agreement, the Investment Adviser managed the day-to-day operations of, and provided investment advisory services to GIII. For providing these services, the Investment Adviser received an annual base management fee and incentive fee from GIII.
GIII's Board initially approved an investment advisory and management agreement (the "Prior Investment Management Agreement") between GIII and the Investment Adviser on June 18, 2019. Following approval from GIII's initial unitholders, the Prior Investment Management Agreement became effective on July 15, 2019. Pursuant to Section 15(a)(2) of the 1940 Act, the Prior Investment Management Agreement had an initial term of two years, concluding on July 15, 2021, which term could be continued only so long as such continuance was approved annually by GIII's board of directors, including a majority of the directors who are not considered "interested persons" of the Company, as that term is used under Section 2(a)(19) of the 1940 Act. Before the Prior Investment Management Agreement’s expiration, GIII inadvertently failed to present the Prior Investment Management Agreement for renewal to its board of directors as required by Section 15(a)(2) of the 1940 Act. The failure to renew the term of the Prior Investment Management Agreement for the succeeding annual period beginning July 15, 2021 was wholly inadvertent and unintentional and did not reflect the intent and desire of the Board or the Investment Adviser. Therefore, the Prior Investment Management Agreement was, unbeknownst to all parties involved, terminated effective as of July 15, 2021.
On February 16, 2022, GIII's board of directors approved a new investment advisory and management agreement (the "GIII Investment Management Agreement") between GIII and the Investment Adviser. The Prior Investment Management Agreement and the GIII Investment Management Agreement are identical in all material respects, including the compensation
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and other terms set forth therein, with the exception that the dates of execution, effectiveness and termination. On March 3, 2022, a majority of the outstanding voting securities of GIII approved the GIII Investment Management Agreement via written
consent.
On March 21, 2022, GIII filed an Information Statement on Schedule 14C pursuant to Section 14(c) of the Securities Exchange Act of 1934, as amended, reflecting GIII unitholders' approval of the GIII Investment Management Agreement. As a result of this approval, the GIII Investment Management Agreement became effective on April 11, 2022. The GIII Investment Management Agreement had a term of two years beginning April 11, 2022. As a result of the Merger, the GIII Investment Management Agreement terminated on December 17, 2024.
Management Fee
NEWCRED Management Fee
Pursuant to the Investment Advisory Agreement, the base management fee is payable quarterly in arrears at an annual rate of 1.25% of the value of the Company’s net assets (as defined below) as of the beginning of the first business day of the applicable month. For purposes of this Agreement, net assets means the Company’s total assets less liabilities determined on a consolidated basis in accordance with United States generally accepted accounting principles (“GAAP”). For the first calendar month in which the Company has operations, net assets will be measured as the beginning net assets.
GIII Management Fee
Pursuant to the GIII Investment Management Agreement, prior to December 17, 2024, the base management fee was payable quarterly in arrears at an annual rate of 1.15% of the aggregate contributed capital from all GIII 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. The base management fee could have been 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 GIII or its subsidiaries to a placement agent, any organizational and offering expenses in excess of the lesser of $2,000 or 0.50% of the aggregate Capital Commitments and any fund expenses in excess of the Specified Expenses Cap (as defined below).
Incentive Fee
Under both the Investment Advisory Agreement and the GIII Investment Management Agreement, 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 or GIII's income and a portion is based on a percentage of the Company's or GIII's capital gains, each as described below.
NEWCRED Incentive Fee on Pre-Incentive Fee Net Investment Income
Pursuant to the Investment Advisory Agreement, the portion based on our income (the "Income Incentive Fee") is based on pre-incentive fee net investment income returns. “Pre-Incentive Fee Net Investment Income Returns” means interest income, dividend income and any other income (including any other than fees such as commitment, origination, structuring, 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 accrued for the quarter (including the management fee, expenses payable under the Administration Agreement (as defined below), and any interest expense or fees on any credit facilities or outstanding debt and dividends paid on any issued and outstanding preferred shares, but excluding the incentive fee). Pre-Incentive Fee Net Investment Income Returns 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 the Company has 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. The impact of expense support payments and recoupments are also excluded from Pre-Incentive Fee Net Investment Income Returns.
Pre-Incentive Fee Net Investment Income Returns, expressed as a rate of return on the value of our net assets at the end of the immediately preceding quarter, is compared to a "hurdle rate" of return of 1.25% per quarter (5.0% annualized).
We will pay the Investment Adviser an incentive fee quarterly in arrears with respect to our Pre-Incentive Fee Net Investment Income Returns in each calendar quarter as follows:
•no incentive fee based on Pre-Incentive Fee Net Investment Income Returns in any calendar quarter in which our 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 Returns with respect to that portion of such Pre-Incentive Fee Net Investment Income Returns, if any, that exceeds the hurdle rate but is less than or equal to
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a rate of return of 1.43% (5.72% annualized). We refer to this portion of our Pre-Incentive Fee Net Investment Income Returns (which exceeds the hurdle rate but is less than 1.43%) as the "catch-up." The "catch-up" is meant to provide the Investment Adviser with approximately 12.5% of our Pre-Incentive Fee Net Investment Income Returns as if a hurdle rate did not apply if this net investment income exceeds 1.43% in any calendar quarter; and
•12.5% of the dollar amount of our Pre-Incentive Fee Net Investment Income Returns, if any, that exceeds a rate of return of 1.43% (5.72% annualized). This reflects that once the hurdle rate is reached and the catch-up is achieved, 12.5% of all Pre-Incentive Fee Net Investment Income Returns thereafter is allocated to the Investment Adviser.
For the three months ended March 31, 2025, there were no incentive fees waived by the Company. The fees that are payable under the Investment Advisory Agreement for any partial period will be appropriately prorated.
GIII Incentive Fee on Pre-Incentive Fee Net Investment Income
Pursuant to the GIII Investment Management Agreement, the portion based on the GIII's income (the "Income Incentive Fee") was 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 GIII receives from portfolio companies) accrued during the calendar quarter, minus GIII's operating expenses for the quarter (including the 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 GIII's members' capital at the end of the immediately preceding quarter, is compared to a "hurdle rate" of return of 1.75% per quarter (7.0% annualized).
GIII paid the Investment Adviser an incentive fee quarterly in arrears with respect to GIII'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 GIII's Pre-Incentive Fee Net Investment Income does not exceed the hurdle rate of 1.75% (7.0% 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 2.059% (8.235% annualized). GIII refers to this portion of GIII's Pre-Incentive Fee Net Investment Income (which exceeds the hurdle rate but is less than 2.059%) as the "catch-up." The "catch-up" is meant to provide the Investment Adviser with approximately 15.0% of GIII's Pre-Incentive Fee Net Investment Income as if a hurdle rate did not apply if this net investment income exceeds 2.059% in any calendar quarter; and
•15.0% of the dollar amount of the GIII's Pre-Incentive Fee Net Investment Income, if any, that exceeds a rate of return of 2.059% (8.235% annualized). This reflects that once the hurdle rate is reached and the catch-up is achieved, 15.0% of all Pre-Incentive Fee Net Investment Income thereafter is allocated to the Investment Adviser.
For three months ended March 31, 2024, there were there were no incentive fees waived by GIII . The fees that were paid under the GIII Investment Management Agreement for any partial period was appropriately prorated.
NEWCRED Incentive Fee on Capital Gains
Pursuant to the Investment Advisory Agreement, the second component of the Incentive Fee, the Capital Gains Incentive Fee, is payable at the end of each calendar year in arrears. The amount payable equals:
•12.5% of cumulative realized capital gains from inception through the end of such calendar, computed net of all realized capital losses and unrealized capital depreciation on a cumulative basis, less the aggregate amount of any previously paid incentive fee on capital gains as calculated in accordance with GAAP.

Each year, the fee paid for the Capital Gains Incentive Fee is net of the aggregate amount of any previously paid Capital Gains Incentive Fee for all prior periods. The Company will accrue, but will not pay, a Capital Gains Incentive Fee with respect to unrealized appreciation because a Capital Gains Incentive Fee would be owed to the Investment Adviser if the Company were to sell the relevant investment and realize a capital gain. In no event will the Capital Gains Incentive Fee payable pursuant to the Investment Advisory Agreement be in excess of the amount permitted by the Investment Advisers Act of 1940, as amended, including Section 205 thereof.
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GIII Incentive Fee on Capital Gains
Pursuant to the GIII Investment Management Agreement, effective for GIII, the second component of the incentive fee was the capital gains incentive fee. GIII paid the Investment Adviser an incentive fee with respect to GIII'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 was 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 GIII unitholders was equal to total capital contributions;
b.Second, no incentive was payable to the Investment Adviser on Cumulative Net Realized Gains until GIII paid cumulative distributions equal to an annualized, cumulative internal rate of return of 7.0% on the total contributed capital to GIII calculated from the date that each such amount was due to be contributed to GIII until the date each such distribution is paid;
c.Third, upon a distribution that resulted 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 15.0% of the sum of (i) the cumulative distributions to GIII 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 15.0% of additional undistributed Cumulative Net Realized Gains.
Upon termination of GIII, the Investment Adviser was required to return incentive fees to GIII to the extent that: (i) the Investment Adviser has received cumulative incentive fees in excess of 15.0% 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 GIII unitholders have not received a 7.0% 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 additional expense if such cumulative amount is greater than 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 such accrual. Actual amounts paid to the Investment Adviser are consistent with the Investment Advisory 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.
The following table summarizes the management fees and incentive fees incurred by the Company for the three months ended March 31, 2025 and March 31, 2024.
SuccessorPredecessor
 Three Months EndedThree Months Ended
 March 31, 2025March 31, 2024
Management fee$3,017 $3,145 
Less: management fee waiver(21)— 
Net management fee$2,996 $3,145 
Incentive fee, excluding accrued incentive fees on capital gains $3,018 $5,730 
For the three months ended March 31, 2025 and March 31, 2024, no incentive fee on capital gains was accrued or owed under the Investment Advisory Agreement by the Company or the GIII Investment Management Agreement by the Predecessor, respectively.

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GIII Expense Limitation
Notwithstanding the foregoing for GIII, the Investment Adviser agreed to reduce and/or waive its management fee (the "Specified Expenses Cap") each year such that GIII was 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 GIII Closing Period, 0.40% of the greater of (A) $750,000 or (B) actual aggregate GIII Capital Commitments as of the end of such calendar year, (2) at the end of the GIII Closing Period until the end of the GIII Investment Period, 0.40% of GIII aggregate committed capital and (3) after the end of the GIII Investment Period, 0.40% of GIII's average Members' Capital for the calendar year. Further, if the actual GIII Capital Commitments of GIII at the end of the GIII Closing Period were less than $750,000, the prong of the Specified Expenses Cap in clause (1) above would have been retroactively adjusted to equal 0.40% of aggregate GIII Capital Commitments at the end of the GIII Closing Period, and the Investment Adviser has agreed to further reduce and/or waive its management fee for the year in which the GIII Closing Period ended 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 GIII means all Company Expenses (as defined in the GIII Fourth A&R LLC Agreement) incurred in the operation of GIII with the exception of: (i) the management fee, (ii) any incentive fees, (iii) Organizational and Offering Expenses (as defined in the GIII Fourth A&R LLC Agreement) (which are subject to the Organizational and Offering Expense Cap), (iv) Placement Fees (as defined in the GIII Fourth A&R LLC Agreement), (v) interest on and fees and expenses arising out of all GIII 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 GIII or its affiliates) and (vii) for the avoidance of doubt, if applicable, any investor level withholding or other taxes.
If the annualized Specified Expenses for a given calendar year were less than the Specified Expenses Cap, the Investment Adviser would have been entitled to reimbursement by GIII of the compensation waived and other expenses borne by the Investment Adviser (the "Reimbursement Amount") on behalf of GIII pursuant to the expense limitation and reimbursement agreement between GIII 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 would not exceed the Specified Expenses Cap. The Investment Adviser could recapture a Specified Expense in any year within the thirty-six month period after the Investment Adviser bears the expense.
The Investment Adviser had entered into agreements with placement agents that provided for ongoing payments from the Investment Adviser based upon the amount of a Company shareholder' subscriptions and of GIII unitholder's Capital Commitment or capital contributions. Neither the Company, GIII, nor the unitholders bore any of the fees paid to placement agents of the Company and GIII, as any such fees paid by the Company and GIII were offset against the management fees.
NEWCRED Expense Support and Conditional Reimbursement Agreement
On November 7, 2024, the Company entered into an expense support and conditional reimbursement agreement (the “Expense Support Agreement”) with the Investment Adviser. The Investment Adviser may elect to pay certain Company expenses on the Company’s behalf (each, an “Expense Payment”), provided that no portion of the payment will be used to pay any interest expense or shareholder servicing and/or distribution fees of the Company. Any Expense Payment that the Investment Adviser has committed to pay must be paid by the Investment Adviser to the Company in any combination of cash or other immediately available funds no later than forty-five days after such commitment was made in writing, and/or offset against amounts due from the Company to the Investment Adviser or its affiliates.

Following any calendar month in which Available Operating Funds (as defined below) exceed the cumulative distributions accrued to the Company’s shareholders based on distributions declared with respect to record dates occurring in such calendar month (the amount of such excess being hereinafter referred to as “Excess Operating Funds”), the Company shall pay such Excess Operating Funds, or a portion thereof, to the Investment Adviser until such time as all Expense Payments made by the Investment Adviser to the Company within three years prior to the last business day of such calendar month have been reimbursed. Any payments required to be made by the Company shall be referred to herein as a “Reimbursement Payment.” “Available Operating Funds” means the sum of (i) the Company’s net investment company taxable income (including net short-term capital gains reduced by net long-term capital losses), (ii) the Company’s net capital gains (including the excess of net long-term capital gains over net short-term capital losses) and (iii) dividends and other distributions paid to the Company on account of investments in portfolio companies (to the extent such amounts listed in clause (iii) are not included under clauses (i) and (ii) above).

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The Company’s obligation to make a Reimbursement Payment shall automatically become a liability of the Company on the last business day of the applicable calendar month, except to the extent the Investment Adviser has waived its right to receive such payment for the applicable month.

The following table presents a summary of Expense Payments and the related Reimbursement Payments since the Company's commencement of operations:
For Three Months EndedExpense Payments by AdviserReimbursement Payments to AdviserUnreimbursed Expense Payments
December 31, 2024 (1)$2,064 $— $2,064 
March 31, 2025181 — 181 
Total
$2,245 $— $2,245 
(1)The period ended December 31, 2024, represents the period from December 17, 2024 (commencement of the Company's operations) to December 31, 2024.
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 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 that superseded the prior order for exemptive relief (the “Exemptive Order”) by the SEC, that replaces the prior exemptive relief, for the Company to co-invest 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 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 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. Pursuant to the Exemptive Order, the Board will oversee the Company’s participation in the co-investment program. As required by the Exemptive Order, the Company has adopted, and the Board 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.

Note 6. Borrowings
Unsecured Notes—On August 4, 2021, GIII entered into a Master Note Purchase Agreement (the "Note Purchase Agreement") with certain institutional investors (the "Purchasers"). Pursuant to the Note Purchase Agreement, on August 4, 2021, GIII issued to the Purchasers, in a private placement, $125,000 in aggregate principal amount of 3.57% Series 2021A Senior Notes, Tranche A, due July 15, 2025 (the "2021A Tranche A Notes"), and on December 21, 2021, at a second closing, GIII issued $50,000 in aggregate principal amount of 3.62% Series 2021A Senior Notes, Tranche B, due July 15, 2025 (the "2021A Tranche B Notes" and, together with the 2021A Tranche A Notes, the "2021A Unsecured Notes"). On March 10, 2022, GIII entered into a first supplement (the "Supplement") to its Note Purchase Agreement with certain Purchasers. Pursuant to the Supplement, on March 10, 2022, GIII issued to the Purchasers $100,000 in aggregate principal amount of 3.95% Series 2022A Senior Notes due July 15, 2025 (the “2022A Unsecured Notes”).
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All fees associated with the origination of the 2021A Unsecured Notes and the 2022A Unsecured Notes (together, the "Unsecured Notes") are capitalized on the Company's Consolidated Statements of Assets and Liabilities and charged against income as other financing expenses over the life of the Unsecured Notes.
In connection with the Merger, the Company and GIII entered into an Assumption Agreement, effective as of the closing date of the Merger (the "Assumption Agreement"), pursuant to which the Company, as the surviving company of the Merger, unconditionally and expressly assumed, confirmed, and agreed to perform and observe each covenant and condition applicable to GIII under the Note Purchase Agreement and the Unsecured Notes. Pursuant to the Assumption Agreement, all references to GIII under the Note Purchase Agreement, the Unsecured Notes, or any other document or instrument delivered in connection therewith, shall be deemed to be references to the Company, except for references to GIII relating to its status prior to the consummation of the Merger.
The 2021A Tranche A Notes and the 2021A Tranche B Notes bear interest at an annual rate of 3.57% and 3.62%, respectively, payable semi-annually on January 15 and July 15 of each year, which commenced on January 15, 2022. The 2022A Unsecured Notes bear interest at an annual rate of 3.95%, payable semi-annual on January 15 and July 15 of each year, which commenced on July 15, 2022. These interest rates are subject to increase in the event that: (i) subject to certain exceptions, the Unsecured Notes or the Company cease to have an investment grade rating or (ii) the Asset Coverage Ratio (as defined in the Note Purchase Agreement) is less than 1.83 to 1.00.
The Company is obligated to offer to prepay the Unsecured Notes (i) each time the Company receives an aggregate amount of net proceeds from the repayment, or sale, of loans or investments that constitute Company Level Assets (as defined in the Note Purchase Agreement) and (ii) each time the Company receives an aggregate amount of net proceeds, or if the Company is permitted to receive an aggregate amount of net proceeds, from the distribution of Wells Residual Equity (as defined in the Note Purchase Agreement), in each case that is at least equal to the lesser of (A) $25,000 and (B) 10% of the aggregate principal of Unsecured Notes issued under the Note Purchase Agreement and the Supplement.
The Note Purchase Agreement also contains customary terms and conditions for unsecured notes issued in a private placement, including, without limitation, affirmative and negative covenants such as information reporting, maintenance of the Company’s status as a BDC under the 1940 Act and a RIC under Subchapter M of the Code, minimum stockholders’ equity, and prohibitions on certain fundamental changes at the Company or any subsidiary guarantor, as well as customary events of default with customary cure and notice, including, without limitation, nonpayment, misrepresentation in a material respect, breach of covenant, cross-default under other indebtedness of the Company or certain subsidiaries, certain judgments and orders, and certain events of bankruptcy. The Note Purchase Agreement includes certain additional covenants and terms, including, without limitation, a requirement that the Company will not permit the Asset Coverage Ratio to be less than the greater of (x) 1.50 to 1.00 and (y) the minimum asset coverage required to be held by the Company to comply with the 1940 Act.
The Unsecured Notes are unsecured obligations and rank senior in right of payment to the Company’s existing and future indebtedness, if any, that is expressly subordinated in right of payment to the Unsecured Notes; equal in right of payment to the Company's existing and future unsecured indebtedness that is not so subordinated; and effectively junior in right of payment to any of the Company's secured indebtedness (including existing unsecured indebtedness that the Company later secures) to the extent of the value of the assets securing such indebtedness; and structurally junior to all existing and future indebtedness (including trade payables) incurred by the Company's subsidiaries and financing vehicles.
On May 6, 2024, GIII offered to prepay approximately $50,651 aggregate principal amount, including any accrued but unpaid interest, of the Unsecured Notes pursuant to Section 8.9(a) and (b) of the Note Purchase Agreement. The Unsecured Notes, including any accrued but unpaid interest on the principal redeemed, were redeemed in this amount on June 5, 2024.
On July 16, 2024, GIII offered to prepay approximately $25,152 aggregate principal amount, including any accrued but unpaid interest, of the Unsecured Notes pursuant to Section 8.9(a) and (b) of the Note Purchase Agreement. The Unsecured Notes, including any accrued but unpaid interest on the principal redeemed, were redeemed in this amount on August 16, 2024.
The following table summarizes the interest expense and amortization of financing costs incurred on the Unsecured Notes for the three months ended March 31, 2025 and March 31, 2024:
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SuccessorPredecessor
Three Months Ended March 31, 2025Three Months Ended March 31, 2024
Interest expense$1,859 $2,556 
Amortization of financing costs$149 $198 
Weighted average interest rate3.7 %3.7 %
Effective interest rate4.0 %4.0 %
Average debt outstanding$200,000 $275,000 
As of March 31, 2025 and December 31, 2024, the outstanding balance on the Unsecured Notes was $200,000 and $200,000, respectively, and the Company was in compliance with the applicable covenants of the Note Purchase Agreement on such dates.
GS Credit Facility—On November 28, 2023, NEWCRED SPV entered into a Credit Agreement (the “Credit Agreement”) among NEWCRED SPV as a borrower, the Company as collateral manager, various lenders, GS ASL, LLC, as administrative agent, Goldman Sachs Bank USA, as syndication agent, and Western Alliance Trust Company, N.A. (“WATC”), as collateral agent, collateral custodian, and collateral administrator, which is structured as a secured credit term loan and a secured revolving credit facility (the “GS Credit Facility”). The GS Credit Facility is collateralized by all of the investments of NEWCRED SPV on an investment by investment basis and the proceeds from the GS Credit Facility were partially used for repayment of the Wells Credit Facility and may be used in the future for the funding of the Company's portfolio investments. The GS Credit Facility will mature on the earlier of either (a) December 17, 2029, (b) 45 days prior to the maturity date of the shareholder, or (c) an early prepayment date. The GS Credit Facility has a maximum facility amount of $650,000.
Since the amendment on December 17, 2024, in connection with the Merger, the GS Facility bears interest at a rate of SOFR plus 2.20% per annum Previously, the GS Facility bore interest at a rate of SOFR plus 2.95% per annum. The GS Credit Facility also charges a 0.50% non-usage fee on the unused facility amount.
Under the Credit Agreement, NEWCRED SPV is permitted to borrow at various advance rates depending on the type of portfolio investment. All fees associated with the origination, amending or upsizing of the GS Credit Facility are capitalized on the Company's Consolidated Statements of Assets and Liabilities and charged against income as other financing expenses over the life of the GS Credit Facility.
The following table summarizes the interest expense, non-usage fees and amortization of financing costs incurred on the GS Credit Facility for the three months ended March 31, 2025 and March 31, 2024:
SuccessorPredecessor
Three Months Ended March 31, 2025Three Months Ended March 31, 2024
Interest expense$6,706 $13,036 
Non-usage fee$310 $205 
Amortization of financing costs$337 $826 
Weighted average interest rate6.7 %8.3 %
Effective interest rate7.3 %8.9 %
Average debt outstanding$402,629 $622,724 
As of March 31, 2025 and December 31, 2024, the outstanding balance on the GS Credit Facility was $440,707 and $374,707, respectively, and NEWCRED SPV was in compliance with the applicable covenants of the Credit Agreement on such dates.

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Leverage risk factors—The Company utilizes and may utilize leverage to the maximum extent permitted by the law for investment and other general business purposes. The Company's lenders will have fixed dollar claims on certain assets that are superior to the claims of the Company's common shareholders, 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 net assets. 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 shareholders. 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 shareholders 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 shareholders, 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 March 31, 2025, the Company had unfunded commitments on revolving credit facilities of $68,588, no outstanding bridge financing commitments, and other future funding commitments of $41,602. As of December 31, 2024, the Company had unfunded commitments on revolving credit facilities of $62,731, no outstanding bridge financing commitments and other future funding commitments of $22,368. The unfunded commitments on revolving credit facilities and delayed draws are disclosed on the Company's Consolidated Schedules of Investments.
The Company also had revolving borrowings available under the GS Credit Facility as of March 31, 2025 and December 31, 2024. See Note 6. Borrowings, for details.
The Company may from time to time enter into financing commitment letters. As of March 31, 2025 and December 31, 2024, the Company had commitment letters to purchase investments in the aggregate par amount of $3,000 and $45,520, respectively, which could require funding in the future.
Note 9. Net Assets
Successor
The following table summarizes transactions in common shares of beneficial interest for three months ended March 31, 2025.
Common Shares of Beneficial Interests
Shares
Amount
Subscriptions47,177 $1,182 
Distributions Reinvested170,426 4,270 
Share Repurchases(49,319)(1,231)
Early repurchase deduction— 24 
Total increase (decrease)
168,284 $4,245 


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The following table reflects the distributions declared on the Shares for the three months ended March 31, 2025.
Date DeclaredRecord DatePayment DatePer Unit Amount
January 30, 2025January 31, 2025February 28, 2025$0.190 
February 26, 2025February 28, 2025March 31, 20250.190 
March 26, 2025March 31, 2025April 30, 20250.190 
$0.570 
Distribution Reinvestment Plan
The Company has adopted a distribution reinvestment plan, pursuant to which the Company will reinvest all cash dividends declared by the Board of Trustees on behalf of our shareholders who do not elect to receive their dividends in cash as provided below. As a result, if the Board authorizes, and the Company declares, a cash dividend or other distribution, then shareholders who have not opted out of our distribution reinvestment plan will have their cash distributions automatically reinvested in additional shares as described below, rather than receiving the cash dividend or other distribution. Distributions on fractional shares will be credited to each participating shareholder’s account to three decimal places.
Share Repurchase Program
At the discretion of the Board, the Company intends to commence a share repurchase program in which the Company may repurchase, in each quarter, up to 5% of the NAV of the Company’s common shares outstanding (either by number of shares or aggregate NAV) as of the close of the previous calendar quarter. The Board may amend or suspend the share repurchase program at any time if in its reasonable judgment it deems such action to be in the best interest of shareholders, such as when a repurchase offer would place an undue burden on the Company’s liquidity, adversely affect the Company’s operations or risk having an adverse impact on the Company that would outweigh the benefit of the repurchase offer. As a result, share repurchases may not be available each quarter. The Company intends to conduct such repurchase offers in accordance with the requirements of Rule 13e-4 promulgated under the Securities Exchange Act of 1934, as amended, and the 1940 Act. All shares purchased pursuant to the terms of each tender offer will be retired and thereafter will be authorized and unissued shares.
Under the share repurchase plan, to the extent the Company offers to repurchase shares in any particular quarter, it is expected to repurchase shares pursuant to tender offers using a purchase price equal to the NAV per share as of the last calendar day of the applicable quarter, except that shares that have not been outstanding for at least one year or Initial Shares (defined below) that have not been outstanding for at least three years. Shares that have not been outstanding for at least one year will be repurchased at 98% of such NAV (an “Early Repurchase Deduction”) and Initial Shares (defined below) that have not been outstanding for at least three years will be repurchased at 95% of such NAV (an “Early Repurchase Penalty”). The one-year holding period for the Early Repurchase Deduction is measured as of the subscription closing date immediately following the prospective repurchase date. The Early Repurchase Deduction may be waived in the case of repurchase requests arising from the death, divorce or qualified disability of the holder. The Early Repurchase Deduction will be retained by the Company for the benefit of remaining shareholders across all shares. Shareholders that received Initial Shares (shares held as of the closing date of the Merger) will be subject to an Early Repurchase Penalty. For repurchases within the first year of the Initial Shares being outstanding, 2% will be retained by the fund and 3% will be owed to the Investment Adviser. For repurchases within years two and three of the Initial Shares being outstanding, 5% will be owed to the Investment Adviser.
During the three months ended March 31, 2025, approximately 49,319 Common Shares were repurchased.
The following table further summarizes the share repurchases completed during the three months ended March 31, 2025:
Repurchase deadline requestNumber of Shares
Repurchased		Percentage of
Outstanding Shares
Repurchased (1)		Price Paid Per ShareRepurchase
Pricing Date		Amount
Repurchased (2)
March 6, 202549,3190.1%$24.97 March 31, 2025$1,207 
(1)Percentage is based on total shares as of the close of the previous calendar quarter. All repurchase requests were satisfied in full.
(2)Amounts shown net of Early Repurchase Deduction.

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Predecessor
For GIII (the Predecessor), there were no Units issued or proceeds received related to capital drawdowns delivered pursuant to the Subscription Agreements since March 31, 2022, as Capital Commitments have been fully drawn.
The following table reflects the distributions declared on the Units for the three months ended March 31, 2024.
Date DeclaredRecord DatePayment DatePer Unit Amount
March 7, 2024March 7, 2024March 12, 2024$0.435 (1)
March 20, 2024March 27, 2024April 19, 20240.279 
$0.714 
(1)Return of capital distribution.
Note 10. Earnings Per Share
The following information sets forth the computation of basic net increase in the Company's net assets per share resulting from operations for three months ended March 31, 2025 and of the Predecessors members' capital per unit resulting from operations for three months ended March 31, 2024:
SuccessorPredecessor
Three Months Ended
March 31, 2025		Three Months Ended
March 31, 2024
Earnings per share (Successor) and per unit (Predecessor) - basic and diluted
Numerator for basic & diluted earnings per share (Successor) and per unit (Predecessor):$18,429 $40,560 
Denominator for basic & diluted weighted average share (Successor) and unit (Predecessor):39,133,013 114,906,527 
Basic & diluted earnings per share (Successor) and per unit (Predecessor):$0.47 $0.35 
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Note 11. Financial Highlights
The following information sets forth the Company's financial highlights for the three months ended March 31, 2025 and the Predecessor's financial highlights for the three months ended March 31, 2024.
 SuccessorPredecessor
 Three Months Ended March 31, 2025Three Months Ended March 31, 2024
Per share and unit data(1):  
Net assets value at the beginning of the period$25.07 $9.65 
Net investment income0.64 0.28 
Net realized and unrealized gains (losses)(0.17)0.07 
Total net increase0.47 0.35 
Placement fees (3)— — 
Distributions declared to shareholders and Predecessor's unitholders from net investment income(0.57)(0.28)
Return of capital distributions— (0.43)
Early repurchase deduction (3)— — 
Net assets value at the end of period$24.97 9.29 
Total return based on net assets and Predecessor's members' capital(2)1.89 %3.80 %
Shares or Predecessor's Units outstanding at end of period39,193,289 114,906,527 
Average weighted shares or Predecessor's units outstanding for the period39,133,013 114,906,527 
Average net assets and members' capital for the period$980,592 $1,097,859 
Ratio to average net assets and Predecessor's members' capital:
Net investment income(4)10.44 %11.90 %
Total expenses, before waivers/reimbursements (4)6.99 %9.89 %
Total expenses, net of waivers/reimbursements (4)6.98 %9.89 %
Average debt outstanding—Unsecured Notes$200,000 $275,000 
Average debt outstanding—GS Credit Facility$402,629 $622,724
Asset coverage ratio252.73 %216.90 %
Portfolio turnover3.96 %0.30 %
Capital CommitmentsN/A$1,149,065 
Funded Capital CommitmentsN/A$1,149,065 
% of Capital Commitments fundedN/A100.00 %
(1)Per share and unit data is based on weighted average share or units outstanding for the respective period (except for distributions declared to shareholders or unitholders, which are based on actual rate per share or unit, respectively). Per share data is relevant for the Company's period of three months ended March 31, 2025 and per unit data is relevant for GIII period of three months ended March 31, 2024. The Company's shares were offered at an initial purchase price of $25.00.
(2)Total return is calculated assuming a purchase at net assets or members' capital per Share or Unit, respectively, on the first day of the year, and a sale at net assets or members' capital per Share or Unit, respectively, on the last day of the period. Dividends and distributions, if any, are assumed for purposes of this calculation, to be reinvested at net assets or members' capital per Share or Unit, respectively on the last day of the respective quarter. Total return calculation is not annualized.
(3)The per share amount rounds to less than $0.01 per share.
(4)Amounts are annualized except for organizational and offering expenses. For three months ended March 31, 2025, total expenses, net of waivers/reimbursements includes the effect of the expense support.
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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 ended 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.
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 stockholders’ equity 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 stockholders. As the Company’s operations comprise of a single reporting segment, the segment assets are reflected on the accompanying consolidated balance sheet as “total assets” and the significant segment expenses are listed on the accompanying consolidated statement 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 consolidated financial statements, except as discussed below.
April Subscriptions and Dividend Declarations
The Company received approximately $46.7 million of net proceeds, inclusive of distributions reinvested through the Company's distribution reinvestment plan, relating to the issuance of Shares for subscriptions effective April 1, 2025.
On April 22, 2025, the Board declared a distribution of $0.19 per share which is payable on May 31, 2025 to shareholders of record as of April 30, 2025.
GS Credit Facility Amendment
On April 29, 2025, the Company entered into Amendment No. 1 to the Credit Agreement (the "First Amendment"), which amended the Credit Agreement, to, among other things, amend the calculation of the Non-Utilization Fees (as defined in the Credit Amendment) that may be payable by the Company at various points during the term of the GS Credit Facility.
NEWCRED Credit Facility Amendment
On May 12, 2025, the Company entered into a Senior Secured Revolving Credit Agreement (the “RCA”), among the Company, as the Borrower, Sumitomo Mitsui Banking Corporation, as the Administrative Agent, Sumitomo Mitsui Banking Corporation, JP Morgan Chase Bank, N.A, and State Street bank and trust Company, as the joint lead arrangers, and the Lenders, as outlined in the RCA (the "NEWCRED Credit Facility"). The NEWCRED Credit Facility is structured as a senior secured revolving credit facility with a facility amount of $460.0 million and will mature on May 10, 2030.






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REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the Shareholders and the Board of Trustees of New Mountain Private Credit Fund
Results of Review of Interim Financial Information
We have reviewed the accompanying consolidated statement of assets and liabilities of New Mountain Private Credit Fund and subsidiaries (the "Company"), including the consolidated schedule of investments, as of March 31, 2025 (Successor), the related consolidated statements of operations, changes in net assets, and cash flows for the three-month periods ended March 31, 2025 (Successor) and 2024 (Predecessor), and the related notes (collectively referred to as the "interim financial information"). Based on our review, 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 consolidated statement of assets and liabilities of the Company, including the consolidated schedule of investments as of December 31, 2024 (Successor), and the related consolidated statements of operations, changes in net assets and cash flows for the period from December 17, 2024 to December 31, 2024 (Successor) (not presented herein), the period from January 1, 2024 to December 16, 2024 (Predecessor) (not presented herein); and in our report dated March 5, 2025, we expressed an unqualified opinion on those consolidated financial statements. In our opinion, the information set forth in the accompanying consolidated statement of assets and liabilities as of December 31, 2024 (Successor), is fairly stated, in all material respects, in relation to the consolidated statement of assets and liabilities 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 review 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
May 13, 2025
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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 Private Credit Fund, including its wholly-owned direct subsidiaries (collectively, "we", "us", "our", "NEWCRED" 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 fluctuating interest and inflation rates;
•the uncertainty associated with the imposition of tariffs and or trade barriers and changes in trade policy and its 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;
•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, 2024 and in this Quarterly Report on Form 10-Q.
Forward-looking statements are identified by their use of such 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, 2024 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 Maryland Statutory trust formed on August 19, 2024. 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 intend to elect to be treated for U.S. federal income tax purposes, and intend to qualify thereafter, as a regulated investment company ("RIC") under Subchapter M of the Internal Revenue Code of 1986, as amended (the "Code").
On December 17, 2024, we completed our previously announced acquisition of New Mountain Guardian III BDC, L.L.C., a Delaware limited liability company (“GIII”). Pursuant to that certain Agreement and Plan of Merger (the “Merger Agreement”) by and among us, GIII, and, solely for the limited purposes set forth therein, the Investment Adviser, dated as of October 11, 2024 GIII merged with and into the Company, with the Company continuing as the surviving company (the "Merger"). In accordance with the terms of the Merger Agreement, at the effective time of the Merger, each GIII unitholder was
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given the opportunity to transfer all or a portion of their units of GIII limited liability company interests to us prior to the closing in exchange for our common shares of beneficial interest ("Shares"). As a result of the Merger, we issued an aggregate of 24,216,852 Shares to former GIII unitholders.
The Merger is accounted for as an asset acquisition of GIII by the Company in accordance with the asset acquisition method of accounting as detailed in ASC 805-50, Business Combinations – Related Issues, with the fair value of total consideration paid in conjunction with the Merger allocated to the assets acquired and liabilities assumed based on their relative fair values as of the date of the Merger. Generally, under asset acquisition accounting, acquiring assets in groups not only requires ascertaining the cost of the asset (or net assets), but also allocating that cost to the individual assets (or individual assets and liabilities) that make up the group. The cost of the group of assets acquired in an asset acquisition is allocated to the individual assets acquired or liabilities assumed based on their relative fair values of net identifiable assets acquired other than certain “non-qualifying” assets (for example cash) and does not give rise to goodwill. The Company is the accounting survivor of the Merger. The Merger was considered a tax-free reorganization and the historical cost basis of the acquired GIII investments are carried forward for tax purposes.
The Investment Adviser is a wholly-owned subsidiary of New Mountain Capital. New Mountain Capital is a global investment firm with approximately $55 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.
New Mountain Private Credit Fund SPV I, L.L.C. ("NEWCRED SPV"), formerly known as New Mountain Guardian III SPV L.L.C, our wholly-owned direct subsidiary, was formed on August 5, 2019 in Delaware as a limited liability company whose assets are used to secure NEWCRED SPV's credit facility. New Mountain Private Credit Fund OEC, Inc. ("NEWCRED OEC"), formerly known as New Mountain Guardian III OEC, Inc, our wholly-owned direct subsidiary, was formed on December 2, 2021 in Delaware, is treated as a corporation for U.S. federal income tax purposes and is intended to facilitate our compliance with the requirements to be treated as a RIC under the Code by holding equity or equity-like investments in one of our portfolio companies organized as a limited liability company; we consolidate NEWCRED OEC for accounting purposes, but it is not consolidated for U.S. federal income tax purposes and may incur U.S. federal income tax expense as a result of its ownership of the portfolio 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 March 31, 2025, our top five industry concentrations were software, healthcare, business services, consumer services and financial services.
As of March 31, 2025, our net assets was approximately $978.5 million and our portfolio had a fair value of approximately $1,561.7 million in 86 portfolio companies.
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Recent Developments
April Subscriptions and Dividend Declarations
The Company received approximately $46.7 million of net proceeds, inclusive of distributions reinvested through the Company's distribution reinvestment plan, relating to the issuance of Shares for subscriptions effective April 1, 2025.
On April 22, 2025, the Board declared a distribution of $0.19 per share which is payable on May 31, 2025 to shareholders of record as of April 30, 2025.
GS Credit Facility Amendment
On April 29, 2025, we entered into Amendment No. 1 to the Credit Agreement (the "First Amendment"), which amended the Credit Agreement, to, among other things, amend the calculation of the Non-Utilization Fees (as defined in the Credit Amendment) that may be payable by the Company at various points during the term of the GS Credit Facility.
NEWCRED Credit Facility Amendment
On May 12, 2025, the Company entered into a Senior Secured Revolving Credit Agreement (the “RCA”), among the Company, as the Borrower, Sumitomo Mitsui Banking Corporation, as the Administrative Agent, Sumitomo Mitsui Banking Corporation, JP Morgan Chase Bank, N.A, and State Street bank and trust Company, as the joint lead arrangers, and the Lenders, as outlined in the RCA (the "NEWCRED Credit Facility"). The NEWCRED Credit Facility is structured as a senior secured revolving credit facility.

Critical Accounting Estimates
The preparation of financial statements and related disclosures in conformity with accounting principles generally accepted in the United States ("GAAP") 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.
Basis of Accounting
We consolidate our wholly-owned direct subsidiaries NEWCRED SPV and NEWCRED OEC. We are an investment company following accounting and reporting guidance as described in Accounting Standards Codification Topic 946, Financial Services—Investment Companies ("ASC 946").
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 net assets.
We value our assets on a quarterly basis, or more frequently if required under the 1940 Act. In all cases, our board of trustees 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.
(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, we look at the number of quotes readily available and perform the following procedures:
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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 trustees; 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.
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 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.
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.
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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.
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 March 31, 2025.
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 and 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 March 31, 2025.
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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 months ended March 31, 2025 and March 31, 2024, the Company recognized PIK interest from investments of $2.3 million and $4.2 million, respectively, and PIK dividends from investments of $2.3 million and $2.7 million, 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 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, amendment fees, revolver 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 as 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
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reflecting an investment performing materially below expectations. The mapping of the composite scores to these categories are 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 March 31, 2025:
(in millions)As of March 31, 2025
Risk RatingCostPercentFair ValuePercent
Green$1,397.3 87.9 %$1,394.4 89.3 %
Yellow157.6 9.9 %137.3 8.8 %
Orange34.1 2.2 %30.0 1.9 %
Red— — %— — 
 $1,589.0 100.0 %$1,561.7 100.0 %
As of March 31, 2025, all investments in our portfolio had a Green Risk Rating, with the exception of five portfolio company that had a Yellow Risk Rating and two portfolio companies 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 trustees, was approximately $1,561.7 million in 86 portfolio companies at March 31, 2025 and approximately $1,495.6 million in 72 portfolio companies at December 31, 2024.
The following table shows our portfolio and investment activity for the three months ended March 31, 2025 and March 31, 2024:
SuccessorPredecessor
(in millions)Three Months Ended March 31, 2025Three Months Ended March 31, 2024
Investments in 23 and 12, respectively, new and existing portfolio companies$128.6 $5.9 
Debt repayments in existing portfolio companies(60.2)(54.0)
Sales of securities in 1 and 3 portfolio companies, respectively(1.7)(21.3)
Change in unrealized appreciation on 22 and 48 portfolio companies, respectively11.0 16.2 
Change in unrealized depreciation on 62 and 45 portfolio companies, respectively(9.3)(4.6)
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.
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Results of Operations for the Three Months Ended March 31, 2025 and March 31, 2024
Revenue
SuccessorPredecessor
(in thousands)Three Months Ended March 31, 2025Three Months Ended March 31, 2024
Total interest income$38,368 $56,259 
Dividend income2,339 2,741 
Fee income1,308 466 
Total investment income$42,015 $59,466 
Our total investment income decreased by approximately $17.5 million, or 29%, for the three months ended March 31, 2025 as compared to the three months ended March 31, 2024. For the three months ended March 31, 2025, total investment income of approximately $42.0 million consisted of approximately $35.3 million in cash interest from investments, approximately $2.3 million in PIK and non-cash interest from investments, net amortization of purchase premiums and discounts of approximately $0.8 million, approximately $2.3 million in PIK dividends from investments and approximately $1.3 million in fee income.
The decrease in interest income of approximately $17.9 million during the three months ended March 31, 2025 as compared to the three months ended March 31, 2024 was primarily due to lower invested balances as a result of repayments received on GIII investments throughout the period ended December 17, 2024. Dividend income decreased by $0.4 million for the three months ended March 31, 2025 as compared to the three months ended March 31, 2024. Fee income during the three months ended March 31, 2025, which represents fees that are generally non-recurring in nature, was primarily attributable to closing fees received, amendment fees received from one portfolio company and upfront fees received from nine portfolio companies.
Operating Expenses
SuccessorPredecessor
(in thousands)Three Months Ended March 31, 2025Three Months Ended March 31, 2024
Management fee$3,017 $3,145 
Less: management fee waiver(21)— 
Net management fee$2,996 $3,145 
Interest and other financing expenses9,395 16,865 
Incentive fee3,018 5,730 
Administrative expenses653 702 
Professional fees602 366 
Organizational and offering expenses214 — 
Other general and administrative expenses62 62 
Net expenses before expense support and income taxes16,940 26,870 
Less: expense support(181)— 
Net expenses before income taxes16,759 26,870 
Income tax expense (benefit)80 121 
Net expenses after income taxes$16,839 $26,991 
Our total net operating expenses decreased by approximately $10.2 million for the three months ended March 31, 2025 as compared to the three months ended March 31, 2024. Our incentive fee decreased by approximately $2.7 million and our net management fee decreased by approximately $0.1 million for the three months ended March 31, 2025 as compared to the three months ended March 31, 2024, primarily due to lower invested capital balances as a result of repayments received on GIII investments throughout the period ended December 17, 2024.
Interest and other financing expenses decreased by approximately $7.5 million during the three months ended March 31, 2025 as compared to the three months ended March 31, 2024, primarily due to lower average debt outstanding during the period and decreased spread and SOFR rates on our floating rate borrowings on the GS Credit Facility.
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Our total professional fees increased by approximately $0.2 million during the three months ended March 31, 2025 as compared to the three months ended March 31, 2024, as the Predecessor was not in its investment period for the three months ended March 31, 2024 and as such incurring less professional fees . Our other general and administrative expenses remained relatively flat during the three months ended March 31, 2025 as compared to the three months ended March 31, 2024. Our administrative expenses decreased by approximately $0.1 million for the three months ended March 31, 2025 as compared to the three months ended March 31, 2024, primarily due to lower invested capital balances as a result of repayments received on investments. Income tax expense minimally declined during the three months ended March 31, 2025 as compared to the three months ended March 31, 2024.
Net Realized Gains (Losses) and Net Change in Unrealized Appreciation (Depreciation)
SuccessorPredecessor
(in thousands)Three Months Ended March 31, 2025Three Months Ended March 31, 2024
Net realized gains (losses) on investments$(8,417)$(3,285)
Net change in appreciation (depreciation) of investments1,669 11,608 
Benefit (provision) for taxes1 (238)
Net realized and unrealized (losses) gains$(6,747)$8,085 
Our net realized losses and unrealized appreciation resulted in a net loss of approximately $6.7 million for the three months ended March 31, 2025 as compared to net realized losses and unrealized appreciation resulting in a net gain of approximately $8.1 million for the three months ended March 31, 2024. 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 three months ended March 31, 2025 was primarily driven by the overall decrease in market prices of our investments during the period. The net gain for the three months ended March 31, 2024 was primarily driven by the overall increase in market prices of our investments during the period.
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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 repayment of indebtedness, cash distributions to our shareholders 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, the Investment Adviser, as our initial shareholder, authorized us to adopt 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 for our Shares, our shareholders 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 March 31, 2025, our asset coverage ratio was 252.7%.
The following table summarizes transactions in shares of Shareholders for the three months ended March 31, 2025:
SharesAmount
Subscriptions47,177 $1,182 
Distributions reinvested170,426 4,270 
Share repurchases(49,319)(1,231)
Early repurchase deduction— 24 
As of March 31, 2025 and December 31, 2024, our borrowings consisted of the Unsecured Notes and the GS Credit Facility. See Item 1—Financial Statements—Note 6. Borrowings in this Quarterly Report on Form 10-Q for additional information.
As of March 31, 2025 and December 31, 2024, we had cash and cash equivalents of approximately $105.1 million and $66.7 million, respectively. Our cash provided by (used in) operating activities for the three months ended March 31, 2025 and March 31, 2024, was approximately $53.1 million and $72.7 million, respectively. We expect that all current liquidity needs will be met with cash flows from 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 in the balance sheet. As of March 31, 2025 and December 31, 2024, we had outstanding commitments to third parties to fund investments totaling $110.2 million and $85.1 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 March 31, 2025 and December 31, 2024, we had commitment letters to purchase investments in the aggregate par amount of $3.0 million and $45.5 million, respectively, which could require funding in the future. As of March 31, 2025 and December 31, 2024, we had not entered into any bridge financing commitments which could require funding in the future.

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Contractual Obligations
A summary of our significant contractual payment obligations as of March 31, 2025 is as follows:
 Contractual Obligations Payments Due by Period
(in millions)TotalLess than
1 Year		1 - 3 Years3 - 5 YearsMore than
5 Years
Unsecured Notes (1)$200.0 $200.0 $— $— $— 
GS Credit Facility Line (2)440.7 — — 440.7 — 
Total Contractual Obligations$640.7 $200.0 $— $440.7 $— 
(1)$127.3 million of the 2021A Unsecured Notes will mature on July 15, 2025 unless earlier redeemed or repurchased, and $72.7 million of the 2022A Unsecured Notes will mature on July 15, 2025 unless earlier redeemed or repurchased.
(2)Under the terms of the GS Credit Facility, all outstanding borrowings under that facility ($440.7 million as of March 31, 2025) must be repaid on or before (a) December 17, 2029, or (b) 45 days prior to the expiration of our Term. As of March 31, 2025, there was approximately $209.3 million capacity, subject to borrowing base limitations, remaining under the GS Credit Facility. See Item 1.—Financial Statements—Note 6. Borrowings in this Quarterly Report on Form 10-Q for material details on the GS 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 has agreed to arrange office space for us and provide office equipment and clerical, bookkeeping and record keeping services and other administrative services necessary to conduct our day-to-day operations. The Administrator has also agreed to maintain, or oversee the maintenance of, our financial records, our reports to shareholders 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 expect to receive under the Investment Management Agreement and the Administration Agreement.
Distributions and Dividends
Distributions declared to shareholders and unitholders of GIII for the three months ended March 31, 2025 and March 31, 2024 were approximately $22.3 million and $82.0 million, respectively.
Tax characteristics of all distributions paid are reported to shareholders (or unitholders of GIII) on Form 1099 or Form 1042 after the end of the calendar year. For the period from January 1, 2024 to December 16, 2024 and year ended December 31, 2023, total distributions declared in GIII were $373.6 million and $138.3 million, respectively, of which the distributions were both comprised of approximately 26.61% and 100.00%, respectively, of ordinary income, 0.76% and 0.00%, respectively, of long-term capital gains and 72.63% and 0.00%, respectively, of a return of capital. Future monthly distributions, if any, will be determined by our board of trustees. For the December 17, 2024 to December 31, 2024, no distributions were declared to shareholders of the Company.
We intend to pay monthly distributions to our shareholders 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 monthly 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 Advisory 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 Advisory Agreement, less expenses incurred by the Investment Adviser in performing its services under the Investment Advisory Agreement.
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•We have entered into the Expense Support and Conditional Reimbursement Agreement with the Investment Adviser. The Investment Adviser may elect to pay certain of our expenses on our behalf (each, an “Expense Payment”), provided that no portion of the payment will be used to pay any interest expense. Any Expense Payment that the Investment Adviser has committed to pay must be paid by the Investment Adviser to us in any combination of cash or other immediately available funds no later than forty-five days after such commitment was made in writing, and/or offset against amounts due from us to the Investment Adviser or its affiliates. The Investment Adviser has elected to bear all of the organization and offering costs of the Company until the initial closing of the offering.
•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 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 three months ended March 31, 2025, approximately $0.3 million of indirect administrative expenses were included in administrative expenses, none of which were waived by the Administrator. As of March 31, 2025, approximately $0.3 million of indirect administrative expenses were included in payable to affiliates on the Consolidated Statements of Assets and Liabilities.
•Pursuant to the Investment Advisory Agreement, the Investment Adviser has agreed to grant us a non-exclusive, royalty-free license to use the name "New Mountain Private Credit Fund" and "New Mountain".
In addition, we have adopted a formal code of ethics that governs the conduct of our officers and trustees. These officers and trustees also remain subject to the duties imposed by the 1940 Act and the Maryland law.
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 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 that superseded the prior order for exemptive relief (the “Exemptive Order”) by the SEC, that replaces the prior exemptive relief, for the Company to co-invest 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 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 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. Pursuant to the Exemptive Order, the Board will oversee the Company’s participation in the co-investment program. As required by the Exemptive Order, the Company has adopted, and the Board 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.
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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 steady in the first and second quarter of 2025, following consecutive rate reductions in the third and fourth quarter of 2024. The Federal Reserve has indicated it will consider additional rate reductions in the near term; however, future reductions to benchmark rates are not certain. 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 could 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. For three months ended on March 31, 2025, certain of the loans held in our portfolio had floating Prime or SOFR interest rates. As of March 31, 2025, 94.6% of our investments at fair value (excluding unfunded debt investments and non-interest bearing equity investments) represent floating-rate investments with a SOFR floor and approximately 5.4% of our investments at fair value represent fixed-rate investments. Additionally, our senior secured revolving credit facility is also subject to floating interest rates and is currently paid based on floating SOFR and Prime rate

The following table estimates the potential changes in interest income net of interest expense, should interest rates increase by 200, 150, 100 or 50 basis points, or decrease by 50, 100, 150, or 200 basis points. Interest income is calculated as revenue from interest generated from our portfolio of investments held on March 31, 2025. Interest expense is calculated based on the terms of our outstanding credit facility and Unsecured Notes. For our borrowings, we use the outstanding balance as of March 31, 2025. This analysis does not take into account the impact of the incentive fee or other expenses. The base interest rate case assumes the rates on our portfolio investments remain unchanged from the actual effective interest rates as of March 31, 2025. These hypothetical calculations are based on a model of the investments in our portfolio, held as of March 31, 2025, 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(16.16)%
-150 Basis Points(12.12)%
-100 Basis Points(8.08)%
-50 Basis Points(4.04)%
+50 Basis Points4.04 %
+100 Basis Points8.08 %
+150 Basis Points12.12 %
+200 Basis Points16.16 %
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Item 4.    Controls and Procedures
(a)Evaluation of Disclosure Controls and Procedures
As of March 31, 2025 (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 the 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.
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PART II. OTHER INFORMATION
The terms "we", "us", "our" and the "Company" refers to New Mountain Private Credit Fund and its consolidated subsidiaries.
Item 1.    Legal Proceedings
We, and our consolidated subsidiaries, the Investment Adviser and the Administrator are not currently subject to any material legal proceedings as of March 31, 2025. From time to time, we or our consolidated subsidiary 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, Shareholders 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, 2024, which could materially affect our business, financial condition and/or operating results, including the Risk Factor titled "Fund-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 three months ended March 31, 2025 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, 2024.
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)     Item 1.01. Entry into a Material Definitive Agreement.

On May 12, 2025, the Company entered into a Senior Secured Revolving Credit Agreement (the “RCA”), among the Company, as the Borrower, Sumitomo Mitsui Banking Corporation, as the Administrative Agent, Sumitomo Mitsui Banking Corporation, JP Morgan Chase Bank, N.A, and State Street bank and trust Company, as the joint lead arrangers, and the Lenders, as outlined in the RCA (the "NEWCRED Credit Facility"). The NEWCRED Credit Facility is structured as a senior secured revolving credit facility.
The NEWCRED Credit Facility has a facility amount of $460.0 million and will mature on May 10, 2030.
The foregoing description of the NEWCRED Credit Facility is qualified in its entirety by reference to a copy of the RCA, which is filed as an exhibit to this Quarterly Report on Form 10-Q for the fiscal quarter ended March 31, 2025.
Item 2.03. Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.
The disclosure set forth above under Item 1.01 is incorporated by reference herein
(b)     None.

(c)     For the period covered by this Quarterly Report on Form 10-Q, no trustee 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 trustees that are reasonably designed to promote compliance with insider trading laws,
rules and regulations.
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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
2.1 
3.1 
3.2 
3.3 
3.4  
4.1 
4.2 
10.1 
10.2 
31.1 
31.2 
32.1 
32.2 
101.INSInline XBRL Instance Document.
101.SCHInline XBRL Taxonomy Extension Schema Document
101.CALInline XBRL Taxonomy Extension Calculation Linkbase Document
101.DEFInline XBRL Taxonomy Extension Definition Linkbase Document
101.LABInline XBRL Taxonomy Extension Label Linkbase Document
101.PREInline 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 III BDC, L.L.C.’'s registration statement on Form 10 (File No. 000-56072) filed on July 15, 2019.
(2)Previously filed in connection with New Mountain Guardian III BDC, L.L.C.’s Quarterly Report on Form 10-Q filed on November 13, 2019.
(3)Previously filed in connection with New Mountain Guardian III BDC, L.L.C.’s Current Report on Form 8-K filed on June 29, 2023.
(4)Previously filed in connection with New Mountain Guardian III BDC, L.L.C.’s Current Report on Form 8-K filed on October 16, 2024
(5)Previously filed in connection with New Mountain Guardian III BDC, L.L.C.’s Current Report on Form 8-K filed on November 6, 2024.
(6)Incorporated by reference to Amendment No. 2 to New Mountain Private Credit Fund’s Registration Statement on Form 10 filed on November 22, 2024.
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(7)Incorporated by reference to New Mountain Private Credit Fund’s Registration Statement on Form 10 (File No. 000-56694) filed on September 27, 2024.
* Filed herewith.
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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 May 13, 2025.
 NEW MOUNTAIN PRIVATE CREDIT FUND
 By:/s/ JOHN R. KLINE
John R. Kline
President and Chief Executive Officer
(Principal Executive Officer)
 By:/s/ KRIS CORBETT
Kris Corbett
Chief Financial Officer
(Principal Financial and Accounting Officer), and Treasurer
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ATTACHMENTS / EXHIBITS

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EX-31.2

EX-32.1

EX-32.2

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XBRL TAXONOMY EXTENSION DEFINITION LINKBASE DOCUMENT

XBRL TAXONOMY EXTENSION LABEL LINKBASE DOCUMENT

XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE DOCUMENT

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