v3.25.4
Fair Value - Unobservable Inputs (Details)
$ in Thousands
Dec. 31, 2025
USD ($)
Dec. 31, 2024
USD ($)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Total investments $ 1,512,098 [1],[2] $ 1,445,655 [3]
First lien    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Total investments 1,462,772 1,404,867
Second lien    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Total investments 19,288 29,959
Subordinated    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Total investments 11,549 4,766
Equity and other    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Total investments 18,489 6,063
Level III    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Total investments 1,397,416 1,334,581
Level III | First lien    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Total investments 1,348,090 1,313,264
Level III | First lien | Market & income approach    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Total investments $ 1,230,767 $ 1,278,029
Level III | First lien | Market & income approach | Low | EBITDA multiple    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Unobservable Input 0.07 8.5
Level III | First lien | Market & income approach | Low | Revenue multiple    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Unobservable Input 0.04 3
Level III | First lien | Market & income approach | Low | Discount rate    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Unobservable Input 0.061 0.068
Level III | First lien | Market & income approach | High | EBITDA multiple    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Unobservable Input 0.313 35
Level III | First lien | Market & income approach | High | Revenue multiple    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Unobservable Input 0.195 19.5
Level III | First lien | Market & income approach | High | Discount rate    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Unobservable Input 0.216 0.221
Level III | First lien | Market & income approach | Weighted Average | EBITDA multiple    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Unobservable Input 16.7 17.2
Level III | First lien | Market & income approach | Weighted Average | Revenue multiple    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Unobservable Input 10.1 9.9
Level III | First lien | Market & income approach | Weighted Average | Discount rate    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Unobservable Input 0.090 0.095
Level III | First lien | Other    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Total investments $ 117,323 $ 35,235
Level III | Second lien    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Total investments 19,288 10,488
Level III | Second lien | Market & income approach    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Total investments $ 19,288 $ 10,488
Level III | Second lien | Market & income approach | Low | EBITDA multiple    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Unobservable Input 0.14 14
Level III | Second lien | Market & income approach | Low | Discount rate    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Unobservable Input 0.113 0.101
Level III | Second lien | Market & income approach | High | EBITDA multiple    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Unobservable Input 0.18 18
Level III | Second lien | Market & income approach | High | Discount rate    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Unobservable Input 0.143 0.102
Level III | Second lien | Market & income approach | Weighted Average | EBITDA multiple    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Unobservable Input 0.16 16
Level III | Second lien | Market & income approach | Weighted Average | Discount rate    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Unobservable Input 0.129 0.102
Level III | Subordinated    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Total investments $ 11,549 $ 4,766
Level III | Subordinated | Market & income approach    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Total investments $ 11,549 $ 4,766
Level III | Subordinated | Market & income approach | Low | EBITDA multiple    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Unobservable Input 0.088 9
Level III | Subordinated | Market & income approach | Low | Discount rate    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Unobservable Input 0.117 0.125
Level III | Subordinated | Market & income approach | High | EBITDA multiple    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Unobservable Input 0.18 21
Level III | Subordinated | Market & income approach | High | Discount rate    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Unobservable Input 0.146 0.146
Level III | Subordinated | Market & income approach | Weighted Average | EBITDA multiple    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Unobservable Input 0.122 15
Level III | Subordinated | Market & income approach | Weighted Average | Discount rate    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Unobservable Input 0.140 0.146
Level III | Equity and other    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Total investments $ 18,489 $ 6,063
Level III | Equity and other | Market & income approach    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Total investments $ 18,489 $ 6,063
Level III | Equity and other | Market & income approach | Low | EBITDA multiple    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Unobservable Input 0.088 9
Level III | Equity and other | Market & income approach | Low | Revenue multiple    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Unobservable Input 0.075 9
Level III | Equity and other | Market & income approach | Low | Discount rate    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Unobservable Input 0.127 0.135
Level III | Equity and other | Market & income approach | High | EBITDA multiple    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Unobservable Input 0.18 18
Level III | Equity and other | Market & income approach | High | Revenue multiple    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Unobservable Input 0.105 11
Level III | Equity and other | Market & income approach | High | Discount rate    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Unobservable Input 0.127 0.135
Level III | Equity and other | Market & income approach | Weighted Average | EBITDA multiple    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Unobservable Input 0.135 16.3
Level III | Equity and other | Market & income approach | Weighted Average | Revenue multiple    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Unobservable Input 0.09 10
Level III | Equity and other | Market & income approach | Weighted Average | Discount rate    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Unobservable Input 0.127 0.135
[1] 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 December 31, 2025, 3.23% of the Company's total assets are represented by investments at fair value that are considered non-qualifying assets.
[2] NMF SLF I, Inc. (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
[3] NMF SLF I, Inc. (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.