New Mountain Finance Corporation · NASDAQ:NMFC

New Mountain Finance — Q3 2026 Earnings Presentation

37 slides from New Mountain Finance's earnings presentation, Nov 3, 2026

  1. Slide 1: Earnings Presentation Q3 2026

    Earnings Presentation Q3 2026 November 3, 2026 14

  2. Slide 2: Important Notices and Safe Harbor Statement

    Important Notices and Safe Harbor Statement This presentation contains forward looking statements, which are not guarantees of future performance, conditions or results, and involve substantial risks and uncertainties, including the current conflict between Russia and Ukraine, conflict in the Middle

  3. Slide 3: Important Notices and Safe Harbor Statement (cont.)

    Important Notices and Safe Harbor Statement (cont.) Yield to Maturity (“YTM”) at Cost assumes that the accruing investments in our portfolio as of each date are purchased at cost on that date and held until their respective maturities with no prepayments or losses and are exited at par at maturity.

  4. Slide 4: Today's Presenters

    Today’s Presenters Steven B. Klinsky John R. Kline Laura C. Holson Founder & Chairman President & CEO COO & Interim CFO Years at ….. 27 18 17 4

  5. Slide 5: New Mountain Capital Overview

    New Mountain Capital Overview New Mountain Capital (“NMC”) was founded in 1999 to focus on “defensive growth” business building and deep fundamental research ~$60bn ~320 ~190 0 6bps Employees & Senior Investment Flagship Private Equity Realized Total Net Loss Rate for Assets Under Management(1) Advi

  6. Slide 6: Chairman's Overview

    Chairman’s Overview ▪ Q3 2026 adjusted net investment income (“NII”) of $0.26 covered our dividend of $0.25 per share (1) – NII was supported by recurring income and a voluntary incentive fee waiver of $1.4 million – Effective incentive fee rate for Q3 was 15%, consistent with the permanent level we

  7. Slide 7: Defensive Growth Sector Selection

    Defensive Growth Sector Selection Why NMFC? Acyclical Sectors(4) “Defensive Growth” Strategy Other Utility & Data Center Services Packaging 4% 7% • Focused on investing in strong businesses in 4% Real Estate Services acyclical sectors Distribution & Logistics 5% 5% • Achieving strong risk-adjusted r

  8. Slide 8: NMFC by the Numbers

    NMFC by the Numbers New Mountain Finance Superior Credit Quality Attractive Return Profile $2.3bn ~86% 14% Green Portfolio Size(1) Annualized Div. Yield(4) Portfolio Risk Rating 18 Year Operating History 49% Avg. Loan to Value(2) ~10% Annual Return Since IPO(5) Baa3 6bps ~$1.6bn Moody’s Credit Ratin

  9. Slide 9: Strategic Priorities

    Strategic Priorities ▪ Rotate non-yielding equity positions into PIK Income(1) cash yielding assets Current Target Current Target Income − Non-yielding equity positions total ▪ ~$130 million of fair value Reduce PIK income 20% <12% Top 10 Positions(3) ▪ Maintain or increase senior assets Current Tar

  10. Slide 10: Summary of Risk Rating Changes

    Summary of Risk Rating Changes(1) Risk ratings related to positions representing ~$2.2 billion of fair value were unchanged during the quarter; ~$36 million of negative migrations were partially offset by ~$1 million of positive migration(1) Q2 2026 Risk Ratings Q3 2026 Risk Ratings (Fair Value as o

  11. Slide 11: Q3 2026 NMFC NAV Update

    Q3 2026 NMFC NAV Update Q3 2026 NAV declined $0.22 per share (or 2.0%) compared to prior quarter $10.89 ($0.12) ($0.10) $10.67 Company $ / Share symplr + $0.02 Other – $0.01 insightsoftware – $0.02 Deca Dental – $0.02 Resource Label – $0.07 Group 6/30/2026 Market Credit-Specific 9/30/2026 NAV per Sh

  12. Slide 12: Credit Performance Track Record

    Credit Performance Track Record ▪ Non-accruals represent 1.8% of total portfolio fair value ▪ ~$10.6 billion of cumulative investments since IPO have generated net realized losses of just ~$101 million ($ in millions) As of 9/30/2026 Cumulative Since IPO (15+ years)(1) Investments Investments Fair V

  13. Slide 13: Credit Market Conditions

    Credit Market Conditions Despite the uncertain investing environment, direct lending offers attractive risk-adjusted returns Direct Lending Deal Volume Base Rates are Pricing Dispersion Remains Subdued(2) Higher for Longer(1) Has Increased(3) $80 5.0% 500 $70 4.6% $60 -28% 4.5% -28% 400 $50 111 bps

  14. Slide 14: Q3 2026 Portfolio Activity

    Q3 2026 Portfolio Activity ($ in millions) Type of W.A. Company Industry $ Invested Investment Purchase Price Spread (1) Originations ICAT Logistics Distribution & Logistics $5.0 First Lien 99.3 S + 6.25% Integris Digital Transformation - Business Services 2.6 First Lien 100.0 S + 5.00% DDTL Draws &

  15. Slide 15: Q3 2026 Investment Activity Roll

    Q3 2026 Investment Activity Roll YTM at Cost(1) / Purchase(2) 11.8% 12.0% 11.1% 11.2% 10.5% 6/30/2026 6/30/2026 Q3 Originations Q3 Sales & 9/30/2026 PF for 9/30/2026 Repayments Base Rate Changes(3) Cost ($M)(4) $2,494.4 $2,494.4 $10.3 $43.9 $2,484.0 1. Assumes that investments are purchased at cost

  16. Slide 16: Portfolio Mix by Type

    Portfolio Mix by Type (Fair Value as of 9/30/2026)(1) ~80% of the portfolio is senior in nature, consistent with the prior quarter and prior year period Common Equity & Other Positions(3) Common Equity & Other Positions(3) Preferred 6% Company FMV ($M) Subordinated 6% Benevis $35.9 5% Equity Co-inve

  17. Slide 17: Diverse Portfolio (By Fair Value)

    Diverse Portfolio (By Fair Value as of 9/30/2026)(1) Top 10 portfolio companies represent $561.6 million, or 24.8%, of consolidated investments(2) UniTek 4.1% Benevis 4.0% Novus(3) 3.0% SmartSheet 2.4% Model N 2.1% Associa 2.0% Top 10 Edmentum Po 2.0% rtf 2 Teaching Strategies ol .8% 1.7% io 4 Co mp

  18. Slide 18: Income Statement Highlights

    Income Statement Highlights Quarter Ended ($ in millions, except per share data) 9/30/2025 12/31/2025 3/31/2026 6/30/2026 9/30/2026 Investment Income Interest income $59.4 $56.3 $48.0 $43.3 $43.9 Dividend income 19.1 18.7 18.9 15.8 14.6 Other income 1.9 2.3 1.8 2.3 1.8 Total investment income $80.4

  19. Slide 19: Investment Income Mix

    Investment Income Mix Our investment income continues to be predominantly paid in cash PIK Interest / Dividend Other(3) Income via Modification(2) 75% of investment income is cash and only 5% 5% of investment income is generated from 5% PIK Interest / Dividend PIK via modification Income via Origina

  20. Slide 20: Balance Sheet Highlights

    Balance Sheet Highlights Quarter Ended ($ in millions, except per share data) 9/30/2025 12/31/2025 3/31/2026 6/30/2026 9/30/2026 Assets Portfolio $2,957.1 $2,755.5 $2,319.1 $2,295.5 $2,265.7 Cash & Equivalents 63.7 80.7 51.1 64.8 41.9 (1) Other Assets 68.1 66.7 57.0 55.2 45.1 Total Assets $3,088.9 $

  21. Slide 21: Leverage Profile

    Leverage Profile (As of 10/2/2026(1), Outstanding Percentage of $ in millions) / Facility Size Interest Rate(2) Maturity Outstanding(3) NMFC Credit Facility $30(4) / $537(5) SOFR + 2.00%(5) July 2031(5) 2.3% Corporate Revolving Credit Facilities $30 / $537 SOFR + 2.00% 2.3% Holdings Credit Facility

  22. Slide 22: Leverage Maturity Schedule

    Leverage Maturity Schedule As of 10/2/2026(1), $ in millions Floating vs Fixed Debt Mix Debt Type Outstanding Debt Max Facility Size Fixed 24% 15% Floating 76% 85% $4 $110 $30 $375 $300 $201 $155 $116 2026 2027 2028 2029 2030 2031 % of Total Outstanding(2) 0.0% 29.0% 12.0% 23.5% 9.0% 26.4% Unsecured

  23. Slide 23: Positively Exposed to Elevated Base Rates

    Positively Exposed to Elevated Base Rates Elevated base rates provide a sustained uplift to core earnings power Asset Mix Liability Mix (Aggregate par value of ($1,332 million drawn as of 9/30/2026)(2) $1,857 million as of 9/30/2026)(1) Fixed 12% Fixed Floating 23% 88% 77% Floating Impact of Changin

  24. Slide 24: Appendix

    NIM] NEW MOUNTAIN FINANCE CORPORATION Appendix

  25. Slide 25: Key Highlights

    Key Highlights Financial Highlights Quarter Ended 9/30/2025 12/31/2025 3/31/2026 6/30/2026 9/30/2026 Adjusted NII Per Share(1) $0.32 $0.32 $0.32 $0.26 $0.26 NAV Per Share $12.06 $11.52 $10.92 $10.89 $10.67 Dividends Per Share $0.32 $0.32 $0.32 $0.25 $0.25 (2) Pro Forma Statutory Debt / Equity 1.23x

  26. Slide 26: Portfolio Risk Ratings by Business Characteristics

    Portfolio – Risk Ratings (FMV as of 9/30/2026) ($ in millions / company count) $149 / 9 $35 / 5 $2 / 1 Software $71 / 4 Education $16 / 1 Healthcare $2 / 1 Business Characteristics(2) (A = Best; C = Worst) Healthcare $54 / 2 Healthcare $13 / 2 C Packaging $15 / 1 Software $4 / 1 Business Services $8

  27. Slide 27: Risk Rating Migration from Prior Quarter

    Risk Rating Migration from Prior Quarter (FMV as of 9/30/2026) ($ in millions / company count) Software - $23 / 1 Business Characteristics(2) (A = Best; C = Worst) C B Packaging - $7 / 1 Healthcare Healthcare - $6 / 1 $1 / 1 A ** Excludes Green to Green Migration ** Tier 4 Tier 3 Tier 2 Tier 1 Opera

  28. Slide 28: Credit Performance

    Credit Performance (2) (2) (2) NMFC Leverage Ratio NMFC Leverage Ratio NMFC Leverage Ratio Variance Variance Variance (1) (1) (1) Company / Asset Type (Vintage) Purchase Current + / (-) Company / Asset Type (Vintage) Purchase Current + / (-) Company / Asset Type (Vintage) Purchase Current + / (-) Co

  29. Slide 29: Portfolio Company EBITDA and Credit Statistics

    Portfolio Company EBITDA and Credit Statistics ($ in millions) Portfolio Weighted Average EBITDA(1) $240 $209 $214 $220 $200 $189 $180 $181 $180 $160 $140 $120 $100 $80 $60 $40 $20 $0 Q3-25 Q4-25 Q1-26 Q2-26 Q3-26 Portfolio Credit Statistics(2)(3) 10.0x 9.0x 8.0x 7.0x 6.5x 6.5x 6.3x 6.2x 6.2x 6.0x 5

  30. Slide 30: Total Value Generated for Shareholders

    Cumulative Performance Since IPO(1) Since IPO in 2011, NMFC has earned $1.5+ billion while creating $1.2+ billion of total value for shareholders ($ in millions) $1,237 $1,400 NMFC has generated $1,580 million of Adj. NII, $101 million of net realized losses and $242 million of net unrealized losses

  31. Slide 31: Dividend Summary and Coverage

    Dividend Summary and Coverage ▪ Declared a Q4 dividend of $0.25 per share (payable in December 2026) ▪ Investment Adviser has pledged to reduce its incentive fee to 15% through Q4 2026 to support the quarterly dividend ▪ Upon expiration of our dividend protection program at the end of 2026, we plan

  32. Slide 32: Performance Since IPO Detail

    Performance Since IPO Detail IPO - (1) ($ in millions) 12/31/2017 2018 2019 2020 2021 2022 2023 2024 2025 YTD 2026 Regular & Supplemental Dividend(2) $475.1 $103.4 $117.4 $120.1 $116.5 $122.4 $154.8 $147.2 $135.7 $78.4 Cumulative Regular & Supplemental Dividend 475.1 578.5 695.9 816.0 932.5 1,054.9

  33. Slide 33: Investment Income Detail

    Investment Income Detail Quarter Ended ($ in millions) 9/30/2025 12/31/2025 3/31/2026 6/30/2026 9/30/2026 Investment Income Build Cash Interest and Dividend Income $50.7 $47.3 $43.6 $36.8 $35.5 (1) SLP and Net Lease Income 11.7 11.7 11.8 10.6 8.6 Recurring Cash Investment Income $62.4 $59.0 $55.4 $4

  34. Slide 34: Income Reconciliation

    Income Reconciliation (in millions, except per share data) Year Ended YTD (unaudited) IPO - 12/31/17 12/31/18 12/31/19 12/31/20 12/31/21 12/31/22 12/31/23 12/31/24 12/31/25 9/30/26 GAAP net investment income ("NII") $490.5 $106.0 $117.2 $117.3 $118.8 $119.6 $159.9 $146.0 $136.4 $78.9 Non-controlling

  35. Slide 35: Capital Structure Philosophy

    Capital Structure Philosophy Focused on maintaining a healthy unsecured debt mix, strong liquidity, and robust Asset Coverage Ratio 1.15x 82% 184% 2.0x 5.5x 228% Coverage of Asset Coverage Statutory Unsecured Asset Coverage Fixed Charge unfunded for Unsecured Leverage(1) Debt(2) Ratio(3) Coverage(4)

  36. Slide 36: Broad Industry Analyst Coverage

    Broad Industry Analyst Coverage Bank of America Securities B. Riley J.P. Morgan – Fixed Income Keefe, Bruyette & Woods Derek Hewett Sean-Paul Adams Kabir Caprihan Paul Johnson Lucid Capital Markets Oppenheimer & Co. Raymond James Wells Fargo Securities Ethan Kaye Mitchel Penn Robert Dodd Finian O’Sh

  37. Slide 37: INIMIF]

    INIMIF] New MountTAIN FINANCE CORPORATION

New Mountain Finance — Q3 2026 Earnings Presentation on 6ix