Fair Value (Tables)

12 Months Ended

Dec. 31, 2025

Schedule of Portfolio Investments by Level in the Fair Value Hierarchy

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


	Total		Level I		Level II		Level III
First lien	$	1,462,772	$	—	$	114,682	$	1,348,090
Second lien	19,288		—		—		19,288
Subordinated	11,549		—		—		11,549
Equity and other	18,489		—		—		18,489
Total investments	$	1,512,098	$	—	$	114,682	$	1,397,416

The following table summarizes the levels in the fair value hierarchy that the Company's portfolio investments fell into as of December 31, 2024:


	Total		Level I		Level II		Level III
First lien	$	1,404,867	$	—	$	91,603	$	1,313,264
Second lien	29,959		—		19,471		10,488
Subordinated	4,766		—		—		4,766
Equity and other	6,063		—		—		6,063
Total investments	$	1,445,655	$	—	$	111,074	$	1,334,581

Schedule of Changes in Level III Portfolio Investments

The following table summarizes the changes in fair value of Level III portfolio investments for the year ended December 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 December 31, 2025:


	Total		First Lien		Second Lien		Subordinated		Equity and other
Fair value, December 31, 2024	$	1,334,581	$	1,313,264	$	10,488	$	4,766	$	6,063
Total gains or losses included in earnings:
Net realized losses on investments	(13,000)		(13,000)		—		—		—
Net change in unrealized appreciation (depreciation)	2,131		2,647		321		117		(954)
Purchases, including capitalized PIK and revolver fundings (1)	442,270		422,224		—		6,666		13,380
Proceeds from sales and paydowns of investments (1)	(369,309)		(358,509)		(10,800)		—		—
Transfers into Level III (2)	60,585		41,306		19,279		—		—
Transfers out of Level III (2)	(59,842)		(59,842)		—		—		—
Fair value, December 31, 2025	$	1,397,416	$	1,348,090	$	19,288	$	11,549	$	18,489
Net change in unrealized (depreciation) appreciation for the period relating to those Level III assets that were still held by the Company at the end of the period:	$	(5,038)	$	(4,205)	$	4	$	117	$	(954)

(1)Includes non-cash reorganizations and restructurings.

(2)As of December 31, 2025, portfolio investments were transferred into Level III from Level II and out of Level III into Level II at fair value as of the beginning of the period in which the reclassification occurred.

The following table summarizes the changes in fair value of Level III portfolio investments for the year ended December 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 Company at December 31, 2024:


	Total		First Lien		Second Lien		Subordinated		Equity and other (3)
Fair value, December 31, 2023	$	1,210,282	$	1,167,465	$	42,816	$	1	$	—
Total gains or losses included in earnings:
Net realized losses on investments	(566)		(566)		—		—		—
Net change in unrealized appreciation (depreciation)	1,338		912		417		11		(2)
Purchases, including capitalized PIK and revolver fundings (1)	454,707		443,888		—		4,754		6,065
Proceeds from sales and paydowns of investments (1)	(312,489)		(292,129)		(20,360)		—		—
Transfers into Level III (2)	26,481		26,481		—		—		—
Transfers out of Level III (2)	(45,172)		(32,787)		(12,385)		—		—
Fair value, December 31, 2024	$	1,334,581	$	1,313,264	$	10,488	$	4,766	$	6,063
Net change in unrealized (depreciation) appreciation for the period relating to those Level III assets that were still held by the Company at the end of the period:	$	(661)	$	(787)	$	115	$	11	$	—

(1)Includes non-cash reorganizations and restructurings.

(2)As of December 31, 2024, portfolio investments were transferred into Level III from Level II and out of Level III into Level II at fair value as of the beginning of the period in which the reclassification occurred.

(3)As of December 31, 2023, fair value of equity and other investments was less than $1 thousand.

Schedule of Fair Value Measurement Inputs and Valuation Techniques

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

Range

Type

Fair Value as of December 31, 2025

Approach

Unobservable Input

Low

High

Weighted
Average (1)

First lien

1,230,767

Market & income approach

EBITDA multiple

7.0x

31.3x

16.7x

Revenue multiple

4.0x

19.5x

10.1x

Discount rate

6.1

21.6

9.0

117,323

Other

N/A (2)

N/A

Second lien

19,288

Market & income approach

EBITDA multiple

14.0x

18.0x

16.0x

Discount rate

11.3

14.3

12.9

Subordinated

11,549

Market & income approach

EBITDA multiple

8.8x

18.0x

12.2x

Discount rate

11.7

14.6

14.0

Equity and other

18,489

Market & income approach

EBITDA multiple

8.8x

18.0x

13.5x

Revenue multiple

7.5x

10.5x

9.0x

Discount rate

12.7

1,397,416

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

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

The unobservable inputs used in the fair value measurement of the Company's Level III investments as of December 31, 2024 were as follows:

Range

Type

Fair Value as of December 31, 2024

Approach

Unobservable Input

Low

High

Weighted
Average (1)

First lien

1,278,029

Market & income approach

EBITDA multiple

8.5x

35.0x

17.2x

Revenue multiple

3.0x

19.5x

9.9x

Discount rate

6.8

22.1

9.5

35,235

Other

N/A (2)

N/A

Second lien

10,488

Market & income approach

EBITDA multiple

14.0x

18.0x

16.0x

Discount rate

10.1

10.2

Subordinated

4,766

Market & income approach

EBITDA multiple

9.0x

21.0x

15.0x

Discount rate

12.5

14.6

Equity and other

6,063

Market & income approach

EBITDA multiple

9.0x

18.0x

16.3x

Revenue multiple

9.0x

11.0x

10.0x

Discount rate

13.5

1,334,581

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

Schedule of Principal Amounts and Fair Values of Borrowings

The following are the principal amount and fair value of the Company’s debt obligation as of December 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.


	December 31, 2025				December 31, 2024
	Principal Amount		Fair Value		Principal Amount		Fair Value
Wells Credit Facility	$	573,800	$	569,482	$	504,400	$	511,559

- Definition

Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

+ References + Details

NMF SLF I, Inc. 10-K