Investments

9 Months Ended

Sep. 30, 2025

At September 30, 2025, the Company's investments consisted of the following:

Investment Cost and Fair Value by Type


	Cost		Fair Value
First lien	$	1,526,780	$	1,527,836
Second lien	53,738		54,930
Subordinated	14,716		14,958
Structured finance obligations	1,996		2,012
Equity and other	31,420		31,718
Total investments	$	1,628,650	$	1,631,454

Investment Cost and Fair Value by Industry


	Cost		Fair Value
Software	$	726,936	$	727,458
Business Services	453,384		455,758
Healthcare	142,973		143,291
Financial Services	138,752		139,290
Consumer Services	87,817		87,270

Education	43,573		42,822
Food & Beverage	14,223		14,215
Business Products	8,120		8,406
Distribution & Logistics	6,970		7,023

Packaging	3,906		3,909
Investment Fund	1,996		2,012







Total investments	$	1,628,650	$	1,631,454

At December 31, 2024, the Company's investments consisted of the following:

Investment Cost and Fair Value by Type


	Cost		Fair Value
First lien	$	1,418,372	$	1,429,258
Second lien	38,723		40,992
Subordinated	13,340		13,420
Structured finance obligations	1,996		1,996
Equity and other	31,288		30,957
Total investments	$	1,503,719	$	1,516,623

Investment Cost and Fair Value by Industry


	Cost		Fair Value
Software	$	677,243	$	681,187
Business Services	431,330		433,473
Healthcare	136,446		137,175
Financial Services	92,014		92,168
Consumer Services	76,470		76,941
Education	43,093		44,462
Food & Beverage	37,825		41,850
Distribution & Logistics	5,456		5,520
Investment Fund	1,996		1,996
Packaging	1,846		1,851






Total investments	$	1,503,719	$	1,516,623

For 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 members' capital 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 investments.

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.

- Definition

The entire disclosure for investments owned by investment company.

+ References + Details

New Mountain Guardian IV BDC, L.L.C. 10-Q