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Drawn2025-06-300001976719Daxko Acquisition Corporation, First Lien - Drawn2025-06-300001976719KPSKY Acquisition Inc., First Lien - Drawn2025-06-300001976719country:USnmg4if:FundedDebtSecuritiesMember2025-06-300001976719Cleanova US Holdings, LLC, First Lien2025-06-300001976719Ciklum Inc., First Lien2025-06-300001976719Ciklum Inc., First Lien - Drawn2025-06-300001976719nmg4if:CiklumInc.Membernmg4if:FundedDebtSecuritiesMember2025-06-300001976719country:GBnmg4if:FundedDebtSecuritiesMember2025-06-300001976719Adelaide Borrower, LLC, First Lien2025-06-300001976719Atlas AU Bidco Pty Ltd, First Lien 12025-06-300001976719Atlas AU Bidco Pty Ltd, First Lien 22025-06-300001976719nmg4if:AtlasAUBidcoPtyLtdMembernmg4if:FundedDebtSecuritiesMember2025-06-300001976719country:AUnmg4if:FundedDebtSecuritiesMember2025-06-300001976719Tennessee Bidco Limited, First Lien 12025-06-300001976719Tennessee Bidco Limited, First Lien 22025-06-300001976719nmg4if:TennesseeBidcoLimitedMembernmg4if:FundedDebtSecuritiesMember2025-06-300001976719country:JEnmg4if:FundedDebtSecuritiesMember2025-06-300001976719nmg4if:FundedDebtSecuritiesMember2025-06-300001976719Ivy Hill Middle Market Credit Fund, Ltd, Structured Finance Obligations2025-06-300001976719country:USus-gaap:StructuredFinanceMember2025-06-300001976719HIG Intermediate, Inc., Series A preferred shares2025-06-300001976719Eclipse Topco, Inc., Preferred Shares2025-06-300001976719FS WhiteWater Holdings, LLC, Class B preferred units2025-06-300001976719country:USus-gaap:EquitySecuritiesMember2025-06-300001976719us-gaap:EquitySecuritiesMember2025-06-300001976719nmg4if:FundedSecuritiesMember2025-06-300001976719Project Accelerate Parent, LLC, First Lien- Undrawn2025-06-300001976719AAH Topco, LLC, First Lien- Undrawn2025-06-300001976719Allworth Financial Group, L.P., First Lien - 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Undrawn 12025-06-300001976719Diligent Corporation, First Lien - Undrawn 22025-06-300001976719nmg4if:DiligentCorporationMembernmg4if:UnfundedDebtSecuritiesMember2025-06-300001976719DOXA Insurance Holdings LLC, First Lien- Undrawn 12025-06-300001976719DOXA Insurance Holdings LLC, First Lien- Undrawn 22025-06-300001976719DOXA Insurance Holdings LLC, First Lien- Undrawn 32025-06-300001976719nmg4if:DOXAInsuranceHoldingsLLCMembernmg4if:UnfundedDebtSecuritiesMember2025-06-300001976719Enverus Holdings, Inc., First Lien- Undrawn 12025-06-300001976719Enverus Holdings, Inc., First Lien- Undrawn 22025-06-300001976719nmg4if:EnverusHoldingsInc.Membernmg4if:UnfundedDebtSecuritiesMember2025-06-300001976719Al Altius US Bidco, Inc., First Lien- Undrawn2025-06-300001976719KENG Acquisition, Inc., First Lien- Undrawn 12025-06-300001976719KENG Acquisition, Inc., First Lien- Undrawn 22025-06-300001976719KENG Acquisition, Inc., First Lien- Undrawn 32025-06-300001976719KENG Acquisition, Inc., First Lien- Undrawn 42025-06-300001976719nmg4if:KENGAcquisitionIncMembernmg4if:UnfundedDebtSecuritiesMember2025-06-300001976719Icefall Parent, Inc., First Lien- Undrawn2025-06-300001976719KENE Acquisition, Inc., First Lien- Undrawn 12025-06-300001976719KENE Acquisition, Inc., First Lien- Undrawn 22025-06-300001976719nmg4if:KENEAcquisitionInc.Membernmg4if:UnfundedDebtSecuritiesMember2025-06-300001976719Foreside Financial Group, LLC, First Lien- Undrawn 12025-06-300001976719Foreside Financial Group, LLC, First Lien- Undrawn 22025-06-300001976719nmg4if:ForesideFinancialGroupLLCMembernmg4if:UnfundedDebtSecuritiesMember2025-06-300001976719Higginbotham Insurance Agency, Inc., First Lien- Undrawn2025-06-300001976719IG Investments Holdings, LLC, First Lien- Undrawn2025-06-300001976719GraphPAD Software, LLC, First Lien- Undrawn 12025-06-300001976719GraphPAD Software, LLC, First Lien- Undrawn 22025-06-300001976719nmg4if:GraphPADSoftwareLLCMembernmg4if:UnfundedDebtSecuritiesMember2025-06-300001976719GC Waves Holdings, Inc., First Lien- Undrawn2025-06-300001976719Model N, Inc., First Lien- Undrawn 12025-06-300001976719Model N, Inc., First Lien- Undrawn 22025-06-300001976719nmg4if:ModelNInc.Membernmg4if:UnfundedDebtSecuritiesMember2025-06-300001976719MRI Software LLC, First Lien- Undrawn 12025-06-300001976719MRI Software LLC, First Lien- Undrawn 22025-06-300001976719nmg4if:MRISoftwareLLCMembernmg4if:UnfundedDebtSecuritiesMember2025-06-300001976719Next Holdco, LLC, First Lien- Undrawn 12025-06-300001976719Next Holdco, LLC, First Lien- Undrawn 22025-06-300001976719nmg4if:NextHoldcoLLCMembernmg4if:UnfundedDebtSecuritiesMember2025-06-300001976719OB Hospitalist Group, Inc., First Lien- Undrawn2025-06-300001976719OEConnection LLC, First Lien- Undrawn2025-06-300001976719PDI TA Holdings, Inc., First Lien- Undrawn2025-06-300001976719PDQ.com Corporation, First Lien- Undrawn 12025-06-300001976719PDQ.com Corporation, First Lien- Undrawn 22025-06-300001976719nmg4if:PDQ.comCorporationMembernmg4if:UnfundedDebtSecuritiesMember2025-06-300001976719Relativity ODA LLC, First Lien- Undrawn2025-06-300001976719Riskonnect Parent, LLC, First Lien- Undrawn2025-06-300001976719Accession Risk Management Group, Inc., First Lien- Undrawn 12025-06-300001976719Accession Risk Management Group, Inc., First Lien- Undrawn 22025-06-300001976719nmg4if:AccessionRiskManagementGroupInc.Membernmg4if:UnfundedDebtSecuritiesMember2025-06-300001976719Safety Borrower Holdings LLC, First Lien- Undrawn2025-06-300001976719Zone Climate Services, Inc., First Lien- Undrawn 12025-06-300001976719Zone Climate Services, Inc., First Lien- Undrawn 22025-06-300001976719nmg4if:ZoneClimateServicesInc.Membernmg4if:UnfundedDebtSecuritiesMember2025-06-300001976719More cowbell II LLC, First Lien- Undrawn 12025-06-300001976719More cowbell II LLC, First Lien- Undrawn 22025-06-300001976719nmg4if:MoreCowbellIILLCMembernmg4if:UnfundedDebtSecuritiesMember2025-06-300001976719Healthspan Buyer, LLC, First Lien- Undrawn2025-06-300001976719TigerConnect, Inc., First Lien - Undrawn2025-06-300001976719CentralSquare Technologies, LLC, First Lien- Undrawn2025-06-300001976719USRP Holdings, Inc., First Lien- Undrawn 12025-06-300001976719USRP Holdings, Inc., First Lien - Undrawn 22025-06-300001976719nmg4if:USRPHoldingsInc.Membernmg4if:UnfundedDebtSecuritiesMember2025-06-300001976719Vessco Midco Holdings, LLC, First Lien- Undrawn 12025-06-300001976719Vessco Midco Holdings, LLC, First Lien- Undrawn 22025-06-300001976719nmg4if:VesscoMidcoHoldingsLLCMembernmg4if:UnfundedDebtSecuritiesMember2025-06-300001976719PPV Intermediate Holdings, LLC, First Lien - Undrawn2025-06-300001976719Wealth Enhancement Group, LLC, First Lien- Undrawn2025-06-300001976719FS WhiteWater Borrower, LLC, First Lien- Undrawn2025-06-300001976719YLG Holdings, Inc., First Lien - Undrawn 12025-06-300001976719YLG Holdings., Inc., First Lien - Undrawn 22025-06-300001976719nmg4if:YLGHoldingsInc.Membernmg4if:UnfundedDebtSecuritiesMember2025-06-300001976719Bonterra LLC., First Lien - Undrawn 12025-06-300001976719Bonterra LLC., First Lien - Undrawn 22025-06-300001976719nmg4if:BonterraLLCMembernmg4if:UnfundedDebtSecuritiesMember2025-06-300001976719Low Voltage Holdings Inc., First Lien - Undrawn 12025-06-300001976719Low Voltage Holdings Inc., First Lien - Undrawn 22025-06-300001976719nmg4if:LowVoltageHoldingsIncMembernmg4if:UnfundedDebtSecuritiesMember2025-06-300001976719Xactly Corporation, First Lien - Undrawn 2025-06-300001976719RailPros Parent, LLC, First Lien - Undrawn 12025-06-300001976719RailPros Parent, LLC, First Lien - Undrawn 22025-06-300001976719nmg4if:RailProsParentLLCMembernmg4if:UnfundedDebtSecuritiesMember2025-06-300001976719Park Place Technologies, LLC, First Lien - Undrawn 12025-06-300001976719Park Place Technologies, LLC, First Lien - Undrawn 22025-06-300001976719nmg4if:ParkPlaceTechnologiesLLCMembernmg4if:UnfundedDebtSecuritiesMember2025-06-300001976719Eclipse Buyer, Inc., First Lien - Undrawn 2025-06-300001976719Databricks, Inc., First Lien - Undrawn 2025-06-300001976719Optimizely North America Inc., First Lien - Undrawn 2025-06-300001976719Community Management Holdings MidCo 2, LLC, First Lien - Undrawn 12025-06-300001976719Community Management Holdings MidCo 2, LLC, First Lien - Undrawn 22025-06-300001976719nmg4if:CommunityManagementHoldingsMidCo2LLCMembernmg4if:UnfundedDebtSecuritiesMember2025-06-300001976719Superman Holdings, LLC, First Lien - Undrawn 12025-06-300001976719Superman Holdings, LLC, First Lien - Undrawn 22025-06-300001976719nmg4if:SupermanHoldingsLLCMembernmg4if:UnfundedDebtSecuritiesMember2025-06-300001976719Sierra Enterprises, LLC, First Lien - Undrawn 2025-06-300001976719Firebird Acquisition Corp, Inc., First Lien - Undrawn 12025-06-300001976719Firebird Acquisition Corp, Inc., First Lien - Undrawn 22025-06-300001976719nmg4if:FirebirdAcquisitionCorpInc.Membernmg4if:UnfundedDebtSecuritiesMember2025-06-300001976719Legends Hospitality Holding Company, LLC, First Lien - Undrawn 12025-06-300001976719Legends Hospitality Holding Company, LLC, First Lien - Undrawn 22025-06-300001976719nmg4if:LegendsHospitalityHoldingCompanyLLCMembernmg4if:UnfundedDebtSecuritiesMember2025-06-300001976719ComPsych Investments Corp., First Lien - Undrawn 2025-06-300001976719GHX Ultimate Parent Corporation, First Lien - Undrawn 2025-06-300001976719eResearchTechnology, Inc., First Lien - Undrawn 12025-06-300001976719eResearchTechnology, Inc., First Lien - Undrawn 22025-06-300001976719nmg4if:EResearchTechnologyIncMembernmg4if:UnfundedDebtSecuritiesMember2025-06-300001976719GS Acquisitionco, Inc., First Lien - Undrawn 12025-06-300001976719GS Acquisitionco, Inc., First Lien - Undrawn 22025-06-300001976719nmg4if:GSAcquisitioncoInc.Membernmg4if:UnfundedDebtSecuritiesMember2025-06-300001976719LogRhythm, Inc., First Lien - Undrawn 2025-06-300001976719CRCI Longhorn Holdings, Inc., First Lien - Undrawn 12025-06-300001976719CRCI Longhorn Holdings, Inc., First Lien - Undrawn 22025-06-300001976719nmg4if:CRCILonghornHoldingsInc.Membernmg4if:UnfundedDebtSecuritiesMember2025-06-300001976719iCIMS, Inc., First Lien - Undrawn 2025-06-300001976719Vamos Bidco, Inc., First Lien - Undrawn 12025-06-300001976719Vamos Bidco, Inc., First Lien - Undrawn 22025-06-300001976719nmg4if:VamosBidcoInc.Membernmg4if:UnfundedDebtSecuritiesMember2025-06-300001976719Baker Tilly Advisory Group, LP, First Lien - Undrawn 12025-06-300001976719Baker Tilly Advisory Group, LP, First Lien - Undrawn 22025-06-300001976719nmg4if:BakerTillyAdvisoryGroupLPMembernmg4if:UnfundedDebtSecuritiesMember2025-06-300001976719Vehlo Purchaser, LLC, First Lien - Undrawn 2025-06-300001976719Einstein Parent, Inc., First Lien - Undrawn 2025-06-300001976719DT1 Midco Corp., LP, First Lien - Undrawn 12025-06-300001976719DT1 Midco Corp., LP, First Lien - Undrawn 22025-06-300001976719nmg4if:DT1MidcoCorp.Membernmg4if:UnfundedDebtSecuritiesMember2025-06-300001976719MAI Capital Management Intermediate LLC, First Lien - Undrawn 12025-06-300001976719MAI Capital Management Intermediate LLC, LP, First Lien - Undrawn 22025-06-300001976719nmg4if:MAICapitalManagementIntermediateLLCMembernmg4if:UnfundedDebtSecuritiesMember2025-06-300001976719Runway Bidco, LLC, First Lien - Undrawn 12025-06-300001976719Runway Bidco, LLC, LP, First Lien - Undrawn 22025-06-300001976719nmg4if:RunwayBidcoLLCMembernmg4if:UnfundedDebtSecuritiesMember2025-06-300001976719NC Topco, LLC, First Lien - Undrawn 12025-06-300001976719NC Topco, LLC, LP, First Lien - Undrawn 22025-06-300001976719nmg4if:NCTopcoLLCMembernmg4if:UnfundedDebtSecuritiesMember2025-06-300001976719PetVet Care Centers, LLC, First Lien - Undrawn 12025-06-300001976719PetVet Care Centers, LLC, LP, First Lien - Undrawn 22025-06-300001976719nmg4if:PetVetCareCentersLLCMembernmg4if:UnfundedDebtSecuritiesMember2025-06-300001976719KPSKY Acquisition Inc., First Lien - Undrawn 2025-06-300001976719country:USnmg4if:UnfundedDebtSecuritiesMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-06-300001976719Atlas AU Bidco Pty Ltd, First Lien - Undrawn 2025-06-300001976719Adelaide Borrower, LLC, First Lien - Undrawn 12025-06-300001976719Adelaide Borrower, LLC, First Lien - Undrawn 22025-06-300001976719nmg4if:AdelaideBorrowerLLCMembernmg4if:UnfundedDebtSecuritiesMember2025-06-300001976719country:AUnmg4if:UnfundedDebtSecuritiesMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-06-300001976719Ciklum Inc., First Lien - Undrawn 12025-06-300001976719Ciklum Inc., First Lien - Undrawn 22025-06-300001976719nmg4if:CiklumInc.Membernmg4if:UnfundedDebtSecuritiesMember2025-06-300001976719country:GBnmg4if:UnfundedDebtSecuritiesMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-06-300001976719us-gaap:InvestmentUnaffiliatedIssuerMembernmg4if:UnfundedDebtSecuritiesMember2025-06-300001976719us-gaap:InvestmentUnaffiliatedIssuerMember2025-06-300001976719Eclipse Topco, Inc., First Lien2025-06-300001976719FS WhiteWater Holdings, LLC, First Lien2025-06-300001976719nmg4if:DebtSecuritiesFirstLienMembernmg4if:InvestmentTypeConcentrationRiskMembernmg4if:InvestmentsAtFairValueMember2025-01-012025-06-300001976719nmg4if:DebtSecuritiesSecondLienMembernmg4if:InvestmentTypeConcentrationRiskMembernmg4if:InvestmentsAtFairValueMember2025-01-012025-06-300001976719us-gaap:SubordinatedDebtMembernmg4if:InvestmentTypeConcentrationRiskMembernmg4if:InvestmentsAtFairValueMember2025-01-012025-06-300001976719us-gaap:StructuredFinanceMembernmg4if:InvestmentTypeConcentrationRiskMembernmg4if:InvestmentsAtFairValueMember2025-01-012025-06-300001976719us-gaap:OtherAggregatedInvestmentsMembernmg4if:InvestmentTypeConcentrationRiskMembernmg4if:InvestmentsAtFairValueMember2025-01-012025-06-300001976719nmg4if:SoftwareSectorMembernmg4if:IndustryConcentrationRiskMembernmg4if:InvestmentsAtFairValueMember2025-01-012025-06-300001976719nmg4if:BusinessServicesSectorMembernmg4if:IndustryConcentrationRiskMembernmg4if:InvestmentsAtFairValueMember2025-01-012025-06-300001976719us-gaap:HealthcareSectorMembernmg4if:IndustryConcentrationRiskMembernmg4if:InvestmentsAtFairValueMember2025-01-012025-06-300001976719us-gaap:FinancialServicesSectorMembernmg4if:IndustryConcentrationRiskMembernmg4if:InvestmentsAtFairValueMember2025-01-012025-06-300001976719nmg4if:EducationSectorMembernmg4if:IndustryConcentrationRiskMembernmg4if:InvestmentsAtFairValueMember2025-01-012025-06-300001976719nmg4if:ConsumerServicesSectorMembernmg4if:IndustryConcentrationRiskMembernmg4if:InvestmentsAtFairValueMember2025-01-012025-06-300001976719us-gaap:ContainerAndPackagingSectorMembernmg4if:IndustryConcentrationRiskMembernmg4if:InvestmentsAtFairValueMember2025-01-012025-06-300001976719nmg4if:BusinessProductsMembernmg4if:IndustryConcentrationRiskMembernmg4if:InvestmentsAtFairValueMember2025-01-012025-06-300001976719us-gaap:FoodAndBeverageSectorMembernmg4if:IndustryConcentrationRiskMembernmg4if:InvestmentsAtFairValueMember2025-01-012025-06-300001976719nmg4if:InvestmentFundSectorMembernmg4if:IndustryConcentrationRiskMembernmg4if:InvestmentsAtFairValueMember2025-01-012025-06-300001976719nmg4if:DebtSecuritiesFloatingInterestRateMembernmg4if:InterestRateTypeRiskMembernmg4if:InvestmentsAtFairValueMember2025-01-012025-06-300001976719nmg4if:DebtSecuritiesFixedInterestRateMembernmg4if:InterestRateTypeRiskMembernmg4if:InvestmentsAtFairValueMember2025-01-012025-06-300001976719nmg4if:TotalInvestmentsMembernmg4if:InterestRateTypeRiskMembernmg4if:InvestmentsAtFairValueMember2025-01-012025-06-300001976719Viper Bidco, Inc. First Lien2024-12-310001976719Sierra Enterprises, LLC, First Lien2024-12-310001976719Associations, Inc., First Lien2024-12-310001976719Associations, Inc., Subordinated 12024-12-310001976719Associations, Inc., Subordinated 22024-12-310001976719Associations, Inc., First Lien Drawn 12024-12-310001976719Associations, Inc. First Lien Drawn 22024-12-310001976719nmg4if:AssociationsFinanceInc.Membernmg4if:FundedDebtSecuritiesMember2024-12-310001976719Diamondback Acquisition, Inc. First Lien2024-12-310001976719Wealth Enhancement Group, LLC, First Lien 12024-12-310001976719Wealth Enhancement Group, LLC, First Lien Drawn2024-12-310001976719Wealth Enhancement Group, LLC, First Lien 22024-12-310001976719Wealth Enhancement Group, LLC, First Lien 32024-12-310001976719Wealth Enhancement Group, LLC, First Lien 42024-12-310001976719Wealth Enhancement Group, LLC, First Lien 52024-12-310001976719Wealth Enhancement Group, LLC, First Lien 62024-12-310001976719nmg4if:WealthEnhancementGroupLLCMembernmg4if:FundedDebtSecuritiesMember2024-12-310001976719Coupa Holdings, LLC Inc. First Lien2024-12-310001976719Accession Risk Management Group, Inc. First Lien 12024-12-310001976719Accession Risk Management Group, Inc. First Lien 22024-12-310001976719Accession Risk Management Group, Inc. First Lien 32024-12-310001976719nmg4if:AccessionRiskManagementGroupInc.Membernmg4if:FundedDebtSecuritiesMember2024-12-310001976719IG Investments Holdings, LLC First Lien2024-12-310001976719OEConnection LLC First Lien2024-12-310001976719Model N, Inc. First Lien2024-12-310001976719Houghton Mifflin Harcourt Company First Lien2024-12-310001976719OA Buyer, Inc. First Lien2024-12-310001976719NC Topco, LLC, First Lien2024-12-310001976719iCIMS, Inc., First Lien 2024-12-310001976719iCIMS, Inc., First Lien Drawn2024-12-310001976719nmg4if:ICIMSInc.Membernmg4if:FundedDebtSecuritiesMember2024-12-310001976719USRP Holdings, Inc., First Lien 2024-12-310001976719USRP Holdings, Inc., First Lien Drawn2024-12-310001976719nmg4if:USRPHoldingsInc.Membernmg4if:FundedDebtSecuritiesMember2024-12-310001976719Runway Bidco, LLC, First Lien 2024-12-310001976719Legal Spend Holdings, LLC (fka Bottomline Technologies, Inc.), First Lien 12024-12-310001976719Legal Spend Holdings, LLC (fka Bottomline Technologies, Inc.), First Lien 22024-12-310001976719nmg4if:LegalSpendHoldingsLLCFkaBottomlineTechnologiesInc.Membernmg4if:FundedDebtSecuritiesMember2024-12-310001976719Bullhorn, Inc., First Lien 12024-12-310001976719Bullhorn, Inc., First Lien 22024-12-310001976719Bullhorn, Inc., First Lien 32024-12-310001976719Bullhorn, Inc., First Lien 42024-12-310001976719Bullhorn, Inc., First Lien 52024-12-310001976719Bullhorn, Inc., First Lien 62024-12-310001976719nmg4if:BullhornInc.Membernmg4if:FundedDebtSecuritiesMember2024-12-310001976719Michael Baker International, LLC, First Lien 2024-12-310001976719Brave Parent Holdings, Inc., First Lien2024-12-310001976719Brave Parent Holdings, Inc., First Lien - Drawn2024-12-310001976719nmg4if:BraveParentHoldingsInc.Membernmg4if:FundedDebtSecuritiesMember2024-12-310001976719MAI Capital Management Intermediate LLC., First Lien2024-12-310001976719MAI Capital Management Intermediate LLC., First Lien - Drawn 12024-12-310001976719MAI Capital Management Intermediate LLC., First Lien - Drawn 22024-12-310001976719nmg4if:MAICapitalManagementIntermediateLLCMembernmg4if:FundedDebtSecuritiesMember2024-12-310001976719Vessco Midco Holdings, LLC., First Lien2024-12-310001976719Vessco Midco Holdings, LLC, First Lien - Drawn2024-12-310001976719nmg4if:VesscoMidcoHoldingsLLCMembernmg4if:FundedDebtSecuritiesMember2024-12-310001976719Al Altius US Bidco, Inc., First Lien2024-12-310001976719Higginbotham Insurance Agency, Inc., First Lien2024-12-310001976719Higginbotham Insurance Agency, Inc., First Lien - Drawn2024-12-310001976719nmg4if:HigginbothamInsuranceAgencyInc.Membernmg4if:FundedDebtSecuritiesMember2024-12-310001976719CentralSquare Technologies, LLC, First Lien2024-12-310001976719PPV Intermediate Holdings, LLC., First Lien 12024-12-310001976719PPV Intermediate Holdings, LLC, First Lien 22024-12-310001976719nmg4if:PPVIntermediateHoldingsLLCMembernmg4if:FundedDebtSecuritiesMember2024-12-310001976719Planview Parent, Inc. Second Lien 2024-12-310001976719Relativity ODA LLC, First Lien2024-12-310001976719YLG Holdings, Inc., First Lien 2024-12-310001976719Superman Holdings, LLC. First Lien 2024-12-310001976719Healthspan Buyer, LLC, First Lien 12024-12-310001976719Healthspan Buyer, LLC, First Lien 22024-12-310001976719nmg4if:HealthspanBuyerLLCMembernmg4if:FundedDebtSecuritiesMember2024-12-310001976719RLG Holdings, LLC, First Lien 2024-12-310001976719Alegeus Technologies Holdings Corp.., First Lien 2024-12-310001976719Foundational Education Group, Inc., First Lien 2024-12-310001976719Anaplan, Inc., First Lien 2024-12-310001976719Syndigo LLC, Second Lien 2024-12-310001976719Syndigo LLC, Fist Lien 2024-12-310001976719nmg4if:SyndigoLLCMembernmg4if:FundedDebtSecuritiesMember2024-12-310001976719MRI Software LLC, Fist Lien 12024-12-310001976719MRI Software LLC, Fist Lien 22024-12-310001976719MRI Software LLC, First Lien Drawn 12024-12-310001976719MRI Software LLC, First Lien Drawn 22024-12-310001976719nmg4if:MRISoftwareLLCMembernmg4if:FundedDebtSecuritiesMember2024-12-310001976719Icefall Parent, Inc., First Lien 2024-12-310001976719Safety Borrower Holdings LLC, First Lien2024-12-310001976719Safety Borrower Holdings LLC, First Lien Drawn 2024-12-310001976719nmg4if:SafetyBorrowerHoldingsLLCMembernmg4if:FundedDebtSecuritiesMember2024-12-310001976719QBS Parent, Inc, First Lien 2024-12-310001976719Optimizely North America Inc, First Lien 2024-12-310001976719Park Place Technologies, LLC, First Lien2024-12-310001976719Park Place Technologies, LLC, First Lien - Drawn2024-12-310001976719nmg4if:ParkPlaceTechnologiesLLCMembernmg4if:FundedDebtSecuritiesMember2024-12-310001976719DOXA Insurance Holdings LLC, First Lien2024-12-310001976719DOXA Insurance Holdings LLC, First Lien - Drawn2024-12-310001976719nmg4if:DOXAInsuranceHoldingsLLCMembernmg4if:FundedDebtSecuritiesMember2024-12-310001976719ComPsych Investments Corp., First Lien 2024-12-310001976719GraphPAD Software, LLC, First Lien2024-12-310001976719GraphPAD Software, LLC, First Lien - Drawn2024-12-310001976719nmg4if:GraphPADSoftwareLLCMembernmg4if:FundedDebtSecuritiesMember2024-12-310001976719Diligent Corporation, First Lien 12024-12-310001976719Diligent Corporation, First Lien 22024-12-310001976719nmg4if:DiligentCorporationMembernmg4if:FundedDebtSecuritiesMember2024-12-310001976719Bluefin Holding, LLC, First Lien 2024-12-310001976719Kaseya Inc., First Lien 12024-12-310001976719Kaseya Inc., First Lien- Drawn 12024-12-310001976719Kaseya Inc., First Lien- Drawn 22024-12-310001976719Kaseya Inc., First Lien 22024-12-310001976719nmg4if:KaseyaInc.Membernmg4if:FundedDebtSecuritiesMember2024-12-310001976719CRCI Longhorn Holdings, Inc., First Lien 2024-12-310001976719CRCI Longhorn Holdings, Inc., First Lien- Drawn2024-12-310001976719nmg4if:CRCILonghornHoldingsInc.Membernmg4if:FundedDebtSecuritiesMember2024-12-310001976719Legends Hospitality Holding Company, LLC, First Lien2024-12-310001976719Legends Hospitality Holding Company, LLC, First Lien- Drawn2024-12-310001976719nmg4if:LegendsHospitalityHoldingCompanyLLCMembernmg4if:FundedDebtSecuritiesMember2024-12-310001976719OB Hospitalist Group, Inc, First Lien2024-12-310001976719Greenway Health, LLC., First Lien2024-12-310001976719PetVet Care Centers, LLC, First Lien2024-12-310001976719Eclipse Buyer, Inc., First Lien2024-12-310001976719Oranje Holdco, Inc., First Lien2024-12-310001976719GS Acquisitionco, Inc., First Lien 2024-12-310001976719GS Acquisitionco, Inc., First Lien- Drawn2024-12-310001976719nmg4if:GSAcquisitioncoInc.Membernmg4if:FundedDebtSecuritiesMember2024-12-310001976719Enverus Holdings, Inc., First Lien 2024-12-310001976719Enverus Holdings, Inc., First Lien- Drawn2024-12-310001976719nmg4if:EnverusHoldingsInc.Membernmg4if:FundedDebtSecuritiesMember2024-12-310001976719AAH Topco, LLC, First Lien2024-12-310001976719Ciklum Inc.., First Lien2024-12-310001976719Adelaide Borrower, LLC, First Lien2024-12-310001976719Pushpay USA Inc, First Lien2024-12-310001976719GC Waves Holdings, Inc., First Lien 2024-12-310001976719GC Waves Holdings, Inc.., First Lien- Drawn2024-12-310001976719nmg4if:GCWavesHoldingsInc.Membernmg4if:FundedDebtSecuritiesMember2024-12-310001976719PDI TA Holdings, Inc.., First Lien 2024-12-310001976719PDI TA Holdings, Inc.., First Lien First Lien- Drawn2024-12-310001976719nmg4if:PDITAHoldingsInc.Membernmg4if:FundedDebtSecuritiesMember2024-12-310001976719Nielsen Consumer Inc., First Lien2024-12-310001976719Baker Tilly Advisory Group, LP, First Lien2024-12-310001976719LogRhythm, Inc.., First Lien2024-12-310001976719RxB Holdings, Inc., First Lien2024-12-310001976719Perforce Software, Inc., First Lien2024-12-310001976719CommerceHub, Inc. First Lien2024-12-310001976719Databricks, Inc., First Lien2024-12-310001976719Allworth Financial Group, L.P., First Lien 2024-12-310001976719Allworth Financial Group, L.P., First Lien- Drawn2024-12-310001976719nmg4if:AllworthFinancialGroupL.P.Membernmg4if:FundedDebtSecuritiesMember2024-12-310001976719KENE Acquisition, Inc., First Lien 2024-12-310001976719KENE Acquisition, Inc., First Lien - Drawn2024-12-310001976719nmg4if:KENEAcquisitionInc.Membernmg4if:FundedDebtSecuritiesMember2024-12-310001976719Businessolver.com, Inc., First Lien2024-12-310001976719Businessolver.com, Inc., First Lien- Drawn2024-12-310001976719nmg4if:Businessolver.comInc.Membernmg4if:FundedDebtSecuritiesMember2024-12-310001976719Xactly Corporation, First Lien2024-12-310001976719Next Holdco, LLC, First Lien2024-12-310001976719Foreside Financial Group, LLC, First Lien 12024-12-310001976719Foreside Financial Group, LLC, First Lien 22024-12-310001976719nmg4if:ForesideFinancialGroupLLCMembernmg4if:FundedDebtSecuritiesMember2024-12-310001976719CB Buyer, Inc., First Lien 2024-12-310001976719More cowbell II LLC, First Lien 2024-12-310001976719More cowbell II LLC, First Lien- Drawn2024-12-310001976719nmg4if:MoreCowbellIILLCMembernmg4if:FundedDebtSecuritiesMember2024-12-310001976719Project Accelerate Parent, LLC, First Lien2024-12-310001976719Javelin Buyer, Inc., Second Lien2024-12-310001976719Avalara, Inc., First Lien2024-12-310001976719Disco Parent, Inc., First Lien2024-12-310001976719Galway Borrower LLC, First Lien 12024-12-310001976719Galway Borrower LLC, First Lien 22024-12-310001976719nmg4if:GalwayBorrowerLLCMembernmg4if:FundedDebtSecuritiesMember2024-12-310001976719Bayou Intermediate II, LLC, First Lien2024-12-310001976719Community Management Holdings MidCo 2, LLC., First Lien2024-12-310001976719Community Management Holdings MidCo 2, LLC., First Lien - Drawn2024-12-310001976719nmg4if:CommunityManagementHoldingsMidCo2LLCMembernmg4if:FundedDebtSecuritiesMember2024-12-310001976719KENG Acquisition, Inc., First Lien2024-12-310001976719KENG Acquisition, Inc., First Lien - Drawn2024-12-310001976719nmg4if:KENGAcquisitionIncMembernmg4if:FundedDebtSecuritiesMember2024-12-310001976719Trinity Air Consultants Holdings Corporation, First Lien 2024-12-310001976719FS WhiteWater Borrower, LLC, First Lien2024-12-310001976719TigerConnect, Inc., First Lien2024-12-310001976719CoreTrust Purchasing Group LLC, First Lien2024-12-310001976719PDQ.com Corporation, First Lien2024-12-310001976719Calabrio, Inc., First Lien2024-12-310001976719Beacon Pointe Harmony, LLC, First Lien - Drawn2024-12-310001976719Zone Climate Services, Inc., First Lien - Drawn2024-12-310001976719Daxko Acquisition Corporation, First Lien - Drawn2024-12-310001976719KPSKY Acquisition Inc., First Lien - Drawn2024-12-310001976719country:USnmg4if:FundedDebtSecuritiesMember2024-12-310001976719Atlas AU Bidco Pty Ltd, First Lien2024-12-310001976719country:AUnmg4if:FundedDebtSecuritiesMember2024-12-310001976719nmg4if:FundedDebtSecuritiesMember2024-12-310001976719Ivy Hill Middle Market Credit Fund, Ltd., Structured Finance Obligations2024-12-310001976719country:USus-gaap:StructuredFinanceMember2024-12-310001976719HIG Intermediate, Inc, Preferred Shares2024-12-310001976719Eclipse Topco, Inc., Preferred Shares2024-12-310001976719FS WhiteWater Holdings, LLC, Preferred Shares2024-12-310001976719country:USus-gaap:EquitySecuritiesMember2024-12-310001976719us-gaap:EquitySecuritiesMember2024-12-310001976719nmg4if:FundedSecuritiesMember2024-12-310001976719Accession Risk Management Group, Inc., First Lien - Undrawn 12024-12-310001976719Accession Risk Management Group, Inc., First Lien - Undrawn 22024-12-310001976719nmg4if:AccessionRiskManagementGroupInc.Membernmg4if:UnfundedDebtSecuritiesMember2024-12-310001976719Higginbotham Insurance Agency, Inc., First Lien - Undrawn2024-12-310001976719GC Waves Holdings, Inc., First Lien - Undrawn2024-12-310001976719IG Investments Holdings, LLC, First Lien - Undrawn2024-12-310001976719Avalara, Inc., First Lien - Undrawn2024-12-310001976719Foreside Financial Group, LLC., First Lien - Undrawn 12024-12-310001976719Foreside Financial Group, LLC, First Lien - Undrawn 22024-12-310001976719nmg4if:ForesideFinancialGroupLLCMembernmg4if:UnfundedDebtSecuritiesMember2024-12-310001976719Riskonnect Parent, LLC, First Lien - Undrawn2024-12-310001976719AAH Topco, LLC., First Lien - Undrawn2024-12-310001976719Businessolver.com, Inc., First Lien - Undrawn2024-12-310001976719Beacon Pointe Harmony, LLC, First Lien - Undrawn2024-12-310001976719Al Altius US Bidco, Inc., First Lien - Undrawn2024-12-310001976719YLG Holdings, Inc., First Lien - Undrawn2024-12-310001976719Daxko Acquisition Corporation, First Lien - Undrawn 12024-12-310001976719Daxko Acquisition Corporation, First Lien - Undrawn 22024-12-310001976719nmg4if:DaxkoAcquisitionCorporationMembernmg4if:UnfundedDebtSecuritiesMember2024-12-310001976719LogRhythm, Inc., First Lien - Undrawn2024-12-310001976719USRP Holdings, Inc., First Lien - Undrawn 12024-12-310001976719USRP Holdings, Inc., First Lien - Undrawn 22024-12-310001976719USRP Holdings, Inc., First Lien - Undrawn 32024-12-310001976719nmg4if:USRPHoldingsInc.Membernmg4if:UnfundedDebtSecuritiesMember2024-12-310001976719Bullhorn, Inc., First Lien - Undrawn 12024-12-310001976719Bullhorn, Inc., First Lien - Undrawn 22024-12-310001976719nmg4if:BullhornInc.Membernmg4if:UnfundedDebtSecuritiesMember2024-12-310001976719PDI TA Holdings, Inc., First Lien - Undrawn 12024-12-310001976719PDI TA Holdings, Inc., First Lien - Undrawn 22024-12-310001976719nmg4if:PDITAHoldingsInc.Membernmg4if:UnfundedDebtSecuritiesMember2024-12-310001976719Project Accelerate Parent, LLC, First Lien - Undrawn2024-12-310001976719Wealth Enhancement Group, LLC, First Lien - Undrawn 12024-12-310001976719Wealth Enhancement Group, LLC, First Lien - Undrawn 22024-12-310001976719nmg4if:WealthEnhancementGroupLLCMembernmg4if:UnfundedDebtSecuritiesMember2024-12-310001976719Next Holdco, LLC, First Lien - Undrawn 12024-12-310001976719Next Holdco, LLC, First Lien - Undrawn 22024-12-310001976719nmg4if:NextHoldcoLLCMembernmg4if:UnfundedDebtSecuritiesMember2024-12-310001976719PDQ.com Corporation, First Lien - Undrawn 12024-12-310001976719PDQ.com Corporation, First Lien - Undrawn 22024-12-310001976719nmg4if:PDQ.comCorporationMembernmg4if:UnfundedDebtSecuritiesMember2024-12-310001976719Enverus Holdings, Inc., First Lien - Undrawn 12024-12-310001976719Enverus Holdings, Inc., First Lien - Undrawn 22024-12-310001976719nmg4if:EnverusHoldingsInc.Membernmg4if:UnfundedDebtSecuritiesMember2024-12-310001976719CoreTrust Purchasing Group LLC, First Lien - Undrawn2024-12-310001976719GS Acquisitionco, Inc., First Lien - Undrawn 12024-12-310001976719GS Acquisitionco, Inc., First Lien - Undrawn 22024-12-310001976719nmg4if:GSAcquisitioncoInc.Membernmg4if:UnfundedDebtSecuritiesMember2024-12-310001976719KENE Acquisition, Inc., First Lien - Undrawn 12024-12-310001976719KENE Acquisition, Inc., First Lien - Undrawn 22024-12-310001976719nmg4if:KENEAcquisitionInc.Membernmg4if:UnfundedDebtSecuritiesMember2024-12-310001976719KENG Acquisition, Inc., First Lien - Undrawn 12024-12-310001976719KENG Acquisition, Inc., First Lien - Undrawn 22024-12-310001976719KENG Acquisition, Inc., First Lien - Undrawn 32024-12-310001976719nmg4if:KENGAcquisitionIncMembernmg4if:UnfundedDebtSecuritiesMember2024-12-310001976719Adelaide Borrower, LLC, First Lien - Undrawn 12024-12-310001976719Adelaide Borrower, LLC, First Lien - Undrawn 22024-12-310001976719nmg4if:AdelaideBorrowerLLCMembernmg4if:UnfundedDebtSecuritiesMember2024-12-310001976719Bluefin Holding, LLC, First Lien - Undrawn2024-12-310001976719PetVet Care Centers, LLC, First Lien - Undrawn 12024-12-310001976719PetVet Care Centers, LLC, First Lien - Undrawn 22024-12-310001976719nmg4if:PetVetCareCentersLLCMembernmg4if:UnfundedDebtSecuritiesMember2024-12-310001976719Icefall Parent, Inc., First Lien - Undrawn2024-12-310001976719OEConnection LLC, First Lien - Undrawn 12024-12-310001976719OEConnection LLC, First Lien - Undrawn 22024-12-310001976719nmg4if:OEConnectionLLCMembernmg4if:UnfundedDebtSecuritiesMember2024-12-310001976719DOXA Insurance Holdings LLC, First Lien - Undrawn 12024-12-310001976719DOXA Insurance Holdings LLC, First Lien - Undrawn 22024-12-310001976719DOXA Insurance Holdings LLC, First Lien - Undrawn 32024-12-310001976719nmg4if:DOXAInsuranceHoldingsLLCMembernmg4if:UnfundedDebtSecuritiesMember2024-12-310001976719Healthspan Buyer, LLC, First Lien - Undrawn2024-12-310001976719CentralSquare Technologies, LLC, First Lien - Undrawn2024-12-310001976719Databricks, Inc., First Lien - Undrawn2024-12-310001976719OB Hospitalist Group, Inc., First Lien - Undrawn2024-12-310001976719TigerConnect, Inc.., First Lien - Undrawn2024-12-310001976719Coupa Holdings, LLC, First Lien - Undrawn 12024-12-310001976719Coupa Holdings, LLC, First Lien - Undrawn 22024-12-310001976719nmg4if:CoupaHoldingsLLCMembernmg4if:UnfundedDebtSecuritiesMember2024-12-310001976719Trinity Air Consultants Holdings Corporation, First Lien - Undrawn2024-12-310001976719Ciklum Inc., First Lien - Undrawn 12024-12-310001976719Ciklum Inc., First Lien - Undrawn 22024-12-310001976719nmg4if:CiklumInc.Membernmg4if:UnfundedDebtSecuritiesMember2024-12-310001976719Kaseya Inc., First Lien - Undrawn 12024-12-310001976719Kaseya Inc., First Lien - Undrawn 22024-12-310001976719nmg4if:KaseyaInc.Membernmg4if:UnfundedDebtSecuritiesMember2024-12-310001976719More cowbell II LLC, First Lien - Undrawn 12024-12-310001976719More cowbell II LLC, First Lien - Undrawn 22024-12-310001976719nmg4if:MoreCowbellIILLCMembernmg4if:UnfundedDebtSecuritiesMember2024-12-310001976719Brave Parent Holdings, Inc., First Lien - Undrawn 12024-12-310001976719Brave Parent Holdings, Inc., First Lien - Undrawn 22024-12-310001976719nmg4if:BraveParentHoldingsInc.Membernmg4if:UnfundedDebtSecuritiesMember2024-12-310001976719Allworth Financial Group, L.P., First Lien - Undrawn 12024-12-310001976719Allworth Financial Group, L.P., First Lien - Undrawn 22024-12-310001976719nmg4if:AllworthFinancialGroupL.P.Membernmg4if:UnfundedDebtSecuritiesMember2024-12-310001976719MRI Software LLC, First Lien - Undrawn 12024-12-310001976719MRI Software LLC, First Lien - Undrawn 22024-12-310001976719nmg4if:MRISoftwareLLCMembernmg4if:UnfundedDebtSecuritiesMember2024-12-310001976719Associations, Inc., First Lien - Undrawn 12024-12-310001976719Associations, Inc.., First Lien - Undrawn 22024-12-310001976719nmg4if:AssociationsInc.Membernmg4if:UnfundedDebtSecuritiesMember2024-12-310001976719Diligent Corporation, First Lien - Undrawn 12024-12-310001976719Diligent Corporation., First Lien - Undrawn 22024-12-310001976719nmg4if:DiligentCorporationMembernmg4if:UnfundedDebtSecuritiesMember2024-12-310001976719Safety Borrower Holdings LLC, First Lien - Undrawn2024-12-310001976719PPV Intermediate Holdings, LLC, First Lien - Undrawn2024-12-310001976719Community Management Holdings MidCo 2, LLC, First Lien - Undrawn 12024-12-310001976719Community Management Holdings MidCo 2, LLC, First Lien - Undrawn 22024-12-310001976719nmg4if:CommunityManagementHoldingsMidCo2LLCMembernmg4if:UnfundedDebtSecuritiesMember2024-12-310001976719QBS Parent, Inc., First Lien - Undrawn2024-12-310001976719Xactly Corporation, First Lien - Undrawn2024-12-310001976719Optimizely North America Inc., First Lien - Undrawn2024-12-310001976719Relativity ODA LLC, First Lien - Undrawn2024-12-310001976719iCIMS, Inc., 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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

_________________________________________________________________________________

FORM 10-Q

_________________________________________________________________________________


ý			Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the Quarterly Period Ended June 30, 2025


o			Transition 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

814-01639

New Mountain Guardian IV Income Fund, L.L.C.

1633 Broadway, 48th Floor

New York, New York 10019

Telephone: (212) 720-0300

State of Organization: Delaware

92-0964074

_________________________________________________________________________________

Securities registered pursuant to Section 12(b) of the Act: None

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

None

N/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 limited liability company units outstanding as of August 13, 2025 was 38,430,375. As of June 30, 2025, there was no established public market for the registrant's limited liability company common units.

Table of Contents

FORM 10-Q FOR THE QUARTER ENDED JUNE 30, 2025

TABLE OF CONTENTS


		PAGE
PART I. FINANCIAL INFORMATION

Item 1.	Financial Statements

	Statements of Assets, Liabilities and Members' Capital as of June 30, 2025 (unaudited) and December 31, 2024	3
	Statements of Operations for the three and six months ended June 30, 2025 (unaudited) and June 30, 2024 (unaudited)	4
	Statements of Changes in Members' Capital for the three and six months ended June 30, 2025 (unaudited) and June 30, 2024 (unaudited)	5
	Statements of Cash Flows for the six months ended June 30, 2025 (unaudited) and June 30, 2024 (unaudited)	6
	Schedule of Investments as of June 30, 2025 (unaudited)	7
	Schedule of Investments as of December 31, 2024	24
	Notes to the Financial Statements of New Mountain Guardian IV Income Fund, L.L.C. (unaudited)	40
	Report of Independent Registered Public Accounting Firm	60

Item 2.	Management's Discussion and Analysis of Financial Condition and Results of Operations	61
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	74
Item 4.	Controls and Procedures	75

PART II. OTHER INFORMATION

Item 1.	Legal Proceedings	76
Item 1A.	Risk Factors	76
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	76
Item 3.	Defaults Upon Senior Securities	76
Item 4.	Mine Safety Disclosures	76
Item 5.	Other Information	76
Item 6.	Exhibits	77
	Signatures	78

Table of Contents

PART I. FINANCIAL INFORMATION

Item 1. Financial Statements

New Mountain Guardian IV Income Fund, L.L.C.

Statements of Assets, Liabilities and Members' Capital

(in thousands, except units and per unit data)

(unaudited)


	June 30, 2025		December 31, 2024
Assets
Non-controlled/non-affiliated investments at fair value (cost of $409,756 and $375,695, respectively)	$	409,415	$	377,794
Cash and cash equivalents	8,219		19,551

Interest and dividend receivable	2,792		2,446


Other assets	4,296		121
Total assets	$	424,722	$	399,912
Liabilities
Borrowings

BMO Subscription Line	$	18,000	$	58,000
Deferred financing costs (net of accumulated amortization of $416 and $334, respectively)	(3)		(88)
Net borrowings	17,997		57,912
Payable for unsettled securities purchased	13,562		4,837
Distribution payable	7,527		—
Income based incentive fee payable	843		777
Management fee payable	750		705
Interest payable	355		390
Payable to affiliate	135		305

Accrued capital gains incentive fee	—		142

Other liabilities	505		502
Total liabilities	41,674		65,570
Commitments and contingencies (See Note 8)
Members' Capital
Common units, 38,430,375 and 33,306,325 units issued and outstanding, respectively	383,813		332,573
Accumulated underdistributed earnings	(765)		1,769
Total members' capital	$	383,048	$	334,342
Total liabilities and members' capital	$	424,722	$	399,912

Members' capital per unit	$	9.97	$	10.04

The accompanying notes are an integral part of these financial statements.

Table of Contents

New Mountain Guardian IV Income Fund, L.L.C.

Statements of Operations

(in thousands, except units and per unit data)

(unaudited)


	Three Months Ended				Six Months Ended
	June 30, 2025		June 30, 2024		June 30, 2025		June 30, 2024
Investment income
Interest income (excluding Payment-in-kind ("PIK") interest income)	$	10,212	$	4,959	$	19,596	8,057
PIK interest income	190		252		388		396
Dividend income	118		—		233		—
Fee income	259		581		594		1,039
Total investment income	10,779		5,792		20,811		9,492
Expenses
Interest and other financing expenses	1,110		751		2,005		889
Income based incentive fee	843		434		1,635		725
Management fee	755		460		1,481		676
Administrative expenses	299		233		563		462
Professional fees	161		281		354		499
Organizational and offering expenses	—		—		8		142
Capital gains incentive fee	(30)		—		(142)		—
Other general and administrative expenses	36		27		61		58
Total expenses	3,174		2,186		5,965		3,451
Less: expenses waived (See Note 5)	—		(139)		—		(213)
Less: management fees waived (See Note 5)	(5)		(164)		(5)		(272)

Net expenses	3,169		1,883		5,960		2,966


Net investment income (loss)	7,610		3,909		14,851		6,526
Net realized gains (losses) on investments	(11)		4		(20)		4
Net change in unrealized appreciation (depreciation) of investments	(1,597)		(7)		(2,440)		536
Net realized and unrealized gains (losses)	(1,608)		(3)		(2,460)		540
Net increase (decrease) in members' capital resulting from operations	$	6,002	$	3,906	$	12,391	$	7,066
Earnings (loss) per unit (basic & diluted)	$	0.18	$	0.23	$	0.37	$	0.52
Weighted average common units outstanding - basic & diluted (See Note 10)	33,362,633		16,852,036		33,334,635		13,706,018

The accompanying notes are an integral part of these financial statements.

Table of Contents

New Mountain Guardian IV Income Fund, L.L.C.

Statements of Changes in Members' Capital

(in thousands, except units)

(unaudited)


	Three Months Ended				Six Months Ended
	June 30, 2025		June 30, 2024		June 30, 2025		June 30, 2024
Increase (decrease) in members' capital resulting from operations:
Net investment income (loss)	$	7,610	$	3,909	$	14,851	$	6,526
Net realized gains (losses) on investments	(11)		4		(20)		4
Net change in unrealized appreciation (depreciation) of investments	(1,597)		(7)		(2,440)		536
Net increase (decrease) in members' capital resulting from operations	6,002		3,906		12,391		7,066
Capital transactions
Contributions	51,241		139,653		51,241		139,653


Placement fees	(5)		(9)		(5)		(9)
Distributions declared to unitholders from net investment income	(7,527)		(3,749)		(14,921)		(6,632)

Total net increase (decrease) in members' capital resulting from capital transactions	43,709		135,895		36,315		133,012
Net increase (decrease) in members' capital	49,711		139,801		48,706		140,078
Members' capital at the beginning of the period	333,337		106,107		334,342		105,830
Members' capital at the end of the period	$	383,048	$	245,908	$	383,048	$	245,908

Capital unit activity
Units issued	5,124,050		13,965,250		5,124,050		13,965,250

The accompanying notes are an integral part of these financial statements.

Table of Contents

New Mountain Guardian IV Income Fund, L.L.C.

Statements of Cash Flows

(in thousands)

(unaudited)


	Six Months Ended
	June 30, 2025		June 30, 2024
Cash flows from operating activities
Net increase (decrease) in members' capital resulting from operations	$	12,391	$	7,066
Adjustments to reconcile net increase in members' capital resulting from operations to net cash used in operating activities:
Net realized (gains) losses on investments	20		(4)
Net change in unrealized (appreciation) depreciation of investments	2,440		(536)
Amortization of purchase discount	(1,190)		(370)
Amortization of deferred financing costs	83		152
Amortization of deferred offering costs	—		107
Non-cash investment income	(427)		(358)
(Increase) decrease in operating assets:
Purchase of investments and delayed draw facilities	(73,536)		(165,265)
Proceeds from sales and paydowns of investments	41,501		13,331
Cash repayments on drawn revolvers	1,803		1,085
Cash received for purchase of undrawn portion of revolving credit or delayed draw facilities	38		68
Cash paid for purchase of drawn portion of revolving credit facilities	(25)		(24)
Cash paid on drawn revolvers	(2,245)		(1,395)

Interest and dividend receivable	(346)		(826)

Other assets	(4,175)		(84)
Increase (decrease) in operating liabilities:
Payable for unsettled securities purchased	8,725		28,974
Interest payable	(35)		(66)
Accrued capital gains incentive fee	(142)		—
Income based incentive fee payable	66		281
Management fee payable	45		176
Accrued organizational and offering expenses	—		(52)
Payable to affiliate	(170)		10

Other liabilities	—		570
Net cash flows used in operating activities	(15,179)		(117,160)
Cash flows from financing activities
Distributions	(7,394)		(2,883)
Net proceeds from issuance of common units	51,241		139,653

Proceeds from BMO Subscription Line	76,000		57,200
Repayment of BMO Subscription Line	(116,000)		(57,200)


Placement fees paid	—		(9)

Deferred financing costs paid	—		(188)
Net cash flows provided by financing activities	3,847		136,573
Net increase (decrease) in cash and cash equivalents	(11,332)		19,413
Cash and cash equivalents at the beginning of the period	19,551		19,876
Cash and cash equivalents at the end of the period	$	8,219	$	39,289


Supplemental disclosure of cash flow information
Cash interest paid	$	2,085	$	576



Non-cash financing activities:
Distributions declared and payable	$	7,527	$	3,749
Accrual for placement fees	5		—
Accrual for deferred credit facility costs	3		57
Accrual for deferred offering costs	—		2

The accompanying notes are an integral part of these financial statements.

Table of Contents

New Mountain Guardian IV Income Fund, L.L.C.

Schedule of Investments

June 30, 2025

(in thousands, except shares)

(unaudited)


Portfolio Company, Location and Industry (1)	Type of Investment	Reference (4)		Spread (4)	Interest Rate (4)	Purchase Date	Maturity/Expiration Date	Principal Amount, Par Value or Shares		Cost		Fair Value		Percent of Members' Capital

Non-Controlled/Non-Affiliated Investments
Funded Debt Investments - United States
Associations Finance, Inc.
Associations, Inc.
Business Services	First Lien(2)	SOFR(Q)	+	6.50%	11.02%	05/2024	07/2028	$	7,784	$	7,780	$	7,784
	Subordinated(2)	FIXED(Q)*	+	14.25%/PIK	14.25%	05/2024	05/2030	1,352		1,349		1,379
	Subordinated(2)	FIXED(Q)*	+	14.25%/PIK	14.25%	05/2024	05/2030	516		515		529
	First Lien(2)(3) - Drawn	SOFR(Q)	+	6.50%	11.08%	05/2024	07/2028	427		427		427
	First Lien(2)(3) - Drawn	SOFR(Q)	+	6.50%	11.02%	05/2024	07/2028	199		199		199
								10,278		10,270		10,318		2.69	%
Anaplan, Inc.
Software	First Lien(2)	SOFR(Q)	+	4.50%	8.82%	10/2023	06/2029	10,084		10,074		10,084		2.63	%
Viper Bidco, Inc.
Software	First Lien(2)	SOFR(Q)	+	5.00%	9.30%	11/2024	11/2031	9,950		9,903		9,900		2.58	%
Wealth Enhancement Group, LLC
Financial Services	First Lien(2)	SOFR(Q)	+	5.00%	9.28%	10/2023	10/2028	5,238		5,229		5,238
	First Lien(2)	SOFR(Q)	+	5.00%	9.30%	02/2024	10/2028	2,887		2,873		2,887
	First Lien(2)	SOFR(Q)	+	5.00%	9.32%	11/2024	10/2028	689		688		689
	First Lien(2)	SOFR(Q)	+	5.00%	9.28%	10/2023	10/2028	592		592		592
	First Lien(2)	SOFR(Q)	+	5.00%	9.29%	10/2023	10/2028	256		256		256
	First Lien(2)	SOFR(Q)	+	5.00%	9.32%	10/2023	10/2028	147		147		147
	First Lien(2)	SOFR(Q)	+	5.00%	9.29%	10/2023	10/2028	21		21		21
								9,830		9,806		9,830		2.57	%
Diamondback Acquisition, Inc.
Software	First Lien(2)	SOFR(M)	+	5.50%	9.93%	10/2024	09/2028	9,140		9,101		9,140		2.39	%
Accession Risk Management Group, Inc.
Business Services	First Lien	SOFR(Q)	+	4.75%	9.03%	09/2024	11/2029	6,393		6,376		6,393
	First Lien	SOFR(Q)	+	4.75%	9.06%	08/2023	11/2029	1,973		1,973		1,973
	First Lien	SOFR(Q)	+	4.75%	9.05%	08/2024	11/2029	502		501		502
	First Lien(3) - Drawn	SOFR(Q)	+	4.75%	9.05%	08/2024	11/2029	71		71		71
								8,939		8,921		8,939		2.33	%
OEConnection LLC
Software	First Lien(2)	SOFR(M)	+	5.25%	9.58%	04/2024	04/2031	7,311		7,280		7,311
	First Lien(2)	SOFR(M)	+	5.25%	9.58%	04/2024	04/2031	1,276		1,270		1,276
								8,587		8,550		8,587		2.24	%
Coupa Holdings, LLC
Software	First Lien(2)	SOFR(Q)	+	5.25%	9.53%	11/2024	02/2030	8,570		8,570		8,570		2.24	%
Einstein Parent, Inc.
Software	First Lien(2)	SOFR(Q)	+	6.50%	10.77%	01/2025	01/2031	8,342		8,264		8,258		2.16	%
IG Investments Holdings, LLC
Business Services	First Lien(2)	SOFR(Q)	+	5.00%	9.28%	03/2024	09/2028	7,541		7,513		7,541		1.97	%
Model N, Inc.
Software	First Lien(2)	SOFR(Q)	+	4.75%	9.05%	06/2024	06/2031	7,242		7,210		7,242		1.89	%
NC Topco, LLC
Software	First Lien(2)	SOFR(M)	+	4.50%	8.83%	08/2024	09/2031	7,173		7,141		7,137		1.86	%

The accompanying notes are an integral part of these financial statements.

Table of Contents

New Mountain Guardian IV Income Fund, L.L.C.

Schedule of Investments (Continued)

June 30, 2025

(in thousands, except shares)

(unaudited)


Portfolio Company, Location and Industry (1)	Type of Investment	Reference (4)		Spread (4)	Interest Rate (4)	Purchase Date	Maturity/Expiration Date	Principal Amount, Par Value or Shares		Cost		Fair Value	Percent of Members' Capital

Houghton Mifflin Harcourt Company
Education	First Lien	SOFR(Q)	+	5.25%	9.63%	10/2023	04/2029	$	7,205	$	7,036	7,095	1.85	%
USRP Holdings, Inc.
Business Services	First Lien(2)	SOFR(M)	+	5.00%	9.33%	10/2023	12/2029	5,853		5,848		5,853
	First Lien(2)	SOFR(M)	+	5.00%	9.33%	07/2023	12/2029	1,152		1,141		1,152
	First Lien(2)(3) - Drawn	SOFR(M)	+	5.00%	9.33%	08/2024	12/2029	26		26		26
								7,031		7,015		7,031	1.84	%
Runway Bidco, LLC
Software	First Lien(2)	SOFR(Q)	+	5.00%	9.30%	12/2024	12/2031	6,899		6,867		6,865	1.79	%
iCIMS, Inc.
Software	First Lien(2)	SOFR(Q)	+	5.75%	10.03%	09/2023	08/2028	6,981		6,959		6,808
	First Lien(2)(3) - Drawn	SOFR(Q)	+	5.75%	10.03%	03/2024	08/2028	53		53		52
								7,034		7,012		6,860	1.79	%
Legal Spend Holdings, LLC (fka Bottomline Technologies, Inc.)
Software	First Lien(2)	SOFR(Q)	+	4.50%	8.80%	10/2023	05/2029	6,783		6,767		6,716	1.75	%
HIG Intermediate, Inc. (6)
Higginbotham Insurance Agency, Inc.
Business Services	First Lien(2)	SOFR(M)	+	4.50%	8.83%	08/2023	11/2028	4,533		4,525		4,533
	First Lien(2)(3) - Drawn	SOFR(M)	+	4.75%	9.08%	03/2024	11/2028	2,155		2,147		2,155
								6,688		6,672		6,688	1.75	%
Bullhorn, Inc.
Software	First Lien(2)	SOFR(M)	+	5.00%	9.33%	05/2024	10/2029	3,179		3,176		3,179
	First Lien(2)	SOFR(M)	+	5.00%	9.33%	05/2024	10/2029	2,137		2,134		2,137
	First Lien(2)	SOFR(M)	+	5.00%	9.33%	05/2024	10/2029	818		817		818
	First Lien(2)	SOFR(M)	+	5.00%	9.33%	05/2024	10/2029	183		183		183
	First Lien(2)	SOFR(M)	+	5.00%	9.33%	05/2024	10/2029	82		82		82
	First Lien(2)	SOFR(M)	+	5.00%	9.33%	05/2024	10/2029	65		65		65
								6,464		6,457		6,464	1.69	%
MAI Capital Management Intermediate LLC
Financial Services	First Lien(2)	SOFR(Q)	+	4.75%	9.05%	08/2024	08/2031	5,024		5,001		4,999
	First Lien(2)(3) - Drawn	SOFR(Q)	+	4.75%	9.05%	08/2024	08/2031	1,169		1,164		1,163
	First Lien(2)(3) - Drawn	SOFR(Q)	+	4.75%	9.05%	08/2024	08/2031	247		246		245
								6,440		6,411		6,407	1.67	%
PPV Intermediate Holdings, LLC
Consumer Services	First Lien(2)	SOFR(Q)	+	5.75%	10.08%	06/2024	08/2029	3,541		3,541		3,541
	First Lien(2)	SOFR(Q)	+	6.00%	10.33%	09/2023	08/2029	1,938		1,930		1,938
	First Lien(2)(3) - Drawn	SOFR(Q)	+	5.25%	9.58%	08/2024	08/2029	857		853		857
								6,336		6,324		6,336	1.65	%
Brave Parent Holdings, Inc.
Software	First Lien(2)	SOFR(M)	+	5.00%	9.33%	11/2023	11/2030	5,908		5,901		5,908
	First Lien(2)	SOFR(M)	+	5.00%	9.33%	11/2023	11/2030	389		389		389
								6,297		6,290		6,297	1.64	%

The accompanying notes are an integral part of these financial statements.

Table of Contents

New Mountain Guardian IV Income Fund, L.L.C.

Schedule of Investments (Continued)

June 30, 2025

(in thousands, except shares)

(unaudited)


Portfolio Company, Location and Industry (1)	Type of Investment	Reference (4)		Spread (4)	Interest Rate (4)	Purchase Date	Maturity/Expiration Date	Principal Amount, Par Value or Shares		Cost		Fair Value		Percent of Members' Capital

Vessco Midco Holdings, LLC
Business Services	First Lien(2)	SOFR(M)	+	4.75%	9.05%	07/2024	07/2031	$	5,561	$	5,536	$	5,561
	First Lien(2)(3) - Drawn	SOFR(M)	+	4.75%	9.04%	07/2024	07/2031	723		720		723
								6,284		6,256		6,284		1.64	%
Superman Holdings, LLC
Software	First Lien(2)	SOFR(Q)	+	4.50%	8.80%	08/2024	08/2031	5,010		4,999		4,998
	First Lien(2)(3) - Drawn	SOFR(Q)	+	4.50%	8.80%	08/2024	08/2031	1,044		1,042		1,041
								6,054		6,041		6,039		1.58	%
Foundational Education Group, Inc.
Education	First Lien	SOFR(Q)	+	3.75%	8.29%	06/2024	08/2028	5,949		5,797		5,439
	Second Lien(2)	SOFR(Q)	+	6.50%	11.04%	01/2025	08/2029	594		562		593
								6,543		6,359		6,032		1.57	%
YLG Holdings, Inc.
Business Services	First Lien(2)	SOFR(Q)	+	4.75%	9.05%	06/2024	12/2030	5,900		5,897		5,900
	First Lien(2)(3) - Drawn	SOFR(Q)	+	4.75%	9.05%	06/2024	12/2030	58		58		58
	First Lien(2)(3) - Drawn	SOFR(Q)	+	4.75%	9.07%	04/2025	12/2030	52		51		52
								6,010		6,006		6,010		1.57	%
Al Altius US Bidco, Inc.
Business Services	First Lien(2)	SOFR(S)	+	4.75%	8.99%	05/2024	12/2028	5,903		5,878		5,903		1.54	%
CentralSquare Technologies, LLC
Software	First Lien(2)	SOFR(M)*	+	2.75% +3.25%/PIK	10.32%	04/2024	04/2030	5,737		5,680		5,737		1.50	%
Relativity ODA LLC
Software	First Lien(2)	SOFR(M)	+	4.50%	8.83%	01/2024	05/2029	5,272		5,265		5,272		1.38	%
Planview Parent, Inc.
Software	Second Lien(2)	SOFR(Q)	+	5.75%	10.05%	06/2024	12/2028	5,315		5,303		5,262		1.37	%
Healthspan Buyer, LLC
Healthcare	First Lien(2)	SOFR(Q)	+	5.25%	9.55%	10/2023	10/2030	2,522		2,502		2,522
	First Lien(2)	SOFR(Q)	+	5.25%	9.55%	10/2024	10/2030	2,448		2,442		2,448
								4,970		4,944		4,970		1.30	%
ComPsych Investments Corp.
Business Services	First Lien(2)	SOFR(Q)	+	4.75%	9.02%	07/2024	07/2031	4,915		4,898		4,902		1.28	%
Alegeus Technologies Holdings Corp.
Healthcare	First Lien(2)	SOFR(Q)	+	6.75%	11.03%	10/2024	11/2029	4,934		4,880		4,873		1.27	%
MRI Software LLC
Software	First Lien(2)	SOFR(Q)	+	4.75%	9.05%	10/2024	02/2027	2,408		2,394		2,408
	First Lien(2)	SOFR(Q)	+	4.75%	9.05%	12/2023	02/2027	1,877		1,872		1,877
	First Lien(2)(3) - Drawn	SOFR(Q)	+	4.75%	9.05%	08/2024	02/2027	499		497		499
	First Lien(2)(3) - Drawn	SOFR(Q)	+	4.75%	9.05%	12/2023	02/2027	18		19		18
								4,802		4,782		4,802		1.25	%
Syndigo LLC
Software	Second Lien(2)	SOFR(Q)	+	8.00%	12.54%	06/2024	12/2028	2,593		2,521		2,593
	First Lien(2)	SOFR(Q)	+	4.50%	9.09%	08/2023	12/2027	1,959		1,885		1,959
								4,552		4,406		4,552		1.19	%

The accompanying notes are an integral part of these financial statements.

Table of Contents

New Mountain Guardian IV Income Fund, L.L.C.

Schedule of Investments (Continued)

June 30, 2025

(in thousands, except shares)

(unaudited)


Portfolio Company, Location and Industry (1)	Type of Investment	Reference (4)		Spread (4)	Interest Rate (4)	Purchase Date	Maturity/Expiration Date	Principal Amount, Par Value or Shares		Cost		Fair Value		Percent of Members' Capital

Asurion, LLC
Business Services	First Lien	SOFR(M)	+	4.25%	8.58%	06/2025	09/2030	$	4,545	$	4,411	$	4,421	1.15	%
Baker Tilly Advisory Group, LP
Financial Services	First Lien(2)	SOFR(M)	+	4.75%	9.08%	05/2024	06/2031	2,482		2,465		2,482
	First Lien(2)	SOFR(M)	+	4.50%	8.83%	05/2025	06/2031	1,911		1,902		1,902
								4,393		4,367		4,384		1.14	%
Icefall Parent, Inc.
Software	First Lien(2)	SOFR(Q)	+	5.75%	10.03%	01/2024	01/2030	4,348		4,312		4,348		1.14	%
Safety Borrower Holdings LLC
Software	First Lien(2)	SOFR(M)	+	4.75%	9.08%	03/2024	09/2027	4,150		4,150		4,150
	First Lien(2)(3) - Drawn	P(Q)	+	3.75%	11.25%	10/2024	09/2027	100		100		100
								4,250		4,250		4,250		1.11	%
Park Place Technologies, LLC
Business Services	First Lien(2)	SOFR(Q)	+	5.25%	9.53%	07/2024	03/2031	3,808		3,799		3,798
	First Lien(2)(3) - Drawn	SOFR(Q)	+	5.25%	9.56%	07/2024	03/2031	312		309		311
	First Lien(2)(3) - Drawn	SOFR(Q)	+	5.25%	9.58%	07/2024	03/2030	132		132		132
								4,252		4,240		4,241		1.11	%
GHX Ultimate Parent Corporation
Healthcare	First Lien(2)	SOFR(Q)	+	4.75%	9.05%	02/2025	12/2031	4,270		4,230		4,228		1.10	%
RLG Holdings, LLC
Packaging	First Lien	SOFR(M)	+	4.25%	8.69%	05/2024	07/2028	4,936		4,931		4,158		1.09	%
DOXA Insurance Holdings LLC
Business Services	First Lien(2)	SOFR(Q)	+	5.25%	9.55%	12/2023	12/2030	2,028		2,011		2,028
	First Lien(2)(3) - Drawn	SOFR(Q)	+	5.25%	9.55%	12/2023	12/2030	1,910		1,894		1,910
	First Lien(2)(3) - Drawn	SOFR(Q)	+	5.25%	9.55%	12/2023	12/2029	53		53		53
								3,991		3,958		3,991		1.04	%
Optimizely North America Inc.
Software	First Lien(2)	SOFR(M)	+	5.00%	9.33%	10/2024	10/2031	3,990		3,971		3,970		1.04	%
GraphPAD Software, LLC
Healthcare	First Lien(2)	P(Q)	+	3.75%	11.25%	06/2024	06/2031	3,647		3,639		3,647
	First Lien(2)(3) - Drawn	P(M)	+	3.75%	11.25%	06/2024	06/2031	91		89		91
								3,738		3,728		3,738		0.98	%
AAH Topco, LLC
Consumer Services	First Lien(2)	SOFR(M)	+	5.25%	9.67%	11/2023	12/2027	3,726		3,703		3,726		0.97	%
Diligent Corporation
Software	First Lien(2)	SOFR(Q)	+	5.00%	9.33%	04/2024	08/2030	3,137		3,127		3,137
	First Lien(2)	SOFR(Q)	+	5.00%	9.33%	04/2024	08/2030	538		536		538
	First Lien(2)(3) - Drawn	SOFR(Q)	+	5.00%	9.33%	04/2024	08/2030	27		27		27
								3,702		3,690		3,702		0.97	%
Bluefin Holding, LLC
Software	First Lien(2)	SOFR(Q)	+	6.25%	10.57%	09/2023	09/2029	3,600		3,568		3,600		0.94	%
GC Waves Holdings, Inc.
Financial Services	First Lien(2)	SOFR(M)	+	4.75%	9.18%	07/2023	10/2030	1,815		1,814		1,815
	First Lien(2)(3) - Drawn	SOFR(M)	+	4.75%	9.18%	10/2024	10/2030	1,785		1,777		1,785
								3,600		3,591		3,600		0.94	%

The accompanying notes are an integral part of these financial statements.

Table of Contents

New Mountain Guardian IV Income Fund, L.L.C.

Schedule of Investments (Continued)

June 30, 2025

(in thousands, except shares)

(unaudited)


Portfolio Company, Location and Industry (1)	Type of Investment	Reference (4)		Spread (4)	Interest Rate (4)	Purchase Date	Maturity/Expiration Date	Principal Amount, Par Value or Shares		Cost		Fair Value		Percent of Members' Capital

Legends Hospitality Holding Company, LLC
Business Services	First Lien(2)	SOFR(Q)*	+	2.75% +2.75%/PIK	9.82%	08/2024	08/2031	$	3,389	$	3,359	$	3,355
	First Lien(2)(3) - Drawn	SOFR(M)	+	5.00%	9.32%	08/2024	08/2030	157		156		155
								3,546		3,515		3,510		0.92	%
Sierra Enterprises, LLC
Food & Beverage	First Lien(2)	SOFR(Q)	+	6.00%	10.32%	05/2025	05/2030	3,388		3,363		3,362		0.88	%
CRCI Longhorn Holdings, Inc.
Business Services	First Lien(2)	SOFR(M)	+	5.00%	9.33%	08/2024	08/2031	3,242		3,227		3,225		0.84	%
OB Hospitalist Group, Inc.
Healthcare	First Lien(2)	SOFR(M)	+	5.25%	9.68%	10/2024	09/2027	3,202		3,202		3,202		0.84	%
Greenway Health, LLC
Healthcare	First Lien(2)	SOFR(Q)	+	6.75%	11.05%	12/2023	04/2029	3,135		3,099		3,135		0.82	%
Vamos Bidco, Inc.
Software	First Lien(2)	SOFR(Q)	+	4.75%	9.05%	01/2025	01/2032	3,025		3,011		3,010		0.79	%
RailPros Parent, LLC
Business Services	First Lien(2)	SOFR(Q)	+	4.50%	8.83%	05/2025	05/2032	2,921		2,907		2,907		0.76	%
PetVet Care Centers, LLC
Consumer Services	First Lien(2)	SOFR(M)	+	6.00%	10.33%	10/2023	11/2030	2,930		2,905		2,858		0.75	%
Eclipse Topco, Inc. (5)
Eclipse Buyer, Inc.
Software	First Lien(2)	SOFR(M)	+	4.75%	9.06%	09/2024	09/2031	2,764		2,751		2,750		0.72	%
Allworth Financial Group, L.P.
Financial Services	First Lien(2)	SOFR(M)	+	4.75%	9.08%	10/2023	12/2027	1,798		1,786		1,798
	First Lien(2)(3) - Drawn	SOFR(M)	+	4.75%	9.08%	10/2024	12/2027	939		935		939
								2,737		2,721		2,737		0.71	%
Enverus Holdings, Inc.
Business Services	First Lien(2)	SOFR(M)	+	5.50%	9.83%	12/2023	12/2029	2,713		2,696		2,713
	First Lien(2)(3) - Drawn	SOFR(M)	+	5.50%	9.82%	12/2023	12/2029	15		15		15
								2,728		2,711		2,728		0.71	%
Oranje Holdco, Inc.
Education	First Lien(2)	SOFR(Q)	+	7.25%	11.53%	06/2024	02/2029	2,727		2,705		2,727		0.71	%
Low Voltage Holdings Inc.
Business Services	First Lien(2)	SOFR(Q)	+	4.75%	9.05%	04/2025	04/2032	2,667		2,658		2,657		0.69	%
Foreside Financial Group, LLC
Business Services	First Lien(2)	SOFR(Q)	+	5.25%	9.73%	10/2024	09/2027	1,776		1,776		1,776
	First Lien(2)	SOFR(Q)	+	5.25%	9.73%	10/2024	09/2027	509		509		509
	First Lien(2)(3) - Drawn	SOFR(Q)	+	5.25%	9.64%	03/2024	09/2027	227		224		227
	First Lien(2)(3) - Drawn	SOFR(Q)	+	5.25%	9.72%	10/2024	09/2027	34		34		34
								2,546		2,543		2,546		0.66	%
PDI TA Holdings, Inc.
Software	First Lien(2)	SOFR(Q)	+	5.50%	9.78%	01/2024	02/2031	2,256		2,248		2,256
	First Lien(2)	SOFR(Q)	+	5.50%	9.78%	01/2024	02/2031	199		198		199
	First Lien(2)(3) - Drawn	SOFR(Q)	+	5.50%	9.78%	01/2024	02/2031	78		78		78
								2,533		2,524		2,533		0.66	%

The accompanying notes are an integral part of these financial statements.

Table of Contents

New Mountain Guardian IV Income Fund, L.L.C.

Schedule of Investments (Continued)

June 30, 2025

(in thousands, except shares)

(unaudited)


Portfolio Company, Location and Industry (1)	Type of Investment	Reference (4)		Spread (4)	Interest Rate (4)	Purchase Date	Maturity/Expiration Date	Principal Amount, Par Value or Shares		Cost		Fair Value		Percent of Members' Capital

Firebird Acquisition Corp, Inc.
Business Services	First Lien(2)	SOFR(Q)*	+	2.25% +2.75%%/PIK	9.28%	01/2025	02/2032	$	2,435	$	2,429	$	2,429
	First Lien(2)(3) - Drawn	SOFR(Q)	+	4.50%	8.81%	01/2025	02/2032	84		83		83
								2,519		2,512		2,512		0.66	%
GS Acquisitionco, Inc.
Software	First Lien(2)	SOFR(Q)	+	5.25%	9.55%	03/2024	05/2028	2,096		2,097		2,086
	First Lien(2)(3) - Drawn	SOFR(Q)	+	5.25%	9.55%	03/2024	05/2028	285		282		284
	First Lien(2)(3) - Drawn	SOFR(Q)	+	5.25%	9.55%	03/2024	05/2028	51		52		51
								2,432		2,431		2,421		0.63	%
Cronos Crimson Holdings, Inc. (f/k/a NMC Crimson Holdings, Inc.)
Healthcare	First Lien(2)	SOFR(Q)	+	6.24%	10.67%	04/2025	03/2028	2,353		2,341		2,353		0.61	%
Bonterra LLC
Software	First Lien(2)	SOFR(Q)	+	5.00%	9.30%	03/2025	03/2032	2,261		2,255		2,255
	First Lien(2)(3) - Drawn	SOFR(Q)	+	5.00%	9.30%	03/2025	03/2032	52		52		52
								2,313		2,307		2,307		0.60	%
Next Holdco, LLC
Healthcare	First Lien(2)	SOFR(Q)	+	5.25%	9.55%	11/2023	11/2030	2,161		2,149		2,161		0.56	%
LogRhythm, Inc.
Software	First Lien(2)	SOFR(Q)	+	7.50%	11.83%	07/2024	07/2029	2,098		2,071		2,040		0.53	%
eResearchTechnology, Inc.
Healthcare	First Lien(2)	SOFR(M)	+	4.75%	9.08%	03/2025	01/2032	1,708		1,691		1,691
	First Lien(2)	SOFR(M)	+	4.75%	9.08%	03/2025	01/2032	284		282		281
	First Lien(2)(3) - Drawn	SOFR(M)	+	4.75%	9.08%	03/2025	01/2032	45		45		45
								2,037		2,018		2,017		0.53	%
Businessolver.com, Inc.
Software	First Lien(2)	SOFR(Q)	+	5.50%	9.90%	10/2023	12/2027	1,720		1,720		1,720
	First Lien(2)(3) - Drawn	SOFR(Q)	+	5.50%	9.90%	10/2023	12/2027	254		254		254
								1,974		1,974		1,974		0.52	%
CommerceHub, Inc.
Software	First Lien	SOFR(Q)	+	6.25%	10.51%	06/2023	12/2027	1,950		1,818		1,950		0.51	%
Databricks, Inc.
Software	First Lien(2)	SOFR(M)	+	4.50%	8.82%	12/2024	01/2031	1,933		1,924		1,923		0.50	%
KENE Acquisition, Inc.
Business Services	First Lien(2)	SOFR(Q)	+	5.25%	9.53%	02/2024	02/2031	1,746		1,731		1,746
	First Lien(2)(3) - Drawn	SOFR(Q)	+	5.25%	9.53%	02/2024	02/2031	81		80		81
								1,827		1,811		1,827		0.48	%
Xactly Corporation
Software	First Lien(2)	SOFR(Q)	+	6.25%	10.68%	07/2024	07/2027	1,787		1,787		1,771		0.46	%
Perforce Software, Inc.
Software	First Lien	SOFR(M)	+	4.75%	9.08%	05/2024	03/2031	1,781		1,782		1,709		0.45	%
Project Accelerate Parent, LLC
Software	First Lien(2)	SOFR(M)	+	5.25%	9.57%	02/2024	02/2031	1,596		1,589		1,596		0.42	%

The accompanying notes are an integral part of these financial statements.

Table of Contents

New Mountain Guardian IV Income Fund, L.L.C.

Schedule of Investments (Continued)

June 30, 2025

(in thousands, except shares)

(unaudited)


Portfolio Company, Location and Industry (1)	Type of Investment	Reference (4)		Spread (4)	Interest Rate (4)	Purchase Date	Maturity/Expiration Date	Principal Amount, Par Value or Shares		Cost		Fair Value		Percent of Members' Capital

More cowbell II LLC
Business Services	First Lien(2)	SOFR(A)	+	5.00%	8.80%	08/2023	09/2030	$	1,547	$	1,537	$	1,547
	First Lien(2)(3) - Drawn	SOFR(S)	+	5.00%	9.25%	08/2023	09/2029	44		45		44
								1,591		1,582		1,591		0.42	%
Community Management Holdings MidCo 2, LLC
Business Services	First Lien(2)	SOFR(Q)	+	4.75%	9.03%	11/2024	11/2031	1,240		1,232		1,231
	First Lien(2)(3) - Drawn	SOFR(Q)	+	4.75%	9.06%	11/2024	11/2031	240		239		239
	First Lien(2)(3) - Drawn	SOFR(Q)	+	4.75%	9.03%	11/2024	11/2031	58		58		58
								1,538		1,529		1,528		0.40	%
Javelin Buyer, Inc.
Software	Second Lien(2)	SOFR(Q)	+	5.25%	9.58%	10/2024	12/2032	1,530		1,523		1,523		0.40	%
Disco Parent, Inc.
Software	First Lien(2)	SOFR(Q)	+	7.00%	11.33%	10/2024	03/2029	1,514		1,501		1,514		0.40	%
Trinity Air Consultants Holdings Corporation
Business Services	First Lien(2)	SOFR(S)	+	4.25%	8.43%	06/2023	06/2028	1,458		1,452		1,458		0.38	%
Galway Borrower LLC
Business Services	First Lien(2)	SOFR(Q)	+	4.50%	8.80%	04/2024	09/2028	898		887		889
	First Lien(2)	SOFR(Q)	+	4.50%	8.80%	04/2024	09/2028	542		539		537
								1,440		1,426		1,426		0.37	%
RxB Holdings, Inc.
Healthcare	First Lien(2)	SOFR(M)	+	5.25%	9.58%	06/2023	12/2027	1,422		1,399		1,422		0.37	%
KENG Acquisition, Inc.
Business Services	First Lien(2)	SOFR(Q)	+	5.00%	9.28%	08/2023	08/2029	914		906		914
	First Lien(2)(3) - Drawn	SOFR(Q)	+	5.00%	9.28%	08/2023	08/2029	435		431		435
								1,349		1,337		1,349		0.35	%
Bayou Intermediate II, LLC
Healthcare	First Lien(2)	SOFR(Q)	+	4.50%	9.04%	12/2024	08/2028	1,305		1,298		1,305		0.34	%
Pathway Vet Alliance LLC
Consumer Services	First Lien	SOFR(Q)	+	5.00%	9.28%	04/2025	06/2028	919		913		926		0.24	%
LSCS Holdings, Inc.
Healthcare	First Lien	SOFR(Q)	+	4.50%	8.80%	04/2025	03/2032	816		801		802		0.21	%
FS WhiteWater Holdings, LLC (7)
FS WhiteWater Borrower, LLC
Consumer Services	First Lien(2)	SOFR(Q)	+	5.00%	9.45%	09/2024	12/2029	767		761		767		0.20	%
DT1 Midco Corp.
Business Services	First Lien	SOFR(M)	+	5.00%	9.32%	06/2025	12/2031	674		671		671
	First Lien(3) - Drawn	SOFR(M)	+	5.00%	9.32%	06/2025	12/2031	16		16		16
								690		687		687		0.18	%
TigerConnect, Inc.
Healthcare	First Lien(2)	SOFR(Q)*	+	3.38% +3.38%/PIK	11.18%	11/2024	02/2028	553		549		553
	First Lien(2)(3) - Drawn	SOFR(Q)*	+	3.38% +3.38%/PIK	11.18%	11/2024	02/2028	8		8		8
								561		557		561		0.15	%
CoreTrust Purchasing Group LLC
Business Services	First Lien(2)	SOFR(M)	+	5.25%	9.58%	05/2024	10/2029	522		520		522		0.14	%
PDQ.com Corporation
Software	First Lien(2)	SOFR(M)	+	4.50%	8.81%	10/2023	08/2027	447		444		447		0.12	%

The accompanying notes are an integral part of these financial statements.

Table of Contents

New Mountain Guardian IV Income Fund, L.L.C.

Schedule of Investments (Continued)

June 30, 2025

(in thousands, except shares)

(unaudited)


Portfolio Company, Location and Industry (1)	Type of Investment	Reference (4)		Spread (4)	Interest Rate (4)	Purchase Date	Maturity/Expiration Date	Principal Amount, Par Value or Shares		Cost		Fair Value		Percent of Members' Capital

Zone Climate Services, Inc.
Business Services	First Lien(2)(3) - Drawn	SOFR(Q)	+	6.00%	10.45%	11/2023	03/2028	$	140	$	139	$	140
	First Lien(2)(3) - Drawn	SOFR(Q)	+	5.75%	10.18%	11/2023	03/2028	133		133		133
								273		272		273		0.07	%
Calabrio, Inc.
Software	First Lien(2)	SOFR(Q)	+	5.50%	9.83%	01/2024	04/2027	239		237		239		0.06	%
Beacon Pointe Harmony, LLC
Financial Services	First Lien(2)(3) - Drawn	SOFR(M)	+	4.75%	9.08%	06/2024	12/2028	232		231		232		0.06	%
Daxko Acquisition Corporation
Software	First Lien(2)(3) - Drawn	SOFR(M)	+	4.75%	9.08%	07/2024	10/2028	27		27		27		0.00	%
KPSKY Acquisition Inc.
Business Services	First Lien(2)(3) - Drawn	SOFR(Q)	+	5.75%	10.18%	11/2023	10/2028	9		9		9		0.00	%
Total Funded Debt Investments - United States								$	392,986	$	390,684	$	390,356	101.91	%
Funded Debt Investments - United Kingdom
Cleanova US Holdings, LLC**
Business Products	First Lien(2)	SOFR(Q)	+	4.75%	9.07%	05/2025	06/2032	$	4,203	$	4,057	$	4,061	1.06	%
Ciklum Inc.**
Business Services	First Lien(2)	SOFR(Q)	+	6.50%	10.88%	02/2024	02/2030	2,451		2,427		2,451
	First Lien(2)(3) - Drawn	SOFR(Q)	+	6.50%	10.91%	02/2024	02/2030	1,390		1,377		1,390
								3,841		3,804		3,841		1.00	%
Total Funded Debt Investments - United Kingdom								$	8,044	$	7,861	$	7,902	2.06	%
Funded Debt Investments - Australia
Adelaide Borrower, LLC**
Software	First Lien(2)	SOFR(Q)	+	6.25%	10.55%	05/2024	05/2030	$	2,349	$	2,329	$	2,349	0.61	%
Atlas AU Bidco Pty Ltd**
Business Services	First Lien(2)	SOFR(Q)	+	5.00%	9.32%	06/2025	12/2029	946		943		943
	First Lien(2)	SOFR(Q)	+	5.00%	9.27%	12/2023	12/2029	668		662		668
								1,614		1,605		1,611		0.42	%
Total Funded Debt Investments - Australia								$	3,963	$	3,934	$	3,960	1.03	%
Funded Debt Investments - Jersey
Tennessee Bidco Limited**
Business Services	First Lien(2)	SOFR(S)*	+	3.50%+2.00%/PIK	9.76%	06/2025	07/2031	$	2,538	$	2,538	$	2,526
	First Lien(2)	SOFR(S)*	+	3.50%+2.00%/PIK	9.76%	06/2025	07/2031	139		139		139
								2,677		2,677		2,665		0.70	%
Total Funded Debt Investments - Jersey								$	2,677	$	2,677	$	2,665	0.70	%
Total Funded Debt Investments								$	407,670	$	405,156	$	404,883	105.70	%

The accompanying notes are an integral part of these financial statements.

Table of Contents

New Mountain Guardian IV Income Fund, L.L.C.

Schedule of Investments (Continued)

June 30, 2025

(in thousands, except shares)

(unaudited)


Portfolio Company, Location and Industry (1)	Type of Investment	Reference (4)		Spread (4)	Interest Rate (4)	Purchase Date	Maturity/Expiration Date	Principal Amount, Par Value or Shares		Cost		Fair Value		Percent of Members' Capital

Structured Finance Obligations - United States
Ivy Hill Middle Market Credit Fund, Ltd**
Investment Fund	Structured Finance Obligations(2)	SOFR(S)	+	7.00%	11.27%	11/2024	01/2037	$	472	$	472	$	474	0.12	%
Total Structured Finance Obligations - United States								$	472	$	472	$	474	0.12	%
Equity - United States
HIG Intermediate, Inc. (6)
Business Services	Series A preferred shares(2)	FIXED(Q)		10.50%	10.50%	12/2024	—	3,443		$	3,418	$	3,418	0.89	%
Eclipse Topco, Inc. (5)
Software

New Mountain Guardian IV Income Fund, L.L.C. 10-Q