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N•• M••••••• F•••••• C•••

Business development companymanaged by N•• M••••••• F•••••• A•••••••• L•••••Listed: NMFC, NMFCZ· NEW YORK, NY

A business development company traded as NMFC, NMFCZ, managed by N•• M••••••• F•••••• A•••••••• L•••••, holding $2.3B across 121 borrowers at Jun 30, 2026.

Composed from this BDC's filings and its latest schedule of investments.

As of 2026-06-30 · the latest schedule of investments read for this BDC

Fair value: $2.3B
Borrowers: 121
Mark on cost: 94.9¢
First lien: 63%

Schedule of investments (391)Quarter by quarter Sponsors

As of 2026-06-30 · the latest schedule of investments read for this BDC

What matters now

$85.9M
on non-accrual, 2 borrowers
2 borrowers on non-accrual, $85.9M principal; the largest is A••••••• A••••••••• C••••••••• ($70.7M).
Q2 2026 · Loans that have stopped paying interest; they set the book's credit losses.
FactBDC schedules of investments, 30 Jun 2026For LPs and shareholders in these BDCs, co-lenders on the same namesOpen A••••••• A••••••••• C••••••••• →
13 below 80¢
$141M principal
13 positions across 8 borrowers marked below 80¢ on cost, $141M principal.
Q2 2026 · Marks this low usually come before non-accrual or a restructuring.
Derivedeach position's fair value over cost, 30 Jun 2026
46 → 49
loans paying in kind
Loans paying in kind rose from 46 to 49 positions in the quarter to Jun 30, 2026.
Q2 2026 · Borrowers paying interest in more debt rather than cash is an early sign of strain.
Factthe schedule's PIK rates, quarter on quarterQuarter by quarter →

Every headline figure, and the identifiersCIK 1496099 · file 814-00832Show

Fair value

$2.3B

as of Jun 30, 2026

Principal held

$2.0B

debt pieces, the filer's figure

Cost

$2.5B

95c on cost, debt pieces

Unfunded

Not disclosed

commitments not yet drawn

Positions

391

121 borrowers

First lien

63%

83% debt by fair value

Quarters on the tape

since Dec 31, 2021

Facilities held

156

29 sponsors financed

Portfolio through time

Fair value by quarter end$3.0B as of Jun 30, 2026

Dec 31, 2021$3.2B then

Quarter	Fair value	Borrowers	On cost	PIK pos.	Avg spread
Jun 30, 2026	$3.0B	121	95c	49	496 bp
Mar 31, 2026	$2.3B	124	94c	46	508 bp
Dec 31, 2025	$3.5B	125	97c	49	511 bp
Sep 30, 2025	$3.0B	139	97c	55	504 bp

All 21 quarters

Quarter	Fair value	Borrowers	On cost	PIK pos.	Avg spread
Jun 30, 2025	$3.0B	135	98c	52	525 bp
Mar 31, 2025	$3.1B	131	98c	49	521 bp
Dec 31, 2024	$7.1B	132	99c	118	527 bp
Sep 30, 2024	$3.3B	140	99c	58	534 bp
Jun 30, 2024	$3.2B	138	99c	66	559 bp
Mar 31, 2024	$3.1B	130	96c	68	568 bp
Dec 31, 2023	$4.8B	125	96c	96	589 bp
Sep 30, 2023	$3.1B	125	96c	66	609 bp
Jun 30, 2023	$3.2B	128	95c	38	618 bp
Mar 31, 2023	$3.3B	131	95c	33	628 bp
Dec 31, 2022	$3.3B	126	94c	48	596 bp
Sep 30, 2022	$3.2B	122	95c	20	620 bp
Jun 30, 2022	Not disclosed	1	n/a	0	n/a
Dec 31, 2021	$3.2B	124	98c	23	616 bp
Sep 30, 2021	Not disclosed	2	n/a	0	n/a
Mar 31, 2021	Not disclosed	1	n/a	0	n/a
Mar 30, 2020	Not disclosed	1	n/a	0	n/a

Sponsors financed

No borrower on this schedule has a sponsor attribution yet.

What changed

New borrower on a BDC scheduleJun 30, 2026
••• Locked
New lender joined a facilityJun 30, 2026
••• Locked
New borrower on a BDC scheduleJun 30, 2026
••• Locked
Marked down (one lender)Jun 30, 2026
••• Locked
Marked down (one lender)Jun 30, 2026
••• Locked

Full timeline · 20 events

Marked down (one lender)Jun 30, 2026
••• Locked
Marked down (one lender)Jun 30, 2026
••• Locked
Marked down (one lender)Jun 30, 2026
••• Locked
Marked down (one lender)Jun 30, 2026
••• Locked
PIK interest appearsJun 30, 2026
••• Locked
PIK interest appearsJun 30, 2026
••• Locked
Spread increasedJun 30, 2026
••• Locked
Spread increasedJun 30, 2026
••• Locked
PIK interest increasedJun 30, 2026
••• Locked
PIK interest appearsJun 30, 2026
••• Locked
Maturity shortened (observed)Jun 30, 2026
••• Locked
Maturity extended (observed)Jun 30, 2026
••• Locked
Maturity extended (observed)Jun 30, 2026
••• Locked
Returned to accrualJun 30, 2026
••• Locked
Placed on non-accrualMar 31, 2026
••• Locked

Every position change, including routine ones

Largest facilities held, with co-lenders

T••••••••• H•••••••• L•• equity
2 BDCs hold it
$77.8M 7c
A••••••• A••••••••• C••••••••• first lien term loan
1 BDC hold it · matures Sep 1, 2027
$65.5M 51c
E••••••• P•••••• I•• first lien term loan
23 BDCs hold it · matures Jan 22, 2031 · possible sponsor B•••••••••
$61.3M 98c
N•• P•••••• H••••• first lien term loan
1 BDC hold it · matures Dec 1, 2027
$55.2M 100c
M•••• N• I•• first lien term loan
11 BDCs hold it · matures Jun 27, 2031
$52.9M 100c
D••• D••••• H••••••• L•• first lien term loan
5 BDCs hold it · matures Aug 28, 2028
$43.5M 89c
N•••••• H•••••• C•••••• first lien term loan
7 BDCs hold it · matures Mar 1, 2032
$42.3M 104c
T••••••••• I•• first lien term loan
7 BDCs hold it · matures Aug 16, 2029 · possible sponsor V•••• E••••• P••••••• M••••••••• L••
$41.0M 99c
T•• H••• P•••••• C••• first lien term loan
3 BDCs hold it · matures Jul 1, 2029
$40.3M 79c
C••••••••• T••••••••• L•• first lien term loan
11 BDCs hold it · matures Apr 12, 2030
$40.3M 101c
M•• S••••••• L•• first lien term loan
31 BDCs hold it · matures Feb 29, 2028
$38.9M 98c
I• I••••••••• H•••••••• L•• first lien term loan
30 BDCs hold it · matures Dec 1, 2029 · possible sponsor D••••••• C•••••• M••••••••• L•••
$38.6M 100c

Schedule of investments at Jun 30, 2023

389 positions

Borrower	Instrument	Principal	Fair value	Rate	Maturity
P•••••• B•••• I• L••	term loan first lien	$2.4M	$0 0c	S+700 bp	Nov 1, 2027
I••••••• C•••••••••	term loan first lien	$3.8M	$0 0c	S+575 bp	Jul 1, 2026
E•••••••• M••••••••• I• L••	term loan first lien	$169,000	$0 0c	S+750 bp	Jul 1, 2020
E•••••••• M••••••••• I• L••	term loan first lien	$139,000	$0 0c	S+850 bp	Jul 1, 2020
F••••••• F•••••••• G••••• L••	term loan first lien	$4.6M	$0	S+550 bp	May 1, 2024
G• A••••••••• I•••	term loan first lien	$2.5M	$0 0c	S+575 bp	May 1, 2026
A••••• H•••••••• I••	term loan first lien	$1.2M	$0		Nov 1, 2024
G• W•••• H•••••••• I•••	term loan first lien	$3.0M	$0 0c	S+550 bp	Aug 1, 2026
K••• H•••••• I•••	term loan first lien	$1.8M	$0 0c	S+525 bp	Feb 1, 2026
A••••••• A••••••••• C••••••••• ••• A•• H•••••• C•••••	term loan first lien	$1.5M	$0 0c	S+1350 bp PIK 0.50%	Sep 1, 2026
A•• L••••• H•••••••• L••	equity equity	Not disclosed	$0
A••••••• P••••••• M••••••••• I•••	term loan first lien	$9.5M	$0 0c	S+550 bp	Feb 1, 2024
S••••• B••••••• H••••••• L••	term loan first lien	$256,000	$0 0c		Sep 1, 2027
X••••• C•••••••••	term loan first lien	$992,000	$0 0c	S+725 bp	Jul 1, 2025
E•••••••• M••••••••• I• L••	term loan first lien	Not disclosed	$0 0c
E•••••••• M••••••••• I• L••	term loan first lien	$4,000	$0 0c	S+850 bp	Jul 1, 2020
E•••••••• M••••••••• C•••••••••	preferred equity equity	Not disclosed	$0 0c
A••••••• I•••	term loan first lien	$1.7M	$0 0c	S+725 bp	Oct 1, 2028
A•••••• I•••	term loan first lien	$1.4M	$0 0c	S+500 bp	Jan 1, 2025
U••••• G••••• S•••••••• I•••	preferred equity equity	Not disclosed	$0 0c
P••• F•••• L•••• C••••••••• F••••••••	unstated lien unstated	$0	$0	S+0 bp
P•••••• T••••	term loan first lien	$3.4M	$0	S+1000 bp
N••• H••••••• C••••	equity equity	Not disclosed	$0 0c
U••••• G••••• S•••••••• I•••• J•••••	preferred equity equity	Not disclosed	$0 0c
E•••••••• M••••••••• I• L••	term loan first lien	$115,000	$0 0c	S+650 bp	Jul 1, 2020
G•••••••• I•••	term loan first lien	$1.7M	$0 0c		Jan 1, 2027
A•••••• H•••••• L••	term loan first lien	$417,000	$0 0c	S+675 bp	May 1, 2027
E•••••••• M••••••••• I• L••	term loan first lien	$205,000	$0 0c	S+650 bp	Jul 1, 2020
B•••••• H••••••• L••	term loan first lien	$667,000	-$1,000 10c	S+575 bp	Sep 1, 2024
A•• T••••• L••	term loan first lien	$1.4M	-$1,000 7c	S+550 bp	Dec 1, 2023
S•• A••••••• C••••	term loan first lien	$127,000	-$3,000 300c		Sep 1, 2023
P••••••••• F••• • S•••••• L••	term loan first lien	$1.2M	-$4,000 25c	S+550 bp	Nov 1, 2024
A•• T••••• L••	term loan first lien	$4.4M	-$4,000 9c	S+550 bp	Dec 1, 2023
A•• T••••• L••	term loan first lien	$3.7M	-$4,000 11c	S+550 bp	Dec 1, 2027
C•••••••• B••••• P•••••••• L••	term loan first lien	$425,000	-$5,000 125c	S+550 bp	Feb 1, 2028
P•• I••••••••• H•••••••• L••	term loan first lien	$486,000	-$5,000 100c	S+575 bp	Aug 1, 2029
K•••• A••••••••• I•••	term loan first lien	$526,000	-$7,000	S+550 bp	Jun 1, 2024
D•••• A••••••••• C•••••••••	term loan first lien	$524,000	-$8,000		Oct 1, 2023
D••• D••••• H••••••• L••	term loan first lien	$202,000	-$8,000 400c	S+575 bp	Aug 1, 2027
C•••••••• B••••• P•••••••• L••	term loan first lien	$849,000	-$10,000	S+550 bp	Feb 1, 2024
D•••• A••••••••• C•••••••••	term loan first lien	$871,000	-$13,000 144c		Oct 1, 2027
S•• A••••••• C••••	term loan first lien	$526,000	-$14,000 200c		Sep 1, 2027
G••••••••• L••	term loan first lien	$1.1M	-$16,000 100c	S+650 bp	Mar 1, 2029
C• G•••• H•••••••• L••	term loan first lien	$226,000	-$18,000 600c	S+675 bp	Jul 1, 2026
F• W••••••••• B•••••••• L••	term loan first lien	$1.9M	-$19,000 100c		Jul 1, 2024
I• I••••••••• H•••••••• L••	term loan first lien	$2.3M	-$23,000 100c	S+600 bp	Sep 1, 2027
S••••••••• I•••	term loan first lien	$559,000	-$24,000 300c	S+575 bp	Jun 1, 2026
T••••••••• I•••	term loan first lien	$1.4M	-$27,000	S+338 bp	Feb 1, 2024
Y•• H•••••••• I•••	term loan first lien	$1.0M	-$27,000 270c	S+500 bp	Oct 1, 2023
I•• I••••••• H•••••••• I•••	term loan first lien	$1.5M	-$28,000 187c	S+600 bp	May 1, 2028
U••• H•••••••• I•••	term loan first lien	$893,000	-$29,000 322c	S+575 bp	Jul 1, 2027
F• W••••••••• B•••••••• L••	term loan first lien	$1.4M	-$29,000 207c		Dec 1, 2027
R••••••• F•••••• I•••	term loan first lien	$3.0M	-$30,000 150c	S+525 bp	Jul 1, 2025
T•••• F••••• L••	term loan first lien	$4.4M	-$34,000 77c	S+600 bp	Oct 1, 2027
C•••••••• I•••	term loan first lien	$637,000	-$36,000 720c		Apr 1, 2027
M•• S••••••• L••	term loan first lien	$1.6M	-$39,000	S+550 bp	Aug 1, 2023
F••••• S•••••••• G••••• L••	term loan first lien	$2.5M	-$40,000 160c	S+550 bp	Oct 1, 2027
N•••••••• T••••• L••	term loan first lien	$587,000	-$41,000 586c	S+675 bp	Nov 1, 2023
I•• I••••••• H•••••••• I•••	term loan first lien	$2.3M	-$41,000 178c	S+600 bp	May 1, 2024
i••••• I•••	term loan first lien	$2.3M	-$42,000 200c		Aug 1, 2028
G••••••••• L••	term loan first lien	$3.2M	-$47,000	S+650 bp	Sep 1, 2024
M•• S••••••• L••	term loan first lien	$2.0M	-$48,000 480c	S+550 bp	Feb 1, 2026
N•••••••• T••••• L••	term loan first lien	$822,000	-$57,000 950c	S+675 bp	May 1, 2027
D••••••• C•••••••••	term loan first lien	$1.9M	-$60,000 667c		Aug 1, 2025
D•••• M••• L••	term loan first lien	$2.4M	-$68,000	S+575 bp	Jun 1, 2028
D•••• M••• L••	term loan first lien	$2.5M	-$70,000	S+575 bp	Jun 1, 2024
A•• G•••• H•••••••• I•••	term loan first lien	$2.4M	-$71,000 296c	S+450 bp	Aug 1, 2027
N•• C•••••• H•••••••• I•••	term loan first lien	$4.3M	-$75,000	S+600 bp	Dec 1, 2023
F••••• S•••••••• G••••• L••	term loan first lien	$4.9M	-$78,000	S+550 bp	Jun 1, 2024
T••••••••• I•••	term loan first lien	$4.3M	-$80,000 186c	S+338 bp	Feb 1, 2028
Y•• H•••••••• I•••	term loan first lien	$3.7M	-$97,000 539c	S+500 bp	Oct 1, 2025
A•• G•••• H•••••••• I•••	term loan first lien	$4.3M	-$130,000	S+450 bp	Aug 1, 2024
D•••• M••• L••	term loan first lien	$6.6M	-$186,000	S+575 bp	Jun 1, 2024
D••• D••••• H••••••• L••	term loan first lien	$9.1M	-$368,000	S+575 bp	Aug 1, 2023
A••••••• A••••••••• C••••••••• ••• A•• H•••••• C•••••	term loan first lien	$31.2M	Not disclosed
F• W••••••••• B•••••••• L••	term loan first lien	Not disclosed	Not disclosed
D•••••• P••••• H••••••• C•••• W••••••••• s•••••••••	unstated lien unstated	Not disclosed	Not disclosed
T•••••••• B•••• L••••••	term loan first lien	$14.3M	Not disclosed	S+500 bp
D••••••• C•••••••••	term loan first lien	Not disclosed	Not disclosed
N••••••• H••• I•••	term loan second lien	Not disclosed	Not disclosed	S+500 bp
K••••••• I••••••••• H••••••• I•	preferred equity equity	Not disclosed	Not disclosed
S••••• S••••••• I••••••••• H•••••••• I•••	preferred equity equity	Not disclosed	Not disclosed
A••••• H•••••••• I•••• N••••••••• s•••••	unstated lien unstated	Not disclosed	Not disclosed
U••••• G••••• S•••••••• I•••	preferred equity equity	Not disclosed	Not disclosed
U••••• G••••• S•••••••• I•••	preferred equity equity	Not disclosed	Not disclosed
O• B••••• I•••	term loan first lien	Not disclosed	Not disclosed	S+575 bp
P•••••• B•••• I• L••	term loan first lien	Not disclosed	Not disclosed	S+700 bp
A•••••• H••••• H•••••••• I••• W••••••••• s•••••••••	unstated lien unstated	Not disclosed	Not disclosed
O••••••••• L••	term loan second lien	Not disclosed	Not disclosed	S+700 bp

Page 4 of 4Previous

Registration

Fiscal year end: 1231reported
Incorporated: X1reported
On the SEC BDC report: 2012 to 2026reported
Filings listed: 19reported10-Q and 10-K since 2022
Former names: New M••••••• Guardian Corpreported
Latest schedule: 0001496099-26-000029reported