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 March 31, 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
000-56437	New Mountain Guardian IV BDC, L.L.C. 1633 Broadway, 48th Floor New York, New York 10019 Telephone: (212) 720-0300 State of Organization: Delaware	88-1377220

_________________________________________________________________________________

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	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 May 13, 2025 was 80,974,363. As of March 31, 2025, there was no established public market for the registrant's limited liability company common units.

1

FORM 10-Q FOR THE QUARTER ENDED MARCH 31, 2025

TABLE OF CONTENTS

		PAGE
PART I. FINANCIAL INFORMATION
Item 1.	Financial Statements
	New Mountain Guardian IV BDC, L.L.C.
	Consolidated Statements of Assets, Liabilities and Members' Capital as of March 31, 2025 (unaudited) and December 31, 2024	3
	Consolidated Statements of Operations for the three months ended March 31, 2025 (unaudited) and March 31, 2024 (unaudited)	4
	Consolidated Statements of Changes in Members' Capital for the three months ended March 31, 2025 (unaudited) and March 31, 2024 (unaudited)	5
	Consolidated Statements of Cash Flows for the three months ended March 31, 2025 (unaudited) and March 31, 2024 (unaudited)	6
	Consolidated Schedule of Investments as of March 31, 2025 (unaudited)	7
	Consolidated Schedule of Investments as of December 31, 2024	28
	Notes to the Consolidated Financial Statements of New Mountain Guardian IV BDC, L.L.C. (unaudited)	48
	Report of Independent Registered Public Accounting Firm	69
Item 2.	Management's Discussion and Analysis of Financial Condition and Results of Operations	70
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	82
Item 4.	Controls and Procedures	83
PART II. OTHER INFORMATION
Item 1.	Legal Proceedings	84
Item 1A.	Risk Factors	84
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	84
Item 3.	Defaults Upon Senior Securities	84
Item 4.	Mine Safety Disclosures	84
Item 5.	Other Information	84
Item 6.	Exhibits	85
	Signatures	86

2

PART I. FINANCIAL INFORMATION

Item 1.    Financial Statements

New Mountain Guardian IV BDC, L.L.C.

Consolidated Statements of Assets, Liabilities and Members' Capital

(in thousands, except units and per unit data)

(unaudited)

	March 31, 2025		December 31, 2024
Assets
Non-controlled/non-affiliated investments at fair value (cost of $1,545,619 and $1,503,719, respectively)	$	1,556,874	$	1,516,623
Cash and cash equivalents	22,104		19,866
Interest and dividend receivable	10,504		10,866
Other assets	1,105		394
Total assets	$	1,590,587	$	1,547,749
Liabilities
Borrowings
Wells Credit Facility	$	473,500	$	437,200
UBS Credit Facility	262,500		262,500
Deferred financing costs (net of accumulated amortization of $1,714 and $1,361, respectively)	(6,535)		(5,770)
Net borrowings	729,465		693,930
Distribution payable	21,620		—
Payable for unsettled securities purchased	7,340		20,051
Interest payable	4,373		4,636
Income based incentive fee payable	3,812		3,379
Management fee payable	2,310		2,213
Accrued capital gains incentive fee	1,525		1,907
Payable to affiliate	324		344
Deferred tax liability	176		57
Other liabilities	1,710		1,134
Total liabilities	772,655		727,651
Commitments and contingencies (See Note 8)
Members' Capital
Common units, 80,974,363 and 80,974,363 units issued and outstanding, respectively	806,386		806,386
Accumulated underdistributed (overdistributed) earnings	11,546		13,712
Total members' capital	$	817,932	$	820,098
Total liabilities and members' capital	$	1,590,587	$	1,547,749
Outstanding common membership units	80,974,363		80,974,363
Members' capital per unit	$	10.10	$	10.13

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

3

New Mountain Guardian IV BDC, L.L.C.

Consolidated Statements of Operations

(in thousands, except units and per unit data)

(unaudited)

	Three Months Ended
	March 31, 2025		March 31, 2024
Investment income
Interest income (excluding Payment-in-kind ("PIK") interest income)	$	38,339	$	18,436
PIK interest income	1,109		1,083
Dividend income	856		38
Fee income	1,376		1,591
Total investment income	41,680		21,148
Expenses
Interest and other financing expenses	12,761		7,367
Income based incentive fee	3,812		1,775
Management fee	2,331		1,161
Administrative expenses	609		395
Professional fees	430		313
Capital gains incentive fee	(382)		532
Organizational and offering expenses	21		73
Other general and administrative expenses	51		47
Total expenses	19,633		11,663
Less: management fees waived (See Note 5)	(21)		(45)
Net expenses	19,612		11,618
Net investment income before income taxes	22,068		9,530
Income tax expense	79		—
Net investment income (loss)	21,989		9,530
Net realized gains (losses) on investments	(767)		(39)
Net change in unrealized appreciation (depreciation) of investments	(1,649)		3,361
(Provision) benefit for taxes	(119)		—
Net realized and unrealized gains (losses)	(2,535)		3,322
Net increase (decrease) in members' capital resulting from operations	$	19,454	$	12,852
Earnings (loss) per unit (basic & diluted)	$	0.24	$	0.47
Weighted average common units outstanding - basic & diluted (See Note 10)	80,974,363		27,372,220

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

4

New Mountain Guardian IV BDC, L.L.C.

Consolidated Statements of Changes in Members' Capital

(in thousands, except units)

(unaudited)

	Three Months Ended
	March 31, 2025		March 31, 2024
Increase (Decrease) in members' capital resulting from operations:
Net investment income (loss)	$	21,989	$	9,530
Net realized gains (losses) on investments	(767)		(39)
Net change in unrealized appreciation (depreciation) of investments	(1,649)		3,361
(Provision) benefit for taxes	(119)		—
Net increase (decrease) in members' capital resulting from operations	19,454		12,852
Capital transactions
Contributions	—		97,885
Placement fees	—		(45)
Distributions declared to unitholders from net investment income	(21,620)		(9,753)
Total net increase (decrease) in members' capital resulting from capital transactions	(21,620)		88,087
Net increase (decrease) in members' capital	(2,166)		100,939
Members' capital at the beginning of the period	820,098		276,573
Members' capital at the end of the period	$	817,932	$	377,512
Capital unit activity
Units issued	—		9,788,500

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

5

New Mountain Guardian IV BDC, L.L.C.

Consolidated Statements of Cash Flows

(in thousands)

(unaudited)

	Three Months Ended
	March 31, 2025		March 31, 2024
Cash flows from operating activities
Net increase (decrease) in members' capital resulting from operations	$	19,454	$	12,852
Adjustments to reconcile net increase (decrease) in members' capital resulting from operations to net cash used in operating activities:
Net realized (gains) losses on investments	767		39
Net change in unrealized (appreciation) depreciation of investments	1,649		(3,361)
Amortization of purchase discount	(2,339)		(1,033)
Amortization of deferred financing costs	353		132
Non-cash investment income	(928)		(1,121)
(Increase) decrease in operating assets:
Purchase of investments and delayed draw facilities	(121,057)		(124,483)
Proceeds from sales and paydowns of investments	82,998		15,076
Cash received for purchase of undrawn portion of revolving credit or delayed draw facilities	103		86
Cash paid for purchase of drawn portion of revolving credit facilities	(104)		(48)
Cash paid on drawn revolvers	(4,449)		(2,072)
Cash repayments on drawn revolvers	3,109		1,813
Interest and dividend receivable	362		(1,867)
Other assets	(711)		(635)
Increase (decrease) in operating liabilities:
Payable for unsettled securities purchased	(12,711)		32,375
Interest payable	(263)		486
Management fee payable	97		173
Income based incentive fee payable	433		256
Accrued capital gains incentive fee	(382)		532
Payable to affiliates	(20)		35
Deferred tax liability	119		—
Other liabilities	622		52
Net cash flows (used in) provided by operating activities	(32,898)		(70,713)
Cash flows from financing activities
Net proceeds from issuance of common units	—		97,885
Proceeds from BMO Subscription Line	38,000		68,700
Repayment of BMO Subscription Line	(38,000)		(92,600)
Proceeds from Wells Credit Facility	55,300		—
Repayment of Wells Credit Facility	(19,000)		—
Placement fees paid	(59)		—
Deferred financing costs paid	(1,105)		—
Net cash flows provided by (used in) financing activities	35,136		73,985
Net increase (decrease) in cash and cash equivalents	2,238		3,272
Cash and cash equivalents at the beginning of the period	19,866		7,222
Cash and cash equivalents at the end of the period	$	22,104	$	10,494
Supplemental disclosure of cash flow information
Cash interest paid	$	12,488	$	6,734
Non-cash operating activities:
Non-cash activity on investments	$	1,993	$	—
Non-cash financing activities:
Distributions declared and payable	$	21,620	$	9,753
Accrual for deferred credit facility costs	53		81
Accrual for placement fees	—		45

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

6

New Mountain Guardian IV BDC, L.L.C.

Consolidated Schedule of Investments

March 31, 2025

(in thousands, except shares)

(unaudited)

Portfolio Company, Location and Industry (1)	Type of Investment	Reference (10)		Spread (10)	Interest Rate (10)	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
Viper Bidco, Inc.
Software	First Lien(4)(7)(8)	SOFR(Q)	+	5.00%	9.30%	11/2024	11/2031	$	42,175	$	41,971	$	41,964	5.13	%
Sierra Enterprises, LLC
Food & Beverage	First Lien(4)(7)(8)	SOFR(Q)	+	6.25%	10.54%	04/2023	05/2027	21,670		19,946		21,670
	First Lien(2)(6)(8)	SOFR(Q)	+	6.25%	10.54%	07/2023	05/2027	20,076		18,149		20,076
								41,746		38,095		41,746		5.10	%
Coupa Holdings, LLC
Software	First Lien(2)(6)(8)	SOFR(Q)	+	5.25%	9.54%	02/2023	02/2030	39,168		38,981		39,168		4.79	%
Diamondback Acquisition, Inc.
Software	First Lien(4)(7)(8)	SOFR(M)	+	5.50%	9.92%	10/2024	09/2028	38,745		38,568		38,745		4.73	%
Accession Risk Management Group, Inc.
Business Services	First Lien(4)(7)(8)	SOFR(Q)	+	4.75%	9.04%	09/2024	11/2029	27,099		27,026		27,099
	First Lien(2)(6)(8)	SOFR(Q)	+	4.75%	9.05%	09/2024	11/2029	4,962		4,968		4,962
	First Lien(8)	SOFR(Q)	+	4.75%	9.05%	08/2023	11/2029	2,491		2,491		2,491
	First Lien(4)(7)(8)	SOFR(Q)	+	4.75%	9.05%	08/2023	11/2029	1,959		1,959		1,959
	First Lien(8)	SOFR(Q)	+	4.75%	9.04%	08/2024	11/2029	1,523		1,520		1,523
	First Lien(8)(9) - Drawn	SOFR(Q)	+	4.75%	9.05%	08/2024	11/2029	117		111		117
								38,151		38,075		38,151		4.66	%
WEG Sub Intermediate Holdings, LLC
Wealth Enhancement Group, LLC
Financial Services	First Lien(2)(6)(8)	SOFR(Q)	+	5.00%	9.29%	10/2023	10/2028	12,668		12,668		12,668
	First Lien(2)(6)(8)	SOFR(Q)	+	5.00%	9.29%	10/2023	10/2028	10,423		10,423		10,423
	First Lien(8)(9) - Drawn	SOFR(Q)	+	5.00%	9.31%	02/2024	10/2028	6,131		6,095		6,131
	Subordinated(8)	Fixed(Q)*	+	13.00%/PIK	13.00%	05/2023	05/2033	4,235		4,199		4,235
	First Lien(2)(6)(8)	SOFR(Q)	+	5.00%	9.30%	10/2023	10/2028	2,181		2,181		2,181
	First Lien(2)(6)(8)	SOFR(Q)	+	5.00%	9.32%	10/2023	10/2028	1,255		1,255		1,255
	First Lien(2)(6)(8)	SOFR(Q)	+	5.00%	9.30%	10/2023	10/2028	175		175		175
								37,068		36,996		37,068		4.53	%
Associations Finance, Inc.
Associations, Inc.
Business Services	First Lien(4)(7)(8)	SOFR(Q)	+	6.50%	11.06%	05/2024	07/2028	27,312		27,301		27,585
	Subordinated(8)	Fixed(Q)*	+	14.25%/PIK	14.25%	05/2024	05/2030	4,566		4,557		4,634
	Subordinated(8)	Fixed(Q)*	+	14.25%/PIK	14.25%	05/2024	05/2030	1,744		1,740		1,771
	First Lien(8)(9) - Drawn	SOFR(Q)	+	6.50%	11.07%	05/2024	07/2028	1,261		1,261		1,261
	First Lien(8)(9) - Drawn	SOFR(Q)	+	6.50%	11.06%	05/2024	07/2028	528		527		533
								35,411		35,386		35,784		4.37	%

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

7

New Mountain Guardian IV BDC, L.L.C.

Consolidated Schedule of Investments (Continued)

March 31, 2025

(in thousands, except shares)

(unaudited)

Portfolio Company, Location and Industry (1)	Type of Investment	Reference (10)		Spread (10)	Interest Rate (10)	Purchase Date	Maturity/Expiration Date	Principal Amount, Par Value or Shares		Cost		Fair Value		Percent of Members' Capital
Einstein Parent, Inc.
Software	First Lien(2)(6)(8)	SOFR(Q)	+	6.50%	10.79%	01/2025	01/2031	$	34,415	$	34,079	$	34,071	4.17	%
PPV Intermediate Holdings, LLC
Consumer Services	First Lien(8)	SOFR(Q)	+	6.00%	10.31%	09/2023	08/2029	16,993		16,927		16,993
	First Lien(4)(7)(8)	SOFR(Q)	+	5.75%	10.06%	08/2022	08/2029	12,423		12,423		12,423
	First Lien(2)(6)(8)	SOFR(Q)	+	5.75%	10.06%	08/2022	08/2029	4,540		4,507		4,540
								33,956		33,857		33,956		4.15	%
Model N, Inc.
Software	First Lien(4)(7)(8)	SOFR(Q)	+	4.75%	9.05%	06/2024	06/2031	23,709		23,600		23,590
	First Lien(2)(6)(8)	SOFR(Q)	+	4.75%	9.05%	06/2024	06/2031	8,219		8,180		8,178
								31,928		31,780		31,768		3.88	%
HIG Intermediate, Inc. (14)
Higginbotham Insurance Agency, Inc.
Business Services	First Lien(4)(7)(8)	SOFR(M)	+	4.50%	8.83%	08/2023	11/2028	23,059		22,985		23,059
	First Lien(2)(6)(8)	SOFR(M)	+	4.50%	8.83%	08/2023	11/2028	3,798		3,798		3,798
	First Lien(8)(9) - Drawn	SOFR(M)	+	4.75%	9.07%	03/2024	11/2028	3,743		3,729		3,743
								30,600		30,512		30,600		3.74	%
NC Topco, LLC
Software	First Lien(4)(7)(8)	SOFR(M)*	+	2.50% +2.75%/PIK	9.57%	08/2024	09/2031	30,713		30,572		30,560		3.73	%
OEConnection LLC
Software	First Lien(4)(7)(8)	SOFR(M)	+	5.00%	9.32%	04/2024	04/2031	25,655		25,540		25,655
	First Lien(8)	SOFR(M)	+	5.00%	9.32%	04/2024	04/2031	4,476		4,455		4,476
								30,131		29,995		30,131		3.68	%
IG Investments Holdings, LLC
Business Services	First Lien(4)(7)(8)	SOFR(Q)	+	5.00%	9.29%	03/2024	09/2028	29,845		29,718		29,845		3.65	%
Runway Bidco, LLC
Software	First Lien(4)(7)(8)	SOFR(Q)	+	5.00%	9.30%	12/2024	12/2031	29,242		29,101		29,096		3.56	%
MAI Capital Management Intermediate LLC
Financial Services	First Lien(4)(7)(8)	SOFR(Q)	+	4.75%	9.05%	08/2024	08/2031	21,557		21,456		21,449
	First Lien(8)(9) - Drawn	SOFR(Q)	+	4.75%	9.05%	08/2024	08/2031	5,015		4,992		4,990
	First Lien(8)(9) - Drawn	SOFR(Q)	+	4.75%	9.05%	08/2024	08/2031	1,141		1,137		1,135
								27,713		27,585		27,574		3.37	%
Superman Holdings, LLC
Software	First Lien(4)(7)(8)	SOFR(Q)	+	4.50%	8.80%	08/2024	08/2031	21,553		21,503		21,500
	First Lien(8)(9) - Drawn	SOFR(M)	+	4.50%	8.80%	08/2024	08/2031	4,490		4,479		4,479
								26,043		25,982		25,979		3.17	%

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

8

New Mountain Guardian IV BDC, L.L.C.

Consolidated Schedule of Investments (Continued)

March 31, 2025

(in thousands, except shares)

(unaudited)

Portfolio Company, Location and Industry (1)	Type of Investment	Reference (10)		Spread (10)	Interest Rate (10)	Purchase Date	Maturity/Expiration Date	Principal Amount, Par Value or Shares		Cost		Fair Value		Percent of Members' Capital
USRP Holdings, Inc.
Business Services	First Lien(4)(7)(8)	SOFR(M)	+	5.00%	9.32%	10/2023	12/2029	$	11,937	$	11,937	$	11,937
	First Lien(2)(6)(8)	SOFR(M)	+	5.00%	9.32%	10/2023	12/2029	10,800		10,778		10,800
	First Lien(8)	SOFR(M)	+	5.00%	9.32%	07/2023	12/2029	2,309		2,277		2,309
	First Lien(8)(9) - Drawn	SOFR(M)	+	5.00%	9.32%	08/2024	12/2029	110		110		110
								25,156		25,102		25,156		3.08	%
OA Buyer, Inc.
Healthcare	First Lien(4)(7)(8)	SOFR(M)	+	4.50%	8.82%	06/2024	12/2028	24,828		24,775		24,828		3.04	%
Syndigo LLC
Software	First Lien(2)(6)	SOFR(Q)	+	4.50%	9.07%	08/2023	12/2027	16,956		16,254		16,956
	Second Lien(2)(6)(8)	SOFR(Q)	+	8.00%	12.55%	10/2022	12/2028	7,359		6,936		7,359
								24,315		23,190		24,315		2.97	%
Legal Spend Holdings, LLC (fka Bottomline Technologies, Inc.)
Software	First Lien(4)(7)(8)	SOFR(Q)	+	5.25%	9.55%	09/2024	05/2029	19,045		19,045		19,045
	First Lien(2)(6)(8)	SOFR(Q)	+	5.75%	10.05%	10/2023	05/2029	4,592		4,556		4,592
								23,637		23,601		23,637		2.89	%
Bullhorn, Inc.
Software	First Lien(8)	SOFR(M)	+	5.00%	9.32%	05/2024	10/2029	11,127		11,111		11,127
	First Lien(8)	SOFR(M)	+	5.00%	9.32%	05/2024	10/2029	7,481		7,468		7,481
	First Lien(4)(7)(8)	SOFR(M)	+	5.00%	9.32%	05/2024	10/2029	2,863		2,860		2,863
	First Lien(8)	SOFR(M)	+	5.00%	9.32%	05/2024	10/2029	641		641		641
	First Lien(8)	SOFR(M)	+	5.00%	9.32%	05/2024	10/2029	287		287		287
	First Lien(8)	SOFR(M)	+	5.00%	9.32%	05/2024	10/2029	229		229		229
								22,628		22,596		22,628		2.76	%
Vessco Midco Holdings, LLC
Business Services	First Lien(4)(7)(8)	SOFR(M)	+	4.75%	9.05%	07/2024	07/2031	19,463		19,374		19,366
	First Lien(8)(9) - Drawn	SOFR(M)	+	4.75%	9.06%	07/2024	07/2031	1,708		1,701		1,700
								21,171		21,075		21,066		2.58	%
iCIMS, Inc.
Software	First Lien(8)	SOFR(Q)	+	5.75%	10.04%	08/2022	08/2028	11,320		11,294		11,171
	First Lien(2)(8)	SOFR(Q)	+	5.75%	10.04%	08/2022	08/2028	9,587		9,540		9,460
	First Lien(8)(9) - Drawn	SOFR(Q)	+	5.75%	10.04%	08/2022	08/2028	179		186		176
								21,086		21,020		20,807		2.54	%
AAH Topco, LLC
Consumer Services	First Lien(8)(9) - Drawn	SOFR(M)	+	5.25%	9.67%	11/2023	12/2027	20,738		20,597		20,738		2.54	%
Alegeus Technologies Holdings Corp.
Healthcare	First Lien(2)(6)(8)	SOFR(Q)	+	6.75%	11.05%	10/2024	11/2029	20,940		20,694		20,679		2.53	%
Houghton Mifflin Harcourt Company
Education	First Lien(4)(7)	SOFR(M)	+	5.25%	9.67%	12/2023	04/2029	11,526		11,352		11,409
	First Lien(2)(6)	SOFR(M)	+	5.25%	9.67%	09/2023	04/2029	8,700		8,299		8,612
								20,226		19,651		20,021		2.45	%

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

9

New Mountain Guardian IV BDC, L.L.C.

Consolidated Schedule of Investments (Continued)

March 31, 2025

(in thousands, except shares)

(unaudited)

Portfolio Company, Location and Industry (1)	Type of Investment	Reference (10)		Spread (10)	Interest Rate (10)	Purchase Date	Maturity/Expiration Date	Principal Amount, Par Value or Shares		Cost		Fair Value		Percent of Members' Capital
CentralSquare Technologies, LLC
Software	First Lien(4)(7)(8)	SOFR(M)*	+	2.88% +3.38%/PIK	10.57%	04/2024	04/2030	$	19,954	$	19,745	$	19,954	2.44	%
Asurion, LLC
Business Services	First Lien(2)(6)	SOFR(M)	+	4.25%	8.57%	09/2024	09/2030	19,900		19,527		19,676		2.41	%
Brave Parent Holdings, Inc.
Software	First Lien(2)(6)(8)	SOFR(M)	+	5.00%	9.32%	11/2023	11/2030	10,599		10,554		10,599
	First Lien(4)(7)(8)	SOFR(M)	+	5.00%	9.32%	11/2023	11/2030	7,808		7,808		7,808
	First Lien(4)(7)(8)(9) - Drawn	SOFR(M)	+	5.00%	9.32%	11/2023	11/2030	1,213		1,209		1,213
								19,620		19,571		19,620		2.40	%
YLG Holdings, Inc.
Business Services	First Lien(4)(7)(8)	SOFR(Q)	+	4.75%	9.05%	06/2024	12/2030	18,305		18,305		18,305		2.24	%
PetVet Care Centers, LLC
Consumer Services	First Lien(2)(6)(8)	SOFR(M)	+	6.00%	10.32%	10/2023	11/2030	18,489		18,330		18,185		2.22	%
Enverus Holdings, Inc.
Business Services	First Lien(2)(6)(8)	SOFR(M)	+	5.50%	9.82%	12/2023	12/2029	17,584		17,474		17,584
	First Lien(8)	SOFR(M)	+	5.50%	9.82%	12/2023	12/2029	549		545		549
								18,133		18,019		18,133		2.22	%
MRI Software LLC
Software	First Lien(4)(7)(8)	SOFR(Q)	+	4.75%	9.05%	10/2024	02/2027	13,035		12,953		13,035
	First Lien(8)	SOFR(Q)	+	4.75%	9.05%	12/2023	02/2027	4,221		4,209		4,221
	First Lien(8)(9) - Drawn	SOFR(Q)	+	4.75%	9.05%	08/2024	02/2027	813		807		813
	First Lien(8)(9) - Drawn	SOFR(Q)	+	4.75%	9.05%	12/2023	02/2027	55		56		55
								18,124		18,025		18,124		2.22	%
GHX Ultimate Parent Corporation
Healthcare	First Lien(2)(6)(8)	SOFR(Q)	+	4.75%	9.05%	02/2025	12/2031	17,662		17,487		17,487		2.14	%
Eclipse Topco, Inc. (12)
Eclipse Buyer, Inc.
Software	First Lien(4)(7)(8)	SOFR(M)	+	4.75%	9.06%	09/2024	09/2031	17,280		17,199		17,194		2.10	%
Oranje Holdco, Inc.
Education	First Lien(2)(6)(8)	SOFR(Q)	+	7.75%	12.04%	02/2023	02/2029	11,667		11,563		11,667
	First Lien(8)	SOFR(Q)	+	7.25%	11.54%	06/2024	02/2029	5,454		5,407		5,454
								17,121		16,970		17,121		2.09	%
Safety Borrower Holdings LLC
Software	First Lien(4)(7)(8)	SOFR(M)	+	5.25%	9.69%	03/2024	09/2027	15,897		15,897		15,897
	First Lien(8)(9) - Drawn	P(Q)	+	4.25%	11.75%	10/2024	09/2027	281		281		281
								16,178		16,178		16,178		1.98	%
OB Hospitalist Group, Inc.
Healthcare	First Lien(4)(7)(8)	SOFR(M)	+	5.25%	9.67%	10/2024	09/2027	13,575		13,575		13,575
	First Lien(4)(7)(8)	SOFR(M)	+	5.25%	9.67%	07/2024	09/2027	2,332		2,309		2,332
								15,907		15,884		15,907		1.98	%

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

10

New Mountain Guardian IV BDC, L.L.C.

Consolidated Schedule of Investments (Continued)

March 31, 2025

(in thousands, except shares)

(unaudited)

Portfolio Company, Location and Industry (1)	Type of Investment	Reference (10)		Spread (10)	Interest Rate (10)	Purchase Date	Maturity/Expiration Date	Principal Amount, Par Value or Shares		Cost		Fair Value		Percent of Members' Capital
Relativity ODA LLC
Software	First Lien(4)(7)(8)	SOFR(M)	+	4.50%	8.82%	01/2024	05/2029	$	15,655	$	15,620	$	15,655	1.91	%
Healthspan Buyer, LLC
Healthcare	First Lien(4)(7)(8)	SOFR(Q)	+	5.25%	9.55%	10/2024	10/2030	10,375		10,351		10,375
	First Lien(2)(6)(8)	SOFR(Q)	+	5.25%	9.55%	10/2023	10/2030	5,056		5,014		5,056
								15,431		15,365		15,431		1.91	%
Legends Hospitality Holding Company, LLC
Business Services	First Lien(4)(7)(8)	SOFR(Q)*	+	2.75% +2.75%/PIK	9.83%	08/2024	08/2031	14,478		14,345		14,334
	First Lien(8)(9) - Drawn	SOFR(M)	+	5.00%	9.32%	08/2024	08/2030	783		777		775
								15,261		15,122		15,109		1.85	%
Al Altius US Bidco, Inc.
Business Services	First Lien(2)(6)(8)	SOFR(S)	+	4.75%	9.03%	05/2024	12/2028	11,744		11,693		11,744
	First Lien(4)(7)(8)	SOFR(S)	+	4.75%	9.03%	05/2024	12/2028	3,062		3,049		3,062
								14,806		14,742		14,806		1.81	%
DOXA Insurance Holdings LLC
Business Services	First Lien(4)(7)(8)	SOFR(Q)	+	5.25%	9.55%	12/2023	12/2030	7,115		7,053		7,115
	First Lien(8)(9) - Drawn	SOFR(Q)	+	5.25%	9.55%	12/2023	12/2030	6,536		6,481		6,536
	First Lien(8)(9) - Drawn	SOFR(Q)	+	5.25%	9.55%	12/2023	12/2029	185		186		185
								13,836		13,720		13,836		1.69	%
Allworth Financial Group, L.P.
Financial Services	First Lien(8)	SOFR(M)	+	4.75%	9.07%	10/2023	12/2027	12,619		12,511		12,619
	First Lien(8)(9) - Drawn	SOFR(M)	+	4.75%	9.07%	10/2024	12/2027	811		807		811
								13,430		13,318		13,430		1.64	%
GraphPAD Software, LLC
Healthcare	First Lien(4)(7)(8)	SOFR(Q)	+	4.75%	9.05%	06/2024	06/2031	12,798		12,768		12,798
	First Lien(8)(9) - Drawn	SOFR(Q)	+	4.75%	9.05%	06/2024	06/2031	320		320		320
								13,118		13,088		13,118		1.60	%
Diligent Corporation
Software	First Lien(4)(7)(8)	SOFR(Q)	+	5.00%	9.31%	04/2024	08/2030	10,980		10,943		10,980
	First Lien(8)	SOFR(Q)	+	5.00%	9.31%	04/2024	08/2030	1,882		1,876		1,882
								12,862		12,819		12,862		1.57	%
Xactly Corporation
Software	First Lien(4)(7)(8)	SOFR(Q)	+	6.25%	10.66%	02/2023	07/2027	12,802		12,783		12,680		1.55	%
CommerceHub, Inc.
Software	First Lien(2)(6)(8)	SOFR(Q)	+	6.25%	10.56%	06/2023	12/2027	12,674		12,222		12,674		1.55	%
Vamos Bidco, Inc.
Software	First Lien(2)(6)(8)	SOFR(Q)	+	4.75%	9.05%	01/2025	01/2032	12,479		12,418		12,417		1.52	%

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

11

New Mountain Guardian IV BDC, L.L.C.

Consolidated Schedule of Investments (Continued)

March 31, 2025

(in thousands, except shares)

(unaudited)

Portfolio Company, Location and Industry (1)	Type of Investment	Reference (10)		Spread (10)	Interest Rate (10)	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)(6)(8)	SOFR(A)	+	5.00%	8.89%	08/2023	09/2030	$	12,059	$	11,984	$	12,059
	First Lien(8)(9) - Drawn	SOFR(S)	+	5.00%	9.20%	08/2023	09/2029	319		320		319
								12,378		12,304		12,378		1.51	%
Ciklum Inc.**
Business Services	First Lien(2)(6)(8)	SOFR(Q)	+	6.50%	10.89%	02/2024	02/2030	12,268		12,137		12,268		1.50	%
Planview Parent, Inc.
Software	Second Lien(4)(7)	SOFR(Q)	+	5.75%	10.05%	06/2024	12/2028	12,117		12,083		12,071		1.47	%
GC Waves Holdings, Inc.
Financial Services	First Lien(2)(6)(8)	SOFR(M)	+	4.75%	9.17%	10/2024	10/2030	5,266		5,259		5,266
	First Lien(8)(9) - Drawn	SOFR(M)	+	4.75%	9.17%	10/2024	10/2030	4,694		4,672		4,694
	First Lien(8)	SOFR(M)	+	4.75%	9.17%	10/2024	10/2030	1,594		1,594		1,594
								11,554		11,525		11,554		1.41	%
CoreTrust Purchasing Group LLC
Business Services	First Lien(2)(6)(8)	SOFR(M)	+	5.25%	9.57%	09/2022	10/2029	9,937		9,832		9,937
	First Lien(4)(7)(8)	SOFR(M)	+	5.25%	9.57%	09/2022	10/2029	1,047		1,043		1,047
								10,984		10,875		10,984		1.34	%
Foreside Financial Group, LLC
Business Services	First Lien(2)(6)(8)	SOFR(Q)	+	5.25%	9.71%	05/2022	09/2027	7,537		7,520		7,537
	First Lien(2)(6)(8)	SOFR(Q)	+	5.25%	9.71%	10/2024	09/2027	1,836		1,836		1,836
	First Lien(8)	SOFR(Q)	+	5.25%	9.71%	05/2022	09/2027	359		356		359
	First Lien(4)(7)(8)	SOFR(Q)	+	5.25%	9.71%	05/2022	09/2027	267		266		267
	First Lien(8)(9) - Drawn	SOFR(Q)	+	5.25%	9.70%	05/2022	09/2027	151		154		151
								10,150		10,132		10,150		1.24	%
Firebird Acquisition Corp, Inc.
Business Services	First Lien(2)(6)(8)	SOFR(Q)*	+	2.25% +2.75%/PIK	9.29%	01/2025	02/2032	9,979		9,954		9,954		1.22	%
Foundational Education Group, Inc.
Education	Second Lien(2)(6)(8)	SOFR(Q)	+	6.50%	11.05%	05/2022	08/2029	9,783		8,815		9,783		1.20	%
Bonterra LLC
Software	First Lien(2)(6)	SOFR(Q)	+	5.00%	9.30%	03/2025	03/2032	9,328		9,304		9,304
	First Lien(9) - Drawn	SOFR(Q)	+	5.00%	9.30%	03/2025	03/2032	164		164		164
								9,492		9,468		9,468		1.16	%
GS Acquisitionco, Inc.
Software	First Lien(8)	SOFR(Q)	+	5.25%	9.55%	03/2024	05/2028	6,429		6,420		6,429
	First Lien(4)(7)(8)	SOFR(Q)	+	5.25%	9.55%	03/2024	05/2028	2,320		2,325		2,320
	First Lien(8)(9) - Drawn	SOFR(Q)	+	5.25%	9.55%	03/2024	05/2028	706		700		706
								9,455		9,445		9,455		1.15	%
Disco Parent, Inc.
Software	First Lien(2)(6)(8)	SOFR(Q)	+	7.50%	11.81%	03/2023	03/2029	8,900		8,818		8,900		1.09	%

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

12

New Mountain Guardian IV BDC, L.L.C.

Consolidated Schedule of Investments (Continued)

March 31, 2025

(in thousands, except shares)

(unaudited)

Portfolio Company, Location and Industry (1)	Type of Investment	Reference (10)		Spread (10)	Interest Rate (10)	Purchase Date	Maturity/Expiration Date	Principal Amount, Par Value or Shares		Cost		Fair Value		Percent of Members' Capital
Icefall Parent, Inc.
Software	First Lien(8)	SOFR(Q)	+	6.50%	10.79%	01/2024	01/2030	$	8,696	$	8,622	$	8,696	1.06	%
QBS Parent, Inc.
Software	First Lien(4)(7)(8)	SOFR(Q)	+	4.75%	9.05%	11/2024	11/2031	8,480		8,459		8,458		1.03	%
Park Place Technologies, LLC
Business Services	First Lien(4)(7)(8)	SOFR(Q)	+	5.25%	9.54%	07/2024	03/2031	7,635		7,617		7,616
	First Lien(8)(9) - Drawn	SOFR(M)	+	5.25%	9.57%	07/2024	03/2031	617		611		616
	First Lien(8)(9) - Drawn	SOFR(M)	+	5.25%	9.57%	07/2024	03/2030	210		210		210
								8,462		8,438		8,442		1.03	%
Bluefin Holding, LLC
Software	First Lien(4)(7)(8)	SOFR(Q)	+	6.50%	10.80%	09/2023	09/2029	8,148		8,072		8,148		1.00	%
PDI TA Holdings, Inc.
Software	First Lien(4)(7)(8)	SOFR(Q)	+	5.50%	9.79%	01/2024	02/2031	6,043		6,016		6,043
	First Lien(8)	SOFR(Q)	+	5.50%	9.79%	01/2024	02/2031	1,603		1,596		1,603
	First Lien(2)(8)	SOFR(Q)	+	5.50%	9.79%	01/2024	02/2031	318		318		318
	First Lien(8)(9) - Drawn	SOFR(Q)	+	5.50%	9.79%	01/2024	02/2031	91		91		91
								8,055		8,021		8,055		0.98	%
Optimizely North America Inc.
Software	First Lien(4)(7)(8)	SOFR(M)	+	5.00%	9.32%	10/2024	10/2031	8,000		7,962		7,960		0.97	%
Databricks, Inc.
Software	First Lien(4)(7)(8)	SOFR(M)	+	4.50%	8.82%	12/2024	01/2031	7,975		7,936		7,935		0.97	%
ComPsych Investments Corp.
Business Services	First Lien(4)(7)(8)	SOFR(Q)	+	4.75%	9.04%	07/2024	07/2031	7,744		7,726		7,724		0.94	%
Cloudera, Inc.
Software	Second Lien(2)(6)	SOFR(M)	+	6.00%	10.42%	10/2022	10/2029	7,900		6,858		7,550		0.92	%
Baker Tilly Advisory Group, LP
Financial Services	First Lien(4)(7)(8)	SOFR(M)	+	4.75%	9.07%	05/2024	06/2031	7,251		7,202		7,197
	First Lien(8)	SOFR(M)	+	4.75%	9.07%	05/2024	06/2031	312		310		309
								7,563		7,512		7,506		0.92	%
FS WhiteWater Holdings, LLC (13)
FS WhiteWater Borrower, LLC
Consumer Services	First Lien(2)(6)(8)	SOFR(Q)	+	5.00%	9.45%	09/2024	12/2029	3,253		3,225		3,253
	First Lien(2)(6)(8)	SOFR(Q)	+	5.00%	9.45%	07/2022	12/2029	3,959		3,936		3,959
								7,212		7,161		7,212		0.88	%
Panzura Holdings, LLC (11)
Panzura, LLC
Software	First Lien(8)	Fixed(Q)*	+	4.00% +11.00%/PIK	15.00%	08/2023	08/2027	7,509		7,096		7,084		0.87	%

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

13

New Mountain Guardian IV BDC, L.L.C.

Consolidated Schedule of Investments (Continued)

March 31, 2025

(in thousands, except shares)

(unaudited)

Portfolio Company, Location and Industry (1)	Type of Investment	Reference (10)		Spread (10)	Interest Rate (10)	Purchase Date	Maturity/Expiration Date	Principal Amount, Par Value or Shares		Cost		Fair Value		Percent of Members' Capital
eResearchTechnology, Inc.
Healthcare	First Lien(2)(6)	SOFR(M)	+	4.75%	9.07%	03/2025	01/2032	$	7,047	$	6,976	$	6,975
	First Lien(9) - Drawn	SOFR(M)	+	4.75%	9.07%	03/2025	01/2032	66		67		66
								7,113		7,043		7,041		0.86	%
CRCI Longhorn Holdings, Inc.
Business Services	First Lien(4)(7)(8)	SOFR(M)	+	5.00%	9.32%	08/2024	08/2031	6,500		6,469		6,467
	First Lien(8)(9) - Drawn	SOFR(M)	+	5.00%	9.32%	08/2024	08/2031	565		562		562
								7,065		7,031		7,029		0.86	%
Javelin Buyer, Inc.
Software	Second Lien(4)(7)	SOFR(Q)	+	5.25%	9.56%	10/2024	12/2032	6,470		6,438		6,439		0.79	%
Anaplan, Inc.
Software	First Lien(8)	SOFR(Q)	+	5.00%	9.30%	01/2024	06/2029	3,325		3,325		3,325
	First Lien(2)(8)	SOFR(Q)	+	5.00%	9.30%	06/2022	06/2029	2,993		2,973		2,993
								6,318		6,298		6,318		0.77	%
Greenway Health, LLC
Healthcare	First Lien(4)(7)(8)	SOFR(Q)	+	6.75%	11.05%	12/2023	04/2029	6,286		6,210		6,286		0.77	%
Zest Acquisition Corp.
Healthcare	First Lien(2)(6)(8)	SOFR(Q)	+	5.25%	9.54%	04/2023	02/2028	6,121		6,000		6,121		0.75	%
IG IntermediateCo LLC
Infogain Corporation
Business Services	Subordinated(8)	SOFR(Q)	+	7.50%	11.90%	07/2022	07/2029	3,096		3,069		3,096
	First Lien(2)(6)(8)	SOFR(M)	+	5.75%	10.17%	07/2022	07/2028	2,688		2,671		2,688
								5,784		5,740		5,784		0.71	%
Project Accelerate Parent, LLC
Software	First Lien(4)(7)(8)	SOFR(M)	+	5.25%	9.57%	02/2024	02/2031	5,599		5,574		5,599		0.68	%
Radwell Parent, LLC
Distribution & Logistics	First Lien(2)(6)(8)	SOFR(Q)	+	5.50%	9.80%	11/2022	04/2029	5,422		5,366		5,422
	First Lien(8)(9) - Drawn	SOFR(Q)	+	5.50%	9.80%	11/2022	04/2029	111		112		111
								5,533		5,478		5,533		0.68	%
Community Management Holdings MidCo 2, LLC
Business Services	First Lien(2)(6)(8)	SOFR(Q)	+	5.00%	9.29%	11/2024	11/2031	5,258		5,220		5,219
	First Lien(8)(9) - Drawn	SOFR(Q)	+	5.00%	9.29%	11/2024	11/2031	245		244		244
								5,503		5,464		5,463		0.67	%
Bayou Intermediate II, LLC
Healthcare	First Lien(4)(7)(8)	SOFR(Q)	+	4.50%	9.05%	12/2024	08/2028	5,396		5,361		5,396		0.66	%
Next Holdco, LLC
Healthcare	First Lien(2)(6)(8)	SOFR(Q)	+	5.25%	9.55%	11/2023	11/2030	5,236		5,205		5,236		0.64	%

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

14

New Mountain Guardian IV BDC, L.L.C.

Consolidated Schedule of Investments (Continued)

March 31, 2025

(in thousands, except shares)

(unaudited)

Portfolio Company, Location and Industry (1)	Type of Investment	Reference (10)		Spread (10)	Interest Rate (10)	Purchase Date	Maturity/Expiration Date	Principal Amount, Par Value or Shares		Cost		Fair Value		Percent of Members' Capital
Smile Doctors LLC
Healthcare	First Lien(2)(6)(8)	SOFR(Q)	+	5.90%	10.32%	05/2022	12/2028	$	3,786	$	3,767	$	3,719
	First Lien(2)(6)(8)	SOFR(Q)	+	5.90%	10.32%	05/2022	12/2028	1,114		1,101		1,095
	First Lien(8)(9) - Drawn	SOFR(Q)	+	5.90%	10.32%	06/2023	12/2028	406		401		398
								5,306		5,269		5,212		0.64	%
LSCS Holdings, Inc.
Healthcare	First Lien(4)(7)	SOFR(Q)	+	4.50%	8.80%	09/2024	03/2032	4,974		4,950		4,949		0.60	%
Bracket Intermediate Holding Corp.
Healthcare	First Lien(2)(6)	SOFR(Q)	+	4.25%	8.55%	05/2023	05/2028	4,886		4,787		4,908		0.60	%
Adelaide Borrower, LLC**
Software	First Lien(8)	SOFR(Q)	+	6.25%	10.55%	05/2024	05/2030	4,698		4,657		4,698		0.57	%
LogRhythm, Inc.
Software	First Lien(2)(6)(8)	SOFR(Q)	+	7.50%	11.81%	07/2024	07/2029	4,196		4,141		4,127		0.50	%
PDQ.com Corporation
Software	First Lien(2)(6)(8)	SOFR(Q)	+	4.50%	8.80%	10/2023	08/2027	3,917		3,891		3,917		0.48	%
RxB Holdings, Inc.
Healthcare	First Lien(2)(6)(8)	SOFR(M)	+	5.25%	9.57%	06/2023	12/2027	3,768		3,706		3,768		0.46	%
WatchGuard Technologies, Inc.
Software	First Lien(2)(6)	SOFR(M)	+	5.25%	9.57%	08/2022	07/2029	3,693		3,611		3,669		0.45	%
KENE Acquisition, Inc.
Business Services	First Lien(4)(7)(8)	SOFR(Q)	+	5.25%	9.54%	02/2024	02/2031	3,500		3,470		3,500
	First Lien(8)(9) - Drawn	SOFR(Q)	+	5.25%	9.54%	02/2024	02/2031	162		160		162
								3,662		3,630		3,662		0.45	%
Businessolver.com, Inc.
Software	First Lien(2)(6)(8)	SOFR(Q)	+	5.50%	9.90%	10/2023	12/2027	3,449		3,449		3,449
	First Lien(8)(9) - Drawn	SOFR(Q)	+	5.50%	9.90%	10/2023	12/2027	148		148		148
								3,597		3,597		3,597		0.44	%
DOCS, MSO, LLC
Healthcare	First Lien(2)(6)(8)	SOFR(M)	+	5.75%	10.17%	06/2022	06/2028	2,951		2,951		2,938
	First Lien(2)(6)(8)	SOFR(M)	+	5.75%	10.17%	02/2025	06/2028	397		394		395
	First Lien(8)(9) - Drawn	SOFR(S)	+	5.75%	10.13%	06/2022	06/2028	56		56		56
								3,404		3,401		3,389		0.41	%
Trinity Air Consultants Holdings Corporation
Business Services	First Lien(4)(7)(8)	SOFR(S)	+	5.25%	9.64%	06/2023	06/2028	1,940		1,932		1,940
	First Lien(4)(7)(8)(9) - Drawn	SOFR(S)	+	4.50%	8.82%	06/2023	06/2028	976		966		976
								2,916		2,898		2,916		0.35	%
Galway Borrower LLC
Business Services	First Lien(8)	SOFR(Q)	+	4.50%	8.80%	04/2024	09/2028	1,801		1,777		1,783
	First Lien(4)(7)(8)	SOFR(Q)	+	4.50%	8.80%	04/2024	09/2028	1,087		1,081		1,077
								2,888		2,858		2,860		0.35	%

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

15

New Mountain Guardian IV BDC, L.L.C.

Consolidated Schedule of Investments (Continued)

March 31, 2025

(in thousands, except shares)

(unaudited)

Portfolio Company, Location and Industry (1)	Type of Investment	Reference (10)		Spread (10)	Interest Rate (10)	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(4)(7)(8)	SOFR(Q)	+	6.00%	10.46%	10/2023	03/2028	$	2,439	$	2,431	$	2,439
	First Lien(8)(9) - Drawn	SOFR(Q)	+	5.75%	10.19%	11/2023	03/2028	278		276		276
								2,717		2,707		2,715		0.33	%
KENG Acquisition, Inc.
Business Services	First Lien(2)(6)(8)	SOFR(M)	+	5.00%	9.32%	08/2023	08/2029	1,834		1,816		1,834
	First Lien(8)(9) - Drawn	SOFR(M)	+	5.00%	9.32%	08/2023	08/2029	871		863		871
								2,705		2,679		2,705		0.33	%
TigerConnect, Inc.
Healthcare	First Lien(4)(7)(8)	SOFR(Q)*	+	3.38% +3.38%/PIK	11.39%	11/2024	02/2028	2,337		2,321		2,337
	First Lien(4)(7)(8)(9) - Drawn	SOFR(Q)*	+	3.38% +3.38%/PIK	11.39%	11/2024	02/2028	17		17		17
								2,354		2,338		2,354		0.29	%
Fortis Solutions Group, LLC
Packaging	First Lien(8)	SOFR(Q)	+	5.50%	9.90%	06/2022	10/2028	1,471		1,469		1,471
	First Lien(8)(9) - Drawn	SOFR(Q)	+	5.50%	9.90%	06/2022	10/2028	119		115		119
	First Lien(4)(7)(8)	SOFR(Q)	+	5.50%	9.90%	06/2022	10/2028	376		376		376
								1,966		1,960		1,966		0.24	%
KPSKY Acquisition Inc.
Business Services	First Lien(4)(7)(8)	SOFR(Q)	+	5.50%	9.91%	06/2022	10/2028	1,740		1,730		1,685
	First Lien(8)(9) - Drawn	SOFR(Q)	+	5.75%	10.16%	11/2023	10/2028	19		19		18
								1,759		1,749		1,703		0.21	%
Beacon Pointe Harmony, LLC
Financial Services	First Lien(8)(9) - Drawn	SOFR(S)	+	4.75%	9.18%	06/2024	12/2028	1,548		1,536		1,548		0.19	%
KWOR Intermediate I, Inc. (15)
KWOR Acquisition, Inc.
Business Services	First Lien(2)(6)(8)	SOFR(Q)*	+	1.00% +5.25%/PIK	10.56%	02/2025	02/2030	1,124		1,124		1,124
	Subordinated(8)	SOFR(Q)*	+	8.00%/PIK	12.31%	02/2025	02/2030	375		375		375
	First Lien(8)	SOFR(Q)	+	5.25%	9.56%	02/2025	02/2030	9		9		9
	First Lien(8)	SOFR(Q)	+	5.25%	9.56%	02/2025	02/2030	6		6		6
								1,514		1,514		1,514		0.19	%
Calabrio, Inc.
Software	First Lien(4)(7)(8)	SOFR(Q)	+	5.50%	9.81%	01/2024	04/2027	838		832		838		0.10	%
Daxko Acquisition Corporation
Software	First Lien(8)(9) - Drawn	SOFR(M)	+	5.00%	9.32%	07/2024	10/2028	96		96		96		0.01	%
Total Funded Debt Investments - United States								$	1,523,432	$	1,508,079	$	1,519,074	185.72	%

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

16

New Mountain Guardian IV BDC, L.L.C.

Consolidated Schedule of Investments (Continued)

March 31, 2025

(in thousands, except shares)

(unaudited)

Portfolio Company, Location and Industry (1)	Type of Investment	Reference (10)		Spread (10)	Interest Rate (10)	Purchase Date	Maturity/Expiration Date	Principal Amount, Par Value or Shares		Cost		Fair Value		Percent of Members' Capital
Funded Debt Investments - Australia
Atlas AU Bidco Pty Ltd**
Business Services	First Lien(2)(6)(8)	SOFR(Q)	+	5.00%	9.29%	12/2022	12/2029	$	3,437	$	3,399	$	3,437
	First Lien(4)(7)(8)	SOFR(Q)	+	5.00%	9.29%	12/2023	12/2029	1,338		1,327		1,338
								4,775		4,726		4,775		0.58	%
Total Funded Debt Investments - Australia								$	4,775	$	4,726	$	4,775	0.58	%
Structured Financing Obligation - United States
Ivy Hill Middle Market Credit Fund, Ltd**
Investment Fund	Structured Finance Obligations(8)	SOFR(S)	+	7.00%	11.46%	11/2024	01/2037	$	1,996	$	1,996	$	1,996	0.24	%
Total Structured Financing Obligation - United States								$	1,996	$	1,996	$	1,996	0.24	%
Total Funded Debt Investments								$	1,530,203	$	1,514,801	$	1,525,845	186.54	%
Equity - United States
HIG Intermediate, Inc. (14)
Business Services	Preferred shares	Fixed(Q)		10.50%	10.50%	12/2024	—	14,557		$	14,448	$	14,448	1.77	%
Portage Point Partners, LP
Business Services	Preferred shares (5)(8)	Fixed(S)		14.00%	14.00%	09/2024	—	77,399		7,910		7,907
	Ordinary Shares (5)(8)	—		—	—	09/2024	—	667		2,415		3,047
								78,066		10,325		10,954		1.34	%
Eclipse Topco, Inc. (12)
Software	Preferred shares (8)	Fixed(S)*		12.50%/PIK	12.50%	09/2024	—	461		4,743		4,742		0.58	%
Knockout Intermediate Holdings I Inc.
Software	Preferred shares (8)	SOFR(S)*	+	10.75%/PIK	15.03%	06/2022	—	497		684		689		0.08	%
KWOR Intermediate I, Inc. (15)
Business Services	Preferred shares (8)	SOFR(Q)*	+	8.00%/PIK	12.31%	02/2025	—	250		250		250
	Ordinary Shares (8)	—		—	—	02/2025	—	234		245		227
								484		495		477		0.06	%
FS WhiteWater Holdings, LLC (13)
Consumer Services	Preferred shares (8)	Fixed(A)*		20.00%/PIK	20.00%	10/2024	—	1,396		183		183		0.02	%
Panzura Holdings, LLC (11)
Software	Ordinary Shares (3)(8)	—		—	—	09/2023	—	88,767		480		145		0.02	%
Total Shares - United States										$	31,358	$	31,638	3.87	%
Total Shares										$	31,358	$	31,638	3.87	%
Total Funded Investments										$	1,546,159	$	1,557,483	190.41	%

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

17

New Mountain Guardian IV BDC, L.L.C.

Consolidated Schedule of Investments (Continued)

March 31, 2025

(in thousands, except shares)

(unaudited)

Portfolio Company, Location and Industry (1)	Type of Investment	Reference (10)	Spread (10)	Interest Rate (10)	Purchase Date	Maturity/Expiration Date	Principal Amount, Par Value or Shares		Cost		Fair Value		Percent of Members' Capital
Unfunded Debt Investments - United States
Associations Finance, Inc.
Associations, Inc.
Business Services	First Lien(8)(9) - Undrawn	—	—	—	05/2024	07/2028	$	1,597	$	—	$	16
	First Lien(8)(9) - Undrawn	—	—	—	05/2024	07/2028	443		—		—
							2,040		—		16		0.00	%
Accession Risk Management Group, Inc.
Business Services	First Lien(8)(9) - Undrawn	—	—	—	08/2024	08/2026	2,571		—		—
	First Lien(8)(9) - Undrawn	—	—	—	08/2024	11/2029	469		(1)		—
							3,040		(1)		—		—	%
Project Accelerate Parent, LLC
Software	First Lien(8)(9) - Undrawn	—	—	—	02/2024	02/2031	806		(3)		—		—	%
AAH Topco, LLC
Consumer Services	First Lien(8)(9) - Undrawn	—	—	—	11/2023	11/2025	2,315		—		—
	First Lien(9) - Undrawn	—	—	—	03/2025	03/2027	19,200		—		—
							21,515		—		—		—	%
Allworth Financial Group, L.P.
Financial Services	First Lien(8)(9) - Undrawn	—	—	—	10/2024	10/2026	7,152		—		—		—	%
	First Lien(8)(9) - Undrawn	—	—	—	10/2024	12/2027	368		(2)		—
							7,520		(2)		—		—	%
Beacon Pointe Harmony, LLC
Financial Services	First Lien(8)(9) - Undrawn	—	—	—	06/2024	12/2025	5,598		—		—		—	%
Bluefin Holding, LLC
Software	First Lien(8)(9) - Undrawn	—	—	—	09/2023	09/2029	626		(6)		—		—	%
Brave Parent Holdings, Inc.
Software	First Lien(4)(7)(8)(9) - Undrawn	—	—	—	11/2023	05/2025	887		—		—
	First Lien(8)(9) - Undrawn	—	—	—	11/2023	11/2030	1,056		(2)		—
							1,943		(2)		—		—	%
Bullhorn, Inc.
Software	First Lien(8)(9) - Undrawn	—	—	—	05/2024	05/2026	1,556		—		—
	First Lien(8)(9) - Undrawn	—	—	—	05/2024	10/2029	788		(1)		—
							2,344		(1)		—		—	%
Businessolver.com, Inc.
Software	First Lien(8)(9) - Undrawn	—	—	—	10/2023	06/2025	473		—		—		—	%

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

18

New Mountain Guardian IV BDC, L.L.C.

Consolidated Schedule of Investments (Continued)

March 31, 2025

(in thousands, except shares)

(unaudited)

Portfolio Company, Location and Industry (1)	Type of Investment	Reference (10)	Spread (10)	Interest Rate (10)	Purchase Date	Maturity/Expiration Date	Principal Amount, Par Value or Shares		Cost		Fair Value		Percent of Members' Capital
Ciklum Inc.**
Business Services	First Lien(8)(9) - Undrawn	—	—	—	02/2024	08/2025	$	15,496	$	—	$	—
	First Lien(8)(9) - Undrawn	—	—	—	02/2024	02/2030	3,874		(39)		—
							19,370		(39)		—		—	%
CoreTrust Purchasing Group LLC
Business Services	First Lien(8)(9) - Undrawn	—	—	—	09/2022	05/2026	2,059		(15)		—
	First Lien(8)(9) - Undrawn	—	—	—	09/2022	10/2029	1,480		(14)		—
							3,539		(29)		—		—	%
Coupa Holdings, LLC
Software	First Lien(8)(9) - Undrawn	—	—	—	02/2023	08/2025	3,524		—		—
	First Lien(8)(9) - Undrawn	—	—	—	02/2023	02/2029	2,698		(11)		—
							6,222		(11)		—		—	%
Daxko Acquisition Corporation
Software	First Lien(8)(9) - Undrawn	—	—	—	07/2024	07/2026	2,319		—		—
	First Lien(8)(9) - Undrawn	—	—	—	07/2024	10/2028	483		(3)		—
							2,802		(3)		—		—	%
Diligent Corporation
Software	First Lien(8)(9) - Undrawn	—	—	—	04/2024	04/2026	1,882		(6)		—
	First Lien(8)(9) - Undrawn	—	—	—	04/2024	08/2030	1,255		(4)		—
							3,137		(10)		—		—	%
DOXA Insurance Holdings LLC
Business Services	First Lien(8)(9) - Undrawn	—	—	—	12/2023	12/2025	231		—		—
	First Lien(8)(9) - Undrawn	—	—	—	05/2024	05/2026	3,046		—		—
	First Lien(8)(9) - Undrawn	—	—	—	12/2023	12/2029	1,355		(14)		—
							4,632		(14)		—		—	%
Enverus Holdings, Inc.
Business Services	First Lien(8)(9) - Undrawn	—	—	—	12/2023	12/2025	337		—		—
	First Lien(8)(9) - Undrawn	—	—	—	12/2023	12/2029	1,351		(8)		—
							1,688		(8)		—		—	%
Disco Parent, Inc.
Software	First Lien(8)(9) - Undrawn	—	—	—	03/2023	03/2029	890		(7)		—		—	%
Al Altius US Bidco, Inc.
Business Services	First Lien(8)(9) - Undrawn	—	—	—	05/2024	05/2026	3,077		—		—		—	%
Adelaide Borrower, LLC**
Software	First Lien(8)(9) - Undrawn	—	—	—	05/2024	05/2026	1,048		—		—
	First Lien(8)(9) - Undrawn	—	—	—	05/2024	05/2030	667		(6)		—
							1,715		(6)		—		—	%

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

19

New Mountain Guardian IV BDC, L.L.C.

Consolidated Schedule of Investments (Continued)

March 31, 2025

(in thousands, except shares)

(unaudited)

Portfolio Company, Location and Industry (1)	Type of Investment	Reference (10)	Spread (10)	Interest Rate (10)	Purchase Date	Maturity/Expiration Date	Principal Amount, Par Value or Shares		Cost		Fair Value		Percent of Members' Capital
KENG Acquisition, Inc.
Business Services	First Lien(8)(9) - Undrawn	—	—	—	08/2023	08/2025	$	529	$	—	$	—
	First Lien(8)(9) - Undrawn	—	—	—	07/2024	07/2026	394		—		—
	First Lien(8)(9) - Undrawn	—	—	—	08/2023	08/2029	506		(5)		—
	First Lien(8)(9) - Undrawn	—	—	—	01/2025	01/2027	1,082		—		—
							2,511		(5)		—		—	%
Icefall Parent, Inc.
Software	First Lien(8)(9) - Undrawn	—	—	—	01/2024	01/2030	828		(7)		—		—	%
KENE Acquisition, Inc.
Business Services	First Lien(8)(9) - Undrawn	—	—	—	02/2024	02/2026	1,398		—		—
	First Lien(8)(9) - Undrawn	—	—	—	02/2024	02/2031	468		(4)		—
							1,866		(4)		—		—	%
Foreside Financial Group, LLC
Business Services	First Lien(8)(9) - Undrawn	—	—	—	03/2024	03/2026	4,337		—		—
	First Lien(8)(9) - Undrawn	—	—	—	05/2022	09/2027	430		(4)		—
							4,767		(4)		—		—	%
Fortis Solutions Group, LLC
Packaging	First Lien(8)(9) - Undrawn	—	—	—	06/2022	06/2025	3,987		—		—		—	%
HIG Intermediate, Inc. (14)
Higginbotham Insurance Agency, Inc.
Business Services	First Lien(8)(9) - Undrawn	—	—	—	03/2024	03/2026	5,268		—		—		—	%
IG Investments Holdings, LLC
Business Services	First Lien(8)(9) - Undrawn	—	—	—	11/2024	09/2028	3,146		(14)		—		—	%
GS Acquisitionco, Inc.
Software	First Lien(8)(9) - Undrawn	—	—	—	03/2024	03/2026	2,482		—		—
	First Lien(8)(9) - Undrawn	—	—	—	03/2024	05/2028	2,418		(5)		—
							4,900		(5)		—		—	%
Oranje Holdco, Inc.
Education	First Lien(8)(9) - Undrawn	—	—	—	02/2023	02/2029	1,458		(12)		—		—	%
GC Waves Holdings, Inc.
Financial Services	First Lien(8)(9) - Undrawn	—	—	—	10/2024	10/2026	9,604		—		—		—	%
MRI Software LLC
Software	First Lien(8)(9) - Undrawn	—	—	—	08/2024	09/2026	1,830		—		—
	First Lien(8)(9) - Undrawn	—	—	—	12/2023	02/2027	933		(5)		—
							2,763		(5)		—		—	%

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

20

New Mountain Guardian IV BDC, L.L.C.

Consolidated Schedule of Investments (Continued)

March 31, 2025

(in thousands, except shares)

(unaudited)

Portfolio Company, Location and Industry (1)	Type of Investment	Reference (10)	Spread (10)	Interest Rate (10)	Purchase Date	Maturity/Expiration Date	Principal Amount, Par Value or Shares		Cost		Fair Value		Percent of Members' Capital
Next Holdco, LLC
Healthcare	First Lien(8)(9) - Undrawn	—	—	—	11/2023	11/2025	$	903	$	—	$	—
	First Lien(8)(9) - Undrawn	—	—	—	11/2023	11/2029	339		(2)		—
							1,242		(2)		—		—	%
OB Hospitalist Group, Inc.
Healthcare	First Lien(8)(9) - Undrawn	—	—	—	10/2024	09/2027	1,933		—		—		—	%
OEConnection LLC
Software	First Lien(8)(9) - Undrawn	—	—	—	12/2024	12/2026	4,910		—		—
	First Lien(8)(9) - Undrawn	—	—	—	04/2024	04/2031	2,805		(12)		—
							7,715		(12)		—		—	%
PDI TA Holdings, Inc.
Software	First Lien(8)(9) - Undrawn	—	—	—	01/2024	02/2026	697		—		—
	First Lien(8)(9) - Undrawn	—	—	—	01/2024	02/2031	592		(3)		—
							1,289		(3)		—		—	%
PDQ.com Corporation
Software	First Lien(8)(9) - Undrawn	—	—	—	10/2023	10/2025	2,585		—		—
	First Lien(8)(9) - Undrawn	—	—	—	10/2023	08/2027	1,426		(9)		—
							4,011		(9)		—		—	%
Radwell Parent, LLC
Distribution & Logistics	First Lien(8)(9) - Undrawn	—	—	—	11/2022	04/2029	305		(5)		—		—	%
Riskonnect Parent, LLC
Software	First Lien(8)(9) - Undrawn	—	—	—	03/2024	03/2026	6,349		—		—		—	%
Safety Borrower Holdings LLC
Software	First Lien(8)(9) - Undrawn	—	—	—	10/2024	09/2027	844		—		—		—	%
More cowbell II LLC
Business Services	First Lien(8)(9) - Undrawn	—	—	—	08/2023	09/2025	1,330		—		—
	First Lien(8)(9) - Undrawn	—	—	—	08/2023	09/2029	1,410		(11)		—
							2,740		(11)		—		—	%
Healthspan Buyer, LLC
Healthcare	First Lien(8)(9) - Undrawn	—	—	—	10/2023	10/2030	1,229		(10)		—		—	%
TigerConnect, Inc.
Healthcare	First Lien(4)(7)(8)(9) - Undrawn	—	—	—	11/2024	12/2025	77		—		—		—	%
Trinity Air Consultants Holdings Corporation
Business Services	First Lien(4)(7)(8)(9) - Undrawn	—	—	—	06/2023	04/2025	134		—		—		—	%
CentralSquare Technologies, LLC
Software	First Lien(8)(9) - Undrawn	—	—	—	04/2024	04/2030	2,205		(23)		—		—	%

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

21

New Mountain Guardian IV BDC, L.L.C.

Consolidated Schedule of Investments (Continued)

March 31, 2025

(in thousands, except shares)

(unaudited)

Portfolio Company, Location and Industry (1)	Type of Investment	Reference (10)	Spread (10)	Interest Rate (10)	Purchase Date	Maturity/Expiration Date	Principal Amount, Par Value or Shares		Cost		Fair Value		Percent of Members' Capital
USRP Holdings, Inc.
Business Services	First Lien(8)(9) - Undrawn	—	—	—	08/2024	08/2026	$	5,853	$	—	$	—
	First Lien(8)(9) - Undrawn	—	—	—	10/2023	12/2029	1,358		(3)		—
							7,211		(3)		—		—	%
PPV Intermediate Holdings, LLC
Consumer Services	First Lien(8)(9) - Undrawn	—	—	—	08/2022	08/2029	426		(3)		—		—	%
WEG Sub Intermediate Holdings, LLC
Wealth Enhancement Group, LLC
Financial Services	First Lien(8)(9) - Undrawn	—	—	—	12/2024	12/2026	4,839		—		—
	First Lien(8)(9) - Undrawn	—	—	—	02/2024	02/2026	427		—		—
	First Lien(8)(9) - Undrawn	—	—	—	02/2024	10/2028	536		(3)		—
							5,802		(3)		—		—	%
YLG Holdings, Inc.
Business Services	First Lien(8)(9) - Undrawn	—	—	—	06/2024	12/2030	1,623		—		—		—	%
Relativity ODA LLC
Software	First Lien(8)(9) - Undrawn	—	—	—	01/2024	05/2029	1,401		(3)		—		—	%
GraphPAD Software, LLC
Healthcare	First Lien(8)(9) - Undrawn	—	—	—	06/2024	06/2031	1,206		(3)		—
	First Lien(8)(9) - Undrawn	—	—	—	06/2024	06/2026	2,894		(7)		—
							4,100		(10)		—		—	%
KWOR Intermediate I, Inc. (15)
KWOR Acquisition, Inc.
Business Services	First Lien(8)(9) - Undrawn	—	—	—	02/2025	02/2030	188		—		—
	First Lien(8)(9) - Undrawn	—	—	—	02/2025	02/2027	249		—		—
							437		—		—		—	%
FS WhiteWater Holdings, LLC (13)
FS WhiteWater Borrower, LLC
Consumer Services	First Lien(8)(9) - Undrawn	—	—	—	03/2025	03/2027	1,380		—		—		—	%
DOCS, MSO, LLC
Healthcare	First Lien(8)(9) - Undrawn	—	—	—	06/2022	06/2028	226		—		(1)		(0.00)	%
Zone Climate Services, Inc.
Business Services	First Lien(8)(9) - Undrawn	—	—	—	11/2023	11/2025	2,222		—		—
	First Lien(8)(9) - Undrawn	—	—	—	11/2023	03/2028	167		(2)		(1)
							2,389		(2)		(1)		(0.00)	%
Bonterra LLC
Software	First Lien(9) - Undrawn	—	—	—	03/2025	03/2027	1,008		—		—
	First Lien(9) - Undrawn	—	—	—	03/2025	03/2032	844		(2)		(2)
							1,852		(2)		(2)		(0.00)	%

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

22

New Mountain Guardian IV BDC, L.L.C.

Consolidated Schedule of Investments (Continued)

March 31, 2025

(in thousands, except shares)

(unaudited)

Portfolio Company, Location and Industry (1)	Type of Investment	Reference (10)	Spread (10)	Interest Rate (10)	Purchase Date	Maturity/Expiration Date	Principal Amount, Par Value or Shares		Cost		Fair Value		Percent of Members' Capital
QBS Parent, Inc.
Software	First Lien(8)(9) - Undrawn	—	—	—	11/2024	11/2031	$	895	$	(2)	$	(2)	(0.00)	%
Smile Doctors LLC
Healthcare	First Lien(8)(9) - Undrawn	—	—	—	06/2023	06/2025	161		—		(3)		(0.00)	%
Park Place Technologies, LLC
Business Services	First Lien(8)(9) - Undrawn	—	—	—	07/2024	09/2025	583		—		(1)
	First Lien(8)(9) - Undrawn	—	—	—	07/2024	03/2030	691		(2)		(2)
							1,274		(2)		(3)		(0.00)	%
Optimizely North America Inc.
Software	First Lien(8)(9) - Undrawn	—	—	—	10/2024	10/2031	750		(4)		(4)		(0.00)	%
Firebird Acquisition Corp, Inc.
Business Services	First Lien(8)(9) - Undrawn	—	—	—	01/2025	02/2027	5,870		—		—
	First Lien(8)(9) - Undrawn	—	—	—	01/2025	02/2032	1,761		(4)		(4)
							7,631		(4)		(4)		(0.00)	%
Xactly Corporation
Software	First Lien(8)(9) - Undrawn	—	—	—	07/2024	07/2027	538		—		(5)		(0.00)	%
ComPsych Investments Corp.
Business Services	First Lien(8)(9) - Undrawn	—	—	—	07/2024	07/2027	2,222		—		(5)		(0.00)	%
LogRhythm, Inc.
Software	First Lien(8)(9) - Undrawn	—	—	—	07/2024	07/2029	420		(5)		(7)		(0.00)	%
Vamos Bidco, Inc.
Software	First Lien(8)(9) - Undrawn	—	—	—	01/2025	02/2027	5,200		—		—
	First Lien(8)(9) - Undrawn	—	—	—	01/2025	01/2032	1,560		(8)		(8)
							6,760		(8)		(8)		(0.00)	%
Databricks, Inc.
Software	First Lien(8)(9) - Undrawn	—	—	—	12/2024	07/2026	1,772		—		(9)		(0.00)	%
CRCI Longhorn Holdings, Inc.
Business Services	First Lien(8)(9) - Undrawn	—	—	—	08/2024	08/2031	521		(3)		(3)
	First Lien(8)(9) - Undrawn	—	—	—	08/2024	08/2026	1,629		—		(8)
							2,150		(3)		(11)		(0.00)	%
Superman Holdings, LLC
Software	First Lien(8)(9) - Undrawn	—	—	—	08/2024	08/2026	2,532		—		(6)
	First Lien(8)(9) - Undrawn	—	—	—	08/2024	08/2031	3,115		(7)		(8)
							5,647		(7)		(14)		(0.00)	%
Eclipse Topco, Inc. (12)
Eclipse Buyer, Inc.
Software	First Lien(8)(9) - Undrawn	—	—	—	09/2024	09/2026	2,929		—		(15)		(0.00)	%

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

23

New Mountain Guardian IV BDC, L.L.C.

Consolidated Schedule of Investments (Continued)

March 31, 2025

(in thousands, except shares)

(unaudited)

Portfolio Company, Location and Industry (1)	Type of Investment	Reference (10)	Spread (10)	Interest Rate (10)	Purchase Date	Maturity/Expiration Date	Principal Amount, Par Value or Shares		Cost		Fair Value		Percent of Members' Capital
GHX Ultimate Parent Corporation
Healthcare	First Lien(8)(9) - Undrawn	—	—	—	02/2025	12/2031	$	1,577	$	(16)	$	(16)	(0.00)	%
Legends Hospitality Holding Company, LLC
Business Services	First Lien(8)(9) - Undrawn	—	—	—	08/2024	08/2026	842		—		(8)
	First Lien(8)(9) - Undrawn	—	—	—	08/2024	08/2030	901		(9)		(9)
							1,743		(9)		(17)		(0.00)	%
iCIMS, Inc.
Software	First Lien(8)(9) - Undrawn	—	—	—	08/2022	08/2028	1,446		(13)		(19)		(0.00)	%
eResearchTechnology, Inc.
Healthcare	First Lien(9) - Undrawn	—	—	—	03/2025	03/2026	1,170		(6)		(6)
	First Lien(9) - Undrawn	—	—	—	03/2025	01/2027	1,263		(7)		(7)
	First Lien(9) - Undrawn	—	—	—	03/2025	10/2031	665		(7)		(7)
							3,098		(20)		(20)		(0.00)	%
Community Management Holdings MidCo 2, LLC
Business Services	First Lien(8)(9) - Undrawn	—	—	—	11/2024	11/2031	631		(5)		(5)
	First Lien(8)(9) - Undrawn	—	—	—	11/2024	11/2026	2,103		—		(16)
							2,734		(5)		(21)		(0.00)	%
Baker Tilly Advisory Group, LP
Financial Services	First Lien(8)(9) - Undrawn	—	—	—	05/2024	06/2026	1,144		—		(9)
	First Lien(8)(9) - Undrawn	—	—	—	05/2024	06/2030	1,603		(10)		(12)
							2,747		(10)		(21)		(0.00)	%
Vessco Midco Holdings, LLC
Business Services	First Lien(8)(9) - Undrawn	—	—	—	07/2024	07/2031	2,163		(10)		(11)
	First Lien(8)(9) - Undrawn	—	—	—	07/2024	07/2026	4,779		—		(24)
							6,942		(10)		(35)		(0.00)	%
Einstein Parent, Inc.
Software	First Lien(8)(9) - Undrawn	—	—	—	01/2025	01/2031	3,560		(34)		(36)		(0.00)	%
KPSKY Acquisition Inc.
Business Services	First Lien(8)(9) - Undrawn	—	—	—	11/2023	11/2025	1,568		—		(45)		(0.01)	%
Model N, Inc.
Software	First Lien(8)(9) - Undrawn	—	—	—	06/2024	06/2031	3,493		(16)		(17)
	First Lien(8)(9) - Undrawn	—	—	—	06/2024	06/2026	6,549		—		(33)
							10,042		(16)		(50)		(0.01)	%

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

24

New Mountain Guardian IV BDC, L.L.C.

Consolidated Schedule of Investments (Continued)

March 31, 2025

(in thousands, except shares)

(unaudited)

Portfolio Company, Location and Industry (1)	Type of Investment	Reference (10)	Spread (10)	Interest Rate (10)	Purchase Date	Maturity/Expiration Date	Principal Amount, Par Value or Shares		Cost		Fair Value		Percent of Members' Capital
Runway Bidco, LLC
Software	First Lien(8)(9) - Undrawn	—	—	—	12/2024	12/2031	$	3,633	$	(17)	$	(18)
	First Lien(8)(9) - Undrawn	—	—	—	12/2024	12/2026	7,265		—		(36)
							10,898		(17)		(54)		(0.01)	%
MAI Capital Management Intermediate LLC
Financial Services	First Lien(8)(9) - Undrawn	—	—	—	08/2024	08/2031	3,586		(18)		(18)
	First Lien(8)(9) - Undrawn	—	—	—	08/2024	08/2026	7,659		—		(38)
							11,245		(18)		(56)		(0.01)	%
NC Topco, LLC
Software	First Lien(8)(9) - Undrawn	—	—	—	08/2024	09/2031	3,495		(16)		(17)
	First Lien(8)(9) - Undrawn	—	—	—	08/2024	08/2026	8,738		—		(44)
							12,233		(16)		(61)		(0.01)	%
PetVet Care Centers, LLC
Consumer Services	First Lien(8)(9) - Undrawn	—	—	—	10/2023	11/2025	2,442		—		(40)
	First Lien(8)(9) - Undrawn	—	—	—	10/2023	11/2029	2,442		(19)		(40)
							4,884		(19)		(80)		(0.01)	%
Total Unfunded Debt Investments - United States							$	298,861	$	(537)	$	(609)	(0.07)	%
Unfunded Debt Investments - Australia
Atlas AU Bidco Pty Ltd**
Business Services	First Lien(8)(9) - Undrawn	—	—	—	12/2022	12/2028	$	320	$	(3)	$	—	—	%
Total Unfunded Debt Investments - Australia							$	320	$	(3)	—		—	%
Total Unfunded Debt Investments							$	299,181	$	(540)	$	(609)	(0.06)	%
Total Non-Controlled/Non-Affiliated Investments									$	1,545,619	$	1,556,874	190.35	%
Total Investments									$	1,545,619	$	1,556,874	190.35	%

(1)New Mountain Guardian IV BDC, L.L.C. (the "Company") generally acquires its investments in private transactions exempt from registration under the Securities Act of 1933, as amended (the "Securities Act"). These investments are generally subject to certain limitations on resale, and may be deemed to be "restricted securities" under the Securities Act.

(2)Investment is held by New Mountain Guardian IV SPV, L.L.C.

(3)Investment is held by New Mountain Guardian IV Panzura, Inc.

(4)Investment is held by New Mountain Guardian IV Holdings, L.L.C.

(5)Investment is held by New Mountain Guardian IV PPP, Inc.

(6)Investment is pledged as collateral for the UBS Credit Facility (as defined below), a revolving credit facility among the Company as collateral manager, equity holder and seller, New Mountain Guardian IV SPV, L.L.C. as the borrower, UBS AG London Branch as the administrative agent, U.S. Bank Trust Company, National Association, as the collateral agent, and U.S. Bank National Association as the document custodian. See Note 6. Borrowings, for details.

(7)Investment is pledged as collateral for the Wells Credit Facility (as defined below), a revolving credit facility among the Company as collateral manager, equity holder and seller, New Mountain Guardian IV Holdings, L.L.C. as the borrower, Wells Fargo Bank, National Association as the swingline lender and administrative agent, Western Alliance Trust Company, N.A. as the collateral custodian. See Note 6. Borrowings, for details.

(8)The fair value of the Company's investment is determined using unobservable inputs that are significant to the overall fair value measurement. See Note 4. Fair Value, for details.

(9)Par value amounts represent the drawn or undrawn (as indicated in type of investment) portion of revolving credit facilities or delayed draws. Cost amounts represent the cash received at settlement date net of the impact of paydowns and cash paid for drawn revolvers or delayed draws.

(10)All interest is payable in cash unless otherwise indicated. A majority of the variable rate debt investments bear interest at a rate that may be determined by reference to the Secured Overnight Financing Rate (SOFR), the Prime Rate (P) and the alternative base rate (Base) and which resets monthly (M), quarterly (Q), semi-annually (S) or annually (A). For each investment the current interest rate provided reflects the rate in effect as of March 31, 2025.

(11)The Company holds common equity in Panzura Holdings, LLC and a first lien term loan in Panzura, LLC, a wholly-owned subsidiary of Panzura Holdings, LLC.

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

25

New Mountain Guardian IV BDC, L.L.C.

Consolidated Schedule of Investments (Continued)

March 31, 2025

(in thousands, except shares)

(unaudited)

(12)The Company holds preferred equity in Eclipse Topco, Inc. and a first lien term loan and a first lien delayed draw in Eclipse Buyer, Inc., a wholly-owned subsidiary of Eclipse Topco, Inc.

(13)The Company holds preferred equity in FS WhiteWater Holdings, LLC and a first lien term loan and two first lien delayed draws in FS WhiteWater Borrower, LLC, a wholly-owned subsidiary of FS WhiteWater Holdings, LLC.

(14)The Company holds preferred equity in HIG Intermediate, Inc. and a first lien term loan and a first lien delayed draw in Higginbotham Insurance Agency, Inc., a wholly-owned subsidiary of HIG Intermediate, Inc.

(15)The Company holds preferred equity, ordinary shares and subordinated notes in KWOR Intermediate I, Inc. The Company holds three first lien term loans, a first lien delayed draw and a first lien revolver in KWOR Acquisition, Inc., a wholly-owned subsidiary of KWOR Intermediate I, Inc.

*    All or a portion of interest contains payment in kind ("PIK") interest. See Note 2. Summary of Significant Accounting Policies-Revenue Recognition, for details.

**    Indicates assets that the Company deems to be "non-qualifying assets" under Section 55(a) of the Investment Company Act of 1940, as amended (the "1940 Act"). Qualifying assets must represent at least 70.0% of the Company's total assets at the time of acquisition of any additional non-qualifying assets. As of March 31, 2025, 1.49% of the Company's total assets are represented by investments at fair value that are considered non-qualifying assets.

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

26

New Mountain Guardian IV BDC, L.L.C.

Consolidated Schedule of Investments (Continued)

March 31, 2025    

(unaudited)

	March 31, 2025
Investment Type	Percent of Total Investments at Fair Value
First lien	94.16	%
Second lien	2.77	%
Subordinated	0.91	%
Structured finance obligations	0.13	%
Equity and other	2.03	%
Total investments	100.00	%

	March 31, 2025
Industry Type	Percent of Total Investments at Fair Value
Software	44.87	%
Business Services	26.93	%
Healthcare	10.41	%
Financial Services	6.33	%
Consumer Services	5.15	%
Education	3.01	%
Food & Beverage	2.68	%
Distribution & Logistics	0.36	%
Investment Fund	0.13	%
Packaging	0.13	%
Total investments	100.00	%

	March 31, 2025
Interest Rate Type	Percent of Total Investments at Fair Value
Floating rates	96.89	%
Fixed rates	3.11	%
Total investments	100.00	%

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

27

New Mountain Guardian IV BDC, L.L.C.

Consolidated Schedule of Investments

December 31, 2024

(in thousands, except shares)

Portfolio Company, Location and Industry(1)	Type of Investment	Reference (10)		Spread (10)	Interest Rate (10)	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
Viper Bidco, Inc.
Software	First Lien(4)(7)(8)	SOFR(Q)	+	5.00%	9.52%	11/2024	11/2031	$	42,280	$	42,071	$	42,069	5.13	%
Sierra Enterprises, LLC
Food & Beverage	First Lien(4)(7)(8)	SOFR(Q)	+	6.75%	11.34%	04/2023	05/2027	21,724		19,821		21,724
	First Lien(2)(6)(8)	SOFR(Q)	+	6.75%	11.34%	07/2023	05/2027	20,126		18,004		20,126
								41,850		37,825		41,850		5.10	%
Coupa Holdings, LLC
Software	First Lien(2)(6)(8)	SOFR(Q)	+	5.25%	9.84%	02/2023	02/2030	39,266		39,071		39,266		4.79	%
Diamondback Acquisition, Inc.
Software	First Lien(4)(7)(8)	SOFR(M)	+	5.50%	9.96%	10/2024	09/2028	38,846		38,657		38,846		4.74	%
Accession Risk Management Group, Inc.
Business Services	First Lien(4)(7)	SOFR(Q)	+	4.75%	9.32%	09/2024	11/2029	27,171		27,094		27,205
	First Lien(2)(6)	SOFR(Q)	+	4.75%	9.21%	09/2024	11/2029	4,975		4,981		4,981
	First Lien	SOFR(Q)	+	4.75%	9.26%	08/2023	11/2029	2,498		2,498		2,501
	First Lien(4)(7)	SOFR(Q)	+	4.75%	9.26%	08/2023	11/2029	1,964		1,964		1,966
	First Lien	SOFR(Q)	+	4.75%	9.33%	08/2024	11/2029	637		635		638
								37,245		37,172		37,291		4.55	%
WEG Sub Intermediate Holdings, LLC
Wealth Enhancement Group, LLC
Financial Services	First Lien(2)(6)(8)	SOFR(Q)	+	5.00%	9.57%	10/2023	10/2028	12,701		12,701		12,701
	First Lien(2)(6)(8)	SOFR(Q)	+	5.00%	9.57%	10/2023	10/2028	10,451		10,451		10,451
	First Lien(8)(9) - Drawn	SOFR(Q)	+	5.00%	9.44%	02/2024	10/2028	4,711		4,682		4,711
	Subordinated(8)	Fixed(Q)*	+	13.00%/PIK	13.00%	05/2023	05/2033	4,231		4,192		4,231
	First Lien(2)(6)(8)	SOFR(Q)	+	5.00%	9.56%	10/2023	10/2028	2,187		2,187		2,187
	First Lien(2)(6)(8)	SOFR(Q)	+	5.00%	9.50%	10/2023	10/2028	1,258		1,258		1,258
	First Lien(2)(6)(8)	SOFR(Q)	+	5.00%	9.55%	10/2023	10/2028	176		176		176
								35,715		35,647		35,715		4.35	%
Associations Finance, Inc.
Associations, Inc.
Business Services	First Lien(4)(7)(8)	SOFR(Q)	+	6.50%	11.32%	05/2024	07/2028	27,381		27,369		27,381
	Subordinated(8)	Fixed(Q)*	+	14.25%/PIK	14.25%	05/2024	05/2030	4,409		4,400		4,409
	Subordinated(8)	Fixed(Q)*	+	14.25%/PIK	14.25%	05/2024	05/2030	1,684		1,680		1,684
	First Lien(8)(9) - Drawn	SOFR(Q)	+	6.50%	11.28%	05/2024	07/2028	852		852		852
	First Lien(8)(9) - Drawn	SOFR(Q)	+	6.50%	11.32%	05/2024	07/2028	354		353		354
								34,680		34,654		34,680		4.23	%

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

28

New Mountain Guardian IV BDC, L.L.C.

Consolidated Schedule of Investments (Continued)

December 31, 2024

(in thousands, except shares)

Portfolio Company, Location and Industry(1)	Type of Investment	Reference (10)		Spread (10)	Interest Rate (10)	Purchase Date	Maturity / Expiration Date	Principal Amount, Par Value or Shares		Cost		Fair Value		Percent of Members' Capital
PPV Intermediate Holdings, LLC
Consumer Services	First Lien(8)	SOFR(Q)	+	6.00%	10.52%	09/2023	08/2029	$	17,036	$	16,967	$	17,036
	First Lien(4)(7)(8)	SOFR(Q)	+	5.75%	10.26%	08/2022	08/2029	12,454		12,454		12,454
	First Lien(2)(6)(8)	SOFR(Q)	+	5.75%	10.26%	08/2022	08/2029	4,552		4,517		4,552
								34,042		33,938		34,042		4.16	%
Model N, Inc.
Software	First Lien(4)(7)(8)	SOFR(Q)	+	5.00%	9.33%	06/2024	06/2031	23,769		23,656		23,650
	First Lien(2)(6)(8)	SOFR(Q)	+	5.00%	9.33%	06/2024	06/2031	8,240		8,200		8,199
								32,009		31,856		31,849		3.88	%
NC Topco, LLC
Software	First Lien(4)(7)(8)	SOFR(M)*	+	2.50% +2.75%/PIK	9.61%	08/2024	09/2031	30,578		30,432		30,425		3.71	%
IG Investments Holdings, LLC
Business Services	First Lien(4)(7)(8)	SOFR(Q)	+	5.00%	9.67%	03/2024	09/2028	29,920		29,785		29,920		3.65	%
HIG Intermediate, Inc. (16)
Higginbotham Insurance Agency, Inc.
Business Services	First Lien(4)(7)(8)	SOFR(M)	+	4.50%	8.86%	08/2023	11/2028	23,117		23,038		23,117
	First Lien(2)(6)(8)	SOFR(M)	+	4.50%	8.86%	08/2023	11/2028	3,808		3,808		3,808
	First Lien(8)(9) - Drawn	SOFR(M)	+	4.75%	9.11%	03/2024	11/2028	2,611		2,601		2,611
								29,536		29,447		29,536		3.60	%
Runway Bidco, LLC
Software	First Lien(4)(7)	SOFR(Q)	+	5.00%	9.33%	12/2024	12/2031	29,242		29,097		29,096		3.55	%
MAI Capital Management Intermediate LLC
Financial Services	First Lien(4)(7)(8)	SOFR(Q)	+	4.75%	9.08%	08/2024	08/2031	21,557		21,453		21,449
	First Lien(8)(9) - Drawn	SOFR(Q)	+	4.75%	9.08%	08/2024	08/2031	4,014		3,995		3,994
	First Lien(8)(9) - Drawn	SOFR(Q)	+	4.75%	9.08%	08/2024	08/2031	630		628		627
								26,201		26,076		26,070		3.18	%
OEConnection LLC
Software	First Lien(4)(7)(8)	SOFR(M)	+	5.00%	9.36%	04/2024	04/2031	25,719		25,600		25,719		3.14	%
USRP Holdings, Inc.
Business Services	First Lien(4)(7)(8)	SOFR(M)	+	5.00%	9.36%	10/2023	12/2029	11,968		11,968		11,968
	First Lien(2)(6)(8)	SOFR(M)	+	5.00%	9.36%	10/2023	12/2029	10,828		10,805		10,828
	First Lien(8)(9) - Drawn	SOFR(M)	+	5.00%	9.36%	07/2023	12/2029	2,225		2,193		2,225
								25,021		24,966		25,021		3.05	%
OA Buyer, Inc.
Healthcare	First Lien(4)(7)(8)	SOFR(M)	+	4.75%	9.11%	06/2024	12/2028	24,890		24,835		24,890		3.04	%

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

29

New Mountain Guardian IV BDC, L.L.C.

Consolidated Schedule of Investments (Continued)

December 31, 2024

(in thousands, except shares)

Portfolio Company, Location and Industry(1)	Type of Investment	Reference (10)		Spread (10)	Interest Rate (10)	Purchase Date	Maturity / Expiration Date	Principal Amount, Par Value or Shares		Cost		Fair Value		Percent of Members' Capital
Syndigo LLC
Software	First Lien(2)(6)	SOFR(Q)	+	4.50%	9.28%	08/2023	12/2027	$	17,001	$	16,241	$	17,054
	Second Lien(2)(6)(8)	SOFR(Q)	+	8.00%	12.89%	10/2022	12/2028	7,358		6,916		7,358
								24,359		23,157		24,412		2.98	%
Legal Spend Holdings, LLC (fka Bottomline Technologies, Inc.)
Software	First Lien(4)(7)(8)	SOFR(M)	+	5.25%	9.61%	09/2024	05/2029	19,094		19,094		19,094
	First Lien(2)(6)(8)	SOFR(M)	+	5.75%	10.11%	10/2023	05/2029	4,604		4,566		4,604
								23,698		23,660		23,698		2.89	%
Bullhorn, Inc.
Software	First Lien(8)	SOFR(M)	+	5.00%	9.36%	05/2024	10/2029	11,127		11,114		11,127
	First Lien(8)	SOFR(M)	+	5.00%	9.36%	05/2024	10/2029	7,481		7,467		7,481
	First Lien(4)(7)(8)	SOFR(M)	+	5.00%	9.36%	05/2024	10/2029	2,863		2,860		2,863
	First Lien(8)	SOFR(M)	+	5.00%	9.36%	05/2024	10/2029	641		641		641
	First Lien(8)	SOFR(M)	+	5.00%	9.36%	05/2024	10/2029	287		287		287
	First Lien(8)	SOFR(M)	+	5.00%	9.36%	05/2024	10/2029	229		229		229
								22,628		22,598		22,628		2.76	%
Superman Holdings, LLC
Software	First Lien(4)(7)(8)	SOFR(M)	+	4.50%	8.86%	08/2024	08/2031	21,607		21,555		21,553		2.63	%
Nielsen Consumer Inc.**
Business Services	First Lien(2)	SOFR(M)	+	4.75%	9.11%	06/2024	03/2028	21,155		20,184		21,106		2.57	%
iCIMS, Inc.
Software	First Lien(8)	SOFR(Q)	+	5.75%	10.38%	08/2022	08/2028	11,320		11,292		11,236
	First Lien(2)(8)	SOFR(Q)	+	5.75%	10.38%	08/2022	08/2028	9,587		9,537		9,515
	First Lien(8)(9) - Drawn	SOFR(Q)	+	5.75%	10.34%	08/2022	08/2028	325		331		323
								21,232		21,160		21,074		2.57	%
Vessco Midco Holdings, LLC
Business Services	First Lien(4)(7)(8)	SOFR(M)	+	4.75%	9.11%	07/2024	07/2031	19,463		19,371		19,366
	First Lien(8)(9) - Drawn	SOFR(S)	+	4.75%	9.04%	07/2024	07/2031	1,708		1,700		1,700
								21,171		21,071		21,066		2.57	%
Alegeus Technologies Holdings Corp.
Healthcare	First Lien(2)(6)(8)	SOFR(Q)	+	6.75%	11.30%	10/2024	11/2029	21,019		20,761		20,757		2.53	%
Knockout Intermediate Holdings I Inc. (12)
Kaseya Inc.
Software	First Lien(4)(7)(8)	SOFR(Q)	+	5.50%	10.09%	11/2023	06/2029	11,277		11,190		11,277
	First Lien(2)(6)(8)	SOFR(Q)	+	5.50%	10.09%	06/2022	06/2029	7,925		7,885		7,925
	First Lien(8)(9) - Drawn	SOFR(Q)	+	5.50%	10.09%	06/2022	06/2029	641		632		641
	First Lien(8)(9) - Drawn	SOFR(Q)	+	5.50%	9.83%	06/2022	06/2029	290		289		290
	First Lien(4)(7)(8)	SOFR(Q)	+	5.50%	10.09%	06/2022	06/2029	71		71		71
								20,204		20,067		20,204		2.46	%

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

30

New Mountain Guardian IV BDC, L.L.C.

Consolidated Schedule of Investments (Continued)

December 31, 2024

(in thousands, except shares)

Portfolio Company, Location and Industry(1)	Type of Investment	Reference (10)		Spread (10)	Interest Rate (10)	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(4)(7)	SOFR(M)	+	5.25%	9.71%	12/2023	04/2029	$	11,556	$	11,372	$	11,401
	First Lien(2)(6)	SOFR(M)	+	5.25%	9.71%	09/2023	04/2029	8,723		8,300		8,606
								20,279		19,672		20,007		2.44	%
Asurion, LLC
Business Services	First Lien(2)(6)	SOFR(M)	+	4.25%	8.61%	09/2024	09/2030	19,950		19,563		19,941		2.43	%
CentralSquare Technologies, LLC
Software	First Lien(4)(7)(8)	SOFR(M)*	+	2.88% +3.38%/PIK	10.63%	04/2024	04/2030	19,829		19,611		19,829		2.42	%
Brave Parent Holdings, Inc.
Software	First Lien(2)(6)(8)	SOFR(M)	+	5.00%	9.36%	11/2023	11/2030	10,626		10,579		10,626
	First Lien(4)(7)(8)	SOFR(M)	+	5.00%	9.36%	11/2023	11/2030	7,827		7,827		7,827
	First Lien(4)(7)(8)(9) - Drawn	SOFR(M)	+	5.00%	9.36%	11/2023	11/2030	1,216		1,212		1,216
								19,669		19,618		19,669		2.40	%
PetVet Care Centers, LLC
Consumer Services	First Lien(2)(6)(8)	SOFR(M)	+	6.00%	10.36%	10/2023	11/2030	18,536		18,372		18,536		2.26	%
YLG Holdings, Inc.
Business Services	First Lien(4)(8)	SOFR(Q)	+	4.75%	9.09%	06/2024	12/2030	18,305		18,305		18,305		2.23	%
Enverus Holdings, Inc.
Business Services	First Lien(2)(6)(8)	SOFR(M)	+	5.50%	9.86%	12/2023	12/2029	17,627		17,513		17,627
	First Lien(8)(9) - Drawn	SOFR(M)	+	5.50%	9.86%	12/2023	12/2029	40		42		40
								17,667		17,555		17,667		2.15	%
MRI Software LLC
Software	First Lien(4)(7)(8)	SOFR(Q)	+	4.75%	9.08%	10/2024	02/2027	13,069		12,977		13,069
	First Lien(8)	SOFR(Q)	+	4.75%	9.08%	12/2023	02/2027	4,233		4,218		4,233
	First Lien(8)(9) - Drawn	SOFR(Q)	+	4.75%	9.08%	08/2024	02/2027	252		248		252
	First Lien(8)(9) - Drawn	SOFR(Q)	+	4.75%	9.08%	12/2023	02/2027	55		56		55
								17,609		17,499		17,609		2.15	%
Eclipse Topco, Inc. (14)
Eclipse Buyer, Inc.
Software	First Lien(4)(7)(8)	SOFR(M)	+	4.75%	9.26%	09/2024	09/2031	17,280		17,197		17,195		2.10	%
Oranje Holdco, Inc.
Education	First Lien(2)(6)(8)	SOFR(Q)	+	7.75%	12.32%	02/2023	02/2029	11,668		11,558		11,668
	First Lien(8)	SOFR(Q)	+	7.25%	11.82%	06/2024	02/2029	5,454		5,404		5,454
								17,122		16,962		17,122		2.09	%
Safety Borrower Holdings LLC
Software	First Lien(4)(7)(8)	SOFR(M)	+	5.25%	9.72%	03/2024	09/2027	15,938		15,938		15,938
	First Lien(8)(9) - Drawn	P(Q)	+	4.25%	11.75%	10/2024	09/2027	281		281		281
								16,219		16,219		16,219		1.98	%

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

31

New Mountain Guardian IV BDC, L.L.C.

Consolidated Schedule of Investments (Continued)

December 31, 2024

(in thousands, except shares)

Portfolio Company, Location and Industry(1)	Type of Investment	Reference (10)		Spread (10)	Interest Rate (10)	Purchase Date	Maturity / Expiration Date	Principal Amount, Par Value or Shares		Cost		Fair Value		Percent of Members' Capital
OB Hospitalist Group, Inc.
Healthcare	First Lien(4)(7)(8)	SOFR(M)	+	5.25%	9.71%	10/2024	09/2027	$	13,610	$	13,610	$	13,610
	First Lien(4)(7)(8)	SOFR(M)	+	5.25%	9.71%	07/2024	09/2027	2,338		2,313		2,338
								15,948		15,923		15,948		1.98	%
Relativity ODA LLC
Software	First Lien(4)(7)(8)	SOFR(M)	+	4.50%	8.86%	01/2024	05/2029	15,655		15,618		15,591		1.90	%
AAH Topco, LLC
Consumer Services	First Lien(8)(9) - Drawn	SOFR(M)	+	5.25%	9.71%	11/2023	12/2027	15,568		15,453		15,568		1.90	%
Healthspan Buyer, LLC
Healthcare	First Lien(4)(7)(8)	SOFR(Q)	+	5.25%	9.58%	10/2024	10/2030	10,401		10,376		10,401
	First Lien(2)(6)(8)	SOFR(Q)	+	5.25%	9.58%	10/2023	10/2030	5,069		5,025		5,069
								15,470		15,401		15,470		1.90	%
Al Altius US Bidco, Inc.
Business Services	First Lien(2)(6)(8)	SOFR(S)	+	4.75%	9.03%	05/2024	12/2028	11,744		11,690		11,744
	First Lien(4)(7)(8)	SOFR(S)	+	4.75%	9.03%	05/2024	12/2028	3,062		3,048		3,062
								14,806		14,738		14,806		1.81	%
Legends Hospitality Holding Company, LLC
Business Services	First Lien(4)(7)(8)	SOFR(Q)*	+	2.75% 2.75%/PIK	10.02%	08/2024	08/2031	14,413		14,275		14,269
	First Lien(8)(9) - Drawn	SOFR(M)	+	5.00%	9.41%	08/2024	08/2030	168		168		167
								14,581		14,443		14,436		1.76	%
DOXA Insurance Holdings LLC
Business Services	First Lien(4)(7)(8)	SOFR(Q)	+	5.25%	9.60%	12/2023	12/2030	7,133		7,069		7,133
	First Lien(8)(9) - Drawn	SOFR(Q)	+	5.25%	9.74%	12/2023	12/2030	6,553		6,495		6,553
								13,686		13,564		13,686		1.67	%
GraphPAD Software, LLC
Healthcare	First Lien(4)(7)(8)	SOFR(Q)	+	4.75%	9.08%	06/2024	06/2031	12,830		12,799		12,798
	First Lien(8)(9) - Drawn	SOFR(Q)	+	4.75%	9.08%	06/2024	06/2031	321		321		320
								13,151		13,120		13,118		1.60	%
Diligent Corporation
Software	First Lien(4)(7)(8)	SOFR(S)	+	5.00%	10.09%	04/2024	08/2030	10,980		10,942		10,980
	First Lien(8)	SOFR(S)	+	5.00%	10.09%	04/2024	08/2030	1,882		1,876		1,882
								12,862		12,818		12,862		1.57	%
Allworth Financial Group, L.P.
Financial Services	First Lien(8)	SOFR(M)	+	5.00%	9.36%	10/2023	12/2027	12,650		12,534		12,650
	First Lien(8)(9) - Drawn	SOFR(M)	+	5.00%	9.36%	10/2024	12/2027	149		148		149
								12,799		12,682		12,799		1.56	%

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

32

New Mountain Guardian IV BDC, L.L.C.

Consolidated Schedule of Investments (Continued)

December 31, 2024

(in thousands, except shares)

Portfolio Company, Location and Industry(1)	Type of Investment	Reference (10)		Spread (10)	Interest Rate (10)	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)(6)(8)	SOFR(A)	+	5.00%	8.89%	08/2023	09/2030	$	12,089	$	12,011	$	12,089
	First Lien(8)(9) - Drawn	SOFR(S)	+	5.00%	9.33%	08/2023	09/2029	692		689		692
								12,781		12,700		12,781		1.56	%
CommerceHub, Inc.
Software	First Lien(2)(6)(8)	SOFR(Q)	+	6.25%	10.90%	06/2023	12/2027	12,707		12,218		12,707		1.55	%
Xactly Corporation
Software	First Lien(4)(7)(8)	SOFR(Q)	+	6.25%	10.86%	02/2023	07/2027	12,802		12,781		12,660		1.54	%
Ciklum Inc.**
Business Services	First Lien(2)(6)(8)	SOFR(Q)	+	6.50%	11.17%	02/2024	02/2030	12,299		12,163		12,299		1.50	%
Planview Parent, Inc.
Software	Second Lien(4)(7)	SOFR(Q)	+	5.75%	10.08%	06/2024	12/2028	12,117		12,081		12,086		1.47	%
CoreTrust Purchasing Group LLC
Business Services	First Lien(2)(6)(8)	SOFR(M)	+	5.25%	9.61%	09/2022	10/2029	9,962		9,852		9,962
	First Lien(4)(7)(8)	SOFR(M)	+	5.25%	9.61%	09/2022	10/2029	1,050		1,045		1,050
								11,012		10,897		11,012		1.34	%
Avalara, Inc.
Software	First Lien(2)(6)(8)	SOFR(Q)	+	6.25%	10.58%	10/2022	10/2028	7,955		7,885		7,955
	First Lien(4)(7)(8)	SOFR(Q)	+	6.25%	10.58%	01/2024	10/2028	3,030		3,030		3,030
								10,985		10,915		10,985		1.34	%
Foreside Financial Group, LLC
Business Services	First Lien(2)(6)(8)	SOFR(M)	+	5.25%	9.71%	05/2022	09/2027	7,557		7,538		7,557
	First Lien(2)(6)(8)	SOFR(M)	+	5.25%	9.71%	10/2024	09/2027	1,840		1,840		1,840
	First Lien(8)	SOFR(M)	+	5.25%	9.71%	05/2022	09/2027	360		358		360
	First Lien(4)(7)(8)	SOFR(M)	+	5.25%	9.71%	05/2022	09/2027	268		267		268
								10,025		10,003		10,025		1.22	%
Pushpay USA Inc.**
Software	First Lien(4)(7)	SOFR(Q)	+	4.50%	8.83%	08/2024	08/2031	9,677		9,584		9,762		1.19	%
GS Acquisitionco, Inc.
Software	First Lien(8)	SOFR(Q)	+	5.25%	9.58%	03/2024	05/2028	6,446		6,437		6,446
	First Lien(4)(7)(8)	SOFR(Q)	+	5.25%	9.58%	03/2024	05/2028	2,326		2,331		2,326
	First Lien(8)(9) - Drawn	SOFR(Q)	+	5.25%	9.58%	03/2024	05/2028	707		702		707
								9,479		9,470		9,479		1.16	%
Michael Baker International, LLC
Business Services	First Lien(4)(7)	SOFR(M)	+	4.75%	9.11%	05/2024	12/2028	9,259		9,232		9,294		1.13	%
Disco Parent, Inc.
Software	First Lien(2)(6)(8)	SOFR(Q)	+	7.50%	12.01%	03/2023	03/2029	8,900		8,814		8,900		1.09	%
Icefall Parent, Inc.
Software	First Lien(8)	SOFR(M)	+	6.50%	10.86%	01/2024	01/2030	8,696		8,619		8,696		1.06	%

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

33

New Mountain Guardian IV BDC, L.L.C.

Consolidated Schedule of Investments (Continued)

December 31, 2024

(in thousands, except shares)

Portfolio Company, Location and Industry(1)	Type of Investment	Reference (10)		Spread (10)	Interest Rate (10)	Purchase Date	Maturity / Expiration Date	Principal Amount, Par Value or Shares		Cost		Fair Value		Percent of Members' Capital
FS WhiteWater Holdings, LLC (15)
FS WhiteWater Borrower, LLC
Consumer Services	First Lien(2)(6)(8)	SOFR(Q)	+	5.75%	10.23%	09/2024	12/2027	$	3,885	$	3,849	$	3,885
	First Lien(2)(6)(8)	SOFR(Q)	+	6.00%	10.48%	07/2022	12/2027	4,728		4,698		4,728
								8,613		8,547		8,613		1.05	%
GC Waves Holdings, Inc.
Financial Services	First Lien(2)(6)(8)	SOFR(M)	+	4.75%	9.21%	10/2024	10/2030	5,279		5,272		5,279
	First Lien(8)(9) - Drawn	SOFR(M)	+	4.75%	9.21%	10/2024	10/2030	1,716		1,707		1,716
	First Lien(8)	SOFR(M)	+	4.75%	9.21%	10/2024	10/2030	1,598		1,598		1,598
								8,593		8,577		8,593		1.05	%
QBS Parent, Inc.
Software	First Lien(4)(7)(8)	SOFR(Q)	+	4.75%	9.27%	11/2024	11/2031	8,480		8,459		8,458		1.03	%
Bluefin Holding, LLC
Software	First Lien(4)(7)(8)	SOFR(Q)	+	6.25%	10.64%	09/2023	09/2029	8,148		8,069		8,148		0.99	%
Optimizely North America Inc.
Software	First Lien(4)(7)(8)	SOFR(M)	+	5.00%	9.36%	10/2024	10/2031	8,000		7,961		7,960		0.97	%
Databricks, Inc.
Software	First Lien(4)	SOFR(Q)	+	4.50%	8.83%	12/2024	01/2031	7,975		7,935		7,935		0.97	%
Park Place Technologies, LLC
Business Services	First Lien(4)(7)(8)	SOFR(M)	+	5.25%	9.61%	07/2024	03/2031	7,654		7,635		7,635
	First Lien(8)(9) - Drawn	SOFR(M)	+	5.25%	9.80%	07/2024	03/2030	258		258		258
								7,912		7,893		7,893		0.96	%
Cloudera, Inc.
Software	Second Lien(2)(6)	SOFR(M)	+	6.00%	10.46%	10/2022	10/2029	7,900		6,817		7,777		0.95	%
ComPsych Investments Corp.
Business Services	First Lien(4)(7)(8)	SOFR(Q)	+	4.75%	9.38%	07/2024	07/2031	7,763		7,744		7,744		0.94	%
PDI TA Holdings, Inc.
Software	First Lien(4)(7)(8)	SOFR(Q)	+	5.50%	10.09%	01/2024	02/2031	6,058		6,031		6,058
	First Lien(8)(9) - Drawn	SOFR(Q)	+	5.50%	10.00%	01/2024	02/2031	881		875		881
	First Lien(8)	SOFR(Q)	+	5.50%	10.09%	01/2024	02/2031	725		724		725
								7,664		7,630		7,664		0.93	%
Baker Tilly Advisory Group, LP
Financial Services	First Lien(4)(7)(8)	SOFR(M)	+	4.75%	9.11%	05/2024	06/2031	7,269		7,219		7,214
	First Lien(8)	SOFR(M)	+	4.75%	9.11%	05/2024	06/2031	313		312		309
								7,582		7,531		7,523		0.92	%
Foundational Education Group, Inc.
Education	Second Lien(2)(6)(8)	SOFR(Q)	+	6.50%	11.35%	05/2022	08/2029	7,333		6,471		7,333		0.89	%

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

34

New Mountain Guardian IV BDC, L.L.C.

Consolidated Schedule of Investments (Continued)

December 31, 2024

(in thousands, except shares)

Portfolio Company, Location and Industry(1)	Type of Investment	Reference (10)		Spread (10)	Interest Rate (10)	Purchase Date	Maturity / Expiration Date	Principal Amount, Par Value or Shares		Cost		Fair Value		Percent of Members' Capital
CRCI Longhorn Holdings, Inc.
Business Services	First Lien(4)(7)(8)	SOFR(M)	+	5.00%	9.36%	08/2024	08/2031	$	6,516	$	6,484	$	6,483
	First Lien(8)(9) - Drawn	SOFR(M)	+	5.00%	9.36%	08/2024	08/2031	489		486		486
								7,005		6,970		6,969		0.85	%
Panzura Holdings, LLC (13)
Panzura, LLC
Software	First Lien(8)	Fixed(Q)*	+	4.00% +13.00%/PIK	17.00%	08/2023	08/2027	7,308		6,861		6,935		0.85	%
Javelin Buyer, Inc.
Software	Second Lien(4)(7)(8)	SOFR(Q)	+	5.25%	9.69%	10/2024	12/2032	6,470		6,438		6,438		0.79	%
Anaplan, Inc.
Software	First Lien(8)	SOFR(Q)	+	5.25%	9.58%	01/2024	06/2029	3,333		3,333		3,333
	First Lien(2)(8)	SOFR(Q)	+	5.25%	9.58%	06/2022	06/2029	3,000		2,979		3,000
								6,333		6,312		6,333		0.77	%
Greenway Health, LLC
Healthcare	First Lien(4)(7)(8)	SOFR(Q)	+	6.75%	11.08%	12/2023	04/2029	6,302		6,222		6,302		0.77	%
Zest Acquisition Corp.
Healthcare	First Lien(2)(6)	SOFR(Q)	+	5.25%	9.84%	04/2023	02/2028	6,136		6,006		6,213		0.76	%
IG IntermediateCo LLC
Infogain Corporation
Business Services	Subordinated(8)	SOFR(Q)	+	7.50%	11.93%	07/2022	07/2029	3,096		3,068		3,096
	First Lien(2)(6)(8)	SOFR(M)	+	5.75%	10.21%	07/2022	07/2028	2,694		2,677		2,694
								5,790		5,745		5,790		0.71	%
Project Accelerate Parent, LLC
Software	First Lien(4)(7)(8)	SOFR(M)	+	5.25%	9.61%	02/2024	02/2031	5,613		5,587		5,613		0.68	%
Radwell Parent, LLC
Distribution & Logistics	First Lien(2)(6)(8)	SOFR(Q)	+	5.50%	9.83%	11/2022	04/2029	5,437		5,377		5,437
	First Lien(8)(9) - Drawn	SOFR(Q)	+	5.50%	9.83%	11/2022	04/2029	83		84		83
								5,520		5,461		5,520		0.67	%
Community Management Holdings MidCo 2, LLC
Business Services	First Lien(2)(6)(8)	SOFR(Q)	+	5.00%	9.57%	11/2024	11/2031	5,258		5,219		5,218
	First Lien(8)(9) - Drawn	SOFR(M)	+	5.00%	9.46%	11/2024	11/2031	245		244		244
								5,503		5,463		5,462		0.67	%
Bayou Intermediate II, LLC
Healthcare	First Lien(4)(7)(8)	SOFR(Q)	+	4.50%	9.35%	12/2024	08/2028	5,408		5,372		5,408		0.66	%
RxB Holdings, Inc.
Healthcare	First Lien(2)(6)(8)	SOFR(M)	+	5.25%	9.61%	06/2023	12/2027	5,189		5,097		5,189		0.63	%

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

35

New Mountain Guardian IV BDC, L.L.C.

Consolidated Schedule of Investments (Continued)

December 31, 2024

(in thousands, except shares)

Portfolio Company, Location and Industry(1)	Type of Investment	Reference (10)		Spread (10)	Interest Rate (10)	Purchase Date	Maturity / Expiration Date	Principal Amount, Par Value or Shares		Cost		Fair Value		Percent of Members' Capital
Smile Doctors LLC
Healthcare	First Lien(2)(6)(8)	SOFR(S)	+	5.90%	10.81%	05/2022	12/2028	$	3,795	$	3,776	$	3,727
	First Lien(2)(6)(8)	SOFR(S)	+	5.90%	10.81%	05/2022	12/2028	1,117		1,103		1,097
	First Lien(8)(9) - Drawn	SOFR(S)	+	5.90%	10.68%	06/2023	12/2028	341		338		335
								5,253		5,217		5,159		0.63	%
LSCS Holdings, Inc.
Healthcare	First Lien(4)(7)	SOFR(M)	+	4.50%	8.97%	09/2024	12/2028	4,974		4,974		5,015		0.61	%
Bracket Intermediate Holding Corp.
Healthcare	First Lien(2)(6)	SOFR(Q)	+	4.25%	8.58%	05/2023	05/2028	4,898		4,791		4,949		0.60	%
Adelaide Borrower, LLC**
Software	First Lien(8)	SOFR(Q)	+	6.25%	10.58%	05/2024	05/2030	4,698		4,656		4,698		0.57	%
LogRhythm, Inc.
Software	First Lien(2)(6)(8)	SOFR(M)	+	7.50%	11.86%	07/2024	07/2029	4,196		4,138		4,196		0.51	%
PDQ.com Corporation
Software	First Lien(2)(6)(8)	SOFR(Q)	+	4.75%	9.41%	10/2023	08/2027	3,927		3,899		3,927		0.47	%
WatchGuard Technologies, Inc.
Software	First Lien(2)(6)	SOFR(M)	+	5.25%	9.61%	08/2022	07/2029	3,703		3,616		3,677		0.45	%
KENE Acquisition, Inc.
Business Services	First Lien(4)(7)(8)	SOFR(Q)	+	5.25%	9.84%	02/2024	02/2031	3,509		3,477		3,509
	First Lien(8)(9) - Drawn	SOFR(M)	+	5.25%	9.59%	02/2024	02/2031	162		161		162
								3,671		3,638		3,671		0.45	%
Businessolver.com, Inc.
Software	First Lien(2)(6)(8)	SOFR(Q)	+	5.50%	9.93%	10/2023	12/2027	3,457		3,457		3,457
	First Lien(8)(9) - Drawn	SOFR(Q)	+	5.50%	9.93%	10/2023	12/2027	148		148		148
								3,605		3,605		3,605		0.44	%
Next Holdco, LLC
Healthcare	First Lien(2)(6)(8)	SOFR(Q)	+	5.75%	10.27%	11/2023	11/2030	3,494		3,471		3,494		0.43	%
CB Buyer, Inc.
Software	First Lien(4)(7)(8)	SOFR(M)	+	5.25%	9.61%	07/2024	07/2031	3,308		3,293		3,292		0.40	%
DOCS, MSO, LLC
Healthcare	First Lien(2)(6)(8)	SOFR(M)	+	5.75%	10.40%	06/2022	06/2028	2,958		2,958		2,942		0.36	%
Galway Borrower LLC
Business Services	First Lien(8)	SOFR(Q)	+	4.50%	8.83%	04/2024	09/2028	1,806		1,780		1,788
	First Lien(4)(7)(8)	SOFR(Q)	+	4.50%	8.83%	04/2024	09/2028	1,090		1,083		1,080
								2,896		2,863		2,868		0.35	%
Barracuda Parent, LLC
Software	First Lien(2)(6)	SOFR(Q)	+	4.50%	9.09%	05/2022	08/2029	2,940		2,908		2,731		0.33	%
Zone Climate Services, Inc.
Business Services	First Lien(4)(7)(8)	SOFR(Q)	+	6.00%	10.80%	10/2023	03/2028	$	2,446	$	2,436	$	2,446
	First Lien(8)(9) - Drawn	SOFR(Q)	+	5.75%	10.42%	11/2023	03/2028	222		221		217
								2,668		2,657		2,663		0.31	%

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

36

New Mountain Guardian IV BDC, L.L.C.

Consolidated Schedule of Investments (Continued)

December 31, 2024

(in thousands, except shares)

Portfolio Company, Location and Industry(1)	Type of Investment	Reference (10)		Spread (10)	Interest Rate (10)	Purchase Date	Maturity / Expiration Date	Principal Amount, Par Value or Shares		Cost		Fair Value		Percent of Members' Capital
KENG Acquisition, Inc.
Business Services	First Lien(2)(6)(8)	SOFR(M)	+	5.00%	9.36%	08/2023	08/2029	$	1,838	$	1,819	$	1,838
	First Lien(8)(9) - Drawn	SOFR(M)	+	5.00%	9.36%	08/2023	08/2029	626		620		626
								2,464		2,439		2,464		0.30	%
TigerConnect, Inc.
Healthcare	First Lien(4)(7)(8)	SOFR(S)*	+	3.38%+3.38%/PIK	11.39%	11/2024	02/2028	2,337		2,320		2,337		0.28	%
KWOR Acquisition, Inc.
Business Services	First Lien(2)(6)(8)	P(Q)(11)	+	4.25%	11.75%	06/2022	12/2028	1,906		1,894		1,542
	First Lien(8)	P(Q)(11)	+	4.25%	11.75%	06/2022	12/2028	555		555		449
								2,461		2,449		1,991		0.24	%
Trinity Air Consultants Holdings Corporation
Business Services	First Lien(4)(7)(8)	SOFR(S)	+	5.25%	9.78%	06/2023	06/2028	1,940		1,931		1,940		0.24	%
Fortis Solutions Group, LLC
Packaging	First Lien(8)	SOFR(Q)	+	5.50%	9.93%	06/2022	10/2028	1,056		1,056		1,056
	First Lien(8)(9) - Drawn	SOFR(Q)	+	5.50%	9.90%	06/2022	10/2028	418		413		418
	First Lien(4)(7)(8)	SOFR(Q)	+	5.50%	9.93%	06/2022	10/2028	377		377		377
								1,851		1,846		1,851		0.22	%
KPSKY Acquisition Inc.
Business Services	First Lien(4)(7)(8)	SOFR(Q)	+	5.50%	10.15%	06/2022	10/2028	1,745		1,734		1,679
	First Lien(8)(9) - Drawn	SOFR(Q)	+	5.75%	10.36%	11/2023	10/2028	19		19		18
								1,764		1,753		1,697		0.20	%
Beacon Pointe Harmony, LLC
Financial Services	First Lien(8)(9) - Drawn	SOFR(S)	+	4.75%	9.18%	06/2024	12/2028	1,552		1,539		1,552		0.18	%
Calabrio, Inc.
Software	First Lien(4)(7)(8)	SOFR(Q)	+	5.50%	10.01%	01/2024	04/2027	840		834		840		0.09	%
Daxko Acquisition Corporation
Software	First Lien(8)(9) - Drawn	SOFR(M)	+	5.00%	9.37%	07/2024	10/2028	97		96		97		0.01	%
Total Funded Debt Investments - United States								$	1,482,878	$	1,466,211	$	1,479,321	180.39	%
Funded Debt Investments - Australia
Atlas AU Bidco Pty Ltd**
Business Services	First Lien(2)(6)(8)	SOFR(Q)	+	5.00%	9.63%	12/2022	12/2029	$	3,445	$	3,405	$	3,445
	First Lien(4)(7)(8)	SOFR(Q)	+	5.00%	9.63%	12/2023	12/2029	1,342		1,330		1,342
								4,787		4,735		4,787		0.58	%
Total Funded Debt Investments - Australia								$	4,787	$	4,735	$	4,787	0.58	%

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

37

New Mountain Guardian IV BDC, L.L.C.

Consolidated Schedule of Investments (Continued)

December 31, 2024

(in thousands, except shares)

Portfolio Company, Location and Industry(1)	Type of Investment	Reference (10)		Spread (10)	Interest Rate (10)	Purchase Date	Maturity / Expiration Date	Principal Amount, Par Value or Shares		Cost		Fair Value		Percent of Members' Capital
Structured Financing Obligation - United States
Ivy Hill Middle Market Credit Fund, Ltd**
Investment Fund	Structured Finance Obligations	SOFR(S)	+	7.00%	11.46%	11/2024	01/2037	$	1,996	$	1,996	1,996		0.24	%
Total Structured Financing Obligation - United States								$	1,996	$	1,996	$	1,996	0.24	%
Total Funded Debt Investments								$	1,489,661	$	1,472,942	$	1,486,104	181.21	%
Equity - United States
HIG Intermediate, Inc. (16)
Business Services	Preferred shares	Fixed(Q)*		11.00%/PIK	11.00%	12/2024	—	14,557		$	14,448	$	14,448	1.76	%
Portage Point Partners, LP
Business Services	Preferred shares (5)(8)	Fixed(S)*		14.00%/PIK	14.00%	09/2024	—	77,399		7,935		7,932
	Ordinary Shares (5)(8)	—		—	—	09/2024	—	667		2,415		2,415
								78,066		10,350		10,347		1.26	%
Eclipse Topco, Inc. (14)
Software	Preferred shares (8)	Fixed(S)*		12.50%/PIK	12.50%	09/2024	—	461		4,743		4,742		0.58	%
Knockout Intermediate Holdings I Inc. (12)
Software	Preferred shares (8)	SOFR(S)*	+	10.75%/PIK	15.03%	06/2022	—	789		1,084		1,094		0.13	%
FS WhiteWater Holdings, LLC (15)
Consumer Services	Preferred shares (8)	Fixed(A)*		20.00%/PIK	20.00%	10/2024	—	1,396		183		182		0.02	%
Panzura Holdings, LLC (13)
Software	Ordinary Shares (3)(8)	—		—	—	09/2023	—	88,767		480		144		0.02	%
Total Shares - United States										$	31,288	$	30,957	3.77	%
Total Shares										$	31,288	$	30,957	3.77	%
Total Funded Investments										$	1,504,230	$	1,517,061	184.98	%
Unfunded Debt Investments - United States
Accession Risk Management Group, Inc.
Business Services	First Lien(9) - Undrawn	—		—	—	08/2024	08/2026	$	3,579	$	(8)	$	4
	First Lien(9) - Undrawn	—		—	—	08/2024	11/2029	469		(1)		—
								4,048		(9)		4		0.00	%
Project Accelerate Parent, LLC
Software	First Lien(8)(9) - Undrawn	—		—	—	02/2024	02/2031	807		(4)		—		—	%
AAH Topco, LLC
Consumer Services	First Lien(8)(9) - Undrawn	—		—	—	11/2023	11/2025	7,525		—		—		—	%
Allworth Financial Group, L.P.
Financial Services	First Lien(8)(9) - Undrawn	—		—	—	10/2024	10/2026	7,816		—		—		—	%
	First Lien(8)(9) - Undrawn	—		—	—	10/2024	12/2027	368		(2)		—
								8,184		(2)		—		—	%

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

38

New Mountain Guardian IV BDC, L.L.C.

Consolidated Schedule of Investments (Continued)

December 31, 2024

(in thousands, except shares)

Portfolio Company, Location and Industry(1)	Type of Investment	Reference (10)	Spread (10)	Interest Rate (10)	Purchase Date	Maturity / Expiration Date	Principal Amount, Par Value or Shares		Cost		Fair Value		Percent of Members' Capital
Associations Finance, Inc.
Associations, Inc.
Business Services	First Lien(8)(9) - Undrawn	—	—	—	05/2024	07/2028	$	1,772	$	—	$	—
	First Lien(8)(9) - Undrawn	—	—	—	05/2024	07/2028	852		—		—
							2,624		—		—		—	%
Avalara, Inc.
Software	First Lien(8)(9) - Undrawn	—	—	—	10/2022	10/2028	1,098		(6)		—		—	%
Beacon Pointe Harmony, LLC
Financial Services	First Lien(8)(9) - Undrawn	—	—	—	06/2024	12/2025	5,598		—		—		—	%
Bluefin Holding, LLC
Software	First Lien(8)(9) - Undrawn	—	—	—	09/2023	09/2029	626		(6)		—		—	%
Brave Parent Holdings, Inc.
Software	First Lien(4)(7)(8)(9) - Undrawn	—	—	—	11/2023	05/2025	887		—		—
	First Lien(8)(9) - Undrawn	—	—	—	11/2023	11/2030	1,056		(3)		—
							1,943		(3)		—		—	%
Bullhorn, Inc.
Software	First Lien(8)(9) - Undrawn	—	—	—	05/2024	05/2026	1,556		(3)		—
	First Lien(8)(9) - Undrawn	—	—	—	05/2024	10/2029	788		(1)		—
							2,344		(4)		—		—	%
Businessolver.com, Inc.
Software	First Lien(8)(9) - Undrawn	—	—	—	10/2023	06/2025	473		—		—		—	%
Ciklum Inc.**
Business Services	First Lien(8)(9) - Undrawn	—	—	—	02/2024	08/2025	15,496		—		—
	First Lien(8)(9) - Undrawn	—	—	—	02/2024	02/2030	3,874		(41)		—
							19,370		(41)		—		—	%
CoreTrust Purchasing Group LLC
Business Services	First Lien(8)(9) - Undrawn	—	—	—	09/2022	05/2026	2,059		(16)		—
	First Lien(8)(9) - Undrawn	—	—	—	09/2022	10/2029	1,480		(15)		—
							3,539		(31)		—		—	%
Coupa Holdings, LLC
Software	First Lien(8)(9) - Undrawn	—	—	—	02/2023	08/2025	3,524		—		—
	First Lien(8)(9) - Undrawn	—	—	—	02/2023	02/2029	2,698		(12)		—
							6,222		(12)		—		—	%
Databricks, Inc.
Software	First Lien(9) - Undrawn	—	—	—	12/2024	07/2026	1,772		—		—		—	%

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

39

New Mountain Guardian IV BDC, L.L.C.

Consolidated Schedule of Investments (Continued)

December 31, 2024

(in thousands, except shares)

Portfolio Company, Location and Industry(1)	Type of Investment	Reference (10)	Spread (10)	Interest Rate (10)	Purchase Date	Maturity / Expiration Date	Principal Amount, Par Value or Shares		Cost		Fair Value		Percent of Members' Capital
Daxko Acquisition Corporation
Software	First Lien(8)(9) - Undrawn	—	—	—	07/2024	07/2026	$	2,319	$	—	$	—
	First Lien(8)(9) - Undrawn	—	—	—	07/2024	10/2028	483		(3)		—
							2,802		(3)		—		—	%
Diligent Corporation
Software	First Lien(8)(9) - Undrawn	—	—	—	04/2024	04/2026	1,882		(6)		—
	First Lien(8)(9) - Undrawn	—	—	—	04/2024	08/2030	1,255		(4)		—
							3,137		(10)		—		—	%
DOXA Insurance Holdings LLC
Business Services	First Lien(8)(9) - Undrawn	—	—	—	12/2023	12/2025	231		—		—
	First Lien(8)(9) - Undrawn	—	—	—	05/2024	05/2026	3,046		—		—
	First Lien(8)(9) - Undrawn	—	—	—	12/2023	12/2029	1,540		(13)		—
							4,817		(13)		—		—	%
Enverus Holdings, Inc.
Business Services	First Lien(8)(9) - Undrawn	—	—	—	12/2023	12/2025	888		—		—
	First Lien(8)(9) - Undrawn	—	—	—	12/2023	12/2029	1,311		(10)		—
							2,199		(10)		—		—	%
Disco Parent, Inc.
Software	First Lien(8)(9) - Undrawn	—	—	—	03/2023	03/2029	890		(8)		—		—	%
Al Altius US Bidco, Inc.
Business Services	First Lien(8)(9) - Undrawn	—	—	—	05/2024	05/2026	3,077		—		—		—	%
Adelaide Borrower, LLC**
Software	First Lien(8)(9) - Undrawn	—	—	—	05/2024	05/2026	1,048		—		—
	First Lien(8)(9) - Undrawn	—	—	—	05/2024	05/2030	667		(6)		—
							1,715		(6)		—		—	%
KENG Acquisition, Inc.
Business Services	First Lien(8)(9) - Undrawn	—	—	—	08/2023	08/2025	776		—		—
	First Lien(8)(9) - Undrawn	—	—	—	07/2024	07/2026	394		—		—
	First Lien(8)(9) - Undrawn	—	—	—	08/2023	08/2029	506		(5)		—
							1,676		(5)		—		—	%
Icefall Parent, Inc.
Software	First Lien(8)(9) - Undrawn	—	—	—	01/2024	01/2030	828		(7)		—		—	%
KENE Acquisition, Inc.
Business Services	First Lien(8)(9) - Undrawn	—	—	—	02/2024	02/2026	1,398		—		—
	First Lien(8)(9) - Undrawn	—	—	—	02/2024	02/2031	468		(4)		—
							1,866		(4)		—		—	%

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

40

New Mountain Guardian IV BDC, L.L.C.

Consolidated Schedule of Investments (Continued)

December 31, 2024

(in thousands, except shares)

Portfolio Company, Location and Industry(1)	Type of Investment	Reference (10)	Spread (10)	Interest Rate (10)	Purchase Date	Maturity / Expiration Date	Principal Amount, Par Value or Shares		Cost		Fair Value		Percent of Members' Capital
Foreside Financial Group, LLC
Business Services	First Lien(8)(9) - Undrawn	—	—	—	03/2024	03/2026	$	4,337	$	(2)	$	—
	First Lien(8)(9) - Undrawn	—	—	—	05/2022	09/2027	581		(1)		—
							4,918		(3)		—		—	%
Fortis Solutions Group, LLC