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, 2026

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 12, 2026 was 120,834,931. As of March 31, 2026, there was no established public market for the registrant's limited liability company units.

1

FORM 10-Q FOR THE QUARTER ENDED MARCH 31, 2026

TABLE OF CONTENTS

		PAGE
PART I. FINANCIAL INFORMATION
Item 1.	Financial Statements
	Consolidated Statements of Assets, Liabilities and Members' Capital as of March 31, 2026 (unaudited) and December 31, 2025	3
	Consolidated Statements of Operations for the three months ended March 31, 2026 (unaudited) and March 31, 2025 (unaudited)	4
	Consolidated Statements of Changes in Members' Capital for the three months ended March 31, 2026 (unaudited) and March 31, 2025 (unaudited)	5
	Consolidated Statements of Cash Flows for the three months ended March 31, 2026 (unaudited) and March 31, 2025 (unaudited)	6
	Consolidated Schedule of Investments as of March 31, 2026 (unaudited)	7
	Consolidated Schedule of Investments as of December 31, 2025	32
	Notes to the Consolidated Financial Statements of New Mountain Guardian IV BDC, L.L.C. (unaudited)	57
	Report of Independent Registered Public Accounting Firm	79
Item 2.	Management's Discussion and Analysis of Financial Condition and Results of Operations	80
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	91
Item 4.	Controls and Procedures	92
PART II. OTHER INFORMATION
Item 1.	Legal Proceedings	93
Item 1A.	Risk Factors	93
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	94
Item 3.	Defaults Upon Senior Securities	94
Item 4.	Mine Safety Disclosures	94
Item 5.	Other Information	94
Item 6.	Exhibits	95
	Signatures	96

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, 2026		December 31, 2025
Assets
Non-controlled/non-affiliated investments at fair value (cost of $2,047,310 and $2,006,365, respectively)	$	2,022,193	$	2,006,885
Cash and cash equivalents	56,327		33,895
Interest and dividend receivable	13,146		11,404
Derivative asset at fair value	143		—
Other assets	814		1,414
Total assets	$	2,092,623	$	2,053,598
Liabilities
Borrowings
Wells Credit Facility	$	552,622	$	422,166
UBS Credit Facility	314,000		394,000
Deferred financing costs (net of accumulated amortization of $3,589 and $3,019, respectively)	(8,256)		(6,190)
Net borrowings	858,366		809,976
Distribution payable	25,013		22,354
Payable for unsettled securities purchased	12,895		633
Income based incentive fee payable	4,461		3,925
Interest payable	4,259		4,525
Management fee payable	3,475		2,992
Deferred tax liability	517		434
Payable to affiliate	482		451
Other liabilities	2,163		1,500
Total liabilities	911,631		846,790
Commitments and contingencies (See Note 8)
Members' Capital
Common units, 120,834,931 and 120,834,931 units issued and outstanding, respectively	1,204,992		1,204,992
Accumulated underdistributed (overdistributed) earnings	(24,000)		1,816
Total members' capital	$	1,180,992	$	1,206,808
Total liabilities and members' capital	$	2,092,623	$	2,053,598
Members' capital per unit	$	9.77	$	9.99

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, 2026		March 31, 2025
Investment income
Interest income (excluding Payment-in-kind ("PIK") interest income)	$	44,393	$	38,339
PIK interest income	958		1,109
Dividend income	860		856
Fee income	1,138		1,376
Total investment income	47,349		41,680
Expenses
Interest and other financing expenses	12,718		12,761
Income based incentive fee	4,461		3,812
Management fee	3,475		2,331
Administrative expenses	751		609
Professional fees	426		430
Capital gains incentive fee	—		(382)
Other general and administrative expenses	74		51
Organizational and offering expenses	—		21
Total expenses	21,905		19,633
Less: management fees waived (See Note 5)	—		(21)
Net expenses	21,905		19,612
Net investment income before income taxes	25,444		22,068
Income tax expense	161		79
Net investment income (loss)	25,283		21,989
Net realized gains (losses) on investments	(528)		(767)
Net change in unrealized appreciation (depreciation) of investments	(25,151)		(1,649)
Net change in unrealized appreciation (depreciation) of foreign currency	(467)		—
Net change in unrealized appreciation (depreciation) of derivative instruments	143		—
(Provision) benefit for taxes	(83)		(119)
Net realized and unrealized gains (losses)	(26,086)		(2,535)
Net increase (decrease) in members' capital resulting from operations	$	(803)	$	19,454
Earnings (loss) per unit (basic & diluted)	$	(0.01)	$	0.24
Weighted average common units outstanding - basic & diluted (See Note 10)	120,834,931		80,974,363

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, 2026		March 31, 2025
Increase (Decrease) in members' capital resulting from operations:
Net investment income (loss)	$	25,283	$	21,989
Net realized gains (losses) on investments and foreign currency	(528)		(767)
Net change in unrealized appreciation (depreciation) of investments and foreign currency	(25,618)		(1,649)
Net change in unrealized appreciation (depreciation) of derivative instruments	143		—
(Provision) benefit for taxes	(83)		(119)
Net increase (decrease) in members' capital resulting from operations	(803)		19,454
Capital transactions
Distributions declared to unitholders from net investment income	(25,013)		(21,620)
Total net increase (decrease) in members' capital resulting from capital transactions	(25,013)		(21,620)
Net increase (decrease) in members' capital	(25,816)		(2,166)
Members' capital at the beginning of the period	1,206,808		820,098
Members' capital at the end of the period	$	1,180,992	$	817,932

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, 2026		March 31, 2025
Cash flows from operating activities
Net increase (decrease) in members' capital resulting from operations	$	(803)	$	19,454
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	528		767
Net change in unrealized (appreciation) depreciation of investments	25,151		1,649
Net change in unrealized (appreciation) depreciation on translation of assets and liabilities in foreign currencies	467		—
Net change in unrealized (appreciation) depreciation of derivative instruments	(143)		—
Amortization of purchase discount	(1,155)		(2,339)
Amortization of deferred financing costs	569		353
Non-cash investment income	(927)		(928)
(Increase) decrease in operating assets:
Purchase of investments and delayed draw facilities	(96,782)		(121,057)
Proceeds from sales and paydowns of investments	58,119		82,998
Cash received for purchase of undrawn portion of revolving credit or delayed draw facilities	62		103
Cash paid for purchase of drawn portion of revolving credit facilities	(26)		(104)
Cash paid on drawn revolvers	(7,654)		(4,449)
Cash repayments on drawn revolvers	6,863		3,109
Interest and dividend receivable	(1,742)		362
Other assets	600		(711)
Increase (decrease) in operating liabilities:
Payable for unsettled securities purchased	12,262		(12,711)
Interest payable	(266)		(263)
Management fee payable	483		97
Income based incentive fee payable	536		433
Accrued capital gains incentive fee	—		(382)
Payable to affiliates	31		(20)
Deferred tax liability	83		119
Other liabilities	700		622
Net cash flows (used in) provided by operating activities	(3,044)		(32,898)
Cash flows from financing activities
Distributions	(22,354)		—
Proceeds from BMO Subscription Line	—		38,000
Repayment of BMO Subscription Line	—		(38,000)
Repayment of UBS Credit Facility	(80,000)		—
Proceeds from Wells Credit Facility	130,829		55,300
Repayment of Wells Credit Facility	—		(19,000)
Placement fees paid	(137)		(59)
Deferred financing costs paid	(2,535)		(1,105)
Net cash flows provided by (used in) financing activities	25,803		35,136
Net increase (decrease) in cash and cash equivalents	22,759		2,238
Cash and cash equivalents at the beginning of the period	33,895		19,866
Effect of foreign exchange rate changes on cash and cash equivalents	(327)		—
Cash and cash equivalents at the end of the period	$	56,327	$	22,104
Supplemental disclosure of cash flow information
Cash interest paid	$	12,117	$	12,488
Income taxes paid	2		—
Non-cash operating activities:
Non-cash activity on investments	$	—	$	1,993
Non-cash financing activities:
Distributions declared and payable	$	25,013	$	21,620
Accrual for deferred credit facility costs	223		53

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, 2026

(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 (19)		Cost		Fair  Value		Percent of Members' Capital
Non-Controlled/Non-Affiliated Investments
Funded Debt Investments - United States
WEG Sub Intermediate Holdings, LLC
Wealth Enhancement Group, LLC
Financial Services & Technology	First Lien(2)(6)(8)	SOFR(Q)	+	4.25%	7.91%	10/2023	10/2028	$	12,535	$	12,535	$	12,535
	First Lien(2)(6)(8)	SOFR(Q)	+	4.25%	7.91%	10/2023	10/2028	10,313		10,313		10,313
	First Lien(8)	SOFR(Q)	+	4.25%	7.91%	02/2024	10/2028	6,497		6,470		6,497
	Subordinated(8)	Fixed(Q)*		13.00%/PIK	13.00%	05/2023	05/2033	4,822		4,794		4,822
	First Lien(8)(9) - Drawn	SOFR(Q)	+	4.25%	7.90%	12/2024	10/2028	3,151		3,146		3,151
	First Lien(2)(6)(8)	SOFR(Q)	+	4.25%	7.91%	10/2023	10/2028	2,159		2,159		2,159
	First Lien(2)(6)(8)	SOFR(Q)	+	4.25%	7.91%	10/2023	10/2028	1,242		1,242		1,242
	First Lien(2)(6)(8)	SOFR(Q)	+	4.25%	7.91%	10/2023	10/2028	174		174		174
										40,833		40,893		3.46	%
Viper Bidco, Inc.
Business Services	First Lien(4)(7)(8)	SOFR(Q)	+	4.75%	8.45%	11/2024	11/2031	41,752		41,574		40,524		3.43	%
NC Topco, LLC
Financial Services & Technology	First Lien(4)(7)(8)	SOFR(M)	+	4.50%	8.17%	08/2024	09/2031	30,551		30,434		30,252
	First Lien(8)	SOFR(M)	+	4.75%	8.42%	08/2024	09/2031	8,738		8,703		8,652
										39,137		38,904		3.29	%
Coupa Holdings, LLC
Software	First Lien(2)(6)(8)	SOFR(Q)	+	5.25%	8.92%	02/2023	02/2030	38,773		38,621		38,296		3.24	%
Anaplan, Inc.
Software	First Lien(2)(6)(8)	SOFR(Q)	+	4.50%	8.17%	06/2022	06/2029	34,647		34,633		33,975
	First Lien(8)	SOFR(Q)	+	4.50%	8.17%	01/2024	06/2029	3,292		3,292		3,228
										37,925		37,203		3.15	%
OEConnection LLC
Business Services	First Lien(4)(7)(8)	SOFR(M)	+	4.50%	8.17%	04/2024	12/2032	37,110		37,010		37,110		3.14	%
Healthspan Buyer, LLC
Healthcare	First Lien(4)(7)(8)	SOFR(Q)	+	4.75%	8.45%	10/2024	10/2030	10,271		10,251		10,271
	First Lien(2)(6)(8)	SOFR(Q)	+	4.75%	8.45%	10/2025	10/2030	8,420		8,401		8,420
	First Lien(4)(7)(8)	SOFR(Q)	+	4.75%	8.45%	03/2026	10/2030	5,421		5,368		5,421
	First Lien(2)(6)(8)	SOFR(Q)	+	4.75%	8.45%	10/2023	10/2030	5,005		4,971		5,005
	First Lien(2)(6)(8)	SOFR(Q)	+	4.75%	8.45%	07/2025	10/2030	3,652		3,644		3,652
	First Lien(8)	SOFR(Q)	+	4.75%	8.45%	07/2025	10/2030	3,520		3,512		3,520
										36,147		36,289		3.07	%

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, 2026

(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 (19)		Cost		Fair  Value		Percent of Members' Capital
MAI Capital Management Intermediate LLC
Financial Services & Technology	First Lien(4)(7)(8)	SOFR(Q)	+	4.75%	8.45%	08/2024	08/2031	$	21,449	$	21,361	$	21,449
	First Lien(8)	SOFR(Q)	+	4.75%	8.45%	08/2024	08/2031	12,611		12,560		12,611
	First Lien(8)(9) - Drawn	SOFR(Q)	+	4.75%	8.45%	08/2024	08/2031	1,749		1,745		1,749
										35,666		35,809		3.03	%
Associations Finance, Inc.
Associations, Inc.
Business Services	First Lien(2)(6)(8)	SOFR(Q)	+	6.50%	10.42%	05/2024	07/2028	27,036		27,028		27,036
	Subordinated(8)	Fixed(Q)*		14.25%/PIK	14.25%	05/2024	05/2030	5,262		5,255		5,262
	Subordinated(8)	Fixed(Q)*		14.25%/PIK	14.25%	05/2024	05/2030	2,010		2,007		2,010
	First Lien(8)(9) - Drawn	SOFR(Q)	+	6.50%	10.42%	05/2024	07/2028	1,013		1,012		1,013
										35,302		35,321		2.99	%
Jeppesen Holdings, LLC
Business Services	First Lien(4)(7)(8)	SOFR(Q)	+	4.75%	8.42%	10/2025	11/2032	35,044		34,952		34,956		2.96	%
Businessolver.com, Inc.
Business Services	First Lien(4)(7)(8)	SOFR(Q)	+	4.50%	8.20%	12/2025	12/2032	30,660		30,586		30,583
	First Lien(2)(6)(8)	SOFR(Q)	+	4.50%	8.20%	10/2023	12/2032	3,431		3,431		3,422
	First Lien(8)	SOFR(Q)	+	4.50%	8.20%	10/2023	12/2032	619		619		617
										34,636		34,622		2.93	%
Vessco Midco Holdings, LLC
Business Services	First Lien(2)(6)(8)	SOFR(M)	+	4.50%	8.15%	07/2024	07/2031	22,912		22,822		22,912
	First Lien(8)(9) - Drawn	SOFR(S)	+	4.50%	8.17%	07/2024	07/2031	6,761		6,734		6,761
	First Lien(2)(6)(8)	SOFR(S)	+	4.50%	8.23%	11/2025	07/2031	3,523		3,515		3,523
	First Lien(2)(6)(8)(9) - Drawn	SOFR(M)	+	4.50%	8.17%	11/2025	07/2031	291		291		291
										33,362		33,487		2.84	%
PPV Intermediate Holdings, LLC
Consumer Services	First Lien(8)	SOFR(Q)	+	6.00%	9.67%	09/2023	08/2029	16,822		16,769		16,723
	First Lien(4)(7)(8)	SOFR(Q)	+	5.75%	9.42%	08/2022	08/2029	12,298		12,298		12,075
	First Lien(2)(6)(8)	SOFR(Q)	+	5.75%	9.42%	08/2022	08/2029	4,494		4,468		4,413
	First Lien(8)(9) - Drawn	SOFR(Q)	+	5.75%	9.41%	08/2022	08/2029	160		160		157
										33,695		33,368		2.83	%
Einstein Parent, Inc.
Software	First Lien(4)(7)(8)	SOFR(Q)	+	5.25%	8.92%	01/2025	01/2031	34,415		34,124		33,169		2.81	%
Safety Borrower Holdings LLC
Business Services	First Lien(4)(7)(8)	SOFR(M)	+	4.75%	8.42%	03/2024	12/2032	32,837		32,804		32,309
	First Lien(8)(9) - Drawn	P(Q)	+	3.75%	10.50%	10/2024	12/2032	167		163		164
										32,967		32,473		2.75	%

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, 2026

(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 (19)		Cost		Fair  Value		Percent of Members' Capital
Meta Buyer LLC
Healthcare	First Lien(4)(7)(8)	SOFR(Q)	+	5.25%	8.94%	12/2025	12/2031	$	26,722	$	26,593	$	26,589
	First Lien(8)	SOFR(Q)	+	5.25%	8.92%	12/2025	12/2031	3,671		3,645		3,653
	First Lien(8)(9) - Drawn	SOFR(Q)	+	5.25%	8.92%	12/2025	12/2031	1,579		1,572		1,572
										31,810		31,814		2.69	%
AAH Topco, LLC
Consumer Services	First Lien(8)	SOFR(M)	+	5.25%	9.02%	11/2023	12/2027	22,827		22,725		22,827
	First Lien(8)(9) - Drawn	SOFR(M)	+	5.00%	8.77%	03/2025	12/2027	8,908		8,880		8,908
										31,605		31,735		2.69	%
Model N, Inc.
Healthcare	First Lien(4)(7)(8)	SOFR(Q)	+	4.75%	8.45%	06/2024	06/2031	31,607		31,480		31,607		2.68	%
Pike Corporation
Business Services	First Lien(4)(7)(8)	SOFR(M)	+	4.50%	8.18%	12/2025	12/2032	31,607		31,531		31,528		2.67	%
Acumatica Holdings, Inc.
Software	First Lien(4)(7)(8)	SOFR(Q)	+	4.75%	8.45%	07/2025	07/2032	30,740		30,740		30,663		2.60	%
Diamondback Acquisition, Inc.
Software	First Lien(2)(6)(8)	SOFR(M)	+	4.50%	8.17%	09/2025	09/2032	29,801		29,731		29,038
	First Lien(8)(9) - Drawn	SOFR(M)	+	4.50%	8.45%	09/2025	09/2032	895		894		872
										30,625		29,910		2.53	%
IG Investments Holdings, LLC
Business Services	First Lien(2)(6)(8)	SOFR(Q)	+	5.00%	8.67%	03/2024	09/2028	29,545		29,453		29,545		2.50	%
Runway Bidco, LLC
Software	First Lien(4)(7)(8)	SOFR(Q)	+	5.00%	8.70%	12/2024	12/2031	28,950		28,826		28,296		2.40	%
HIG Intermediate, Inc. (14)
HIG Operations Holdings, Inc.
Business Services	First Lien(4)(7)(8)	SOFR(M)	+	4.50%	8.17%	08/2023	06/2031	22,828		22,770		22,828
	First Lien(2)(6)(8)	SOFR(M)	+	4.50%	8.17%	08/2023	06/2031	3,760		3,760		3,760
	First Lien(8)	SOFR(M)	+	4.50%	8.17%	03/2024	06/2031	1,601		1,597		1,601
										28,127		28,189		2.39	%
Superman Holdings, LLC
Software	First Lien(4)(7)(8)	SOFR(Q)	+	4.50%	8.20%	08/2024	08/2031	21,337		21,293		21,177
	First Lien(8)	SOFR(Q)	+	4.50%	8.20%	08/2024	08/2031	6,965		6,950		6,912
										28,243		28,089		2.38	%
USRP Holdings, Inc.
Business Services	First Lien(4)(7)(8)	SOFR(M)	+	4.75%	8.42%	10/2023	12/2029	11,814		11,814		11,814
	First Lien(2)(6)(8)	SOFR(M)	+	4.75%	8.42%	10/2023	12/2029	10,688		10,670		10,688
	First Lien(8)(9) - Drawn	SOFR(M)	+	4.75%	8.42%	08/2024	12/2029	2,625		2,614		2,625
	First Lien(8)	SOFR(M)	+	4.75%	8.42%	07/2023	12/2029	2,286		2,262		2,286
										27,360		27,413		2.32	%

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, 2026

(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 (19)		Cost		Fair  Value		Percent of Members' Capital
Pioneer Buyer I, LLC
Software	First Lien(4)(7)(8)	SOFR(Q)	+	5.00%	8.70%	11/2025	11/2029	$	23,873	$	23,873	$	23,873
	First Lien(4)(7)(8)	SOFR(Q)	+	5.00%	8.70%	11/2025	11/2028	2,813		2,813		2,813
										26,686		26,686		2.26	%
Maverick Bidco Inc.
Software	First Lien(4)(7)(8)	SOFR(M)	+	4.75%	8.42%	12/2025	12/2031	25,710		25,649		25,474		2.16	%
Brave Parent Holdings, Inc.
Software	First Lien(2)(6)(8)	SOFR(M)	+	4.25%	7.92%	11/2023	11/2030	10,492		10,454		10,152
	First Lien(4)(7)(8)	SOFR(M)	+	4.25%	7.92%	11/2023	11/2030	8,930		8,929		8,640
	First Lien(8)	SOFR(M)	+	4.25%	7.92%	10/2025	11/2030	6,136		6,107		5,937
										25,490		24,729		2.09	%
Vehlo Purchaser, LLC
Software	First Lien(2)(6)(8)	SOFR(M)	+	5.50%	9.17%	12/2025	05/2028	19,649		19,583		19,576
	First Lien(8)	SOFR(M)	+	5.50%	9.17%	06/2025	05/2028	4,056		4,031		4,041
										23,614		23,617		2.00	%
Bullhorn, Inc.
Software	First Lien(8)	SOFR(M)	+	5.00%	8.67%	05/2024	10/2029	11,127		11,116		11,127
	First Lien(8)	SOFR(M)	+	5.00%	8.67%	05/2024	10/2029	7,481		7,470		7,481
	First Lien(4)(7)(8)	SOFR(M)	+	5.00%	8.67%	05/2024	10/2029	2,863		2,861		2,863
	First Lien(8)	SOFR(M)	+	5.00%	8.67%	05/2024	10/2029	864		860		864
	First Lien(8)	SOFR(M)	+	5.00%	8.67%	05/2024	10/2029	641		641		641
	First Lien(8)	SOFR(M)	+	5.00%	8.67%	05/2024	10/2029	287		287		287
	First Lien(8)	SOFR(M)	+	5.00%	8.67%	05/2024	10/2029	229		229		229
	First Lien(8)(9) - Drawn	SOFR(M)	+	5.00%	8.67%	05/2024	10/2029	105		104		105
										23,568		23,597		2.00	%
Legal Spend Holdings, LLC (fka Bottomline Technologies, Inc.)
Financial Services & Technology	First Lien(4)(7)(8)	SOFR(Q)	+	4.50%	8.20%	09/2024	05/2029	18,854		18,854		18,666
	First Lien(2)(6)(8)	SOFR(Q)	+	4.50%	8.20%	10/2023	05/2029	4,546		4,518		4,501
										23,372		23,167		1.96	%
Baker Tilly Advisory Group, LP
Financial Services & Technology	First Lien(4)(7)(8)	SOFR(M)	+	4.50%	8.17%	05/2025	06/2031	11,260		11,195		11,079
	First Lien(4)(7)(8)	SOFR(M)	+	4.75%	8.42%	05/2024	06/2031	7,178		7,135		7,100
	First Lien(8)	SOFR(M)	+	4.50%	8.17%	05/2025	06/2031	2,357		2,337		2,319
	First Lien(8)	SOFR(M)	+	4.75%	8.42%	05/2024	06/2031	1,443		1,435		1,427
										22,102		21,925		1.86	%
YLG Holdings, Inc.
Business Services	First Lien(2)(6)(8)	SOFR(Q)	+	4.75%	8.41%	06/2024	12/2030	21,000		20,988		21,000
	First Lien(8)(9) - Drawn	SOFR(Q)	+	4.75%	8.41%	04/2025	12/2030	263		262		263
										21,250		21,263		1.80	%

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, 2026

(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 (19)		Cost		Fair  Value		Percent of Members' Capital
GC Waves Holdings, Inc.
Financial Services & Technology	First Lien(8)	SOFR(M)	+	4.50%	8.17%	10/2024	10/2030	$	14,178	$	14,122	$	14,178
	First Lien(2)(6)(8)	SOFR(M)	+	4.50%	8.17%	10/2024	10/2030	5,213		5,207		5,213
	First Lien(8)	SOFR(M)	+	4.50%	8.17%	10/2024	10/2030	1,578		1,578		1,578
										20,907		20,969		1.78	%
Alegeus Technologies Holdings Corp.
Healthcare	First Lien(2)(6)(8)	SOFR(Q)	+	6.50%	10.17%	10/2024	11/2029	20,441		20,244		20,441		1.73	%
MRI Software LLC
Software	First Lien(4)(7)(8)	SOFR(Q)	+	4.75%	8.45%	10/2024	02/2028	12,899		12,843		12,675
	First Lien(8)	SOFR(Q)	+	4.75%	8.45%	12/2023	02/2028	4,177		4,168		4,105
	First Lien(8)	SOFR(Q)	+	4.75%	8.45%	08/2024	02/2028	2,622		2,613		2,577
	First Lien(8)(9) - Drawn	SOFR(Q)	+	4.75%	8.46%	10/2025	02/2028	609		608		598
	First Lien(8)(9) - Drawn	SOFR(Q)	+	4.75%	8.45%	12/2023	02/2028	299		301		294
										20,533		20,249		1.71	%
iCIMS, Inc.
Software	First Lien(8)	SOFR(Q)	+	5.75%	9.42%	08/2022	08/2028	11,320		11,301		10,833
	First Lien(4)(7)(8)	SOFR(Q)	+	5.75%	9.42%	08/2022	08/2028	9,587		9,552		9,174
	First Lien(8)(9) - Drawn	SOFR(Q)	+	5.75%	9.42%	08/2022	08/2028	227		236		218
										21,089		20,225		1.71	%
CentralSquare Technologies, LLC
Software	First Lien(4)(7)(8)	SOFR(M)	+	5.75%	9.42%	04/2024	04/2030	20,168		19,996		20,168		1.71	%
GHX Ultimate Parent Corporation
Healthcare	First Lien(4)(7)(8)	SOFR(Q)*	+	2.50% +2.50%/PIK	8.70%	02/2025	02/2033	17,595		17,442		17,595
	First Lien(4)(7)(8)	SOFR(Q)*	+	2.50% +2.50%/PIK	8.70%	02/2026	02/2033	2,429		2,423		2,429
										19,865		20,024		1.70	%
Asurion, LLC
Business Services	First Lien(2)(6)	SOFR(M)	+	4.25%	7.92%	09/2024	09/2030	19,700		19,387		19,524		1.65	%
Allworth Financial Group, L.P.
Financial Services & Technology	First Lien(8)	SOFR(M)	+	4.75%	8.42%	10/2023	12/2027	12,491		12,424		12,491
	First Lien(8)(9) - Drawn	SOFR(M)	+	4.75%	8.42%	10/2024	12/2027	5,352		5,337		5,352
										17,761		17,843		1.51	%
Eclipse Topco, Inc. (12)
Eclipse Buyer, Inc.
Financial Services & Technology	First Lien(4)(7)(8)	SOFR(M)	+	4.50%	8.18%	09/2024	09/2031	17,280		17,209		17,194		1.46	%
Houghton Mifflin Harcourt Company
Education	First Lien(4)(7)	SOFR(M)	+	5.25%	9.02%	12/2023	04/2029	11,408		11,273		9,703
	First Lien(2)(6)	SOFR(M)	+	5.25%	9.02%	09/2023	04/2029	8,611		8,299		7,324
										19,572		17,027		1.44	%

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, 2026

(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 (19)		Cost		Fair  Value		Percent of Members' Capital
Legends Hospitality Holding Company, LLC
Business Services	First Lien(4)(7)(8)	SOFR(Q)*	+	2.75% +2.75%/PIK	9.17%	08/2024	08/2031	$	14,717	$	14,602	$	14,570
	First Lien(8)(9) - Drawn	SOFR(M)	+	5.00%	8.67%	08/2024	08/2030	884		879		875
	First Lien(8)	SOFR(Q)	+	5.00%	8.66%	08/2024	08/2031	837		830		828
										16,311		16,273		1.38	%
PetVet Care Centers, LLC
Consumer Services	First Lien(2)(6)(8)	SOFR(M)	+	6.00%	9.67%	10/2023	11/2030	18,302		18,167		15,714
	First Lien(8)(9) - Drawn	SOFR(M)	+	6.00%	9.67%	10/2023	11/2029	488		493		419
										18,660		16,133		1.37	%
OB Hospitalist Group, Inc.
Healthcare	First Lien(4)(7)(8)	SOFR(M)	+	5.25%	9.02%	10/2024	09/2027	13,435		13,434		13,435
	First Lien(4)(7)(8)	SOFR(M)	+	5.25%	9.02%	07/2024	09/2027	2,309		2,295		2,309
										15,729		15,744		1.33	%
IEM New Sub 2, LLC
Business Products	First Lien(4)(7)(8)	SOFR(S)	+	4.75%	8.37%	12/2025	12/2031	15,196		15,160		15,158		1.28	%
Al Altius US Bidco, Inc.
Business Services	First Lien(2)(6)(8)	SOFR(S)	+	4.75%	8.36%	05/2024	12/2028	11,744		11,703		11,744
	First Lien(4)(7)(8)	SOFR(S)	+	4.75%	8.36%	05/2024	12/2028	3,062		3,051		3,062
										14,754		14,806		1.25	%
Victors Purchaser, LLC
Business Services	First Lien(2)(6)(8)	SOFR(Q)	+	4.50%	8.20%	12/2025	12/2032	14,822		14,804		14,804		1.25	%
Sierra Enterprises, LLC
Food & Beverage	First Lien(2)(6)(8)	SOFR(Q)	+	5.75%	9.45%	05/2025	05/2030	14,265		14,173		14,265		1.21	%
Foundational Education Group, Inc.
Education	Second Lien(2)(6)(8)	SOFR(Q)	+	6.50%	10.43%	05/2022	08/2029	9,783		8,990		9,783
	First Lien(2)(6)	SOFR(Q)	+	3.75%	7.68%	05/2025	08/2028	4,552		4,228		4,188
										13,218		13,971		1.18	%
Fetch, Inc.
Business Services	First Lien(4)(7)	SOFR(M)	+	4.75%	8.42%	03/2026	03/2033	13,822		13,753		13,752		1.16	%
Firebird Acquisition Corp, Inc.
Business Services	First Lien(2)(6)(8)	SOFR(Q)*	+	2.25% +2.75%/PIK	8.67%	01/2025	02/2032	10,184		10,163		10,184
	First Lien(8)(9) - Drawn	SOFR(Q)	+	4.50%	8.17%	01/2025	02/2032	3,263		3,257		3,263
										13,420		13,447		1.14	%
Diligent Corporation
Software	First Lien(4)(7)(8)	SOFR(Q)	+	5.00%	8.67%	04/2024	08/2030	10,980		10,949		10,861
	First Lien(8)	SOFR(Q)	+	5.00%	8.67%	04/2024	08/2030	1,882		1,877		1,862
	First Lien(8)(9) - Drawn	SOFR(Q)	+	5.00%	8.67%	04/2024	08/2030	276		276		273
										13,102		12,996		1.10	%

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, 2026

(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 (19)		Cost		Fair  Value		Percent of Members' Capital
Low Voltage Holdings Inc.
Business Services	First Lien(2)(6)(8)	SOFR(Q)	+	4.50%	8.20%	04/2025	04/2032	$	11,153	$	11,115	$	11,153
	First Lien(8)	SOFR(Q)	+	4.50%	8.20%	04/2025	04/2032	1,694		1,688		1,694
										12,803		12,847		1.09	%
Icefall Parent, Inc.
Financial Services & Technology	First Lien(8)	SOFR(Q)	+	4.50%	8.20%	01/2024	01/2030	8,422		8,363		8,192
	First Lien(4)(7)(8)	SOFR(Q)	+	4.50%	8.20%	12/2025	01/2030	4,776		4,776		4,646
										13,139		12,838		1.09	%
CoreTrust Purchasing Group LLC
Business Services	First Lien(2)(6)(8)	SOFR(M)	+	5.25%	8.92%	09/2022	10/2029	9,837		9,753		9,837
	First Lien(8)	SOFR(M)	+	5.25%	8.92%	09/2022	10/2029	1,529		1,517		1,529
	First Lien(4)(7)(8)	SOFR(M)	+	5.25%	8.92%	09/2022	10/2029	1,037		1,033		1,037
										12,303		12,403		1.05	%
Vamos Bidco, Inc.
Software	First Lien(4)(7)(8)	SOFR(Q)	+	4.75%	8.45%	01/2025	01/2032	12,386		12,329		12,181		1.03	%
Bonterra LLC
Software	First Lien(2)(6)(8)	SOFR(Q)	+	4.75%	8.45%	03/2025	03/2032	9,258		9,237		9,088
	First Lien(8)(9) - Drawn	SOFR(Q)	+	4.75%	8.43%	10/2025	03/2032	1,867		1,858		1,832
	First Lien(8)	SOFR(Q)	+	4.75%	8.45%	03/2025	03/2032	1,008		1,006		990
	First Lien(8)(9) - Drawn	SOFR(Q)	+	4.75%	8.44%	03/2025	03/2032	272		272		267
										12,373		12,177		1.03	%
Xactly Corporation
Software	First Lien(4)(7)(8)	SOFR(Q)	+	6.25%	10.02%	02/2023	07/2027	12,802		12,791		12,151		1.03	%
ComPsych Investments Corp.
Business Services	First Lien(4)(7)(8)	SOFR(Q)	+	4.75%	8.42%	07/2024	07/2031	12,099		12,053		12,099		1.02	%
PROS Parent, Inc.
Business Services	First Lien(4)(7)(8)	SOFR(Q)	+	4.75%	8.42%	12/2025	12/2032	11,954		11,939		11,939		1.01	%
Lighthouse Buyer, Inc.
Business Services	First Lien(4)(7)(8)	SOFR(A)	+	4.50%	8.04%	12/2025	12/2031	11,815		11,759		11,756		1.00	%
Trinity Air Consultants Holdings Corporation
Business Services	First Lien(4)(7)(8)	SOFR(Q)	+	4.25%	8.02%	10/2025	06/2029	8,778		8,739		8,778
	First Lien(4)(7)(8)	SOFR(Q)	+	4.25%	8.01%	06/2023	06/2029	2,895		2,881		2,895
										11,620		11,673		0.99	%
HP TLE Buyer, Inc.
Education	First Lien(2)(6)(8)	SOFR(Q)	+	4.75%	8.45%	07/2025	07/2032	10,938		10,888		10,938		0.93	%

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, 2026

(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 (19)		Cost		Fair  Value		Percent of Members' Capital
Foreside Financial Group, LLC
Business Services	First Lien(2)(6)(8)	SOFR(Q)	+	5.25%	9.07%	05/2022	09/2027	$	7,460	$	7,450	$	7,460
	First Lien(2)(6)(8)	SOFR(Q)	+	5.25%	9.07%	10/2024	09/2027	1,817		1,817		1,817
	First Lien(8)	SOFR(Q)	+	5.25%	9.09%	03/2024	09/2027	752		749		752
	First Lien(8)	SOFR(Q)	+	5.25%	9.07%	05/2022	09/2027	355		354		355
	First Lien(4)(7)(8)	SOFR(Q)	+	5.25%	9.07%	05/2022	09/2027	264		264		264
	First Lien(8)(9) - Drawn	SOFR(Q)	+	5.25%	9.11%	05/2022	09/2027	116		120		116
										10,754		10,764		0.91	%
RLG Holdings, LLC
Packaging	First Lien(4)(7)	SOFR(Q)	+	4.25%	8.18%	09/2025	07/2028	11,747		9,611		5,580
	First Lien	SOFR(Q)	+	4.25%	8.18%	01/2026	07/2028	7,375		3,588		3,503
	Second Lien	SOFR(Q)	+	7.50%	11.43%	01/2026	07/2029	5,888		843		1,030
	First Lien	SOFR(Q)	+	5.00%	8.67%	10/2025	07/2028	1,196		708		568
										14,750		10,681		0.90	%
Tempo Acquisition, LLC**
Business Services	First Lien	SOFR(M)	+	1.75%	5.42%	03/2026	08/2028	14,269		9,473		10,356		0.88	%
DigiCert, Inc.
Software	First Lien(4)(7)(8)	SOFR(M)	+	5.75%	9.42%	07/2025	07/2030	10,327		10,259		10,250		0.87	%
Planview Parent, Inc.
Software	Second Lien(4)(7)	SOFR(Q)	+	5.75%	9.45%	06/2024	12/2028	12,117		12,091		8,073
	First Lien(4)	SOFR(Q)	+	3.50%	7.20%	02/2026	12/2027	2,649		2,129		1,996
										14,220		10,069		0.85	%
MedX Holdings, LLC
Healthcare	First Lien(4)(7)(8)	SOFR(M)	+	4.50%	8.17%	07/2025	07/2032	10,044		9,997		10,044
	First Lien(8)(9) - Drawn	SOFR(M)	+	4.50%	8.18%	07/2025	07/2032	22		22		22
										10,019		10,066		0.85	%
Nexus Buyer LLC
Financial Services & Technology	Second Lien(4)(7)	SOFR(M)	+	5.75%	9.42%	08/2025	02/2032	10,000		9,907		9,775		0.83	%
DG Investment Intermediate Holdings 2, Inc.
Business Services	Second Lien(2)(6)	SOFR(M)	+	5.50%	9.17%	07/2025	07/2033	9,512		9,468		9,286		0.79	%
GS Acquisitionco, Inc.
Software	First Lien(8)	SOFR(Q)	+	5.25%	8.95%	03/2024	05/2028	4,984		4,979		4,667
	First Lien(4)(7)(8)	SOFR(Q)	+	5.25%	8.95%	03/2024	05/2028	2,296		2,299		2,150
	First Lien(8)(9) - Drawn	SOFR(Q)	+	5.25%	8.95%	03/2024	05/2028	1,268		1,268		1,187
	First Lien(8)	SOFR(Q)	+	5.25%	8.95%	03/2024	05/2028	991		990		928
										9,536		8,932		0.76	%
PDI TA Holdings, Inc.
Software	First Lien(4)(7)(8)	SOFR(Q)*	+	3.50% +2.50%/PIK	9.70%	01/2024	02/2031	6,297		6,274		6,007
	First Lien(8)	SOFR(Q)*	+	3.50% +2.50%/PIK	9.70%	01/2024	02/2031	2,278		2,269		2,173
	First Lien(8)(9) - Drawn	SOFR(Q)	+	5.50%	9.17%	01/2024	02/2031	638		636		609
										9,179		8,789		0.74	%

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, 2026

(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 (19)		Cost		Fair  Value		Percent of Members' Capital
FS WhiteWater Holdings, LLC (13)
FS WhiteWater Borrower, LLC
Consumer Services	First Lien(2)(6)(8)	SOFR(Q)	+	5.25%	9.10%	07/2022	12/2029	$	3,911	$	3,891	$	3,911
	First Lien(2)(6)(8)	SOFR(Q)	+	5.25%	9.10%	09/2024	12/2029	3,214		3,191		3,214
	First Lien(8)(9) - Drawn	SOFR(Q)	+	5.25%	9.10%	03/2025	12/2029	1,280		1,270		1,280
										8,352		8,405		0.71	%
Jawbreaker Topco, L.P. (17)
Jawbreaker Parent, Inc.
Software	First Lien(4)(7)(8)	SOFR(Q)	+	4.75%	8.45%	01/2026	01/2033	8,230		8,190		8,189		0.69	%
Bluefin Holding, LLC
Financial Services & Technology	First Lien(4)(7)(8)	SOFR(Q)	+	4.25%	7.92%	09/2023	09/2029	8,148		8,087		8,124		0.69	%
Arrow Borrower 2025, Inc.
Financial Services & Technology	First Lien(4)(7)(8)	SOFR(Q)	+	4.25%	7.95%	10/2025	10/2032	8,214		8,205		8,013		0.68	%
Databricks, Inc.
Software	First Lien(4)(7)(8)	SOFR(M)	+	4.50%	8.17%	12/2024	01/2032	7,975		7,943		7,935		0.67	%
LSCS Holdings, Inc.
Healthcare	First Lien(4)(7)	SOFR(Q)	+	4.50%	8.20%	09/2024	03/2032	8,359		8,275		7,889		0.67	%
Optimizely North America Inc.
Software	First Lien(4)(7)(8)	SOFR(M)	+	5.00%	8.67%	10/2024	10/2031	7,920		7,887		7,800		0.66	%
Wrench Group LLC
Consumer Services	First Lien(2)(6)(8)	SOFR(Q)	+	4.75%	8.45%	10/2025	09/2032	7,838		7,801		7,798		0.66	%
Panzura Holdings, LLC (11)
Panzura, LLC
Software	First Lien(8)	Fixed(Q)*		9.00% +8.00%/PIK	17.00%	08/2023	08/2027	8,260		8,007		7,508		0.64	%
Community Management Holdings MidCo 2, LLC
Business Services	First Lien(2)(6)(8)	SOFR(Q)	+	4.75%	8.41%	11/2024	11/2031	5,205		5,172		5,205
	First Lien(8)(9) - Drawn	SOFR(Q)	+	5.00%	8.67%	11/2024	11/2031	1,030		1,024		1,030
	First Lien(8)	SOFR(Q)	+	5.00%	8.71%	07/2025	11/2031	863		855		863
	First Lien(8)(9) - Drawn	SOFR(Q)	+	5.00%	8.66%	11/2024	11/2031	403		401		403
										7,452		7,501		0.64	%
Rithum Holdings, Inc. (fka CommerceHub, Inc.)
Software	First Lien(2)(6)	SOFR(Q)	+	4.75%	8.45%	07/2025	07/2032	7,744		7,612		7,386		0.63	%
PDQ.com Corporation
Software	First Lien(2)(6)(8)	SOFR(Q)	+	4.75%	8.41%	10/2023	10/2032	3,877		3,848		3,819
	First Lien(2)(6)(8)	SOFR(Q)	+	4.50%	8.20%	10/2025	10/2032	2,944		2,937		2,900
	First Lien(8)	SOFR(Q)	+	4.75%	8.39%	10/2023	10/2032	626		625		617
										7,410		7,336		0.62	%

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, 2026

(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 (19)		Cost		Fair  Value		Percent of Members' Capital
Beacon Pointe Harmony, LLC
Financial Services & Technology	First Lien(8)	SOFR(M)	+	4.50%	8.17%	06/2024	12/2028	$	7,102	$	7,084	$	7,102	0.60	%
Archduke Buyer, Inc.
Software	First Lien(4)(7)(8)	SOFR(Q)	+	5.50%	9.17%	12/2025	12/2032	7,102		7,067		7,066		0.60	%
Packaging Coordinators Midco, Inc.
Healthcare	First Lien(4)(7)(8)	SOFR(Q)	+	5.00%	8.67%	10/2025	10/2032	5,093		5,069		5,067
	First Lien(8)	SOFR(Q)	+	5.00%	8.67%	10/2025	10/2032	1,026		1,016		1,021
	First Lien(4)(7)(8)(18)	SONIA(D)	+	5.00%	8.73%	10/2025	10/2032	€	643	842		846
	First Lien(8)(9) - Drawn	SOFR(Q)	+	5.00%	8.67%	10/2025	10/2032	74		74		73
										7,001		7,007		0.59	%
Galway Borrower LLC
Business Services	First Lien(4)(7)	SOFR(Q)	+	4.50%	8.20%	04/2024	09/2028	4,407		4,394		4,308
	First Lien	SOFR(Q)	+	4.50%	8.20%	04/2024	09/2028	1,922		1,904		1,878
	First Lien	SOFR(Q)	+	4.50%	8.20%	02/2026	09/2028	185		185		181
	First Lien(9) - Drawn	SOFR(Q)	+	4.50%	8.20%	02/2026	09/2028	123		123		121
										6,606		6,488		0.55	%
CRCI Longhorn Holdings, Inc.
Business Services	First Lien(4)(7)(8)	SOFR(M)	+	4.75%	8.42%	08/2024	08/2031	6,434		6,408		6,434		0.54	%
RailPros Parent, LLC
Business Services	First Lien(4)(7)(8)	SOFR(Q)	+	4.25%	7.91%	05/2025	05/2032	5,813		5,788		5,784
	First Lien(8)(9) - Drawn	SOFR(Q)	+	4.25%	7.91%	05/2025	05/2032	539		537		537
										6,325		6,321		0.54	%
Fullsteam Operations LLC
Financial Services & Technology	First Lien(4)(7)(8)	SOFR(Q)	+	5.25%	8.89%	08/2025	08/2031	6,223		6,195		6,182		0.52	%
Cloudera, Inc.
Software	Second Lien(2)(6)	SOFR(M)	+	6.00%	9.77%	10/2022	10/2029	7,900		7,041		6,148		0.52	%
Greenway Health, LLC
Healthcare	First Lien(4)(7)(8)	SOFR(Q)	+	6.75%	10.45%	12/2023	04/2029	6,222		6,163		6,146		0.52	%
The Ultimus Group Midco, LLC
Financial Services & Technology	First Lien(4)(7)(8)	SOFR(Q)	+	4.75%	8.45%	07/2025	07/2032	6,089		6,061		6,058		0.51	%
Zest Acquisition Corp.
Healthcare	First Lien(2)(6)(8)	SOFR(Q)	+	5.25%	8.92%	04/2023	02/2028	6,058		5,977		6,058		0.51	%
Javelin Buyer, Inc.
Software	Second Lien(4)(7)(8)	SOFR(Q)	+	5.00%	8.67%	10/2024	12/2032	6,470		6,441		5,991		0.51	%
IG IntermediateCo LLC
Infogain Corporation
Business Services	Subordinated(8)	SOFR(Q)	+	7.50%	11.30%	07/2022	07/2029	3,043		3,021		3,043
	First Lien(2)(6)(8)	SOFR(M)	+	5.75%	9.52%	07/2022	07/2028	2,660		2,648		2,660
										5,669		5,703		0.48	%

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, 2026

(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 (19)		Cost		Fair  Value		Percent of Members' Capital
Project Accelerate Parent, LLC
Financial Services & Technology	First Lien(4)(7)(8)	SOFR(M)	+	5.25%	8.92%	02/2024	02/2031	$	5,542	$	5,521	$	5,542	0.47	%
Radwell Parent, LLC
Distribution & Logistics	First Lien(2)(6)(8)	SOFR(Q)	+	5.50%	9.20%	11/2022	04/2030	5,367		5,323		5,367
	First Lien(8)(9) - Drawn	SOFR(Q)	+	5.50%	9.21%	11/2022	04/2030	97		98		97
										5,421		5,464		0.46	%
Smile Doctors LLC
Healthcare	First Lien(2)(6)(8)	SOFR(S)	+	5.90%	9.63%	05/2022	12/2028	3,747		3,734		3,637
	First Lien(2)(6)(8)	SOFR(S)	+	5.90%	9.63%	05/2022	12/2028	1,103		1,093		1,070
	First Lien(8)	SOFR(S)	+	5.90%	9.63%	06/2023	12/2028	561		557		545
										5,384		5,252		0.44	%
Next Holdco, LLC
Healthcare	First Lien(2)(6)(8)	SOFR(Q)	+	5.25%	8.89%	11/2023	11/2030	5,183		5,157		5,183		0.44	%
Cronos Crimson Holdings, Inc. (f/k/a NMC Crimson Holdings, Inc.)
Healthcare	First Lien(2)(6)(8)	SOFR(Q)	+	6.24%	10.06%	04/2025	03/2028	4,706		4,690		4,706		0.40	%
TigerConnect, Inc.
Healthcare	First Lien(4)(7)(8)	SOFR(Q)	+	6.25%	10.06%	11/2024	08/2029	2,337		2,325		2,293
	First Lien(4)(7)(8)	SOFR(Q)	+	6.25%	10.06%	08/2025	08/2029	2,045		2,032		2,006
	First Lien(4)(7)(8)	SOFR(Q)	+	6.25%	10.06%	11/2024	08/2029	113		113		111
										4,470		4,410		0.37	%
Centegix Intermediate II, LLC
Business Services	First Lien(4)(7)(8)	SOFR(Q)*	+	2.63% +3.13%/PIK	9.40%	08/2025	08/2032	3,240		3,225		3,224
	First Lien(8)	SOFR(Q)*	+	2.63% +3.13%/PIK	9.40%	08/2025	08/2032	531		527		528
	First Lien(8)	SOFR(Q)*	+	2.63%+3.13%/PIK	9.40%	08/2025	08/2032	407		406		405
	First Lien(4)(7)(8)	SOFR(Q)	+	5.50%	9.20%	03/2026	08/2032	169		168		168
										4,326		4,325		0.37	%
Pathway Vet Alliance LLC
Consumer Services	First Lien(4)(7)	SOFR(Q)	+	5.00%	8.67%	04/2025	06/2028	4,006		4,021		3,974		0.34	%
LogRhythm, Inc.
Software	First Lien(2)(6)(8)	SOFR(Q)	+	7.50%	11.17%	07/2024	07/2029	4,196		4,151		3,673		0.31	%
KENG Acquisition, Inc.
Business Services	First Lien(2)(6)(8)	SOFR(Q)	+	4.50%	8.17%	08/2023	08/2029	1,815		1,801		1,815
	First Lien(8)	SOFR(Q)	+	4.50%	8.17%	08/2023	08/2029	1,388		1,378		1,388
	First Lien(8)	SOFR(Q)	+	4.50%	8.17%	07/2024	08/2029	392		390		392
	First Lien(8)(9) - Drawn	SOFR(Q)	+	4.50%	8.17%	01/2025	08/2029	65		65		65
										3,634		3,660		0.31	%

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, 2026

(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 (19)		Cost		Fair  Value		Percent of Members' Capital
DT1 Midco Corp.
Business Services	First Lien(4)(7)(8)	SOFR(M)	+	5.00%	8.67%	02/2026	12/2031	$	2,044	$	2,044	$	2,034
	First Lien(4)(7)(8)	SOFR(M)	+	5.00%	8.67%	06/2025	12/2031	1,513		1,507		1,505
	First Lien(8)(9) - Drawn	SOFR(M)	+	5.00%	8.67%	06/2025	12/2031	36		36		36
										3,587		3,575		0.30	%
Fortis Solutions Group, LLC
Packaging	First Lien(8)	SOFR(Q)	+	5.50%	9.30%	06/2022	10/2028	1,455		1,454		1,455
	First Lien(8)	SOFR(Q)	+	5.50%	9.30%	06/2022	10/2028	1,185		1,184		1,185
	First Lien(4)(7)(8)	SOFR(Q)	+	5.50%	9.30%	06/2022	10/2028	372		372		372
										3,010		3,012		0.26	%
Zone Climate Services, Inc.
Business Services	First Lien(4)(7)(8)	SOFR(Q)	+	6.00%	9.82%	10/2023	03/2028	2,415		2,409		2,397
	First Lien(8)	SOFR(Q)	+	6.00%	9.85%	11/2023	03/2028	278		278		276
	First Lien(8)(9) - Drawn	SOFR(Q)	+	5.75%	9.55%	11/2023	03/2028	233		233		231
										2,920		2,904		0.25	%
Capstone Borrower, Inc.
Business Services	First Lien	Fixed(S)		8.00%	8.00%	03/2026	06/2030	2,649		2,277		2,534		0.21	%
KPSKY Acquisition Inc.
Business Services	First Lien(4)(7)(8)	SOFR(Q)	+	5.50%	9.26%	06/2022	10/2028	1,723		1,715		1,616
	First Lien(8)	SOFR(Q)	+	5.75%	9.52%	11/2023	10/2028	19		19		17
										1,734		1,633		0.14	%
DOCS, MSO, LLC
Healthcare	First Lien(2)(6)(8)	SOFR(Q)	+	5.00%	8.81%	06/2022	06/2028	1,579		1,578		1,564		0.13	%
Kele Holdco, Inc.
Distribution & Logistics	First Lien(4)(7)(8)	SOFR(M)	+	4.50%	8.17%	07/2025	02/2028	1,348		1,348		1,348
	First Lien(4)(7)(8)	SOFR(M)	+	4.50%	8.17%	07/2025	02/2028	69		69		69
	First Lien(8)(9) - Drawn	SOFR(M)	+	4.50%	8.17%	07/2025	02/2028	15		15		15
										1,432		1,432		0.12	%
RealPage, Inc.
Software	First Lien(4)	SOFR(Q)	+	3.75%	7.45%	03/2026	04/2028	1,381		1,294		1,345		0.11	%
Daxko Acquisition Corporation
Financial Services & Technology	First Lien(8)(9) - Drawn	SOFR(M)	+	4.75%	8.42%	07/2024	10/2028	1,105		1,100		1,092		0.09	%
KWOR Intermediate I, LLC (15)
KWOR Acquisition, Inc.
Business Services	Subordinated(8)	SOFR(Q)*	+	8.00%/PIK	11.67%	02/2025	02/2030	423		423		423
	First Lien(2)(6)(8)	SOFR(Q)*	+	1.00% +5.25%/PIK	9.92%	02/2025	02/2030	404		404		404
										827		827		0.07	%
Riskonnect Parent, LLC
Software	First Lien(4)(7)(8)	SOFR(Q)	+	4.75%	8.49%	11/2025	12/2028	450		448		450		0.04	%
Total Funded Debt Investments - United States										$	1,914,932	$	1,891,799	160.18	%

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, 2026

(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 (19)		Cost		Fair  Value		Percent of Members' Capital
Funded Debt Investments - United Kingdom
Ciklum Inc.**
Business Services	First Lien(2)(6)(8)	SOFR(Q)	+	7.00%	10.76%	02/2024	02/2030	$	12,144	$	12,037	$	12,144
	First Lien(8)	SOFR(Q)	+	7.00%	10.73%	02/2024	02/2030	6,904		6,878		6,904
										18,915		19,048		1.61	%
Accelya Lux Finco S.a r.l.**
Business Services	First Lien(4)(7)(8)	SOFR(Q)	+	5.25%	8.95%	09/2025	10/2032	9,528		9,348		9,176		0.78	%
Cleanova US Holdings, LLC**
Business Products	First Lien(2)(6)	SOFR(Q)	+	4.75%	8.42%	05/2025	06/2032	8,364		8,102		8,239		0.70	%
Total Funded Debt Investments - United Kingdom										$	36,365	$	36,463	3.09	%
Funded Debt Investments - France
Datheos Bidco**
Business Services	First Lien(4)(7)(8)(18)	EURIBOR(Q)	+	5.00%	7.13%	12/2025	12/2032	€	24,911	$	29,075	$	28,607	2.42	%
Total Funded Debt Investments - France										$	29,075	$	28,607	2.42	%
Funded Debt Investments - Australia
Atlas AU Bidco Pty Ltd**
Business Services	First Lien(4)(7)(8)	SOFR(Q)	+	4.75%	8.42%	06/2025	12/2029	$	3,983	$	3,974	$	3,929
	First Lien(2)(6)(8)	SOFR(Q)	+	4.75%	8.42%	12/2022	12/2029	3,402		3,371		3,356
	First Lien(4)(7)(8)	SOFR(Q)	+	4.75%	8.42%	12/2023	12/2029	1,325		1,316		1,307
										8,661		8,592		0.73	%
Adelaide Borrower, LLC**
Business Services	First Lien(8)	SOFR(Q)	+	6.25%	9.95%	05/2024	05/2030	4,780		4,745		4,732
	First Lien(8)(9) - Drawn	SOFR(Q)	+	6.25%	9.92%	05/2024	05/2030	80		81		79
										4,826		4,811		0.41	%
Total Funded Debt Investments - Australia										$	13,487	$	13,403	1.14	%
Funded Debt Investments - Jersey
Tennessee Bidco Limited**
Business Services	First Lien(4)(7)(8)	SOFR(S)*	+	3.50% + 2.00%/PIK	9.08%	06/2025	07/2031	$	10,989	$	10,989	$	10,989
	First Lien(4)(7)(8)	SOFR(S)*	+	3.50% + 2.00%/PIK	9.12%	06/2025	07/2031	602		602		602
										11,591		11,591		0.98	%
Total Funded Debt Investments - Jersey										$	11,591	$	11,591	0.98	%
Funded Debt Investments - Switzerland
Matterhorn Finco, Inc.**
Software	First Lien(4)(7)	SOFR(Q)	+	5.50%	9.20%	03/2026	03/2033	$	7,982	$	7,943	$	7,943	0.67	%
Total Funded Debt Investments - Switzerland										$	7,943	$	7,943	0.67	%

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, 2026

(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 (19)		Cost		Fair  Value		Percent of Members' Capital
Structured Financing Obligation - United States
Ivy Hill Middle Market Credit Fund, Ltd**
Investment Fund	Structured Finance Obligations(8)	SOFR(Q)	+	7.00%	10.67%	11/2024	01/2037	$	1,996	$	1,996	$	1,968	0.17	%
Total Structured Financing Obligation - United States										$	1,996	$	1,968	0.17	%
Total Funded Debt Investments										$	2,015,389	$	1,991,774	168.65	%
Equity - United States
HIG Intermediate, Inc. (14)
Business Services	Series A preferred shares (8)	Fixed(Q)		10.50%	10.50%	12/2024	—	14,558		$	14,448	$	14,558	1.23	%
Portage Point Partners, LP
Financial Services & Technology	Preferred shares (5)(8)	Fixed(S)		14.00%	14.00%	09/2024	—	77,399		7,663		7,740
	Class B common units (5)(8)	—		—	—	09/2024	—	667		2,415		3,641
										10,078		11,381		0.96	%
Eclipse Topco, Inc. (12)
Financial Services & Technology	Preferred shares (8)	Fixed(S)*		12.50%/PIK	12.50%	09/2024	—	461		5,361		5,407		0.45	%
Jawbreaker Topco, L.P. (17)
Software	Class A-1 common units (8)	—		—	—	01/2026	—	69,708		697		697		0.06	%
Knockout Intermediate Holdings I Inc. (16)
Software	Preferred shares (8)	SOFR(S)*	+	10.75%/PIK	14.35%	06/2022	—	433		690		663		0.06	%
KWOR TopCo I, LLC (15)
KWOR Intermediate I, LLC (15)
Business Services	Preferred shares (8)	SOFR(Q)*	+	8.00%/PIK	11.67%	02/2025	—	250		284		284
	Class A-1 common units (8)	—		—	—	02/2025	—	234		245		23
										529		307		0.03	%
FS WhiteWater Holdings, LLC (13)
Consumer Services	Class B preferred units (8)	Fixed(A)*		20.00%/PIK	20.00%	10/2024	—	1,396		219		219		0.02	%
Panzura Holdings, LLC (11)
Software	Class N-3 common units (3)(8)	—		—	—	02/2025	—	90,351		480		—		—	%
Total Shares - United States										$	32,502	$	33,232	2.81	%
Total Shares										$	32,502	$	33,232	2.81	%
Total Funded Investments										$	2,047,891	$	2,025,006	171.46	%
Unfunded Debt Investments - United States
FS WhiteWater Holdings, LLC (13)
FS WhiteWater Borrower, LLC
Consumer Services	First Lien(8)(9) - Undrawn	—		—	—	12/2025	12/2027	$	5,258	$	—	$	—
	First Lien(8)(9) - Undrawn	—		—	—	03/2025	03/2027	97		—		—
										—		—		—	%

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, 2026

(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 (19)		Cost		Fair  Value		Percent of Members' Capital
Associations Finance, Inc.
Associations, Inc.	First Lien(8)(9) - Undrawn	—	—	—	05/2024	07/2028	$	1,104	$	—	$	—
Business Services	First Lien(8)(9) - Undrawn	—	—	—	05/2024	07/2028	1,705		—		—
									—		—		—	%
WEG Sub Intermediate Holdings, LLC
Wealth Enhancement Group, LLC	First Lien(8)(9) - Undrawn	—	—	—	12/2024	12/2026	1,685		—		—
Financial Services & Technology	First Lien(8)(9) - Undrawn	—	—	—	02/2024	10/2028	536		(2)		—
									(2)		—		—	%
KWOR Acquisition, Inc.
Business Services	First Lien(8)(9) - Undrawn	—	—	—	02/2025	02/2027	249		—		—
	First Lien(8)(9) - Undrawn	—	—	—	02/2025	02/2030	188		—		—
									—		—		—	%
HIG Intermediate, Inc. (14)
HIG Operations Holdings, Inc.
Business Services	First Lien(8)(9) - Undrawn	—	—	—	03/2024	09/2026	591		—		—		—	%
Project Accelerate Parent, LLC
Financial Services & Technology	First Lien(8)(9) - Undrawn	—	—	—	02/2024	02/2031	806		(3)		—		—	%
Firebird Acquisition Corp, Inc.
Business Services	First Lien(8)(9) - Undrawn	—	—	—	01/2025	02/2027	2,590		—		—
	First Lien(8)(9) - Undrawn	—	—	—	01/2025	02/2032	1,761		(4)		—
									(4)		—		—	%
AAH Topco, LLC
Consumer Services	First Lien(8)(9) - Undrawn	—	—	—	03/2025	03/2027	10,274		—		—		—	%
Allworth Financial Group, L.P.
Financial Services & Technology	First Lien(8)(9) - Undrawn	—	—	—	10/2024	10/2026	2,572		—		—
	First Lien(8)(9) - Undrawn	—	—	—	10/2024	12/2027	368		(1)		—
									(1)		—		—	%
Bullhorn, Inc.
Software	First Lien(8)(9) - Undrawn	—	—	—	05/2024	05/2026	693		—		—
	First Lien(8)(9) - Undrawn	—	—	—	05/2024	10/2029	683		—		—
									—		—		—	%
Community Management Holdings MidCo 2, LLC
Business Services	First Lien(8)(9) - Undrawn	—	—	—	11/2024	11/2026	1,474		—		—
	First Lien(8)(9) - Undrawn	—	—	—	11/2024	11/2031	473		(4)		—
									(4)		—		—	%

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, 2026

(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 (19)		Cost		Fair  Value		Percent of Members' Capital
CRCI Longhorn Holdings, Inc.
Business Services	First Lien(8)(9) - Undrawn	—	—	—	08/2024	08/2026	$	1,629	$	—	$	—
	First Lien(8)(9) - Undrawn	—	—	—	08/2024	08/2031	1,086		(4)		—
									(4)		—		—	%
ComPsych Investments Corp.
Business Services	First Lien(8)(9) - Undrawn	—	—	—	07/2024	07/2027	3,507		(9)		—		—	%
CoreTrust Purchasing Group LLC
Business Services	First Lien(8)(9) - Undrawn	—	—	—	09/2022	05/2026	522		—		—
	First Lien(8)(9) - Undrawn	—	—	—	09/2022	10/2029	1,480		(11)		—
									(11)		—		—	%
KENG Acquisition, Inc.
Business Services	First Lien(8)(9) - Undrawn	—	—	—	01/2025	01/2027	1,017		—		—
	First Lien(8)(9) - Undrawn	—	—	—	08/2023	08/2029	675		(4)		—
									(4)		—		—	%
Foreside Financial Group, LLC
Business Services	First Lien(8)(9) - Undrawn	—	—	—	05/2022	09/2027	465		(5)		—		—	%
GHX Ultimate Parent Corporation
Healthcare	First Lien(8)(9) - Undrawn	—	—	—	02/2025	02/2033	2,612		(16)		—		—	%
IG Investments Holdings, LLC
Business Services	First Lien(8)(9) - Undrawn	—	—	—	11/2024	09/2028	3,146		(10)		—		—	%
Kele Holdco, Inc.
Distribution & Logistics	First Lien(8)(9) - Undrawn	—	—	—	07/2025	02/2028	139		—		—		—	%
Sierra Enterprises, LLC
Food & Beverage	First Lien(8)(9) - Undrawn	—	—	—	05/2025	05/2030	1,819		(11)		—		—	%
MAI Capital Management Intermediate LLC
Financial Services & Technology	First Lien(8)(9) - Undrawn	—	—	—	08/2024	08/2031	2,978		(15)		—		—	%
MedX Holdings, LLC
Healthcare	First Lien(8)(9) - Undrawn	—	—	—	07/2025	07/2027	4,155		—		—
	First Lien(8)(9) - Undrawn	—	—	—	07/2025	07/2032	1,778		(8)		—
									(8)		—		—	%
Model N, Inc.
Healthcare	First Lien(8)(9) - Undrawn	—	—	—	06/2024	06/2026	6,549		—		—
	First Lien(8)(9) - Undrawn	—	—	—	06/2024	06/2031	3,493		(13)		—
									(13)		—		—	%

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, 2026

(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 (19)		Cost		Fair  Value		Percent of Members' Capital
Next Holdco, LLC
Healthcare	First Lien(8)(9) - Undrawn	—	—	—	11/2023	11/2029	$	339	$	(2)	$	—	—	%
OB Hospitalist Group, Inc.
Healthcare	First Lien(8)(9) - Undrawn	—	—	—	10/2024	09/2027	1,933		—		—		—	%
OEConnection LLC
Business Services	First Lien(8)(9) - Undrawn	—	—	—	12/2024	12/2028	2,777		—		—
	First Lien(8)(9) - Undrawn	—	—	—	04/2024	12/2032	3,472		(11)		—
									(11)		—		—	%
Pioneer Buyer I, LLC
Software	First Lien(8)(9) - Undrawn	—	—	—	11/2025	11/2029	3,385		—		—		—	%
Radwell Parent, LLC
Distribution & Logistics	First Lien(8)(9) - Undrawn	—	—	—	11/2022	04/2030	319		(5)		—		—	%
Low Voltage Holdings Inc.
Business Services	First Lien(8)(9) - Undrawn	—	—	—	04/2025	10/2027	1,992		—		—
	First Lien(8)(9) - Undrawn	—	—	—	04/2025	04/2032	1,552		(5)		—
									(5)		—		—	%
SIG Parent Holdings, LLC
Business Services	First Lien(8)(9) - Undrawn	—	—	—	02/2026	02/2028	7,229		—		—		—	%
HP TLE Buyer, Inc.
Education	First Lien(8)(9) - Undrawn	—	—	—	07/2025	07/2032	2,406		(11)		—		—	%
Healthspan Buyer, LLC
Healthcare	First Lien(8)(9) - Undrawn	—	—	—	10/2023	10/2030	1,229		(8)		—		—	%
Trinity Air Consultants Holdings Corporation
Business Services	First Lien(8)(9) - Undrawn	—	—	—	10/2025	10/2027	1,886		—		—
	First Lien(8)(9) - Undrawn	—	—	—	10/2025	06/2029	503		(2)		—
									(2)		—		—	%
CentralSquare Technologies, LLC
Software	First Lien(8)(9) - Undrawn	—	—	—	04/2024	04/2030	2,205		(19)		—		—	%
USRP Holdings, Inc.
Business Services	First Lien(8)(9) - Undrawn	—	—	—	08/2024	08/2026	3,318		—		—
	First Lien(8)(9) - Undrawn	—	—	—	10/2023	12/2029	1,358		(3)		—
									(3)		—		—	%
Vessco Midco Holdings, LLC
Business Services	First Lien(8)(9) - Undrawn	—	—	—	11/2025	05/2028	3,425		—		—
	First Lien(2)(6)(8)(9) - Undrawn	—	—	—	11/2025	07/2026	24		—		—
	First Lien(8)(9) - Undrawn	—	—	—	07/2024	07/2026	561		—		—
	First Lien(8)(9) - Undrawn	—	—	—	07/2024	07/2031	2,546		(10)		—
									(10)		—		—	%

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, 2026

(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 (19)		Cost		Fair  Value		Percent of Members' Capital
YLG Holdings, Inc.
Business Services	First Lien(8)(9) - Undrawn	—	—	—	04/2025	11/2026	$	182	$	(1)	$	—
	First Lien(8)(9) - Undrawn	—	—	—	06/2024	12/2030	1,830		(1)		—
									(2)		—		—	%
Bluefin Holding, LLC
Financial Services & Technology	First Lien(8)(9) - Undrawn	—	—	—	09/2023	09/2029	626		(5)		(2)		(0.00)	%
PDI TA Holdings, Inc.
Software	First Lien(8)(9) - Undrawn	—	—	—	01/2024	02/2031	46		—		(2)		(0.00)	%
PROS Parent, Inc.
Business Services	First Lien(8)(9) - Undrawn	—	—	—	12/2025	12/2032	1,958		(2)		(2)		(0.00)	%
Zone Climate Services, Inc.
Business Services	First Lien(8)(9) - Undrawn	—	—	—	11/2023	03/2028	211		(2)		(2)		(0.00)	%
DOCS, MSO, LLC
Healthcare	First Lien(8)(9) - Undrawn	—	—	—	06/2022	06/2028	282		—		(3)		(0.00)	%
Centegix Intermediate II, LLC
Business Services	First Lien(8)(9) - Undrawn	—	—	—	03/2026	03/2028	828		—		—
	First Lien(8)(9) - Undrawn	—	—	—	08/2025	08/2032	563		(3)		(3)
									(3)		(3)		(0.00)	%
Victors Purchaser, LLC
Business Services	First Lien(8)(9) - Undrawn	—	—	—	12/2025	12/2027	1,161		—		(1)
	First Lien(8)(9) - Undrawn	—	—	—	12/2025	12/2032	2,208		(5)		(3)
									(5)		(4)		(0.00)	%
Archduke Buyer, Inc.
Software	First Lien(8)(9) - Undrawn	—	—	—	12/2025	12/2032	888		(4)		(4)		(0.00)	%
PPV Intermediate Holdings, LLC
Consumer Services	First Lien(8)(9) - Undrawn	—	—	—	08/2022	08/2029	266		(3)		(5)		(0.00)	%
DigiCert, Inc.
Software	First Lien(8)(9) - Undrawn	—	—	—	07/2025	07/2030	749		(5)		(6)		(0.00)	%
Jeppesen Holdings, LLC
Business Services	First Lien(8)(9) - Undrawn	—	—	—	10/2025	11/2032	2,710		(7)		(7)		(0.00)	%
IEM New Sub 2, LLC
Business Products	First Lien(8)(9) - Undrawn	—	—	—	12/2025	12/2027	2,955		—		(7)		(0.00)	%
Vehlo Purchaser, LLC
Software	First Lien(8)(9) - Undrawn	—	—	—	12/2025	05/2028	2,041		(7)		(8)		(0.00)	%
Acumatica Holdings, Inc.
Software	First Lien(8)(9) - Undrawn	—	—	—	07/2025	07/2032	3,148		—		(8)		(0.00)	%

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, 2026

(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 (19)		Cost		Fair  Value		Percent of Members' Capital
Jawbreaker Topco, L.P. (17)
Jawbreaker Parent, Inc.
Software	First Lien(8)(9) - Undrawn	—	—	—	01/2026	01/2029	$	1,587	$	—	$	—
	First Lien(8)(9) - Undrawn	—	—	—	01/2026	04/2026	3,935		—		—
	First Lien(8)(9) - Undrawn	—	—	—	01/2026	01/2033	1,587		(8)		(8)
									(8)		(8)		(0.00)	%
Legends Hospitality Holding Company, LLC
Business Services	First Lien(8)(9) - Undrawn	—	—	—	08/2024	08/2030	800		(8)		(8)		(0.00)	%
Wrench Group LLC
Consumer Services	First Lien(8)(9) - Undrawn	—	—	—	10/2025	09/2027	1,071		—		(5)
	First Lien(8)(9) - Undrawn	—	—	—	10/2025	09/2031	1,071		(5)		(5)
									(5)		(10)		(0.00)	%
RailPros Parent, LLC
Business Services	First Lien(8)(9) - Undrawn	—	—	—	05/2025	05/2032	899		(4)		(4)
	First Lien(8)(9) - Undrawn	—	—	—	05/2025	05/2027	1,258		—		(6)
									(4)		(10)		(0.00)	%
Optimizely North America Inc.
Software	First Lien(8)(9) - Undrawn	—	—	—	10/2024	10/2031	750		(3)		(11)		(0.00)	%
Fetch, Inc.
Business Services	First Lien(9) - Undrawn	—	—	—	03/2026	09/2028	4,065		—		—
	First Lien(9) - Undrawn	—	—	—	03/2026	03/2033	2,439		(12)		(12)
									(12)		(12)		(0.00)	%
The Ultimus Group Midco, LLC
Financial Services & Technology	First Lien(8)(9) - Undrawn	—	—	—	07/2025	07/2032	763		(3)		(4)
	First Lien(8)(9) - Undrawn	—	—	—	07/2025	01/2028	2,035		—		(10)
									(3)		(14)		(0.00)	%
Eclipse Topco, Inc. (12)
Eclipse Buyer, Inc.
Financial Services & Technology	First Lien(8)(9) - Undrawn	—	—	—	09/2024	09/2026	2,929		—		(15)		(0.00)	%
Fullsteam Operations LLC
Financial Services & Technology	First Lien(8)(9) - Undrawn	—	—	—	08/2025	08/2031	691		(3)		(4)
	First Lien(8)(9) - Undrawn	—	—	—	08/2025	08/2027	2,074		—		(13)
									(3)		(17)		(0.00)	%
Galway Borrower LLC
Business Services	First Lien(9) - Undrawn	—	—	—	02/2026	09/2028	201		(1)		(5)
	First Lien(9) - Undrawn	—	—	—	02/2026	02/2028	649		—		(15)
									(1)		(20)		(0.00)	%

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, 2026

(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 (19)		Cost		Fair  Value		Percent of Members' Capital
Daxko Acquisition Corporation
Financial Services & Technology	First Lien(8)(9) - Undrawn	—	—	—	07/2024	10/2028	$	483	$	(2)	$	(6)
	First Lien(8)(9) - Undrawn	—	—	—	07/2024	07/2026	1,304		—		(15)
									(2)		(21)		(0.00)	%
Maverick Bidco Inc.
Software	First Lien(8)(9) - Undrawn	—	—	—	12/2025	12/2031	1,029		(2)		(9)
	First Lien(8)(9) - Undrawn	—	—	—	12/2025	12/2027	1,286		—		(12)
									(2)		(21)		(0.00)	%
Businessolver.com, Inc.
Business Services	First Lien(8)(9) - Undrawn	—	—	—	12/2025	12/2032	3,663		(9)		(9)
	First Lien(8)(9) - Undrawn	—	—	—	12/2025	12/2027	5,198		—		(13)
									(9)		(22)		(0.00)	%
Superman Holdings, LLC
Software	First Lien(8)(9) - Undrawn	—	—	—	08/2024	08/2031	3,115		(6)		(23)		(0.00)	%
Xactly Corporation
Software	First Lien(8)(9) - Undrawn	—	—	—	07/2024	07/2027	538		—		(27)		(0.00)	%
Arrow Borrower 2025, Inc.
Financial Services & Technology	First Lien(8)(9) - Undrawn	—	—	—	10/2025	10/2032	1,120		(1)		(27)		(0.00)	%
Pike Corporation
Business Services	First Lien(8)(9) - Undrawn	—	—	—	12/2025	12/2032	4,581		(11)		(11)
	First Lien(8)(9) - Undrawn	—	—	—	12/2025	12/2028	6,871		—		(17)
									(11)		(28)		(0.00)	%
DT1 Midco Corp.
Business Services	First Lien(8)(9) - Undrawn	—	—	—	06/2025	12/2030	976		(3)		(5)
	First Lien(8)(9) - Undrawn	—	—	—	06/2025	04/2027	5,044		—		(25)
									(3)		(30)		(0.00)	%
Diligent Corporation
Software	First Lien(8)(9) - Undrawn	—	—	—	04/2024	08/2030	979		(4)		(11)
	First Lien(8)(9) - Undrawn	—	—	—	04/2024	04/2026	1,882		(5)		(20)
									(9)		(31)		(0.00)	%
MRI Software LLC
Software	First Lien(8)(9) - Undrawn	—	—	—	12/2023	02/2028	898		(4)		(16)
	First Lien(8)(9) - Undrawn	—	—	—	10/2025	10/2027	967		—		(17)
									(4)		(33)		(0.00)	%
NC Topco, LLC
Financial Services & Technology	First Lien(8)(9) - Undrawn	—	—	—	08/2024	09/2031	3,495		(14)		(34)		(0.00)	%
Icefall Parent, Inc.
Financial Services & Technology	First Lien(8)(9) - Undrawn	—	—	—	01/2024	01/2030	1,283		(5)		(35)		(0.00)	%

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, 2026

(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 (19)		Cost		Fair  Value		Percent of Members' Capital
Bonterra LLC
Software	First Lien(8)(9) - Undrawn	—	—	—	03/2025	03/2032	$	736	$	(2)	$	(13)
	First Lien(8)(9) - Undrawn	—	—	—	10/2025	10/2027	1,794		—		(33)
									(2)		(46)		(0.00)	%
Anaplan, Inc.
Software	First Lien(8)(9) - Undrawn	—	—	—	07/2025	06/2028	2,460		—		(48)		(0.00)	%
PDQ.COM Corporation
Software	First Lien(8)(9) - Undrawn	—	—	—	10/2025	10/2027	1,636		—		(25)
	First Lien(8)(9) - Undrawn	—	—	—	10/2023	10/2032	1,647		(11)		(25)
									(11)		(50)		(0.00)	%
LogRhythm, Inc.
Software	First Lien(8)(9) - Undrawn	—	—	—	07/2024	07/2029	420		(4)		(52)		(0.00)	%
Meta Buyer LLC
Healthcare	First Lien(8)(9) - Undrawn	—	—	—	12/2025	12/2031	4,804		(18)		(24)
	First Lien(8)(9) - Undrawn	—	—	—	12/2025	12/2027	5,763		—		(29)
									(18)		(53)		(0.00)	%
Packaging Coordinators Midco, Inc.
Healthcare	First Lien(8)(9) - Undrawn	—	—	—	10/2025	07/2027	66		—		—
	First Lien(8)(9) - Undrawn	—	—	—	10/2025	07/2027	966		—		(5)
	First Lien(8)(9) - Undrawn	—	—	—	10/2025	10/2032	2,879		(13)		(14)
	First Lien(8)(9) - Undrawn	—	—	—	10/2025	07/2027	3,868		—		(19)
	First Lien(8)(9) - Undrawn	—	—	—	10/2025	07/2027	3,774		—		(19)
									(13)		(57)		(0.00)	%
Lighthouse Buyer, Inc.
Business Services	First Lien(8)(9) - Undrawn	—	—	—	12/2025	12/2031	1,969		(9)		(10)
	First Lien(8)(9) - Undrawn	—	—	—	12/2025	12/2028	9,846		—		(49)
									(9)		(59)		(0.00)	%
iCIMS, Inc.
Software	First Lien(8)(9) - Undrawn	—	—	—	08/2022	08/2028	1,397		(12)		(60)		(0.01)	%
Brave Parent Holdings, Inc.
Software	First Lien(8)(9) - Undrawn	—	—	—	11/2023	11/2030	2,113		(5)		(68)		(0.01)	%
GS Acquisitionco, Inc.
Software	First Lien(8)(9) - Undrawn	—	—	—	03/2024	05/2028	1,150		(3)		(73)		(0.01)	%
Coupa Holdings, LLC
Software	First Lien(8)(9) - Undrawn	—	—	—	02/2023	02/2029	2,698		(8)		(33)
	First Lien(8)(9) - Undrawn	—	—	—	02/2023	06/2027	3,524		—		(43)
									(8)		(76)		(0.01)	%

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 (Continued)

March 31, 2026

(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 (19)		Cost		Fair  Value		Percent of Members' Capital
Baker Tilly Advisory Group, LP
Financial Services & Technology	First Lien(8)(9) - Undrawn	—	—	—	05/2025	06/2027	$	2,518	$	—	$	(41)
	First Lien(8)(9) - Undrawn	—	—	—	05/2024	06/2030	3,190		(17)		(51)
									(17)		(92)		(0.01)	%
Vamos Bidco, Inc.
Software	First Lien(8)(9) - Undrawn	—	—	—	01/2025	01/2032	1,560		(7)		(26)
	First Lien(8)(9) - Undrawn	—	—	—	01/2025	02/2027	5,200		—		(86)
									(7)		(112)		(0.01)	%
Einstein Parent, Inc.
Software	First Lien(8)(9) - Undrawn	—	—	—	01/2025	01/2031	3,560		(29)		(129)		(0.01)	%
Safety Borrower Holdings LLC
Business Services	First Lien(8)(9) - Undrawn	—	—	—	10/2024	12/2032	2,749		—		(44)
	First Lien(8)(9) - Undrawn	—	—	—	12/2025	12/2027	5,371		—		(86)
									—		(130)		(0.02)	%
Databricks, Inc.
Software	First Lien(8)(9) - Undrawn	—	—	—	12/2025	01/2028	26,862		—		(134)		(0.02)	%
Viper Bidco, Inc.
Business Services	First Lien(8)(9) - Undrawn	—	—	—	09/2025	09/2027	7,896		—		(231)		(0.03)	%
Diamondback Acquisition, Inc.
Software	First Lien(8)(9) - Undrawn	—	—	—	09/2025	09/2032	3,169		(8)		(81)
	First Lien(8)(9) - Undrawn	—	—	—	09/2025	09/2027	6,097		—		(156)
									(8)		(237)		(0.03)	%
Runway Bidco, LLC
Software	First Lien(8)(9) - Undrawn	—	—	—	12/2024	12/2031	3,633		(15)		(82)
	First Lien(8)(9) - Undrawn	—	—	—	12/2024	12/2026	7,265		—		(164)
									(15)		(246)		(0.03)	%
PetVet Care Centers, LLC
Consumer Services	First Lien(8)(9) - Undrawn	—	—	—	10/2023	11/2029	1,954		(20)		(276)		(0.03)	%
Total Unfunded Debt Investments - United States									$	(535)	$	(2,749)	(0.23)	%
Unfunded Debt Investments - United Kingdom
Ciklum Inc.**
Business Services	First Lien(8)(9) - Undrawn	—	—	—	02/2024	02/2030	$	3,874	$	(31)	$	—	—
Total Unfunded Debt Investments - United Kingdom									$	(31)	$	—	—	%

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)

March 31, 2026

(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 (19)		Cost		Fair  Value		Percent of Members' Capital
Unfunded Debt Investments - Switzerland
Matterhorn Finco, Inc.**
Software	First Lien(9) - Undrawn	—	—	—	03/2026	03/2033	$	698	$	(3)	$	(3)
	First Lien(4)(7)(9) - Undrawn	—	—	—	03/2026	03/2033	698		(3)		(3)
									(6)		(6)		(0.00)	%
Total Unfunded Debt Investments - Switzerland									$	(6)	$	(6)	(0.00)	%
Unfunded Debt Investments - Australia
Atlas AU Bidco Pty Ltd**
Business Services	First Lien(8)(9) - Undrawn	—	—	—	12/2022	12/2028	$	740	$	(3)	$	(10)	(0.00)	%
Adelaide Borrower, LLC**
Business Services	First Lien(8)(9) - Undrawn	—	—	—	05/2024	05/2030	587		(6)		(6)
	First Lien(8)(9) - Undrawn	—	—	—	05/2024	05/2026	1,048		—		(10)
									(6)		(16)		(0.00)	%
Total Unfunded Debt Investments - Australia									$	(9)	$	(26)	(0.00)	%
Unfunded Debt Investments - France
Datheos Bidco**
Business Services	First Lien(8)(9)(18) - Undrawn	—	—	—	12/2025	10/2029	€	4,529	$	—	$	(32)	(0.00)	%
Total Unfunded Debt Investments - France									—		(32)		(0.00)	%
Total Unfunded Debt Investments									$	(581)	$	(2,813)	(0.23)	%
Total Non-Controlled/Non-Affiliated Investments									$	2,047,310	$	2,022,193	171.23	%
Total Investments									$	2,047,310	$	2,022,193	171.23	%

(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), the Sterling Overnight Interbank Average Rate (SONIA), the Euro Interbank Offered Rate (EURIBOR) and the alternative base rate (Base) and which resets Daily (D), 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, 2026.

(11)The Company holds Class N-3 common units 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.

29

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

Consolidated Schedule of Investments (Continued)

March 31, 2026

(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. The Company's preferred equity investment is entitled to receive cumulative preferred dividends that is calculated using the stated value of the Company's equity investment plus the aggregate unpaid compounded dividends as of the date of determination. As of March 31, 2026, the Company's stated value of its equity investment plus unpaid compounded dividends was $5,407.

(13)The Company holds Class B preferred units in FS WhiteWater Holdings, LLC and a first lien term loan and three first lien delayed draws in FS WhiteWater Borrower, LLC, a wholly-owned subsidiary of FS WhiteWater Holdings, LLC. The Company's Class B preferred units are entitled to receive cumulative preferred dividends that is calculated using the stated value of the Company's equity investment plus the aggregate unpaid compounded dividends as of the date of determination. As of March 31, 2026, the Company's stated value of its equity investment plus unpaid compounded dividends was $219.

(14)The Company holds Series A preferred shares 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 Class A-1 common units in KWOR TopCo I, LLC and preferred equity and subordinated notes in KWOR Intermediate I, LLC, a wholly-owned subsidiary of KWOR TopCo I, LLC. The Company also holds a first lien term loan, a first lien delayed draw and a first lien revolver in KWOR Acquisition, Inc., a wholly-owned subsidiary of KWOR Intermediate I, LLC. The Company's preferred equity investment is entitled to receive cumulative preferred dividends that is calculated using the stated value of the Company's equity investment plus the aggregate unpaid compounded dividends as of the date of determination. As of March 31, 2026, the Company's stated value of its equity investment plus unpaid compounded dividends was $284.

(16)The Company's preferred equity investment in Knockout Intermediate Holdings I, Inc. is entitled to receive cumulative preferred dividends that is calculated using the stated value of the Company's equity investment plus the aggregate unpaid compounded dividends as of the date of determination. As of March 31, 2026, the Company's stated value of its share plus unpaid compounded dividends was $694.

(17)The Company holds Class A-1 common units in Jawbreaker Topco, L.P. and a first lien term loan, first lien delayed draws and first lien revolver in Jawbreaker Parent, Inc., a partially-owned subsidiary of Jawbreaker Topco, L.P.

(18)Investment is denominated in foreign currency and is translated into U.S. dollars as of the valuation date. As of March 31, 2026, the par value U.S. dollar equivalent of the Packaging Coordinators Midco, Inc. first lien delayed draw is $850 and the Datheos Bidco first lien term loan and undrawn delayed draw term loan is $28,786 and $5,234, respectively. See Note 2. Summary of Significant Accounting Policies, for details.

(19)Par amount is denominated in United States Dollar unless otherwise noted, which may include British Pound ("£") and/or Euro ("€").

*    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, 2026, 5.27% of the Company's total assets are represented by investments at fair value that are considered non-qualifying assets.

ADDITIONAL INFORMATION

Foreign Currency Forward Contracts
Counterparty	Currency Purchased		Currency Sold		Settlement Date	Unrealized Appreciation (Depreciation)
U.S. Bank National Association	$	4,461	€	3,737	4/30/2026	$	143

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)

March 31, 2026    

(unaudited)

	March 31, 2026
Investment Type	Percent of Total Investments at Fair Value
First lien	95.00	%
Second lien	2.48	%
Subordinated	0.77	%
Structured finance obligations	0.10	%
Equity and other	1.65	%
Total investments	100.00	%

	March 31, 2026
Industry Type	Percent of Total Investments at Fair Value
Business Services	36.11	%
Software	28.50	%
Financial Services & Technology	14.73	%
Healthcare	10.59	%
Consumer Services	5.01	%
Education	2.07	%
Business Products	1.16	%
Food & Beverage	0.71	%
Packaging	0.68	%
Distribution & Logistics	0.34	%
Investment Fund	0.10	%
Total investments	100.00	%

	March 31, 2026
Interest Rate Type	Percent of Total Investments at Fair Value
Floating rates	97.52	%
Fixed rates	2.48	%
Total investments	100.00	%

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

December 31, 2025

(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 (18)		Cost		Fair Value		Percent of Members' Capital
Non-Controlled/Non-Affiliated Investments
Funded Debt Investments - United States
Viper Bidco, Inc.
Business Services	First Lien(4)(7)(8)	SOFR(Q)	+	4.75%	8.42%	11/2024	11/2031	$	41,857	$	41,673	$	41,857	3.47	%
WEG Sub Intermediate Holdings, LLC
Wealth Enhancement Group, LLC
Financial Services & Technology	First Lien(2)(6)(8)	SOFR(Q)	+	4.50%	8.49%	10/2023	10/2028	12,569		12,568		12,569
	First Lien(2)(6)(8)	SOFR(Q)	+	4.50%	8.49%	10/2023	10/2028	10,341		10,341		10,341
	First Lien(8)	SOFR(Q)	+	4.50%	8.49%	02/2024	10/2028	6,514		6,483		6,514
	Subordinated(8)	Fixed(Q)*		13.00%/PIK	13.00%	05/2023	05/2033	4,665		4,635		4,665
	First Lien(2)(6)(8)	SOFR(Q)	+	4.50%	8.49%	10/2023	10/2028	2,164		2,164		2,164
	First Lien(8)(9) - Drawn	SOFR(Q)	+	4.50%	8.36%	12/2024	10/2028	1,967		1,963		1,967
	First Lien(2)(6)(8)	SOFR(Q)	+	4.50%	8.49%	10/2023	10/2028	1,245		1,245		1,245
	First Lien(2)(6)(8)	SOFR(Q)	+	4.50%	8.49%	10/2023	10/2028	174		174		174
										39,573		39,639		3.29	%
Coupa Holdings, LLC
Software	First Lien(2)(6)(8)	SOFR(Q)	+	5.25%	9.09%	02/2023	02/2030	38,872		38,711		38,872		3.22	%
Anaplan, Inc.
Software	First Lien(2)(6)(8)	SOFR(Q)	+	4.50%	8.32%	06/2022	06/2029	34,734		34,719		34,734
	First Lien(8)	SOFR(Q)	+	4.50%	8.32%	01/2024	06/2029	3,300		3,300		3,300
										38,019		38,034		3.15	%
OEConnection LLC
Business Services	First Lien(4)(7)	SOFR(M)	+	4.50%	8.23%	04/2024	12/2032	37,110		37,007		37,172		3.08	%
Associations Finance, Inc.
Associations, Inc.
Business Services	First Lien(2)(6)(8)	SOFR(Q)	+	6.50%	10.66%	05/2024	07/2028	27,105		27,097		27,105
	Subordinated(8)	Fixed(Q)*		14.25%/PIK	14.25%	05/2024	05/2030	5,081		5,073		5,183
	Subordinated(8)	Fixed(Q)*		14.25%/PIK	14.25%	05/2024	05/2030	1,940		1,937		1,990
	First Lien(8)(9) - Drawn	SOFR(Q)	+	6.50%	10.66%	05/2024	07/2028	908		907		908
										35,014		35,186		2.92	%
MAI Capital Management Intermediate LLC
Financial Services & Technology	First Lien(4)(7)(8)	SOFR(Q)	+	4.75%	8.42%	08/2024	08/2031	21,503		21,412		21,503
	First Lien(8)	SOFR(Q)	+	4.75%	8.42%	08/2024	08/2031	12,643		12,590		12,643
	First Lien(8)(9) - Drawn	SOFR(Q)	+	4.75%	8.43%	08/2024	08/2031	874		876		874
										34,878		35,020		2.90	%
Jeppesen Holdings, LLC
Business Services	First Lien(4)(7)(8)	SOFR(Q)	+	4.75%	8.59%	10/2025	11/2032	35,044		34,950		34,956		2.90	%

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, 2025

(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 (18)		Cost		Fair Value		Percent of Members' Capital
Businessolver.com, Inc.
Business Services	First Lien(4)(7)	SOFR(Q)	+	4.50%	8.17%	12/2025	12/2032	$	30,660	$	30,584	$	30,583
	First Lien(2)(6)	SOFR(Q)	+	4.50%	8.17%	10/2023	12/2032	3,431		3,431		3,422
	First Lien	SOFR(Q)	+	4.50%	8.17%	10/2023	12/2032	619		619		617
										34,634		34,622		2.87	%
Einstein Parent, Inc.
Software	First Lien(4)(7)(8)	SOFR(Q)	+	6.50%	10.36%	01/2025	01/2031	34,415		34,112		34,070		2.82	%
PPV Intermediate Holdings, LLC
Consumer Services	First Lien(8)	SOFR(Q)	+	6.00%	9.82%	09/2023	08/2029	16,865		16,809		16,865
	First Lien(4)(7)(8)	SOFR(Q)	+	5.75%	9.57%	08/2022	08/2029	12,329		12,329		12,329
	First Lien(2)(6)(8)	SOFR(Q)	+	5.75%	9.57%	08/2022	08/2029	4,506		4,478		4,506
	First Lien(8)(9) - Drawn	SOFR(Q)	+	5.75%	9.63%	08/2022	08/2029	53		55		53
										33,671		33,753		2.80	%
Safety Borrower Holdings LLC
Business Services	First Lien(4)(7)(8)	SOFR(M)	+	4.75%	8.47%	03/2024	12/2032	32,920		32,885		32,920
	First Lien(8)(9) - Drawn	P(Q)	+	3.75%	10.50%	10/2024	12/2032	167		163		167
										33,048		33,087		2.74	%
Vessco Midco Holdings, LLC
Business Services	First Lien(2)(6)(8)	SOFR(M)	+	4.50%	8.52%	07/2024	07/2031	22,912		22,819		22,912
	First Lien(8)(9) - Drawn	SOFR(M)	+	4.50%	8.28%	07/2024	07/2031	6,053		6,028		6,053
	First Lien(2)(6)(8)	SOFR(S)	+	4.50%	8.23%	11/2025	07/2031	3,523		3,515		3,523
	First Lien(2)(6)(8)(9) - Drawn	SOFR(M)	+	4.50%	8.28%	11/2025	07/2031	260		260		260
										32,622		32,748		2.71	%
Model N, Inc.
Healthcare	First Lien(4)(7)(8)	SOFR(Q)	+	4.75%	8.42%	06/2024	06/2031	31,688		31,555		31,688		2.63	%
Pike Corporation
Business Services	First Lien(4)(7)	SOFR(Q)	+	4.50%	8.20%	12/2025	12/2032	31,607		31,528		31,528		2.61	%
Healthspan Buyer, LLC
Healthcare	First Lien(4)(7)(8)	SOFR(Q)	+	4.75%	8.42%	10/2024	10/2030	10,297		10,276		10,297
	First Lien(2)(6)(8)	SOFR(Q)	+	4.75%	8.42%	10/2025	10/2030	8,441		8,421		8,441
	First Lien(2)(6)(8)	SOFR(Q)	+	4.75%	8.42%	10/2023	10/2030	5,018		4,982		5,018
	First Lien(2)(6)(8)	SOFR(Q)	+	4.75%	8.42%	07/2025	10/2030	3,661		3,652		3,661
	First Lien(8)	SOFR(Q)	+	4.75%	8.42%	07/2025	10/2030	3,529		3,521		3,529
										30,852		30,946		2.57	%
Acumatica Holdings, Inc.
Software	First Lien(4)(7)(8)	SOFR(Q)	+	4.75%	8.42%	07/2025	07/2032	30,740		30,740		30,740		2.55	%
NC Topco, LLC
Financial Services & Technology	First Lien(4)(7)(8)	SOFR(M)	+	4.50%	8.22%	08/2024	09/2031	30,627		30,500		30,627		2.54	%

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, 2025

(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 (18)		Cost		Fair Value		Percent of Members' Capital
Diamondback Acquisition, Inc.
Software	First Lien(2)(6)(8)	SOFR(M)	+	4.50%	8.22%	09/2025	09/2032	$	29,876	$	29,803	$	29,801
	First Lien(8)(9) - Drawn	SOFR(M)	+	4.50%	8.22%	09/2025	09/2032	773		772		771
										30,575		30,572		2.53	%
IG Investments Holdings, LLC
Business Services	First Lien(2)(6)(8)	SOFR(Q)	+	5.00%	8.84%	03/2024	09/2028	29,620		29,519		29,620		2.45	%
Runway Bidco, LLC
Software	First Lien(4)(7)(8)	SOFR(Q)	+	5.00%	8.67%	12/2024	12/2031	29,023		28,894		29,023		2.40	%
Superman Holdings, LLC
Software	First Lien(4)(7)(8)	SOFR(Q)	+	4.50%	8.17%	08/2024	08/2031	21,391		21,346		21,391
	First Lien(8)	SOFR(Q)	+	4.50%	8.17%	08/2024	08/2031	6,982		6,967		6,982
										28,313		28,373		2.35	%
AAH Topco, LLC
Consumer Services	First Lien(8)	SOFR(M)	+	5.25%	9.07%	11/2023	12/2027	22,885		22,769		22,885
	First Lien(8)(9) - Drawn	SOFR(M)	+	5.00%	8.82%	03/2025	12/2027	5,489		5,469		5,489
										28,238		28,374		2.35	%
HIG Intermediate, Inc. (14)
HIG Operations Holdings, Inc.
Business Services	First Lien(4)(7)	SOFR(M)	+	4.50%	8.22%	08/2023	06/2031	22,885		22,825		22,885
	First Lien(2)(6)	SOFR(M)	+	4.50%	8.22%	08/2023	06/2031	3,769		3,769		3,769
	First Lien	SOFR(M)	+	4.50%	8.22%	03/2024	06/2031	1,605		1,601		1,605
										28,195		28,259		2.34	%
USRP Holdings, Inc.
Business Services	First Lien(4)(7)(8)	SOFR(M)	+	5.00%	8.72%	10/2023	12/2029	11,845		11,845		11,845
	First Lien(2)(6)(8)	SOFR(M)	+	5.00%	8.72%	10/2023	12/2029	10,716		10,697		10,716
	First Lien(8)(9) - Drawn	SOFR(M)	+	5.00%	8.72%	08/2024	12/2029	2,631		2,620		2,631
	First Lien(8)	SOFR(M)	+	5.00%	8.72%	07/2023	12/2029	2,292		2,264		2,292
										27,426		27,484		2.28	%
Pioneer Buyer I, LLC
Software	First Lien(4)(7)(8)	SOFR(Q)	+	5.00%	8.67%	11/2025	11/2029	23,873		23,873		23,873
	First Lien(4)(7)(8)	SOFR(Q)	+	5.00%	8.67%	11/2025	11/2028	2,813		2,813		2,813
										26,686		26,686		2.21	%
Meta Buyer LLC
Healthcare	First Lien(4)(7)	SOFR(S)	+	5.25%	8.94%	12/2025	12/2031	26,789		26,656		26,655		2.21	%
Maverick Bidco Inc.
Software	First Lien(4)(7)	SOFR(Q)	+	4.75%	8.54%	12/2025	12/2031	25,710		25,647		25,646		2.13	%
Vehlo Purchaser, LLC
Software	First Lien(2)(6)	SOFR(M)	+	5.50%	9.22%	12/2025	05/2028	19,699		19,625		19,625
	First Lien	SOFR(M)	+	5.50%	9.22%	06/2025	05/2028	4,066		4,039		4,046
										23,664		23,671		1.96	%

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, 2025

(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 (18)		Cost		Fair Value		Percent of Members' Capital
Bullhorn, Inc.
Software	First Lien(8)	SOFR(M)	+	5.00%	8.72%	05/2024	10/2029	$	11,127	$	11,116	$	11,127
	First Lien(8)	SOFR(M)	+	5.00%	8.72%	05/2024	10/2029	7,481		7,470		7,481
	First Lien(4)(7)(8)	SOFR(M)	+	5.00%	8.72%	05/2024	10/2029	2,863		2,861		2,863
	First Lien(8)	SOFR(M)	+	5.00%	8.72%	05/2024	10/2029	864		859		864
	First Lien(8)	SOFR(M)	+	5.00%	8.72%	05/2024	10/2029	641		641		641
	First Lien(8)	SOFR(M)	+	5.00%	8.72%	05/2024	10/2029	287		287		287
	First Lien(8)	SOFR(M)	+	5.00%	8.72%	05/2024	10/2029	229		229		229
	First Lien(8)(9) - Drawn	SOFR(M)	+	5.00%	8.72%	05/2024	10/2029	105		104		105
										23,567		23,597		1.96	%
Legal Spend Holdings, LLC (fka Bottomline Technologies, Inc.)
Financial Services & Technology	First Lien(4)(7)(8)	SOFR(Q)	+	4.50%	8.17%	09/2024	05/2029	18,902		18,902		18,713
	First Lien(2)(6)(8)	SOFR(Q)	+	4.50%	8.17%	10/2023	05/2029	4,557		4,527		4,512
										23,429		23,225		1.92	%
YLG Holdings, Inc.
Business Services	First Lien(2)(6)(8)	SOFR(Q)	+	4.75%	8.74%	06/2024	12/2030	21,053		21,040		21,053
	First Lien(8)(9) - Drawn	SOFR(Q)	+	4.75%	8.60%	04/2025	12/2030	264		262		264
										21,302		21,317		1.77	%
GC Waves Holdings, Inc.
Financial Services & Technology	First Lien(8)	SOFR(M)	+	4.50%	8.22%	10/2024	10/2030	14,214		14,155		14,214
	First Lien(2)(6)(8)	SOFR(M)	+	4.50%	8.22%	10/2024	10/2030	5,226		5,221		5,226
	First Lien(8)	SOFR(M)	+	4.50%	8.22%	10/2024	10/2030	1,582		1,582		1,582
										20,958		21,022		1.74	%
iCIMS, Inc.
Software	First Lien(8)	SOFR(Q)	+	5.75%	9.61%	08/2022	08/2028	11,320		11,299		11,016
	First Lien(4)(7)(8)	SOFR(Q)	+	5.75%	9.61%	08/2022	08/2028	9,587		9,549		9,329
	First Lien(8)(9) - Drawn	SOFR(Q)	+	5.75%	9.59%	08/2022	08/2028	536		542		522
										21,390		20,867		1.73	%
Alegeus Technologies Holdings Corp.
Healthcare	First Lien(2)(6)(8)	SOFR(Q)	+	6.50%	10.34%	10/2024	11/2029	20,704		20,493		20,704		1.72	%
Baker Tilly Advisory Group, LP
Financial Services & Technology	First Lien(4)(7)(8)	SOFR(M)	+	4.25%	7.97%	05/2025	06/2031	11,288		11,220		11,288
	First Lien(4)(7)(8)	SOFR(M)	+	4.75%	8.47%	05/2024	06/2031	7,196		7,152		7,196
	First Lien(8)	SOFR(M)	+	4.75%	8.47%	05/2024	06/2031	1,447		1,438		1,447
	First Lien(8)	SOFR(M)	+	4.25%	7.97%	05/2025	06/2031	530		517		530
										20,327		20,461		1.70	%
CentralSquare Technologies, LLC
Software	First Lien(4)(7)(8)	SOFR(M)	+	5.75%	9.47%	04/2024	04/2030	20,217		20,036		20,217		1.68	%

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, 2025

(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 (18)		Cost		Fair Value		Percent of Members' Capital
KENE Acquisition, Inc.
Business Services	First Lien(4)(7)(8)	SOFR(Q)	+	4.75%	8.42%	12/2025	02/2031	$	12,649	$	12,618	$	12,649
	First Lien(4)(8)	SOFR(Q)	+	4.75%	8.42%	12/2025	02/2031	4,794		4,794		4,794
	First Lien(8)	SOFR(Q)	+	4.75%	8.42%	12/2025	02/2031	1,930		1,909		1,930
	First Lien(8)(9) - Drawn	SOFR(Q)	+	4.75%	8.44%	12/2025	02/2031	599		599		599
	First Lien(8)	SOFR(Q)	+	4.75%	8.42%	12/2025	02/2031	222		222		222
										20,142		20,194		1.67	%
MRI Software LLC
Software	First Lien(4)(7)(8)	SOFR(Q)	+	4.75%	8.42%	10/2024	02/2028	12,933		12,883		12,933
	First Lien(8)	SOFR(Q)	+	4.75%	8.42%	12/2023	02/2028	4,188		4,180		4,188
	First Lien(8)	SOFR(Q)	+	4.75%	8.42%	08/2024	02/2028	2,629		2,621		2,629
	First Lien(8)(9) - Drawn	SOFR(Q)	+	4.75%	8.44%	12/2023	02/2028	240		242		240
	First Lien(8)(9) - Drawn	SOFR(Q)	+	4.75%	8.42%	10/2025	02/2028	189		189		189
										20,115		20,179		1.67	%
Asurion, LLC
Business Services	First Lien(2)(6)	SOFR(M)	+	4.25%	7.97%	09/2024	09/2030	19,750		19,421		19,778		1.64	%
Brave Parent Holdings, Inc.
Software	First Lien(2)(6)(8)	SOFR(M)	+	4.25%	7.97%	11/2023	11/2030	10,519		10,479		10,519
	First Lien(4)(7)(8)	SOFR(M)	+	4.25%	7.97%	11/2023	11/2030	8,952		8,951		8,952
										19,430		19,471		1.61	%
PetVet Care Centers, LLC
Consumer Services	First Lien(2)(6)(8)	SOFR(M)	+	6.00%	9.72%	10/2023	11/2030	18,348		18,207		17,550
	First Lien(8)(9) - Drawn	SOFR(M)	+	6.00%	9.84%	10/2023	11/2029	244		250		233
										18,457		17,783		1.47	%
Houghton Mifflin Harcourt Company
Education	First Lien(4)(7)	SOFR(M)	+	5.25%	9.07%	12/2023	04/2029	11,437		11,292		10,124
	First Lien(2)(6)	SOFR(M)	+	5.25%	9.07%	09/2023	04/2029	8,633		8,298		7,642
										19,590		17,766		1.47	%
GHX Ultimate Parent Corporation
Healthcare	First Lien(4)(7)(8)	SOFR(Q)	+	4.75%	8.42%	02/2025	12/2031	17,530		17,372		17,530		1.45	%
Eclipse Topco, Inc. (12)
Eclipse Buyer, Inc.
Financial Services & Technology	First Lien(4)(7)(8)	SOFR(M)	+	4.50%	8.25%	09/2024	09/2031	17,280		17,207		17,280		1.43	%
Allworth Financial Group, L.P.
Financial Services & Technology	First Lien(8)	SOFR(M)	+	4.75%	8.47%	10/2023	12/2027	12,523		12,446		12,523
	First Lien(8)(9) - Drawn	SOFR(M)	+	4.75%	8.47%	10/2024	12/2027	4,635		4,620		4,635
										17,066		17,158		1.42	%

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, 2025

(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 (18)		Cost		Fair Value		Percent of Members' Capital
Legends Hospitality Holding Company, LLC
Business Services	First Lien(4)(7)(8)	SOFR(M)*	+	2.75% +2.75%/PIK	9.23%	08/2024	08/2031	$	14,709	$	14,590	$	14,709
	First Lien(8)(9) - Drawn	SOFR(M)	+	5.00%	8.73%	08/2024	08/2031	696		690		696
	First Lien(8)(9) - Drawn	SOFR(M)	+	5.00%	8.73%	08/2024	08/2030	547		545		547
										15,825		15,952		1.32	%
OB Hospitalist Group, Inc.
Healthcare	First Lien(4)(7)(8)	SOFR(M)	+	5.25%	9.07%	10/2024	09/2027	13,470		13,470		13,470
	First Lien(4)(7)(8)	SOFR(M)	+	5.25%	9.07%	07/2024	09/2027	2,315		2,298		2,315
										15,768		15,785		1.31	%
Relativity ODA LLC
Software	First Lien(4)(7)(8)	SOFR(M)	+	4.50%	8.22%	01/2024	05/2029	15,655		15,625		15,655		1.30	%
IEM New Sub 2, LLC
Business Products	First Lien(4)(7)	SOFR(Q)	+	4.50%	8.27%	12/2025	12/2031	15,235		15,198		15,197		1.26	%
Victors Purchaser, LLC
Business Services	First Lien(2)(6)	SOFR(Q)	+	4.50%	8.19%	12/2025	12/2032	14,822		14,803		14,803
	First Lien(9) - Drawn	SOFR(M)	+	4.50%	8.23%	12/2025	12/2032	188		188		188
										14,991		14,991		1.24	%
Al Altius US Bidco, Inc.
Business Services	First Lien(2)(6)(8)	SOFR(S)	+	4.75%	8.36%	05/2024	12/2028	11,744		11,702		11,744
	First Lien(4)(7)(8)	SOFR(S)	+	4.75%	8.36%	05/2024	12/2028	3,062		3,051		3,062
										14,753		14,806		1.23	%
Sierra Enterprises, LLC
Food & Beverage	First Lien(2)(6)(8)	SOFR(Q)	+	6.00%	9.67%	05/2025	05/2030	14,301		14,204		14,194		1.18	%
Foundational Education Group, Inc.
Education	Second Lien(2)(6)(8)	SOFR(Q)	+	6.50%	10.60%	05/2022	08/2029	9,783		8,945		9,783
	First Lien(2)(6)	SOFR(Q)	+	3.75%	7.85%	05/2025	08/2028	4,564		4,209		4,219
										13,154		14,002		1.16	%
Icefall Parent, Inc.
Financial Services & Technology	First Lien(8)	SOFR(Q)	+	4.50%	8.17%	01/2024	01/2030	8,422		8,360		8,422
	First Lien(4)(7)(8)	SOFR(Q)	+	4.50%	8.17%	12/2025	01/2030	4,776		4,776		4,776
										13,136		13,198		1.09	%
Diligent Corporation
Software	First Lien(4)(7)(8)	SOFR(Q)	+	5.00%	8.82%	04/2024	08/2030	10,980		10,948		10,980
	First Lien(8)	SOFR(Q)	+	5.00%	8.82%	04/2024	08/2030	1,882		1,877		1,882
	First Lien(8)(9) - Drawn	SOFR(Q)	+	5.00%	8.75%	04/2024	08/2030	295		295		295
										13,120		13,157		1.09	%
Xactly Corporation
Software	First Lien(4)(7)(8)	SOFR(Q)	+	6.25%	10.17%	02/2023	07/2027	12,802		12,789		12,649		1.05	%

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, 2025

(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 (18)		Cost		Fair Value		Percent of Members' Capital
Firebird Acquisition Corp, Inc.
Business Services	First Lien(2)(6)(8)	SOFR(Q)*	+	2.75% +2.75%/PIK	8.84%	01/2025	02/2032	$	10,138	$	10,116	$	10,113
	First Lien(8)(9) - Drawn	SOFR(Q)	+	4.50%	8.34%	01/2025	02/2032	2,376		2,371		2,370
										12,487		12,483		1.03	%
CoreTrust Purchasing Group LLC
Business Services	First Lien(2)(6)(8)	SOFR(M)	+	5.00%	8.72%	09/2022	10/2029	9,862		9,772		9,862
	First Lien(8)	SOFR(M)	+	5.00%	8.72%	09/2022	10/2029	1,533		1,520		1,533
	First Lien(4)(7)(8)	SOFR(M)	+	5.00%	8.72%	09/2022	10/2029	1,039		1,035		1,039
										12,327		12,434		1.03	%
Vamos Bidco, Inc.
Software	First Lien(4)(7)(8)	SOFR(Q)	+	4.75%	8.42%	01/2025	01/2032	12,417		12,358		12,355		1.02	%
Low Voltage Holdings Inc.
Business Services	First Lien(2)(6)(8)	SOFR(Q)	+	4.75%	8.42%	04/2025	04/2032	11,153		11,114		11,111
	First Lien(8)	SOFR(Q)	+	4.75%	8.42%	04/2025	04/2032	1,209		1,205		1,204
										12,319		12,315		1.02	%
Lighthouse Buyer, Inc.
Business Services	First Lien(4)(7)	SOFR(A)	+	4.50%	8.04%	12/2025	12/2031	11,815		11,756		11,756
	First Lien(9) - Drawn	SOFR(A)	+	4.50%	8.04%	12/2025	12/2031	394		392		392
										12,148		12,148		1.01	%
ComPsych Investments Corp.
Business Services	First Lien(4)(7)(8)	SOFR(Q)	+	4.75%	8.61%	07/2024	07/2031	12,129		12,082		12,129		1.01	%
PROS Parent, Inc.
Business Services	First Lien(4)(7)	SOFR(Q)	+	4.75%	8.49%	12/2025	12/2032	11,954		11,939		11,939		0.99	%
Trinity Air Consultants Holdings Corporation
Business Services	First Lien(4)(7)(8)	SOFR(Q)	+	4.50%	8.48%	10/2025	06/2029	8,800		8,757		8,800
	First Lien(4)(7)(8)	SOFR(Q)	+	4.50%	8.50%	06/2023	06/2029	2,902		2,889		2,902
										11,646		11,702		0.97	%
Planview Parent, Inc.
Software	Second Lien(4)(7)(8)	SOFR(Q)	+	5.75%	9.42%	06/2024	12/2028	12,117		12,089		11,587		0.96	%
Bonterra LLC
Software	First Lien(2)(6)(8)	SOFR(Q)	+	4.75%	8.42%	03/2025	03/2032	9,281		9,260		9,258
	First Lien(8)	SOFR(Q)	+	4.75%	8.69%	03/2025	03/2032	1,008		1,006		1,006
	First Lien(8)(9) - Drawn	SOFR(Q)	+	4.75%	8.69%	10/2025	03/2032	951		947		947
	First Lien(8)(9) - Drawn	SOFR(Q)	+	4.75%	8.44%	03/2025	03/2032	151		151		151
										11,364		11,362		0.94	%
HP TLE Buyer, Inc.
Education	First Lien(2)(6)(8)	SOFR(Q)	+	4.75%	8.42%	07/2025	07/2032	10,938		10,887		10,883		0.90	%

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, 2025

(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 (18)		Cost		Fair Value		Percent of Members' Capital
Foreside Financial Group, LLC
Business Services	First Lien(2)(6)(8)	SOFR(Q)	+	5.25%	9.22%	05/2022	09/2027	$	7,479	$	7,467	$	7,479
	First Lien(2)(6)(8)	SOFR(Q)	+	5.25%	9.22%	10/2024	09/2027	1,821		1,821		1,821
	First Lien(8)(9) - Drawn	SOFR(Q)	+	5.25%	9.08%	03/2024	09/2027	603		597		603
	First Lien(8)	SOFR(Q)	+	5.25%	9.22%	05/2022	09/2027	356		355		356
	First Lien(4)(7)(8)	SOFR(Q)	+	5.25%	9.22%	05/2022	09/2027	265		264		265
										10,504		10,524		0.87	%
DigiCert, Inc.
Software	First Lien(4)(7)(8)	SOFR(M)	+	5.75%	9.47%	07/2025	07/2030	10,353		10,281		10,275		0.85	%
MedX Holdings, LLC
Healthcare	First Lien(4)(7)(8)	SOFR(M)	+	4.75%	8.47%	07/2025	07/2032	10,044		9,996		9,993		0.83	%
Nexus Buyer LLC
Financial Services & Technology	Second Lien(4)(7)	SOFR(M)	+	5.75%	9.47%	08/2025	02/2032	10,000		9,904		9,930		0.82	%
DG Investment Intermediate Holdings 2, Inc.
Business Services	Second Lien(2)(6)(8)	SOFR(M)	+	5.50%	9.22%	07/2025	07/2033	9,512		9,466		9,464		0.78	%
GS Acquisitionco, Inc.
Software	First Lien(8)	SOFR(Q)	+	5.25%	8.92%	03/2024	05/2028	4,997		4,992		4,997
	First Lien(4)(7)(8)	SOFR(Q)	+	5.25%	8.92%	03/2024	05/2028	2,302		2,305		2,302
	First Lien(8)(9) - Drawn	SOFR(Q)	+	5.25%	8.92%	03/2024	05/2028	994		989		994
	First Lien(8)(9) - Drawn	SOFR(Q)	+	5.25%	8.92%	03/2024	05/2028	896		896		896
										9,182		9,189		0.76	%
PDI TA Holdings, Inc.
Software	First Lien(4)(7)(8)	SOFR(Q)	+	5.50%	9.34%	01/2024	02/2031	6,313		6,289		6,313
	First Lien(8)	SOFR(Q)	+	5.50%	9.34%	01/2024	02/2031	2,284		2,275		2,284
	First Lien(8)(9) - Drawn	SOFR(Q)	+	5.50%	9.34%	01/2024	02/2031	501		500		501
										9,064		9,098		0.75	%
Denali Intermediate Holdings, Inc.
Business Services	First Lien(2)(6)(8)	SOFR(M)	+	5.50%	9.23%	08/2025	08/2032	9,091		9,047		9,045		0.75	%
FS WhiteWater Holdings, LLC (13)
FS WhiteWater Borrower, LLC
Consumer Services	First Lien(2)(6)(8)	SOFR(Q)	+	5.25%	9.07%	07/2022	12/2029	3,923		3,906		3,923
	First Lien(2)(6)(8)	SOFR(Q)	+	5.25%	9.07%	09/2024	12/2029	3,224		3,203		3,224
	First Lien(8)(9) - Drawn	SOFR(S)	+	5.25%	9.26%	03/2025	12/2029	1,283		1,272		1,283
										8,381		8,430		0.70	%

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, 2025

(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 (18)		Cost		Fair Value		Percent of Members' Capital
eResearchTechnology, Inc.
Healthcare	First Lien(2)(6)(8)	SOFR(M)	+	4.75%	8.47%	03/2025	01/2032	$	7,046	$	6,981	$	7,046
	First Lien(8)	SOFR(M)	+	4.75%	8.47%	03/2025	01/2032	1,170		1,162		1,170
	First Lien(8)(9) - Drawn	SOFR(M)	+	4.75%	8.47%	03/2025	01/2032	186		186		186
										8,329		8,402		0.70	%
LSCS Holdings, Inc.
Healthcare	First Lien(4)(7)	SOFR(Q)	+	4.50%	8.17%	09/2024	03/2032	8,380		8,293		8,226		0.68	%
Arrow Borrower 2025, Inc.
Financial Services & Technology	First Lien(4)(7)(8)	SOFR(Q)	+	4.25%	8.15%	10/2025	10/2032	8,214		8,204		8,204		0.68	%
Bluefin Holding, LLC
Financial Services & Technology	First Lien(4)(7)(8)	SOFR(Q)	+	4.25%	7.98%	09/2023	09/2029	8,148		8,083		8,148		0.68	%
Optimizely North America Inc.
Software	First Lien(4)(7)(8)	SOFR(M)	+	5.00%	8.72%	10/2024	10/2031	7,940		7,905		7,940		0.66	%
Databricks, Inc.
Software	First Lien(4)(7)(8)	SOFR(M)	+	4.50%	8.27%	12/2024	01/2031	7,975		7,941		7,935		0.66	%
Wrench Group LLC
Consumer Services	First Lien(2)(6)(8)	SOFR(Q)	+	4.75%	8.42%	10/2025	09/2032	7,857		7,819		7,818		0.65	%
Rithum Holdings, Inc. (fka CommerceHub, Inc.)
Software	First Lien(2)(6)	SOFR(Q)	+	4.75%	8.42%	07/2025	07/2032	7,764		7,626		7,776		0.64	%
Panzura Holdings, LLC (11)
Panzura, LLC
Software	First Lien(8)	Fixed(Q)*		7.00%+8.00%/PIK	15.00%	08/2023	08/2027	8,098		7,804		7,651		0.63	%
RLG Holdings, LLC
Packaging	First Lien(4)(7)	SOFR(M)	+	4.25%	8.08%	09/2025	07/2028	11,778		9,445		7,246
	First Lien	SOFR(M)	+	5.00%	8.72%	10/2025	07/2028	504		388		316
										9,833		7,562		0.63	%
Community Management Holdings MidCo 2, LLC
Business Services	First Lien(2)(6)(8)	SOFR(Q)	+	4.75%	8.60%	11/2024	11/2031	5,218		5,184		5,218
	First Lien(8)(9) - Drawn	SOFR(M)</