10-Q

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, 2024

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

_________________________________________________________________________________

Commission File Number	Exact name of registrant as specified in its charter, address of principal executive offices, telephone number and states or other jurisdictions of incorporation or organization	I.R.S. Employer Identification Number
814-01639	New Mountain Guardian IV Income Fund, L.L.C. 1633 Broadway, 48th Floor New York, New York 10019 Telephone: (212) 720-0300 State of Organization: Delaware	92-0964074

_________________________________________________________________________________

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

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
None	N/A	N/A

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 (the "Exchange Act") during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ý    No o

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ý    No o

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of "large accelerated filer", "accelerated filer", "smaller reporting company" and "emerging growth company" in Rule 12b-2 of the Exchange Act.

Large accelerated filer ☐	Accelerated filer ☐
Non-accelerated filer ý	Smaller reporting company ☐
Emerging growth company ☒

    If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o

    Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes o    No ý

_________________________________________________________________________________

The number of the registrant's limited liability company units outstanding as of May 13, 2024 was 10,560,000. As of March 31, 2024, there was no established public market for the registrant's limited liability company common units.

1

FORM 10-Q FOR THE QUARTER ENDED MARCH 31, 2024

TABLE OF CONTENTS

		PAGE
PART I. FINANCIAL INFORMATION
Item 1.	Financial Statements
	New Mountain Guardian IV Income Fund, L.L.C.
	Statements of Assets, Liabilities and Members' Capital as of March 31, 2024 (unaudited) and December 31, 2023	3
	Statement of Operations for the three months ended March 31, 2024 (unaudited)	4
	Statement of Changes in Members' Capital for the three months ended March 31, 2024 (unaudited)	5
	Statement of Cash Flows for the three months ended March 31, 2024 (unaudited)	6
	Schedule of Investments as of March 31, 2024 (unaudited)	7
	Schedule of Investments as of December 31, 2023	16
	Notes to the Financial Statements of New Mountain Guardian IV Income Fund, L.L.C. (unaudited)	23
	Report of Independent Registered Public Accounting Firm	41
Item 2.	Management's Discussion and Analysis of Financial Condition and Results of Operations	42
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	52
Item 4.	Controls and Procedures	53
PART II. OTHER INFORMATION
Item 1.	Legal Proceedings	54
Item 1A.	Risk Factors	54
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	54
Item 3.	Defaults Upon Senior Securities	54
Item 4.	Mine Safety Disclosures	54
Item 5.	Other Information	54
Item 6.	Exhibits	55
	Signatures	56

2

PART I. FINANCIAL INFORMATION

Item 1.    Financial Statements

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

Statements of Assets, Liabilities and Members' Capital

(in thousands, except units and per unit data)

(unaudited)

	March 31, 2024		December 31, 2023
Assets
Non-controlled/non-affiliated investments at fair value (cost of $129,406 and $85,367, respectively)	$	131,195	$	86,613
Cash and cash equivalents	1,520		19,876
Interest receivable	1,146		687
Other assets	106		148
Total assets	$	133,967	$	107,324
Liabilities
Borrowings
BMO Subscription Line	9,800		—
Deferred financing costs (net of accumulated amortization of $109 and $68, respectively)	(143)		(144)
Net borrowings	9,657		(144)
Payable for unsettled securities purchased	13,124		—
Distribution payable	2,883		—
Accrued organizational and offering expenses	796		804
Incentive fee payable	444		153
Management fee payable	228		120
Payable to affiliate	140		63
Interest payable	56		66
Other liabilities	532		432
Total liabilities	27,860		1,494
Commitments and contingencies (See Note 8)
Members' Capital
Common units, 10,560,000 and 10,560,000 units issued and outstanding, respectively	105,445		105,445
Accumulated underdistributed earnings	662		385
Total members' capital	$	106,107	$	105,830
Total liabilities and members' capital	$	133,967	$	107,324
Members' capital per unit	$	10.05	$	10.02

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

3

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

Statement of Operations

(in thousands, except units and per unit data)

(unaudited)

	Three Months Ended
	March 31, 2024
Investment income
Interest income (excluding Payment-in-kind ("PIK") interest income)	$	3,098
PIK interest income	144
Fee income	458
Total investment income	3,700
Expenses
Incentive fee	291
Administrative expenses	229
Professional fees	218
Management fee	216
Organizational and offering expenses	142
Interest and other financing expenses	138
Other general and administrative expenses	31
Total expenses	1,265
Less: expenses waived (See Note 5)	(74)
Less: management fees waived (See Note 5)	(108)
Net expenses	1,083
Net investment income (loss)	2,617
Net change in unrealized appreciation (depreciation) of investments	543
Net realized and unrealized gains (losses)	543
Net increase (decrease) in members' capital resulting from operations	$	3,160
Earnings (loss) per unit (basic & diluted)	$	0.30
Weighted average common units outstanding - basic & diluted (See Note 10)	10,560,000

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

4

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

Statement of Changes in Members' Capital

(in thousands, except units)

(unaudited)

	Three Months Ended
	March 31, 2024
Increase (decrease) in members' capital resulting from operations:
Net investment income (loss)	$	2,617
Net change in unrealized appreciation (depreciation) of investments	543
Net increase (decrease) in members' capital resulting from operations	3,160
Capital transactions
Distributions declared to unitholders from net investment income	(2,883)
Total net increase (decrease) in members' capital resulting from capital transactions	(2,883)
Net increase (decrease) in members' capital	277
Members' capital at the beginning of the period	105,830
Members' capital at the end of the period	$	106,107

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

5

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

Statement of Cash Flows

(in thousands)

(unaudited)

	Three Months Ended
	March 31, 2024
Cash flows from operating activities
Net increase in members' capital resulting from operations	$	3,160
Adjustments to reconcile net increase in members' capital resulting from operations to net cash used in operating activities:
Net change in unrealized (appreciation) depreciation of investments	(543)
Amortization of purchase discount	(122)
Amortization of deferred financing costs	40
Amortization of deferred offering costs	68
Non-cash investment income	(131)
(Increase) decrease in operating assets:
Purchase of investments and delayed draw facilities	(43,816)
Proceeds from sales and paydowns of investments	154
Cash repayments on drawn revolvers	392
Cash received for purchase of undrawn portion of revolving credit or delayed draw facilities	22
Cash paid for purchase of drawn portion of revolving credit facilities	(24)
Cash paid on drawn revolvers	(514)
Interest and dividend receivable	(459)
Other assets	(23)
Increase (decrease) in operating liabilities:
Payable for unsettled securities purchased	13,124
Interest payable	(10)
Incentive fee payable	291
Management fee payable	108
Accrued organizational and offering expenses	(8)
Payable to affiliate	77
Other liabilities	102
Net cash flows used in operating activities	(28,112)
Cash flows from financing activities
Proceeds from BMO Subscription Line	9,800
Deferred financing costs paid	(44)
Net cash flows provided by financing activities	9,756
Net increase (decrease) in cash and cash equivalents	(18,356)
Cash and cash equivalents at the beginning of the period	19,876
Cash and cash equivalents at the end of the period	$	1,520
Supplemental disclosure of cash flow information
Cash interest paid	$	90
Non-cash financing activities:
Distributions declared and payable	$	2,883
Accrual for deferred credit facility costs	32
Accrual for deferred offering costs	2

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

6

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

Schedule of Investments

March 31, 2024

(in thousands)

(unaudited)

Portfolio Company, Location and Industry (1)	Type of Investment	Reference (4)		Spread (4)	Interest Rate (4)	Purchase Date	Maturity/Expiration Date	Principal  Amount or  Par Value		Cost		Fair  Value		Percent of Members' Capital
Non-Controlled/Non-Affiliated Investments
Funded Debt Investments - United States
Houghton Mifflin Harcourt Company
Education	First Lien	SOFR(M)	+	5.25%	10.68%	10/2023	04/2029	$	7,297	$	7,080	$	7,244	6.83	%
iCIMS, Inc.
Software	First Lien(2)	SOFR(Q)*	+	3.38%+3.88%/PIK	12.58%	09/2023	08/2028	6,817		6,785		6,885
	First Lien(2)(3) - Drawn	SOFR(Q)	+	6.75%	12.05%	03/2024	08/2028	24		26		24
								6,841		6,811		6,909		6.51	%
Sierra Enterprises, LLC
Food & Beverage	First Lien(2)	SOFR(Q)*	+	2.50% +4.25%/PIK	12.06%	05/2023	05/2027	5,319		4,588		5,253		4.95	%
Anaplan, Inc.
Software	First Lien(2)	SOFR(Q)	+	6.50%	11.81%	10/2023	06/2029	4,667		4,652		4,667		4.40	%
Al Altius US Bidco, Inc.
Business Services	First Lien(2)	SOFR(S)	+	5.08%	10.43%	10/2023	12/2028	1,549		1,541		1,549
	First Lien(2)	SOFR(S)	+	5.08%	10.43%	07/2023	12/2028	1,424		1,414		1,424
	First Lien(2)	SOFR(S)	+	5.08%	10.43%	10/2023	12/2028	1,399		1,392		1,399
								4,372		4,347		4,372		4.12	%
Icefall Parent, Inc.
Software	First Lien(2)	SOFR(Q)	+	6.50%	11.80%	01/2024	01/2030	4,348		4,305		4,304		4.06	%
Associations, Inc.
Business Services	First Lien(2)	SOFR(Q)*	+	4.00%+2.50%/PIK	12.09%	10/2023	07/2027	4,015		3,997		4,015		3.78	%
Affinipay Midco, LLC
Software	First Lien(2)	SOFR(Q)	+	5.50%	10.81%	10/2023	06/2028	2,740		2,740		2,740
	First Lien(2)	SOFR(Q)	+	5.50%	10.82%	10/2023	06/2028	487		487		487
	First Lien(2)	SOFR(Q)	+	5.50%	10.81%	10/2023	06/2028	420		420		420
	First Lien(2)	SOFR(Q)	+	5.50%	10.81%	10/2023	06/2028	274		274		274
	First Lien(2)	SOFR(Q)	+	5.50%	10.81%	10/2023	06/2028	69		69		69
								3,990		3,990		3,990		3.76	%
Higginbotham Insurance Agency, Inc.
Business Services	First Lien(2)	SOFR(M)	+	5.50%	10.93%	08/2023	11/2028	3,019		3,010		3,019
	First Lien(2)	SOFR(M)	+	5.50%	10.93%	03/2024	11/2028	896		896		896
								3,915		3,906		3,915		3.69	%
Geo Parent Corporation
Business Services	First Lien(2)	SOFR(S)	+	5.25%	10.50%	10/2023	12/2028	3,653		3,620		3,653		3.44	%
Alegeus Technologies Holdings Corp.
Healthcare	First Lien(2)	SOFR(S)	+	8.25%	13.75%	02/2024	09/2026	3,513		3,513		3,513		3.31	%
USRP Holdings, Inc.
Business Services	First Lien(2)	SOFR(S)	+	5.75%	11.18%	10/2023	07/2027	3,126		3,119		3,126
	First Lien(2)(3) - Drawn	SOFR(S)	+	5.75%	11.18%	07/2023	07/2027	302		297		302
								3,428		3,416		3,428		3.23	%
Kaseya Inc.
Software	First Lien(2)	SOFR(Q)*	+	3.50% +2.50%/PIK	11.31%	11/2023	06/2029	3,218		3,188		3,218
	First Lien(2)(3) - Drawn	SOFR(Q)	+	5.50%	10.83%	11/2023	06/2029	49		48		49
	First Lien(2)	SOFR(Q)	+	5.50%	10.81%	11/2023	06/2029	12		12		12
								3,279		3,248		3,279		3.09	%

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

7

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

Schedule of Investments (Continued)

March 31, 2024

(in thousands)

(unaudited)

Portfolio Company, Location and Industry (1)	Type of Investment	Reference (4)		Spread (4)	Interest Rate (4)	Purchase Date	Maturity/Expiration Date	Principal  Amount or  Par Value		Cost		Fair  Value		Percent of Members' Capital
RealPage, Inc.
Software	Second Lien	SOFR(M)	+	6.50%	11.94%	03/2024	04/2029	$	3,193	$	3,177	$	3,177	2.99	%
Greenway Health, LLC
Healthcare	First Lien(2)	SOFR(S)	+	6.75%	11.93%	12/2023	04/2029	3,175		3,130		3,175		2.99	%
Bluefin Holding, LLC
Software	First Lien(2)	SOFR(Q)	+	7.25%	12.57%	09/2023	09/2029	3,175		3,138		3,159		2.98	%
Ncontracts, LLC
Software	First Lien(2)	SOFR(S)	+	6.50%	11.80%	12/2023	12/2029	3,139		3,101		3,100
	First Lien(2)(3) - Drawn	SOFR(Q)	+	6.50%	11.82%	12/2023	12/2029	29		29		29
								3,168		3,130		3,129		2.95	%
Relativity ODA LLC
Software	First Lien(2)	SOFR(M)	+	6.50%	11.93%	01/2024	05/2027	3,042		3,042		3,042		2.87	%
PetVet Care Centers, LLC
Consumer Services	First Lien(2)	SOFR(M)	+	6.00%	11.33%	10/2023	11/2030	2,967		2,938		2,967		2.80	%
Virtusa Corporation
Business Services	Subordinated	Fixed(S)	+	7.13%	7.13%	08/2023	12/2028	3,164		2,682		2,844		2.68	%
DOXA Insurance Holdings LLC
Business Services	First Lien(2)	SOFR(Q)	+	5.50%	10.83%	12/2023	12/2030	2,053		2,033		2,033
	First Lien(2)(3) - Drawn	SOFR(Q)	+	5.50%	10.82%	12/2023	12/2030	805		797		797
								2,858		2,830		2,830		2.67	%
Enverus Holdings, Inc.
Business Services	First Lien(2)	SOFR(M)	+	5.50%	10.83%	12/2023	12/2029	2,664		2,645		2,644		2.49	%
Healthspan Buyer, LLC
Healthcare	First Lien(2)	SOFR(Q)	+	5.75%	11.06%	10/2023	10/2030	2,554		2,529		2,528		2.38	%
Pye-Barker Fire & Safety, LLC
Business Services	First Lien(2)	SOFR(Q)	+	5.50%	10.96%	09/2023	11/2027	2,481		2,470		2,481		2.34	%
Ciklum Inc.**
Business Services	First Lien(2)	SOFR(Q)	+	7.00%	12.41%	02/2024	02/2030	2,482		2,452		2,451		2.31	%
Legal Spend Holdings, LLC (fka Bottomline Technologies, Inc.)
Software	First Lien(2)	SOFR(M)	+	5.75%	11.08%	10/2023	05/2029	2,319		2,298		2,342		2.21	%
Verdantas LLC
Business Services	First Lien(2)	SOFR(M)	+	7.00%	12.43%	01/2024	07/2026	1,227		1,218		1,217
	First Lien(2)	SOFR(M)	+	7.00%	12.43%	01/2024	07/2026	1,081		1,081		1,081
								2,308		2,299		2,298		2.16	%
Nielsen Consumer Inc.**
Business Services	First Lien	SOFR(M)	+	6.25%	11.58%	09/2023	03/2028	2,176		2,146		2,165		2.04	%
Brave Parent Holdings, Inc.
Software	First Lien(2)	SOFR(Q)	+	5.00%	10.31%	11/2023	11/2030	2,039		2,029		2,029		1.91	%
Wealth Enhancement Group, LLC
Financial Services	First Lien(2)	SOFR(Q)	+	5.50%	10.81%	10/2023	10/2027	966		966		966
	First Lien(2)	SOFR(Q)	+	5.50%	10.81%	10/2023	10/2027	600		600		600
	First Lien(2)	SOFR(Q)	+	5.50%	10.81%	10/2023	10/2027	259		259		259
	First Lien(2)	SOFR(Q)	+	5.50%	10.84%	10/2023	10/2027	149		149		149
	First Lien(2)	SOFR(Q)	+	5.50%	10.82%	10/2023	10/2027	21		21		21
								1,995		1,995		1,995		1.88	%

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

8

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

Schedule of Investments (Continued)

March 31, 2024

(in thousands)

(unaudited)

Portfolio Company, Location and Industry (1)	Type of Investment	Reference (4)		Spread (4)	Interest Rate (4)	Purchase Date	Maturity/Expiration Date	Principal  Amount or  Par Value		Cost		Fair  Value		Percent of Members' Capital
RxB Holdings, Inc.
Healthcare	First Lien	SOFR(M)	+	5.25%	10.58%	06/2023	12/2027	$	1,980	$	1,937	$	1,990	1.87	%
Syndigo LLC
Software	First Lien	SOFR(M)	+	4.50%	9.94%	08/2023	12/2027	1,985		1,878		1,980		1.87	%
CommerceHub, Inc.
Software	First Lien(2)	SOFR(Q)	+	6.25%	11.58%	06/2023	12/2027	1,975		1,788		1,975		1.86	%
Businessolver.com, Inc.
Software	First Lien(2)	SOFR(Q)	+	5.50%	10.91%	10/2023	12/2027	1,742		1,742		1,742
	First Lien(2)(3) - Drawn	SOFR(Q)	+	5.50%	10.91%	10/2023	12/2027	75		75		75
								1,817		1,817		1,817		1.71	%
Next Holdco, LLC
Healthcare	First Lien(2)	SOFR(Q)	+	6.00%	11.32%	11/2023	11/2030	1,760		1,748		1,747		1.65	%
KENE Acquisition, Inc.
Business Services	First Lien(2)	SOFR(Q)	+	5.25%	10.57%	02/2024	02/2031	1,763		1,746		1,746		1.65	%
PDI TA Holdings, Inc.
Software	First Lien(2)	SOFR(M)	+	5.50%	10.83%	01/2024	02/2031	1,739		1,731		1,731		1.63	%
Project Accelerate Parent, LLC
Software	First Lien(2)	SOFR(Q)	+	5.25%	10.58%	02/2024	02/2031	1,612		1,604		1,604		1.51	%
More cowbell II LLC
Business Services	First Lien(2)	SOFR(A)	+	6.00%	11.09%	08/2023	09/2030	1,570		1,559		1,558
	First Lien(2)(3) - Drawn	SOFR(S)	+	6.00%	11.28%	08/2023	09/2029	41		41		41
								1,611		1,600		1,599		1.51	%
Avalara, Inc.
Software	First Lien(2)	SOFR(Q)	+	7.25%	12.56%	01/2024	10/2028	1,515		1,515		1,515		1.43	%
AWP Group Holdings, Inc.
Business Services	First Lien(2)	SOFR(Q)	+	5.50%	10.90%	08/2023	12/2029	995		986		985
	First Lien(2)(3) - Drawn	SOFR(Q)	+	5.50%	10.91%	08/2023	12/2029	60		59		59
	First Lien(2)(3) - Drawn	SOFR(Q)	+	5.50%	10.90%	08/2023	12/2029	26		25		25
								1,081		1,070		1,069		1.01	%
KENG Acquisition, Inc.
Business Services	First Lien(2)	SOFR(Q)	+	6.25%	11.56%	08/2023	08/2029	926		915		914
	First Lien(2)(3) - Drawn	SOFR(Q)	+	6.25%	11.56%	08/2023	08/2029	115		114		114
	First Lien(2)(3) - Drawn	SOFR(Q)	+	6.25%	11.56%	08/2023	08/2029	28		28		28
								1,069		1,057		1,056		1.00	%
IG Investments Holdings, LLC
Business Services	First Lien(2)	SOFR(Q)	+	6.00%	11.41%	03/2024	09/2028	112		112		112
	First Lien(2)	SOFR(Q)	+	6.00%	11.41%	03/2024	09/2028	850		850		850
								962		962		962		0.91	%
Accession Risk Management Group, Inc.
Business Services	First Lien(2)	SOFR(Q)	+	6.00%	11.31%	08/2023	11/2029	880		880		880		0.83	%
Trinity Air Consultants Holdings Corporation
Business Services	First Lien(2)(3) - Drawn	SOFR(S)	+	5.75%	11.13%	06/2023	06/2027	848		841		848		0.80	%

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

9

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

Schedule of Investments (Continued)

March 31, 2024

(in thousands)

(unaudited)

Portfolio Company, Location and Industry (1)	Type of Investment	Reference (4)		Spread (4)	Interest Rate (4)	Purchase Date	Maturity/Expiration Date	Principal  Amount or  Par Value		Cost		Fair  Value		Percent of Members' Capital
Safety Borrower Holdings LLC
Software	First Lien(2)	SOFR(Q)	+	5.25%	10.82%	03/2024	09/2027	$	769	$	769	$	769	0.72	%
TRC Companies L.L.C. (fka Energize Holdco LLC)
Business Services	Second Lien(2)	SOFR(M)	+	6.75%	12.19%	12/2023	12/2029	775		719		769		0.72	%
GS Acquisitionco, Inc.
Software	First Lien	SOFR(Q)	+	5.00%	10.30%	03/2024	05/2028	670		672		672		0.63	%
AAH Topco, LLC
Consumer Services	First Lien(2)(3) - Drawn	SOFR(M)	+	6.00%	11.43%	11/2023	12/2027	656		650		656		0.62	%
PDQ.com Corporation
Software	First Lien(2)	SOFR(Q)	+	5.50%	10.83%	10/2023	08/2027	453		449		457
	First Lien(2)(3) - Drawn	SOFR(Q)	+	5.00%	10.43%	10/2023	08/2027	19		19		19
								472		468		476		0.45	%
Allworth Financial Group, L.P.
Financial Services	First Lien(2)(3) - Drawn	SOFR(M)	+	5.50%	10.92%	10/2023	12/2026	317		314		317		0.30	%
GC Waves Holdings, Inc.
Financial Services	First Lien(2)(3) - Drawn	SOFR(M)	+	6.00%	11.43%	07/2023	08/2029	304		304		304		0.29	%
Calabrio, Inc.
Software	First Lien(2)	SOFR(M)	+	7.13%	12.45%	01/2024	04/2027	241		239		239		0.23	%
Zone Climate Services, Inc.
Business Services	First Lien(2)(3) - Drawn	P(Q)	+	4.50%	13.00%	11/2023	03/2028	78		77		78		0.06	%
KPSKY Acquisition Inc.
Business Services	First Lien(2)(3) - Drawn	SOFR(Q)	+	5.75%	11.18%	11/2023	10/2028	9		9		9		0.01	%
Total Funded Debt Investments - United States								$	131,285	$	128,798	$	130,606	123.09	%
Funded Debt Investments - Australia
Atlas AU Bidco Pty Ltd**
Business Services	First Lien(2)	SOFR(Q)	+	6.75%	12.05%	12/2023	12/2029	$	673	$	665	$	665	0.63	%
Total Funded Debt Investments - Australia								$	673	$	665	$	665	0.63	%
Total Funded Debt Investments								$	131,958	$	129,463	$	131,271	123.72	%
Total Funded Investments										$	129,463	$	131,271	123.72	%
Unfunded Debt Investments - United States
PDQ.com Corporation
Software	First Lien(2)(3) - Undrawn	—		—	—	10/2023	10/2025	$	296	$	—	$	3
	First Lien(2)(3) - Undrawn	—		—	—	10/2023	08/2027	144		(1)		—
								440		(1)		3		0.00	%
Relativity ODA LLC
Software	First Lien(2)(3) - Undrawn	—		—	—	01/2024	05/2027	292		—		—		—	%

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

10

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

Schedule of Investments (Continued)

March 31, 2024

(in thousands)

(unaudited)

Portfolio Company, Location and Industry (1)	Type of Investment	Reference (4)	Spread (4)	Interest Rate (4)	Purchase Date	Maturity/Expiration Date	Principal  Amount or  Par Value		Cost		Fair  Value		Percent of Members' Capital
Higginbotham Insurance Agency, Inc.
Business Services	First Lien(3) - Undrawn	—	—	—	03/2024	03/2026	$	4,000	$	—	$	—	—	%
Accession Risk Management Group, Inc.
Business Services	First Lien(2)(3) - Undrawn	—	—	—	08/2023	02/2025	1,117		—		—		—	%
Allworth Financial Group, L.P.
Financial Services	First Lien(2)(3) - Undrawn	—	—	—	10/2023	10/2025	1,500		—		—		—	%
Trinity Air Consultants Holdings Corporation
Business Services	First Lien(2)(3) - Undrawn	—	—	—	06/2023	06/2024	677		—		—		—	%
Avalara, Inc.
Software	First Lien(2)(3) - Undrawn	—	—	—	01/2024	10/2028	152		—		—		—	%
KPSKY Acquisition Inc.
Business Services	First Lien(2)(3) - Undrawn	—	—	—	11/2023	11/2025	784		—		—		—	%
PPV Intermediate Holdings, LLC
Consumer Services	First Lien(2)(3) - Undrawn	—	—	—	09/2023	09/2025	1,953		—		—		—	%
Foreside Financial Group, LLC
Business Services	First Lien(3) - Undrawn	—	—	—	03/2024	03/2026	1,737		—		—		—	%
Riskonnect Parent, LLC
Software	First Lien(3) - Undrawn	—	—	—	03/2024	03/2026	3,175		—		—		—	%
GC Waves Holdings, Inc.
Financial Services	First Lien(2)(3) - Undrawn	—	—	—	07/2023	12/2024	1,695		—		—		—	%
Verdantas LLC
Business Services	First Lien(2)(3) - Undrawn	—	—	—	01/2024	01/2026	3,242		—		—		—	%
USRP Holdings, Inc.
Business Services	First Lien(2)(3) - Undrawn	—	—	—	07/2023	07/2025	861		—		—
	First Lien(2)(3) - Undrawn	—	—	—	10/2023	07/2027	200		—		—
							1,061		—		—		—	%
MRI Software LLC
Software	First Lien(2)(3) - Undrawn	—	—	—	12/2023	12/2025	1,691		—		—
	First Lien(2)(3) - Undrawn	—	—	—	12/2023	02/2027	169		(1)		—
							1,860		(1)		—		—	%
Wealth Enhancement Group, LLC
Financial Services	First Lien(2)(3) - Undrawn	—	—	—	02/2024	02/2026	2,895		—		—
	First Lien(2)(3) - Undrawn	—	—	—	02/2024	10/2027	165		(1)		—
							3,060		(1)		—		—	%

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

11

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

Schedule of Investments (Continued)

March 31, 2024

(in thousands)

(unaudited)

Portfolio Company, Location and Industry (1)	Type of Investment	Reference (4)	Spread (4)	Interest Rate (4)	Purchase Date	Maturity/Expiration Date	Principal  Amount or  Par Value		Cost		Fair  Value		Percent of Members' Capital
Kaseya Inc.
Software	First Lien(2)(3) - Undrawn	—	—	—	11/2023	06/2029	$	144	$	(1)	$	—
	First Lien(2)(3) - Undrawn	—	—	—	11/2023	06/2024	1,185		—		—
							1,329		(1)		—		—	%
PetVet Care Centers, LLC
Consumer Services	First Lien(2)(3) - Undrawn	—	—	—	10/2023	11/2025	388		—		—
	First Lien(2)(3) - Undrawn	—	—	—	10/2023	11/2029	388		(4)		—
							776		(4)		—		—	%
AAH Topco, LLC
Consumer Services	First Lien(2)(3) - Undrawn	—	—	—	11/2023	11/2025	3,094		—		—		—	%
Businessolver.com, Inc.
Software	First Lien(2)(3) - Undrawn	—	—	—	10/2023	12/2024	237		—		—		—	%
iCIMS, Inc.
Software	First Lien(2)(3) - Undrawn	—	—	—	09/2023	08/2024	1,313		—		—
	First Lien(2)(3) - Undrawn	—	—	—	03/2024	08/2028	332		(3)		—
							1,645		(3)		—		—	%
Brave Parent Holdings, Inc.
Software	First Lien(2)(3) - Undrawn	—	—	—	11/2023	05/2025	232		—		—
	First Lien(2)(3) - Undrawn	—	—	—	11/2023	11/2030	116		(1)		(1)
							348		(1)		(1)		(0.00)	%
PDI TA Holdings, Inc.
Software	First Lien(2)(3) - Undrawn	—	—	—	01/2024	02/2026	659		—		—
	First Lien(2)(3) - Undrawn	—	—	—	01/2024	02/2031	195		(1)		(1)
							854		(1)		(1)		(0.00)	%
Project Accelerate Parent, LLC
Software	First Lien(2)(3) - Undrawn	—	—	—	02/2024	02/2031	230		(1)		(1)		(0.00)	%
Next Holdco, LLC
Healthcare	First Lien(2)(3) - Undrawn	—	—	—	11/2023	11/2025	451		—		—
	First Lien(2)(3) - Undrawn	—	—	—	11/2023	11/2029	169		(1)		(1)
							620		(1)		(1)		(0.00)	%
More cowbell II LLC
Business Services	First Lien(2)(3) - Undrawn	—	—	—	08/2023	09/2025	171		—		—
	First Lien(2)(3) - Undrawn	—	—	—	08/2023	09/2029	181		(1)		(1)
							352		(1)		(1)		(0.00)	%
Bluefin Holding, LLC
Software	First Lien(2)(3) - Undrawn	—	—	—	09/2023	09/2029	313		(5)		(2)		(0.00)	%

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

12

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

Schedule of Investments (Continued)

March 31, 2024

(in thousands)

(unaudited)

Portfolio Company, Location and Industry (1)	Type of Investment	Reference (4)	Spread (4)	Interest Rate (4)	Purchase Date	Maturity/Expiration Date	Principal  Amount or  Par Value		Cost		Fair  Value		Percent of Members' Capital
GS Acquisitionco, Inc.
Software	First Lien(3) - Undrawn	—	—	—	03/2024	03/2026	$	2,763	$	—	$	—
	First Lien(3) - Undrawn	—	—	—	03/2024	05/2028	691		(2)		(2)
							3,454		(2)		(2)		(0.00)	%
KENE Acquisition, Inc.
Business Services	First Lien(2)(3) - Undrawn	—	—	—	02/2024	02/2026	780		—		—
	First Lien(2)(3) - Undrawn	—	—	—	02/2024	02/2031	234		(2)		(2)
							1,014		(2)		(2)		(0.00)	%
Enverus Holdings, Inc.
Business Services	First Lien(2)(3) - Undrawn	—	—	—	12/2023	12/2025	133		—		(1)
	First Lien(2)(3) - Undrawn	—	—	—	12/2023	12/2029	203		(1)		(2)
							336		(1)		(3)		(0.00)	%
Icefall Parent, Inc.
Software	First Lien(2)(3) - Undrawn	—	—	—	01/2024	01/2030	414		(4)		(4)		(0.00)	%
Zone Climate Services, Inc.
Business Services	First Lien(2)(3) - Undrawn	—	—	—	11/2023	03/2028	144		(1)		—
	First Lien(2)(3) - Undrawn	—	—	—	11/2023	11/2025	1,111		—		(6)
							1,255		(1)		(6)		(0.01)	%
Healthspan Buyer, LLC
Healthcare	First Lien(2)(3) - Undrawn	—	—	—	10/2023	10/2030	614		(6)		(6)		(0.01)	%
AWP Group Holdings, Inc.
Business Services	First Lien(2)(3) - Undrawn	—	—	—	08/2023	12/2029	146		(1)		(1)
	First Lien(2)(3) - Undrawn	—	—	—	08/2023	08/2025	513		—		(5)
							659		(1)		(6)		(0.01)	%
Ncontracts, LLC
Software	First Lien(2)(3) - Undrawn	—	—	—	12/2023	12/2029	261		(3)		(3)
	First Lien(2)(3) - Undrawn	—	—	—	12/2023	12/2025	290		—		(4)
							551		(3)		(7)		(0.01)	%
Ciklum Inc.**
Business Services	First Lien(2)(3) - Undrawn	—	—	—	02/2024	08/2025	3,096		—		—
	First Lien(2)(3) - Undrawn	—	—	—	02/2024	02/2030	774		(9)		(10)
							3,870		(9)		(10)		(0.01)	%
KENG Acquisition, Inc.
Business Services	First Lien(2)(3) - Undrawn	—	—	—	08/2023	08/2029	225		(3)		(3)
	First Lien(2)(3) - Undrawn	—	—	—	08/2023	08/2025	588		—		(7)
							813		(3)		(10)		(0.01)	%

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

13

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

Schedule of Investments (Continued)

March 31, 2024

(in thousands)

(unaudited)

Portfolio Company, Location and Industry (1)	Type of Investment	Reference (4)	Spread (4)	Interest Rate (4)	Purchase Date	Maturity/Expiration Date	Principal  Amount or  Par Value		Cost		Fair  Value		Percent of Members' Capital
DOXA Insurance Holdings LLC
Business Services	First Lien(2)(3) - Undrawn	—	—	—	12/2023	12/2029	$	440	$	(4)	$	(4)
	First Lien(2)(3) - Undrawn	—	—	—	12/2023	12/2025	1,146		—		(12)
							1,586		(4)		(16)		(0.02)	%
Total Unfunded Debt Investments - United States							$	51,109	$	(57)	$	(76)	(0.07)	%
Total Unfunded Debt Investments							$	51,109	$	(57)	$	(76)	(0.07)	%
Total Non-Controlled/Non-Affiliated Investments									$	129,406	$	131,195	123.65	%
Total Investments									$	129,406	$	131,195	123.65	%

(1)New Mountain Guardian IV Income Fund, 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)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.

(3)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.

(4)All interest is payable in cash unless otherwise indicated. A majority of the variable rate debt investments bear interest at a rate that may be determined by reference to the Secured Overnight Financing Rate (SOFR), the Prime Rate (P) and the alternative base rate (Base) and which resets monthly (M), quarterly (Q), semi-annually (S) or annually (A). For each investment the current interest rate provided reflects the rate in effect as of March 31, 2024.

*    All or a portion of interest contains payment in kind ("PIK") interest.

**    Indicates assets that the Company deems to be "non-qualifying assets" under Section 55(a) of the Investment Company Act of 1940 (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, 2024, 3.94% of the Company's total assets are represented by investments at fair value that are considered non-qualifying assets.

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

14

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

Schedule of Investments (Continued)

March 31, 2024

(unaudited)

	March 31, 2024
Investment Type	Percent of Total Investments at Fair Value
First lien	94.82	%
Second lien	3.01	%
Subordinated	2.17	%
Total investments	100.00	%

	March 31, 2024
Industry Type	Percent of Total Investments at Fair Value
Software	40.24	%
Business Services	35.62	%
Healthcare	9.87	%
Education	5.52	%
Food & Beverage	4.00	%
Consumer Services	2.76	%
Financial Services	1.99	%
Total investments	100.00	%

	March 31, 2024
Interest Rate Type	Percent of Total Investments at Fair Value
Floating rates	97.83	%
Fixed rates	2.17	%
Total investments	100.00	%

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

15

Table of Contents

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

Schedule of Investments

December 31, 2023

(in thousands)

Portfolio Company, Location and Industry (1)	Type of Investment	Reference (4)		Spread (4)	Interest Rate (4)	Purchase Date	Maturity/Expiration Date	Principal  Amount or  Par Value		Cost		Fair  Value		Percent of Members' Capital
Non-Controlled/Non-Affiliated Investments
Funded Debt Investments - United States
Al Altius US Bidco, Inc.
Business Services	First Lien(2)	SOFR(S)	+	5.08%	10.43%	10/2023	12/2028	$	1,549	$	1,541	$	1,549
	First Lien(2)	SOFR(S)	+	5.08%	10.43%	07/2023	12/2028	1,424		1,413		1,424
	First Lien(2)	SOFR(S)	+	5.08%	10.43%	10/2023	12/2028	1,399		1,393		1,399
								4,372		4,347		4,372		4.13	%
Sierra Enterprises, LLC
Food & Beverage	First Lien	SOFR(Q)*	+	2.50% +4.25%/PIK	12.13%	05/2023	05/2027	4,674		3,937		4,335		4.09	%
Affinipay Midco, LLC
Software	First Lien(2)	SOFR(Q)	+	5.50%	10.88%	10/2023	06/2028	2,747		2,748		2,747
	First Lien(2)	SOFR(M)	+	5.50%	10.86%	10/2023	06/2028	488		488		488
	First Lien(2)	SOFR(Q)	+	5.50%	10.88%	10/2023	06/2028	421		421		421
	First Lien(2)	SOFR(Q)	+	5.50%	10.88%	10/2023	06/2028	275		275		275
	First Lien(2)	SOFR(Q)	+	5.50%	10.88%	10/2023	06/2028	69		69		69
								4,000		4,001		4,000		3.78	%
Associations, Inc.
Business Services	First Lien(2)	SOFR(Q)*	+	4.00% +2.50%/PIK	12.16%	10/2023	07/2027	4,000		3,981		4,000		3.78	%
Geo Parent Corporation
Business Services	First Lien(2)	SOFR(S)	+	5.25%	10.80%	10/2023	12/2028	3,654		3,619		3,654		3.45	%
USRP Holdings, Inc.
Business Services	First Lien(2)	SOFR(S)	+	5.75%	11.18%	10/2023	07/2027	3,134		3,126		3,134
	First Lien(2)(3) - Drawn	SOFR(S)	+	5.75%	11.18%	07/2023	07/2027	302		298		302
								3,436		3,424		3,436		3.25	%
Houghton Mifflin Harcourt Company
Education	First Lien	SOFR(M)	+	5.25%	10.71%	10/2023	04/2029	3,411		3,215		3,351		3.17	%
Kaseya Inc.
Software	First Lien(2)	SOFR(Q)*	+	3.50% +2.50%/PIK	11.38%	11/2023	06/2029	3,197		3,168		3,197
	First Lien(2)(3) - Drawn	SOFR(M)	+	5.50%	10.86%	11/2023	06/2029	49		48		49
	First Lien(2)(3) - Drawn	SOFR(Q)*	+	3.50% +2.50%/PIK	11.38%	11/2023	06/2029	12		12		12
								3,258		3,228		3,258		3.08	%
Bluefin Holding, LLC
Software	First Lien(2)	SOFR(S)	+	7.25%	12.72%	09/2023	09/2029	3,175		3,137		3,136		2.96	%
Greenway Health, LLC
Healthcare	First Lien	SOFR(S)	+	6.75%	11.93%	12/2023	04/2029	3,175		3,127		3,127		2.95	%
Ncontracts, LLC
Software	First Lien	SOFR(S)	+	6.50%	11.80%	12/2023	12/2029	3,139		3,100		3,100		2.93	%
Anaplan, Inc.
Software	First Lien(2)	SOFR(Q)	+	6.50%	11.85%	10/2023	06/2029	3,000		2,985		3,000		2.83	%
PetVet Care Centers, LLC
Consumer Services	First Lien	SOFR(M)	+	6.00%	11.36%	10/2023	11/2030	2,974		2,945		2,975		2.81	%
iCIMS, Inc.
Software	First Lien(2)	SOFR(Q)*	+	3.38% +3.88%/PIK	12.62%	09/2023	08/2028	2,895		2,867		2,916		2.76	%
Enverus Holdings, Inc.
Business Services	First Lien	SOFR(M)	+	5.50%	10.86%	12/2023	12/2029	2,664		2,644		2,644		2.50	%

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

16

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

Schedule of Investments (Continued)

December 31, 2023

(in thousands)

Portfolio Company, Location and Industry (1)	Type of Investment	Reference (4)		Spread (4)	Interest Rate (4)	Purchase Date	Maturity/Expiration Date	Principal  Amount or  Par Value		Cost		Fair  Value		Percent of Members' Capital
Healthspan Buyer, LLC
Healthcare	First Lien(2)	SOFR(Q)	+	5.75%	11.10%	10/2023	10/2030	$	2,560	$	2,535	$	2,535	2.40	%
Pye-Barker Fire & Safety, LLC
Business Services	First Lien(2)	SOFR(Q)	+	5.50%	11.00%	09/2023	11/2027	2,487		2,476		2,487		2.35	%
Legal Spend Holdings, LLC (fka Bottomline Technologies, Inc.)
Software	First Lien(2)	SOFR(M)	+	5.75%	11.11%	10/2023	05/2029	2,319		2,297		2,319		2.19	%
Nielsen Consumer Inc.**
Business Services	First Lien	SOFR(M)	+	6.25%	11.61%	09/2023	03/2028	2,181		2,150		2,139		2.02	%
DOXA Insurance Holdings LLC
Business Services	First Lien	SOFR(Q)	+	5.50%	10.87%	12/2023	12/2030	2,054		2,033		2,033		1.92	%
Virtusa Corporation
Business Services	Subordinated	Fixed(S)	+	7.13%	7.13%	08/2023	12/2028	2,364		1,954		2,031		1.92	%
Brave Parent Holdings, Inc.
Software	First Lien(2)	SOFR(M)	+	5.00%	10.36%	11/2023	11/2030	2,039		2,029		2,029		1.92	%
Wealth Enhancement Group, LLC
Financial Services	First Lien(2)	SOFR(Q)	+	5.75%	11.23%	10/2023	10/2027	968		969		968
	First Lien(2)	SOFR(Q)	+	5.75%	11.23%	10/2023	10/2027	601		601		601
	First Lien(2)	SOFR(Q)	+	5.75%	11.23%	10/2023	10/2027	260		260		260
	First Lien(2)	SOFR(Q)	+	5.75%	11.23%	10/2023	10/2027	150		150		150
	First Lien(2)	SOFR(Q)	+	5.75%	11.11%	10/2023	10/2027	21		21		21
								2,000		2,001		2,000		1.89	%
Syndigo LLC
Software	First Lien(2)	SOFR(M)	+	4.50%	9.97%	08/2023	12/2027	1,990		1,875		1,990		1.88	%
RxB Holdings, Inc.
Healthcare	First Lien(2)	SOFR(M)	+	5.25%	10.61%	06/2023	12/2027	1,985		1,940		1,985		1.88	%
CommerceHub, Inc.
Software	First Lien(2)	SOFR(Q)	+	6.25%	11.79%	06/2023	12/2027	1,980		1,783		1,980		1.87	%
Businessolver.com, Inc.
Software	First Lien(2)	SOFR(M)	+	5.50%	10.96%	10/2023	12/2027	1,747		1,747		1,747
	First Lien(2)(3) - Drawn	SOFR(M)	+	5.50%	10.96%	10/2023	12/2027	49		49		49
								1,796		1,796		1,796		1.70	%
Next Holdco, LLC
Healthcare	First Lien(2)	SOFR(M)	+	6.00%	11.37%	11/2023	11/2030	1,760		1,747		1,747		1.65	%
More cowbell II LLC
Business Services	First Lien(2)	SOFR(S)	+	6.00%	11.48%	08/2023	09/2030	1,570		1,559		1,558
	First Lien(2)(3) - Drawn	SOFR(Q)	+	6.00%	11.37%	08/2023	09/2029	41		41		41
								1,611		1,600		1,599		1.51	%
Higginbotham Insurance Agency, Inc.
Business Services	First Lien(2)(3) - Drawn	SOFR(M)	+	5.50%	10.96%	08/2023	11/2028	1,329		1,322		1,329		1.26	%
KENG Acquisition, Inc.
Business Services	First Lien(2)	SOFR(Q)	+	6.25%	11.60%	08/2023	08/2029	928		917		917
	First Lien(2)(3) - Drawn	SOFR(Q)	+	6.25%	11.60%	08/2023	08/2029	115		114		114
	First Lien(2)(3) - Drawn	SOFR(Q)	+	6.25%	11.60%	08/2023	08/2029	28		28		28
								1,071		1,059		1,059		1.00	%

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

17

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

Schedule of Investments (Continued)

December 31, 2023

(in thousands)

Portfolio Company, Location and Industry (1)	Type of Investment	Reference (4)		Spread (4)	Interest Rate (4)	Purchase Date	Maturity/Expiration Date	Principal  Amount or  Par Value		Cost		Fair  Value		Percent of Members' Capital
AWP Group Holdings, Inc.
Business Services	First Lien(2)	SOFR(Q)	+	5.50%	10.95%	08/2023	12/2029	$	998	$	988	$	988
	First Lien(2)(3) - Drawn	SOFR(Q)	+	5.50%	10.95%	08/2023	12/2029	44		44		44
	First Lien(2)(3) - Drawn	SOFR(Q)	+	5.50%	10.95%	08/2023	12/2029	26		25		25
								1,068		1,057		1,057		1.00	%
TRC Companies L.L.C. (fka Energize Holdco LLC)
Business Services	Second Lien(2)	SOFR(M)	+	6.75%	12.22%	12/2023	12/2029	775		717		752		0.71	%
Trinity Air Consultants Holdings Corporation
Business Services	First Lien(2)(3) - Drawn	SOFR(S)	+	5.75%	11.15%	06/2023	06/2027	689		683		689		0.65	%
PDQ.com Corporation
Software	First Lien(2)	SOFR(Q)	+	5.75%	11.18%	10/2023	08/2027	454		450		454		0.43	%
Accession Risk Management Group, Inc.
Business Services	First Lien(2)	SOFR(Q)	+	6.00%	11.41%	08/2023	11/2029	250		250		250
	First Lien(2)(3) - Drawn	SOFR(Q)	+	6.00%	11.35%	08/2023	11/2029	111		111		111
								361		361		361		0.34	%
GC Waves Holdings, Inc.
Financial Services	First Lien(2)(3) - Drawn	SOFR(M)	+	6.00%	11.46%	07/2023	08/2028	182		182		182		0.17	%
Allworth Financial Group, L.P.
Financial Services	First Lien(2)(3) - Drawn	SOFR(M)	+	5.50%	10.96%	10/2023	12/2026	110		109		110		0.10	%
Zone Climate Services, Inc.
Business Services	First Lien(2)(3) - Drawn	P(M)	+	4.50%	13.00%	11/2023	03/2028	19		19		19		0.02	%
KPSKY Acquisition Inc.
Business Services	First Lien(2)(3) - Drawn	SOFR(Q)	+	5.75%	11.23%	11/2023	10/2028	10		9		9		0.01	%
Total Funded Debt Investments - United States								$	87,021	$	84,741	$	85,995	81.26	%
Funded Debt Investments - Australia
Atlas AU Bidco Pty Ltd**
Business Services	First Lien	SOFR(M)	+	6.75%	12.11%	12/2023	12/2029	$	673	$	666	$	666	0.63	%
Total Funded Debt Investments - Australia								$	673	$	666	$	666	0.63	%
Total Funded Debt Investments								$	87,694	$	85,407	$	86,661	81.89	%
Total Funded Investments										$	85,407	$	86,661	81.89	%
Unfunded Debt Investments - United States
PetVet Care Centers, LLC
Consumer Services	First Lien(3) - Undrawn	—		—	—	10/2023	11/2025	$	388	$	—	$	—
	First Lien(3) - Undrawn	—		—	—	10/2023	11/2029	388		(4)		—
								776		(4)		—		—	%
AAH Topco, LLC
Consumer Services	First Lien(2)(3) - Undrawn	—		—	—	11/2023	11/2025	3,750		—		—		—	%
PPV Intermediate Holdings, LLC
Consumer Services	First Lien(2)(3) - Undrawn	—		—	—	09/2023	09/2025	1,952		—		—		—	%

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

18

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

Schedule of Investments (Continued)

December 31, 2023

(in thousands)

Portfolio Company, Location and Industry (1)	Type of Investment	Reference (4)	Spread (4)	Interest Rate (4)	Purchase Date	Maturity/Expiration Date	Principal  Amount or  Par Value		Cost		Fair  Value		Percent of Members' Capital
GC Waves Holdings, Inc.
Financial Services	First Lien(2)(3) - Undrawn	—	—	—	07/2023	12/2024	$	1,817	$	—	$	—	—	%
Allworth Financial Group, L.P.
Financial Services	First Lien(2)(3) - Undrawn	—	—	—	10/2023	10/2025	1,708		—		—		—	%
Accession Risk Management Group, Inc.
Business Services	First Lien(2)(3) - Undrawn	—	—	—	08/2023	02/2025	1,639		—		—		—	%
Trinity Air Consultants Holdings Corporation
Business Services	First Lien(2)(3) - Undrawn	—	—	—	06/2023	06/2024	837		—		—		—	%
Higginbotham Insurance Agency, Inc.
Business Services	First Lien(2)(3) - Undrawn	—	—	—	08/2023	08/2025	668		—		—		—	%
iCIMS, Inc.
Software	First Lien(2)(3) - Undrawn	—	—	—	09/2023	08/2024	592		—		—		—	%
USRP Holdings, Inc.
Business Services	First Lien(2)(3) - Undrawn	—	—	—	07/2023	07/2025	860		—		—
	First Lien(2)(3) - Undrawn	—	—	—	10/2023	07/2027	200		—		—
							1,060		—		—		—	%
Kaseya Inc.
Software	First Lien(2)(3) - Undrawn	—	—	—	11/2023	06/2029	144		(1)		—
	First Lien(2)(3) - Undrawn	—	—	—	11/2023	06/2024	180		(2)		—
							324		(3)		—		—	%
PDQ.com Corporation
Software	First Lien(2)(3) - Undrawn	—	—	—	10/2023	10/2025	295		—		—
	First Lien(2)(3) - Undrawn	—	—	—	10/2023	08/2027	163		(2)		—
							458		(2)		—		—	%
Zone Climate Services, Inc.
Business Services	First Lien(2)(3) - Undrawn	—	—	—	11/2023	02/2024	333		—		—
	First Lien(2)(3) - Undrawn	—	—	—	11/2023	11/2025	1,112		—		—
	First Lien(2)(3) - Undrawn	—	—	—	11/2023	03/2028	203		(2)		—
							1,648		(2)		—		—	%
Businessolver.com, Inc.
Software	First Lien(2)(3) - Undrawn	—	—	—	10/2023	12/2024	263		—		—		—	%
MRI Software LLC
Software	First Lien(2)(3) - Undrawn	—	—	—	12/2023	12/2025	1,691		—		—
	First Lien(2)(3) - Undrawn	—	—	—	12/2023	02/2027	169		(1)		—
							1,860		(1)		—		—	%

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

19

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

Schedule of Investments (Continued)

December 31, 2023

(in thousands)

Portfolio Company, Location and Industry (1)	Type of Investment	Reference (4)	Spread (4)	Interest Rate (4)	Purchase Date	Maturity/Expiration Date	Principal  Amount or  Par Value		Cost		Fair  Value		Percent of Members' Capital
Brave Parent Holdings, Inc.
Software	First Lien(2)(3) - Undrawn	—	—	—	11/2023	05/2025	$	232	$	—	$	—
	First Lien(2)(3) - Undrawn	—	—	—	11/2023	11/2030	116		(1)		(1)
							348		(1)		(1)		(0.00)	%
Next Holdco, LLC
Healthcare	First Lien(2)(3) - Undrawn	—	—	—	11/2023	11/2025	451		—		—
	First Lien(2)(3) - Undrawn	—	—	—	11/2023	11/2029	169		(1)		(1)
							620		(1)		(1)		(0.00)	%
More cowbell II LLC
Business Services	First Lien(2)(3) - Undrawn	—	—	—	08/2023	09/2025	171		—		—
	First Lien(2)(3) - Undrawn	—	—	—	08/2023	09/2029	181		(1)		(1)
							352		(1)		(1)		(0.00)	%
Enverus Holdings, Inc.
Business Services	First Lien(3) - Undrawn	—	—	—	12/2023	12/2025	133		—		—
	First Lien(3) - Undrawn	—	—	—	12/2023	12/2029	203		(2)		(2)
							336		(2)		(2)		(0.00)	%
Ncontracts, LLC
Software	First Lien(3) - Undrawn	—	—	—	12/2023	12/2025	290		—		—
	First Lien(3) - Undrawn	—	—	—	12/2023	12/2029	290		(4)		(4)
							580		(4)		(4)		(0.00)	%
Bluefin Holding, LLC
Software	First Lien(2)(3) - Undrawn	—	—	—	09/2023	09/2029	313		(4)		(4)		(0.00)	%
DOXA Insurance Holdings LLC
Business Services	First Lien(3) - Undrawn	—	—	—	12/2023	12/2025	1,951		—		—
	First Lien(3) - Undrawn	—	—	—	12/2023	12/2029	440		(4)		(4)
							2,391		(4)		(4)		(0.00)	%
Healthspan Buyer, LLC
Healthcare	First Lien(2)(3) - Undrawn	—	—	—	10/2023	10/2030	614		(6)		(6)		(0.01)	%
AWP Group Holdings, Inc.
Business Services	First Lien(2)(3) - Undrawn	—	—	—	08/2023	12/2029	161		(2)		(2)
	First Lien(2)(3) - Undrawn	—	—	—	08/2023	08/2025	513		—		(5)
							674		(2)		(7)		(0.01)	%
KPSKY Acquisition Inc.
Business Services	First Lien(2)(3) - Undrawn	—	—	—	11/2023	11/2025	784		—		(8)		(0.01)	%

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

20

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

Schedule of Investments (Continued)

December 31, 2023

(in thousands)

Portfolio Company, Location and Industry (1)	Type of Investment	Reference (4)	Spread (4)	Interest Rate (4)	Purchase Date	Maturity/Expiration Date	Principal  Amount or  Par Value		Cost		Fair  Value		Percent of Members' Capital
KENG Acquisition, Inc.
Business Services	First Lien(2)(3) - Undrawn	—	—	—	08/2023	08/2029	$	225	$	(3)	$	(3)
	First Lien(2)(3) - Undrawn	—	—	—	08/2023	08/2025	588		—		(7)
							813		(3)		(10)		(0.02)	%
Total Unfunded Debt Investments - United States							$	27,177	$	(40)	$	(48)	(0.05)	%
Total Unfunded Debt Investments							$	27,177	$	(40)	$	(48)	(0.05)	%
Total Non-Controlled/Non-Affiliated Investments									$	85,367	$	86,613	81.84	%
Total Investments									$	85,367	$	86,613	81.84	%

(1)New Mountain Guardian IV Income Fund, 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)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.

(3)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.

(4)All interest is payable in cash unless otherwise indicated. A majority of the variable rate debt investments bear interest at a rate that may be determined by reference to the Secured Overnight Financing Rate (SOFR), the Prime Rate (P) and the alternative base rate (Base) and which resets monthly (M), quarterly (Q), semi-annually (S) or annually (A). For each investment the current interest rate provided reflects the rate in effect as of December 31, 2023.

*    All or a portion of interest contains PIK interest.

**    Indicates assets that the Company deems to be "non-qualifying assets" under Section 55(a) of the Investment Company Act of 1940 (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 December 31, 2023, 2.61% of the Company's total assets are represented by investments at fair value that are considered non-qualifying assets.

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

21

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

Schedule of Investments (Continued)

December 31, 2023

(in thousands)

	December 31, 2023
Investment Type	Percent of Total Investments at Fair Value
First lien	96.79	%
Second lien	0.87	%
Subordinated	2.34	%
Total investments	100.00	%

	December 31, 2023
Industry Type	Percent of Total Investments at Fair Value
Business Services	39.60	%
Software	34.60	%
Healthcare	10.84	%
Food & Beverage	5.01	%
Education	3.87	%
Consumer Services	3.43	%
Financial Services	2.65	%
Total investments	100.00	%

	December 31, 2023
Interest Rate Type	Percent of Total Investments at Fair Value
Floating rates	97.66	%
Fixed rates	2.34	%
Total investments	100.00	%

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

22

Notes to the Financial Statements of

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

March 31, 2024

(in thousands, except unit data)

(unaudited)

Note 1. Formation and Business Purpose

New Mountain Guardian IV Income Fund, L.L.C. (the "Company"), formerly known as New Mountain Guardian IV Unlevered BDC, L.L.C., is a Delaware limited liability company formed on November 4, 2022. The Company is a closed-end, non-diversified management investment company that has elected to be regulated as a business development company ("BDC") under the Investment Company Act of 1940, as amended (the "1940 Act"). The Company intends to elect to be treated for U.S. federal income tax purposes, and intends to comply with requirements to qualify annually thereafter, as a regulated investment company ("RIC") under Subchapter M of the Internal Revenue Code of 1986, as amended (the "Code").

New Mountain Finance Advisers BDC, L.L.C. (the "Investment Adviser") is a wholly-owned subsidiary of New Mountain Capital Group, L.P. (together with New Mountain Capital, L.L.C. and its affiliates, "New Mountain Capital"), whose ultimate owners include Steven B. Klinsky, other current and former New Mountain Capital professionals and related vehicles and a minority investor. New Mountain Capital is a global investment firm with approximately $50.0 billion of assets under management and a track record of investing in the middle market. New Mountain Capital focuses on investing in defensive growth companies across its private equity, credit and net lease investment strategies. The Investment Adviser manages the Company's day-to-day operations and provides it with investment advisory and management services. The Investment Adviser also manages other funds that may have investment mandates that are similar, in whole or in part, to the Company's. New Mountain Finance Administration, L.L.C. (the "Administrator"), a wholly-owned subsidiary of New Mountain Capital, provides the administrative services necessary to conduct the Company's day-to-day operations. The Administrator has hired a third-party sub-administrator to assist with the provision of administrative services.

The Company conducted a private offering (the "Private Offering") of units of the Company's limited liability company interests (the "Units") to investors in reliance on exemptions from the registration requirements of the Securities Act of 1933, as amended (the "Securities Act"). Units will be offered for subscription continuously throughout the Closing Period (as defined below). Each investor in the Private Offering made a capital commitment (each, a "Capital Commitment") to purchase Units pursuant to a subscription agreement entered into with the Company (each, a "Subscription Agreement"). The Company expects closings of the Private Offering will occur, from time to time, in the Investment Adviser's sole discretion, during the 18-month period (the "Closing Period") following the initial closing of Capital Commitments, which occurred on May 23, 2023. The Company may accept and draw down on Capital Commitments from investors throughout the Closing Period and may draw down on Capital Commitments after the Closing Period. The Company commenced loan origination and investment activities on May 24, 2023. The "Investment Period" began on May 23, 2023 and will continue until November 23, 2028, the four-year anniversary of the end of the Closing Period. The term of the Company is until November 23, 2030, six years from the end of the Closing Period, subject to (i) a one-year extension as determined by the Investment Adviser in its sole discretion and (ii) an additional one year extension as determined by the Company's board of directors.

The Company focuses on providing direct lending solutions to U.S. upper middle market companies backed by top private equity sponsors. The Company's investment objective is to generate current income and capital appreciation through the sourcing and origination of senior secured loans and select junior capital positions, to growing businesses in defensive industries that offer attractive risk-adjusted returns. The Company's differentiated investment approach leverages the deep sector knowledge and operating resources of New Mountain Capital.

The Company primarily invests in senior secured debt of U.S. sponsor-backed, middle market companies. The Company defines middle market companies as those with annual earnings before interest, taxes, depreciation, and amortization ("EBITDA") between $10,000 and $200,000. The Company focuses on defensive growth businesses that generally exhibit the following characteristics: (i) acyclicality, (ii) sustainable secular growth drivers, (iii) niche market dominance and high barriers to competitive entry, (iv) recurring revenue and strong free cash flow, (v) flexible cost structures and (vi) seasoned management teams.

Senior secured loans may include traditional first lien loans or unitranche loans. The Company invests a significant portion of its portfolio in unitranche loans, which are loans that combine both senior and subordinated debt, generally in a first-lien position. Because unitranche loans combine characteristics of senior and subordinated debt, they have risks similar to the risks associated with secured debt and subordinated debt. Certain unitranche loan investments may include “last-out” positions, which generally heighten the risk of loss. In some cases, the Company’s investments may also include equity interests.

As of March 31, 2024, the Company's top five industry concentrations were software, business services, healthcare, education and food & beverage.

23

Note 2. Summary of Significant Accounting Policies

Basis of accounting—The Company's financial statements have been prepared in conformity with accounting principles generally accepted in the United States ("GAAP"). The Company is an investment company following accounting and reporting guidance in Accounting Standards Codification Topic 946, Financial Services—Investment Companies ("ASC 946").

The Company's financial statements reflect all adjustments and reclassifications which, in the opinion of management, are necessary for the fair presentation of the results of operations and financial condition for the period(s) presented. Revenues are recognized when earned and expenses when incurred. The financial results of the Company's portfolio investments are not consolidated in the financial statements.

The Company's interim financial statements are prepared in accordance with GAAP and pursuant to the requirements for reporting on Form 10-Q and Articles 6 and 10 of Regulation S-X. Accordingly, the Company’s interim financial statements do not include all of the information and notes required by GAAP for annual financial statements. In the opinion of management, all adjustments, consisting solely of normal recurring accruals considered necessary for the fair presentation of financial statements for the interim period, have been included. The current period's results of operations will not necessarily be indicative of results that ultimately may be achieved for the fiscal year ending December 31, 2024.

Investments—The Company applies fair value accounting in accordance with GAAP. Fair value is the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Investments are reflected on the Company's Statements of Assets, Liabilities and Members' Capital at fair value, with changes in unrealized gains and losses resulting from changes in fair value reflected in the Company's Statement of Operations as "Net change in unrealized appreciation (depreciation) of investments" and realizations on portfolio investments reflected in the Company's Statement of Operations as "Net realized gains (losses) on investments".

The Company values its assets on a quarterly basis, or more frequently if required under the 1940 Act. In all cases, the Company's board of directors is ultimately and solely responsible for determining the fair value of the Company's portfolio investments on a quarterly basis in good faith, including investments that are not publicly traded, those whose market prices are not readily available and any other situation where its portfolio investments require a fair value determination. Security transactions are accounted for on a trade date basis. The Company's quarterly valuation procedures are set forth in more detail below:

(1)Investments for which market quotations are readily available on an exchange are valued at such market quotations based on the closing price indicated from independent pricing services.

(2)Investments for which indicative prices are obtained from various pricing services and/or brokers or dealers are valued through a multi-step valuation process, as described below, to determine whether the quote(s) obtained is representative of fair value in accordance with GAAP.

a.Bond quotes are obtained through independent pricing services. Internal reviews are performed by the investment professionals of the Investment Adviser to ensure that the quote obtained is representative of fair value in accordance with GAAP and, if so, the quote is used. If the Investment Adviser is unable to sufficiently validate the quote(s) internally and if the investment's par value or its fair value exceeds the materiality threshold, the investment is valued similarly to those assets with no readily available quotes (see (3) below); and

b.For investments other than bonds, the Company looks at the number of quotes readily available and performs the following procedures:

i.Investments for which two or more quotes are received from a pricing service are valued using the mean of the mean of the bid and ask of the quotes obtained. The Company will evaluate the reasonableness of the quote, and if the quote is determined to not be representative of fair value, the Company will use one or more of the methodologies outlined below to determine fair value; and

ii.Investments for which one quote is received from a pricing service are validated internally. The investment professionals of the Investment Adviser analyze the market quotes obtained using an array of valuation methods (further described below) to validate the fair value. If the Investment Adviser is unable to sufficiently validate the quote internally and if the investment's par value or its fair value exceeds the materiality threshold, the investment is valued similarly to those assets with no readily available quotes (see (3) below).

(3)Investments for which quotations are not readily available through exchanges, pricing services, brokers, or dealers are valued through a multi-step valuation process:

24

a.Each portfolio company or investment is initially valued by the investment professionals of the Investment Adviser responsible for the credit monitoring;

b.Preliminary valuation conclusions will then be documented and discussed with the Company's senior management;

c.If an investment falls into (3) above for four consecutive quarters and if the investment's par value or its fair value exceeds the materiality threshold, then at least once each fiscal year, the valuation for each portfolio investment for which the Company does not have a readily available market quotation will be reviewed by an independent valuation firm engaged by the Company's board of directors; and

d.When deemed appropriate by the Company's management, an independent valuation firm may be engaged to review and value investment(s) of a portfolio company, without any preliminary valuation being performed by the Investment Adviser. The investment professionals of the Investment Adviser will review and validate the value provided.

For investments in revolving credit facilities and delayed draw commitments, the cost basis of the funded investments purchased is offset by any costs/netbacks received for any unfunded portion on the total balance committed. The fair value is also adjusted for the price appreciation or depreciation on the unfunded portion. As a result, the purchase of a commitment not completely funded may result in a negative fair value until it is called and funded.

The values assigned to investments are based upon available information and do not necessarily represent amounts which might ultimately be realized, since such amounts depend on future circumstances and cannot be reasonably determined until the individual positions are liquidated. Due to the inherent uncertainty of determining the fair value of investments that do not have a readily available market value, the fair value of the Company's investments may fluctuate from period to period and the fluctuations could be material.

See Note 3. Investments, for further discussion relating to investments.

Cash and cash equivalents—Cash and cash equivalents include cash and short-term, highly liquid investments. The Company defines cash equivalents as securities that are readily convertible into known amounts of cash and so near maturity that there is insignificant risk of changes in value. These securities have original maturities of three months or less. The Company did not hold any cash equivalents as of March 31, 2024 and December 31, 2023.

Revenue recognition

Sales and paydowns of investments: Realized gains and losses on investments are determined on the specific identification method.

Interest income: Interest income, including amortization of premium and discount using the effective interest method, is recorded on the accrual basis and periodically assessed for collectability. Interest income also includes interest earned from cash on hand. Upon the prepayment of a loan or debt security, any prepayment penalties are recorded as part of interest income. The Company has loans in its portfolio that contain a payment-in-kind ("PIK") interest. PIK interest is accrued and recorded as income at the contractual rates, if deemed collectible. The PIK interest is added to the principal or share balances on the capitalization dates and are generally due at maturity or when redeemed by the issuer. For the three months ended March 31, 2024, the Company recognized PIK interest from investments of $144.

Non-accrual income: Investments are placed on non-accrual status when principal or interest payments are past due for 30 days or more and when there is reasonable doubt that principal or interest will be collected. Accrued cash and un-capitalized PIK interest are reversed when an investment is placed on non-accrual status. Previously capitalized PIK interest is not reversed when an investment is placed on non-accrual status. Interest payments received on non-accrual investments may be recognized as income or applied to principal depending upon management's judgment of the ultimate collectability. Non-accrual investments are restored to accrual status when past due principal and interest is paid and, in management's judgment, are likely to remain current. As of March 31, 2024 and December 31, 2023, no investments were on non-accrual status.

Fee income: Fee income represents delayed compensation, revolver fees, upfront fees, amendment fees and other miscellaneous fees received and are typically non-recurring in nature. Delayed compensation is income earned from counterparties on trades that do not settle within a set number of business days after the trade date. Fee income may also include fees from bridge loans. The Company may from time to time enter into bridge financing commitments, an obligation to provide interim financing to a counterparty until permanent credit can be obtained. These commitments are short-term in nature and may expire unfunded. A fee is received by the Company for providing such commitments. Structuring fees and upfront fees are recognized as income when earned, usually when paid at the closing of the investment, and are non-refundable. Income received in exchange for the provision of services such as recurring administration services are also recognized as fee income in the period in which it was earned.

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Interest and other financing expenses—Interest and other financing fees are recorded on an accrual basis by the Company. See Note 6. Borrowings, for details.

Organizational expenses—Organizational expenses include costs and expenses incurred in connection with the formation and organization of the Company and are expensed as incurred in the Statement of Operations. Any organizational and offering expenses paid by the Company in excess of the lesser of $2,000 or 0.25% of the aggregate Capital Commitments pursuant to the Expense Limitation and Reimbursement Agreement (as defined below), will be applied as a reduction to the base management fee paid to the Investment Adviser and cannot be recouped by the Investment Adviser.

Deferred offering costs—The Company's deferred offering costs consists of fees and expenses incurred in connection with the offering of the Company's Units. Upon the issuance of Units, deferred offering costs are then amortized into Organizational and Offering Expenses on the Statement of Operations on a straight line basis over a period of 12 months beginning on the date of commencement of operations. Deferred offering costs are included on the Company’s Statements of Assets, Liabilities and Members' Capital until amortized.

Deferred financing costs—The deferred financing costs of the Company consist of capitalized expenses related to the origination and amending of the Company's borrowings. The Company amortizes these costs into expense over the stated life of the related borrowing. See Note 6. Borrowings, for details.

Income taxes—The Company was treated as a disregarded entity wholly owned by the Investment Adviser for the period beginning with the date of its inception on November 4, 2022 through May 23, 2023. The Company intends to elect to be treated as a RIC for U.S. federal income tax purposes under Subchapter M of the Code with the filing of its first tax return for the year ended December 31, 2023, and thereafter intends to comply with the requirements to qualify and maintain its status as a RIC annually. As a RIC, the Company will not be subject to U.S. federal income tax on the portion of taxable income and gains timely distributed to its unitholders.

To qualify and be subject to tax treatment as a RIC, the Company is required to meet certain income and asset diversification tests in addition to timely distributing at least 90.0% of its investment company taxable income, as defined by the Code. Since U.S. federal income tax regulations differ from GAAP, distributions in accordance with tax regulations may differ from net investment income and realized gains recognized for financial reporting purposes.

Differences between taxable income and the results of operations for financial reporting purposes may be permanent or temporary in nature. Permanent differences are reclassified among capital accounts in the financial statements to reflect their tax character. Differences in classification may also result from the treatment of short-term gains as ordinary income for U.S. federal income tax purposes.

For U.S. federal income tax purposes, distributions paid to unitholders of the Company are reported as ordinary income, return of capital, long term capital gains or a combination thereof.

The Company will be subject to a 4.0% nondeductible federal excise tax on certain undistributed income unless the Company distributes, in a timely manner as required by the Code, an amount at least equal to the sum of (1) 98.0% of its respective net ordinary income earned for the calendar year and (2) 98.2% of its respective capital gain net income for the one-year period ending October 31 in the calendar year.

Based on its analysis, the Company has determined that there were no uncertain tax positions that do not meet the more likely than not threshold as defined by Accounting Standards Codification Topic 740, Income Taxes ("ASC 740") through December 31, 2023. The 2023 tax year and forward remain subject to examination by the U.S. federal, state, and local tax authorities.

Distributions—Distributions to the Company's unitholders are recorded on the record date as set by the Company's board of directors. The Company intends to make timely distributions to its unitholders that will be sufficient to enable the Company to qualify and maintain its status as a RIC. The Company intends to distribute approximately all of its net investment income on a quarterly basis and substantially all of its taxable income on an annual basis, except that the Company may retain certain net capital gains for reinvestment.    

Earnings per Unit—The Company's earnings per unit ("EPU") amounts have been computed based on the weighted-average number of Units outstanding for the period. Basic EPU is computed by dividing net increase (decrease) in members' capital resulting from operations by the weighted average number of Units outstanding during the period of computation. Diluted EPU is computed by dividing net increase (decrease) in members' capital resulting from operations by the weighted average number of Units assuming all potential Units had been issued, and its related net impact to members' capital accounted for, and the additional Units were dilutive. Diluted EPU reflects the potential dilution, using the as-if-converted method for convertible debt, which could occur if all potentially dilutive securities were exercised.

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Foreign securities—The accounting records of the Company are maintained in U.S. dollars. Investment securities denominated in foreign currencies are translated into U.S. dollars based on the rate of exchange of such currencies on the date of valuation. Purchases and sales of investment securities and income and expense items denominated in foreign currencies are translated into U.S. dollars based on the rate of exchange of such currencies on the respective dates of the transactions. The Company does not isolate that portion of the results of operations resulting from changes in foreign exchange rates on investments from the fluctuations arising from changes in market prices of securities held. Such fluctuations are included with "Net change in unrealized appreciation (depreciation) of investments" and "Net realized gains (losses) on investments" in the Company's Statement of Operations.

Investments denominated in foreign currencies may be negatively affected by movements in the rate of exchange between the U.S. dollar and foreign currencies. This movement is beyond the control of the Company and cannot be predicted.

Use of estimates—The preparation of the Company's financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the Company's financial statements and the reported amounts of revenues and expenses during the reporting periods. Changes in the economic environment, financial markets, and other metrics used in determining these estimates could cause actual results to differ from the estimates used, and the differences could be material.

Note 3. Investments

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

Investment Cost and Fair Value by Type

	Cost		Fair Value
First lien	$	122,828	$	124,405
Second lien	3,896		3,946
Subordinated	2,682		2,844
Total investments	$	129,406	$	131,195

Investment Cost and Fair Value by Industry

	Cost		Fair Value
Software	$	52,278	$	52,790
Business Services	46,414		46,723
Healthcare	12,850		12,946
Education	7,080		7,244
Food & Beverage	4,588		5,253
Consumer Services	3,584		3,623
Financial Services	2,612		2,616
Total investments	$	129,406	$	131,195

At December 31, 2023, the Company's investments consisted of the following:

Investment Cost and Fair Value by Type

	Cost		Fair Value
First lien	$	82,696	$	83,830
Second lien	717		752
Subordinated	1,954		2,031
Total investments	$	85,367	$	86,613

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Investment Cost and Fair Value by Industry

	Cost		Fair Value
Business Services	$	34,107	$	34,304
Software	29,533		29,969
Healthcare	9,342		9,387
Food & Beverage	3,937		4,335
Education	3,215		3,351
Consumer Services	2,941		2,975
Financial Services	2,292		2,292
Total investments	$	85,367	$	86,613

As of March 31, 2024, the Company had unfunded commitments on revolving credit facilities of $7,336 and no unfunded commitments on bridge facilities. As of March 31, 2024, the Company had unfunded commitments in the form of delayed draws or other future funding commitments of $43,773. The unfunded commitments on revolving credit facilities and delayed draws are disclosed on the Company's Schedule of Investments as of March 31, 2024.

As of December 31, 2023, the Company had unfunded commitments on revolving credit facilities of $3,979 and no unfunded commitments on bridge facilities. As of December 31, 2023, the Company had unfunded commitments in the form of delayed draws or other future funding commitments of $23,198. The unfunded commitments on revolving credit facilities and delayed draws are disclosed on the Company's Schedule of Investments as of December 31, 2023.

Investment Risk Factors—First and second lien debt that the Company invests in is almost entirely rated below investment grade or may be unrated. Debt investments rated below investment grade are often referred to as "leveraged loans", "high yield" or "junk" debt investments, and may be considered "high risk" compared to debt investments that are rated investment grade. These debt investments are considered speculative because of the credit risk of the issuers. Such issuers are considered more likely than investment grade issuers to default on their payments of interest and principal, and such risk of default could reduce the members' capital and income distributions of the Company. In addition, some of the Company's debt investments will not fully amortize during their lifetime, which could result in a loss or a substantial amount of unpaid principal and interest due upon maturity. First and second lien debt may also lose significant market value before a default occurs. Furthermore, an active trading market may not exist for these first and second lien debt investments. This illiquidity may make it more difficult to value the debt.

Subordinated debt is generally subject to similar risks as those associated with first and second lien debt, except that such debt is subordinated in payment and/or lower in lien priority. Subordinated debt is subject to the additional risk that the cash flow of the borrower and the property securing the debt, if any, may be insufficient to meet scheduled payments after giving effect to the senior secured and unsecured obligations of the borrower.

The Company may directly invest in the equity of private companies or, in some cases, equity investments could be made in connection with a debt investment. Equity investments may or may not fluctuate in value, resulting in recognized realized gains or losses upon disposition.

Note 4. Fair Value

Pursuant to Rule 2a-5, a market quotation is readily available for purposes of Section 2(a)(41) of the 1940 Act with respect to a security only when that “quotation is a quoted price (unadjusted) in active markets for identical investments that the fund can access at the measurement date, provided that a quotation will not be readily available if it is not reliable.” Fair value is the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Accounting Standards Codification Topic 820, Fair Value Measurements and Disclosure ("ASC 820") establishes a fair value hierarchy that prioritizes and ranks the inputs to valuation techniques used in measuring investments at fair value. The hierarchy classifies the inputs used in measuring fair value into three levels as follows:    

Level I—Quoted prices (unadjusted) are available in active markets for identical investments and the Company has the ability to access such quotes as of the reporting date. The type of investments which would generally be included in Level I include active exchange-traded equity securities and exchange-traded derivatives. As required by ASC 820, the Company, to the extent that it holds such investments, does not adjust the quoted price for these investments, even in situations where the Company holds a large position and a sale could reasonably impact the quoted price.

Level II—Pricing inputs are observable for the investments, either directly or indirectly, as of the reporting date, but are not the same as those used in Level I. Level II inputs include the following:

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•Quoted prices for similar assets or liabilities in active markets;

•Quoted prices for identical or similar assets or liabilities in non-active markets (examples include corporate and municipal bonds, which trade infrequently);

•Pricing models whose inputs are observable for substantially the full term of the asset or liability (examples include most over-the-counter derivatives, including foreign exchange forward contracts); and

•Pricing models whose inputs are derived principally from or corroborated by observable market data through correlation or other means for substantially the full term of the asset or liability.

Level III—Pricing inputs are unobservable for the investment and include situations where there is little, if any, market activity for the investment.

The inputs used to measure fair value may fall into different levels. In all instances when the inputs fall within different levels of the hierarchy, the level within which the fair value measurement is categorized is based on the lowest level of input that is significant to the fair value measurement in its entirety. As such, a Level III fair value measurement may include inputs that are both observable and unobservable. Gains and losses for such assets categorized within the Level III table below may include changes in fair value that are attributable to both observable inputs and unobservable inputs.

The inputs into the determination of fair value require significant judgment or estimation by management and consideration of factors specific to each investment. A review of the fair value hierarchy classifications is conducted on a quarterly basis. Changes in the observability of valuation inputs may result in the transfer of certain investments within the fair value hierarchy from period to period.

The following table summarizes the levels in the fair value hierarchy that the Company's portfolio investments fall into as of March 31, 2024:

	Total		Level I		Level II		Level III
First lien	$	124,405	$	—	$	11,399	$	113,006
Second lien	3,946		—		—		3,946
Subordinated	2,844		—		2,844		—
Total investments	$	131,195	$	—	$	14,243	$	116,952

The following table summarizes the levels in the fair value hierarchy that the Company's portfolio investments fall into as of December 31, 2023:

	Total		Level I		Level II		Level III
First lien	$	83,830	$	—	$	8,465	$	75,365
Second lien	752		—		—		752
Subordinated	2,031		—		2,031		—
Total investments	$	86,613	$	—	$	10,496	$	76,117

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The following table summarizes the changes in fair value of Level III portfolio investments for the three months ended March 31, 2024, as well as the portion of appreciation (depreciation) included in income attributable to the net change in unrealized appreciation (depreciation) related to those assets and liabilities still held by the Company at March 31, 2024:

	Total		First Lien		Second Lien
Fair value, December 31, 2023	$	76,117	$	75,365	$	752
Total gains or losses included in earnings:
Net change in unrealized appreciation (depreciation) of investments	489		471		18
Purchases, including capitalized PIK and revolver fundings	39,883		36,707		3,176
Proceeds from sales and paydowns of investments	(527)		(527)		—
Transfers into Level III(1)	2,975		2,975		—
Transfers out of Level III(1)	(1,985)		(1,985)		—
Fair Value, March 31, 2024	$	116,952	$	113,006	$	3,946
Net change in unrealized appreciation (depreciation) for the period relating to those Level III assets that were still held by the Company at the end of the period:	$	489	$	471	$	18

(1)As of March 31, 2024, portfolio investments were transferred into Level III from Level II and out of Level III into Level II at fair value as of the beginning of the period in which the reclassification occurred.

Except as noted in the table above, there were no other transfers in or out of Levels I, II, or III during the three months ended March 31, 2024. Transfers into Level III occur as quotations obtained through pricing services are deemed not representative of fair value as of the balance sheet date, and such assets are internally valued. As quotations obtained through pricing services are substantiated through additional market sources, investments are transferred out of Level III. In addition, transfers out of Level III and transfers into Level III occur based on the increase or decrease in the availability of certain observable inputs. Investments will be transferred into Level III from Level II and out of Level III into Level II at fair value as of the beginning of the period in which the reclassification occurred.

The Company invests in revolving credit facilities. These investments are categorized as Level III investments as these assets are not actively traded and their fair values are often implied by the term loans of the respective portfolio companies.

The Company generally uses the following framework when determining the fair value of investments where there are little, if any, market activity or observable pricing inputs. The Company typically determines the fair value of its performing debt investments utilizing an income approach. Additional consideration is given using a market based approach, as well as reviewing the overall underlying portfolio company's performance and associated financial risks. The following outlines additional details on the approaches considered:

Company Performance, Financial Review, and Analysis:    Prior to investment, as part of its due diligence process, the Company evaluates the overall performance and financial stability of the portfolio company. Post investment, the Company analyzes each portfolio company's current operating performance and relevant financial trends versus prior year and budgeted results, including, but not limited to, factors affecting its revenue and EBITDA growth, margin trends, liquidity position, covenant compliance and changes to its capital structure. The Company also attempts to identify and subsequently track any developments at the portfolio company within its customer or vendor base, or within the industry or the macroeconomic environment, generally, that may alter any material element of its original investment thesis. This analysis is specific to each portfolio company. The Company leverages the knowledge gained from its original due diligence process, augmented by this subsequent monitoring, to continually refine its outlook for each of its portfolio companies and ultimately form the valuation of its investment in each portfolio company. When an external event such as a purchase transaction, public offering or subsequent sale occurs, the Company will consider the pricing indicated by the external event to corroborate the private valuation.

For debt investments, the Company may employ the Market Based Approach (as described below) to assess the total enterprise value of the portfolio company, in order to evaluate the enterprise value coverage of the Company's debt investment. For equity investments or in cases where the Market Based Approach implies a lack of enterprise value coverage for the debt investment, the Company may additionally employ a discounted cash flow analysis based on the free cash flows of the portfolio company to assess the total enterprise value. After enterprise value coverage is demonstrated for the Company's debt investments through the method(s) above, the Income Based Approach (as described below) may be employed to estimate the fair value of the investment.

Market Based Approach:    The Company may estimate the total enterprise value of each portfolio company by utilizing EBITDA or revenue multiples of publicly traded comparable companies and comparable transactions. The Company considers numerous factors when selecting the appropriate companies whose trading multiples are used to value its portfolio

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companies. These factors include, but are not limited to, the type of organization, similarity to the business being valued, and relevant risk factors, as well as size, profitability and growth expectations. The Company may apply an average of various relevant comparable company EBITDA or revenue multiples to the portfolio company's latest twelve month ("LTM") EBITDA or revenue or projected EBITDA or revenue to calculate the enterprise value of the portfolio company. Significant increases or decreases in the EBITDA or revenue multiples will result in an increase or decrease in enterprise value, which may result in an increase or decrease in the fair value estimate of the investment. In applying the market based approach as of March 31, 2024 and December 31, 2023, the Company used the relevant EBITDA or revenue multiple ranges set forth in the table below to determine the enterprise value of its portfolio companies. The Company believes these were reasonable ranges in light of current comparable company trading levels and the specific portfolio companies involved.

Income Based Approach:    The Company also may use a discounted cash flow analysis to estimate the fair value of the investment. Projected cash flows represent the relevant security's contractual interest, fee and principal payments plus the assumption of full principal recovery at the investment's expected maturity date. These cash flows are discounted at a rate established utilizing a combination of a yield calibration approach and a comparable investment approach. The yield calibration approach incorporates changes in the credit quality (as measured by relevant statistics) of the portfolio company, as compared to changes in the yield associated with comparable credit quality market indices, between the date of origination and the valuation date. The comparable investment approach utilizes an average yield-to-maturity of a selected set of high-quality, liquid investments to determine a comparable investment discount rate. Significant increases or decreases in the discount rate would result in a decrease or increase in the fair value measurement. In applying the income based approach as of March 31, 2024 and December 31, 2023, the Company used the discount ranges set forth in the table below to value investments in its portfolio companies.

The unobservable inputs used in the fair value measurement of the Company's Level III investments as of March 31, 2024 were as follows:

					Range
Type	Fair Value as of March 31, 2024		Approach	Unobservable Input	Low		High		Weighted Average (1)
First lien	$	110,356	Market & income approach	EBITDA multiple	8.5x		30.0x		17.0x
				Revenue multiple	4.0x		16.6x		9.4x
				Discount rate	7.8	%	12.9	%	10.2	%
	1,980		Market quote	Broker quote	N/A		N/A		N/A
	670		Other	N/A (2)	N/A		N/A		N/A
Second lien	769		Market & income approach	Discount rate	12.2	%	12.2	%	12.2	%
	3,177		Other	N/A (2)	N/A		N/A		N/A
	$	116,952

(1)Unobservable inputs were weighted by the relative fair value of the investments.

(2)Fair value was determined based on transaction pricing or recent acquisition or sale as the best measure of fair value with no material changes in operations of the related portfolio company since the transaction date.

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The unobservable inputs used in the fair value measurement of the Company's Level III investments as of December 31, 2023 were as follows:

					Range
Type	Fair Value as of December 31, 2023		Approach	Unobservable Input	Low		High		Weighted Average (1)
First lien	$	59,470	Market & income approach	EBITDA multiple	8.5x		27.0x		18.4x
				Revenue multiple	8.0x		10.0x		9.0x
				Discount rate	7.2	%	11.2	%	9.5	%
	15,895		Other	N/A (2)	N/A		N/A		N/A
Second lien	752		Market & income approach	Discount rate	12.9%		12.9%		12.9%
	$	76,117

(1)Unobservable inputs were weighted by the relative fair value of the investments.

(2)Fair value was determined based on transaction pricing or recent acquisition or sale as the best measure of fair value with no material changes in operations of the related portfolio company since the transaction date.

The BMO Subscription Line (as defined below) and the Unsecured Management Company Revolver (as defined below) are considered Level III investments. See Note 6. Borrowings for details.

The following are the principal amounts and fair values of the Company’s borrowings as of March 31, 2024 and December 31, 2023. Fair value is estimated by discounting remaining payments using applicable current market rates, which take into account changes in the Company’s marketplace credit ratings, or market quotes, if available.    

	As of
	March 31, 2024				December 31, 2023
	Principal Amount		Fair Value		Principal Amount		Fair Value
BMO Subscription Line	$	9,800	$	9,839	$	—	$	—

Fair value risk factors—The Company seeks investment opportunities that offer the possibility of attaining substantial capital appreciation. Certain events particular to each industry in which the Company's portfolio companies conduct their operations, as well as general economic, political and health conditions, may have a significant negative impact on the operations and profitability of the Company's investments and/or on the fair value of the Company's investments. The Company's investments are subject to the risk of non-payment of scheduled interest or principal, resulting in a reduction in income to the Company and their corresponding fair valuations. Also, there may be risk associated with the concentration of investments in one geographic region or in certain industries. These events are beyond the control of the Company and cannot be predicted. Furthermore, the ability to liquidate investments and realize value is subject to uncertainties.

Note 5. Agreements and Related Parties

The Company entered into an investment advisory and management agreement (the "Investment Management Agreement") with the Investment Adviser on December 14, 2022. The Investment Management Agreement initially had a term of two years which began on December 14, 2022, and thereafter would continue automatically for successive annual periods, provided that such continuance is specifically approved at least annually by (A) the vote of the Company's board of directors, or by the vote of a majority of the outstanding voting securities of the Company and (B) the vote of a majority of the Company's directors who are not parties to the Investment Management Agreement or "interested persons" (as such term is defined in Section 2(a)(19) of the 1940 Act) of any such party, in accordance with the requirements of the 1940 Act. Under the Investment Management Agreement, the Investment Adviser manages the day-to-day operations of, and provides investment advisory services to, the Company. For providing these services, the Investment Adviser receives an annual base management fee and incentive fee from the Company. Although the initial two year term of the Investment Management Agreement would not have expired until December 14, 2024, the Company's board of directors most recently re-approved the Investment Management Agreement on January 30, 2024 at an in-person meeting, for a period of 12 months commencing on March 1, 2024.

Pursuant to the Investment Management Agreement, the base management fee is payable quarterly in arrears at an annual rate of 0.75% of the aggregate contributed capital from all unitholders (including any outstanding borrowings under any subscription line drawn in lieu of capital calls) less any return of capital distributions and less any cumulative realized losses since inception (calculated net of any subsequently reversed realized losses and net of any realized gains) as of the last day of the applicable quarter. For the period from the effective date of the Investment Management Agreement through the one year anniversary of the Initial Drawdown Date (as defined in the Investment Management Agreement), the base management fee

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shall be reduced by 50% (for the avoidance of doubt, this results in an annual rate of 0.375% through May 31, 2024, the one year anniversary of the Initial Drawdown Date). Because the one year anniversary of the Initial Drawdown Date occurs on a date other than the last day of a calendar quarter, the management fee shall be prorated for such calendar quarter and calculated based on the number of days in such period up to, and including, the one year anniversary of the Initial Drawdown Date. The base management fee could be reduced by any voluntary fee waivers made by the Investment Adviser. The management fee will be reduced, but not below zero, by any amounts paid by the Company or its subsidiaries to a placement agent, any organizational and offering expenses in excess of the lesser of $2,000 or 0.25% of the aggregate Capital Commitments pursuant to the Expense Limitation and Reimbursement Agreement (as defined below), and any fund expenses in excess of the Specified Expenses Cap (as defined below).

The Investment Adviser has entered into agreements with placement agents that provide for ongoing payments from the Investment Adviser based upon the amount of a unitholder's Capital Commitment or capital contributions. Neither the Company nor any unitholders will bear any of the fees paid to placement agents of the Company as any such fees paid by the Company will offset the management fees.

The incentive fee consists of two components that are independent of each other, with the result that one component may be payable even if the other is not. A portion of the incentive fee is based on a percentage of the Company's income and a portion is based on a percentage of the Company's capital gains, each as described below.

Incentive Fee on Pre-Incentive Fee Net Investment Income

The portion based on the Company's income (the "Income Incentive Fee") is based on pre-incentive fee net investment income ("Pre-Incentive Fee Net Investment Income"). Pre-Incentive Fee Net Investment Income means interest income, dividend income and any fee income (including any other fees (other than fees for providing managerial assistance), such as commitment, origination, structuring, upfront, diligence and consulting fees or other fees that the Company receives from portfolio companies) accrued during the calendar quarter, minus the Company's operating expenses for the quarter (including the management fee, expenses payable under the Administration Agreement, and any interest expense and distributions paid on any issued and outstanding preferred units, but excluding the incentive fee). Pre-Incentive Fee Net Investment Income includes, in the case of investments with a deferred interest feature (such as original issue discount, debt instruments with PIK interest and zero coupon securities), accrued income that we have not yet received in cash. Pre-Incentive Fee Net Investment Income does not include any realized capital gains, realized capital losses or unrealized capital appreciation or depreciation.

Pre-Incentive Fee Net Investment Income, expressed as a rate of return on the value of the Company's members' capital at the end of the immediately preceding quarter, is compared to a "hurdle rate" of return of 1.25% per quarter (5.0% annualized).

The Company will pay the Investment Adviser an incentive fee quarterly in arrears with respect to the Company's Pre-Incentive Fee Net Investment Income in each calendar quarter as follows:

•no incentive fee based on Pre-Incentive Fee Net Investment Income in any calendar quarter in which the Company's Pre-Incentive Fee Net Investment Income does not exceed the hurdle rate of 1.25% (5.0% annualized);

•100% of the dollar amount of our Pre-Incentive Fee Net Investment Income with respect to that portion of such Pre-Incentive Fee Net Investment Income, if any, that exceeds the hurdle rate but is less than or equal to a rate of return of 1.389% (5.556% annualized). The Company refers to this portion of the Company's Pre-Incentive Fee Net Investment Income (which exceeds the hurdle rate but is less than 1.389%) as the "catch-up." The "catch-up" is meant to provide the Investment Adviser with approximately 10.0% of the Company's Pre-Incentive Fee Net Investment Income as if a hurdle rate did not apply when the Company's net investment income exceeds 1.389% in any calendar quarter; and

•10.0% of the dollar amount of the Company's Pre-Incentive Fee Net Investment Income, if any, that exceeds a rate of return of 1.389% (5.556% annualized). This reflects that once the hurdle rate is reached and the catch-up is achieved, 10.0% of all Pre-Incentive Fee Net Investment Income thereafter is allocated to the Investment Adviser.

For the three months ended March 31, 2024, incentive fees waived were under $1 thousand. The fees that are payable under the Investment Management Agreement for any partial period will be appropriately prorated.

Incentive Fee on Capital Gains

The second component of the incentive fee is the capital gains incentive fee. The Company will pay the Investment Adviser an incentive fee with respect to the Company's cumulative realized capital gains computed net of all realized capital losses and unrealized capital depreciation since inception ("Cumulative Net Realized Gains") based on the waterfall below:

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a.First, no incentive fee is payable to the Investment Adviser on Cumulative Net Realized Gains until total return of capital distributions, distributions of net investment income and distributions of net realized capital gains to unitholders is equal to total capital contributions;

b.Second, no incentive is payable to the Investment Adviser on Cumulative Net Realized Gains until the Company has paid cumulative distributions equal to an annualized, cumulative internal rate of return of 5.0% on the total contributed capital to the Company calculated from the date that each such amount was due to be contributed to the Company until the date each such distribution is paid;

c.Third, upon a distribution that results in cumulative distributions exceeding the amounts in clause (a) and (b) above, an incentive fee on capital gains payable to the Investment Adviser equal to 100.0% of the amount of Cumulative Net Realized Gains until the Investment Adviser has received (together with amounts the Investment Adviser has received under Income Incentive Fees) an amount equal to 10.0% of the sum of (i) the cumulative distributions to unitholders made pursuant to clause (b) above, (ii) Income Incentive Fee paid to the Investment Adviser and (iii) amounts paid to the Investment Adviser pursuant to this clause (c); and

d.Thereafter, an incentive fee on capital gains equal to 10.0% of additional undistributed Cumulative Net Realized Gains.

Upon termination of the Company, the Investment Adviser will be required to return incentive fees to the Company to the extent that: (i) the Investment Adviser has received cumulative incentive fees in excess of 10.0% of the sum of (A) the Company's cumulative distributions other than return of capital contributions and (B) the cumulative incentive fees paid to the Investment Adviser; or (ii) the unitholders have not received a 5.0% cumulative internal rate of return; provided that in no event will such restoration be more than the incentive fees received by the Investment Adviser.

In accordance with GAAP, the Company accrues a hypothetical capital gains incentive fee based upon the cumulative net realized capital gains and realized capital losses and the cumulative net unrealized capital appreciation and unrealized capital depreciation on investments held at the end of each period. The accrual for any capital gains incentive fee under GAAP in a given period may result in an additional expense if such cumulative amount is greater than in the prior period or a reduction of previously recorded expense if such cumulative amount is less than the amount in the prior period. If such cumulative amount is negative, then there is no accrual. Actual amounts paid to the Investment Adviser are consistent with the Investment Management Agreement and are based only on realized capital gains computed net of all realized capital losses and unrealized capital depreciation on a cumulative basis from inception through the end of each calendar year.

Incentive Fee Waiver

On December 18, 2023, the Company and the Investment Adviser entered into a voluntary letter waiver agreement (the “Waiver Agreement”) effective as of January 1, 2024, whereby the Investment Adviser agreed to waive certain portions of the incentive fees paid by the Company to the Investment Adviser pursuant to the Investment Management Agreement. The Waiver Agreement increases the hurdle rate, as described above, to 6.0% and waives any income based incentive fees that would have been earned at the current hurdle rate of 5.0%, so long as the average three-month SOFR over the trailing three-month period (the “Three Month SOFR”) is equal to or greater than 3.0% on the last day of the applicable quarter. If the Three Month SOFR falls below 3.0% on the last day of the applicable quarter, the hurdle rate will reset to 5.0%. Additionally, through the Waiver Agreement and with respect to the incentive fee on capital gains, the annualized, cumulative internal rate of return will be calculated using a Weighted Average Hurdle Rate (as defined in the Waiver Agreement) that takes into account any hurdle rate increases during the year.

Expense Limitation

Notwithstanding the foregoing, the Investment Adviser has agreed to reduce and/or waive its management fee (the "Specified Expenses Cap") each year such that the Company will not be required to pay Specified Expenses (as defined below) in excess of a maximum aggregate amount in any calendar year (prorated for partial years and portions of years for which each applicable prong of the cap applies) equal to: (1) during the Closing Period, 0.40% of the greater of (A) $500,000 or (B) actual aggregate Capital Commitments as of the end of such calendar year, (2) at the end of the Closing Period until the end of the Investment Period, 0.40% of aggregate Capital Commitments and (3) after the end of the Investment Period, 0.40% of the Company's average Members' Capital for the calendar year. Further, if the actual aggregate committed capital of the Company at the end of the Closing Period is less than $500,000, the prong of the Specified Expenses Cap in clause (1) above will be retroactively adjusted to equal 0.40% of aggregate Capital Commitments at the end of the Closing Period, and the Investment Adviser has agreed to further reduce and/or waive its management fee for the year in which the Closing Period ends in an amount equal to the difference between (A) the amount that would have been required to be waived/reimbursed pursuant to clause (1) above as adjusted and (B) the amount previously waived/reimbursed pursuant to clause (1) above. "Specified Expenses" of the Company means all Company Expenses (as defined under "Fund Expenses" in the limited liability company agreement, as amended and restated on May 23, 2023, and as amended from time to time, the "A&R LLC Agreement")

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incurred in the operation of the Company with the exception of: (i) the management fee, (ii) any incentive fees, (iii) Organizational and Offering Expenses (as defined in the A&R LLC Agreement) (which are subject to the Organizational and Offering Expense Cap as defined in the A&R LLC Agreement), (iv) Placement Fees (as defined in the A&R LLC Agreement), (v) interest on and fees and expenses arising out of all Company indebtedness and other financing, (vi) costs of any litigation and damages (including the costs of any indemnity or contribution right granted to any placement agent or third-party finder engaged by the Company or its affiliates) and (vii) for the avoidance of doubt, if applicable, any investor level withholding or other taxes.

If, while the Investment Adviser is the investment adviser to the Company, the annualized Specified Expenses for a given calendar year are less than the Specified Expenses Cap, the Investment Adviser shall be entitled to reimbursement by the Company of the compensation waived and other expenses borne by the Investment Adviser (the "Reimbursement Amount") on behalf of the Company pursuant to the expense limitation and reimbursement agreement between the Company and the Investment Adviser (the "Expense Limitation and Reimbursement Agreement") during any of the previous thirty-six months, and provided that such amount paid to the Investment Adviser will in no event exceed the total Reimbursement Amount and will not include any amounts previously reimbursed. The Reimbursement Amount plus the annualized Specified Expenses for a given calendar year shall not exceed the Specified Expenses Cap. The Investment Adviser may recapture a Specified Expense in any year within the thirty-six month period after the Investment Adviser bears the expense. For the three months ended March 31, 2024, there were no reimbursements to the Investment Adviser pursuant to this provision.

The Expense Limitation and Reimbursement Agreement may be amended by mutual agreement of the parties, provided that any amendment that could result in an increase in expenses borne by the Company also must be approved by vote of a majority of the Company's outstanding Units.

The following table summarizes the management fees and incentive fees incurred by the Company for the three months ended March 31, 2024:

	Three Months Ended
	March 31, 2024
Management fee	$	216
Less: management fee waiver	(108)
Net management fee	108
Incentive fee, excluding accrued incentive fees on capital gains	$	291

For the three months ended March 31, 2024, no incentive fee on capital gains was accrued or owed under the Investment Management Agreement by the Company, as return of capital distributions, distributions of net investment income and distributions of net realized capital gains to unitholders did not exceed capital contributions.

The Company has entered into an administration agreement with the Administrator (the "Administration Agreement") under which the Administrator provides administrative services. The Administration Agreement was most recently re-approved by the Company's board of directors on January 30, 2024 for a period of 12 months commencing on March 1, 2024. The Administrator maintains, or oversees the maintenance of, the Company's financial records, prepares reports filed with the U.S. Securities and Exchange Commission (the "SEC"), generally monitors the payment of the Company's expenses and oversees the performance of administrative and professional services rendered by others. The Administrator has hired a third-party sub-administrator to assist with the provision of administrative services. The Company reimburses the Administrator for the Company's allocable portion of overhead and other expenses incurred by the Administrator in performing its obligations to the Company under the Administration Agreement, including compensation of the Company's chief financial officer and chief compliance officer, and their respective staffs. Pursuant to the Administration Agreement and further restricted by the Company, the Administrator may, in its own discretion, submit to the Company for reimbursement some or all of the expenses that the Administrator has incurred on behalf of the Company during any quarterly period. As a result, the amount of expenses for which the Company will have to reimburse the Administrator may fluctuate in future quarterly periods and there can be no assurance given as to when, or if, the Administrator may determine to limit the expenses that the Administrator submits to the Company for reimbursement in the future. The Administrator cannot recoup any expenses that the Administrator has previously waived. For the three months ended March 31, 2024, approximately $148 of indirect administrative expenses were included in administrative expenses, of which $74 were waived by the Administrator. As of March 31, 2024 and December 31, 2023, approximately $74 and $0, respectively, of indirect administrative expenses were included in payable to affiliates.

The Company, the Investment Adviser and the Administrator have also entered into a Trademark License Agreement, as amended (the "Trademark License Agreement"), with New Mountain Capital, pursuant to which New Mountain Capital has agreed to grant the Company, the Investment Adviser and the Administrator a non-exclusive, royalty-free license to use the "New Mountain Capital" name. Under the Trademark License Agreement, subject to certain conditions, the Company, the

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Investment Adviser and the Administrator will have a right to use the "New Mountain Capital" name, for so long as the Investment Adviser or one of its affiliates remains the investment adviser of the Company. Other than with respect to this limited license, the Company, the Investment Adviser and the Administrator will have no legal right to the "New Mountain Capital" name.

The Investment Adviser and its affiliates may also manage other funds in the future that may have investment mandates that are similar, in whole or in part, to the Company's investment mandate. The Investment Adviser and its affiliates may determine that an investment is appropriate for the Company or for one or more of those other funds. In such event, depending on the availability of such investment and other appropriate factors, the Investment Adviser or its affiliates may determine that the Company should invest side-by-side with one or more other funds. Any such investments will be made only to the extent permitted by applicable law and interpretive positions of the SEC and its staff and consistent with the Investment Adviser's allocation procedures. On October 8, 2019, the SEC issued an exemptive order (the "Exemptive Order") to the Investment Adviser and certain of its affiliates, which superseded a prior order issued on December 18, 2017, which permits the Company to co-invest in portfolio companies with certain funds or entities managed by the Investment Adviser or its affiliates in certain negotiated transactions where co-investing would otherwise be prohibited under the 1940 Act, subject to the conditions of the Exemptive Order. Pursuant to the Exemptive Order, the Company is permitted to co-invest with its affiliates if a "required majority" (as defined in Section 57(o) of the 1940 Act) of the Company's directors who are not "interested persons," as that term is defined in Section 2(a)(19) of the 1940 Act (the "Independent Directors"), make certain conclusions in connection with a co-investment transaction, including, but not limited to, that (1) the terms of the potential co-investment transaction, including the consideration to be paid, are reasonable and fair to the Company and its unitholders and do not involve overreaching in respect of the Company or its unitholders on the part of any person concerned, and (2) the potential co-investment transaction is consistent with the interests of the Company's unitholders and is consistent with its then-current investment objective and strategies.

In addition, pursuant to an exemptive order issued by the SEC on April 8, 2020 and applicable to all BDCs through December 31, 2020 (the "Temporary Relief"), affiliates of the Company were permitted, subject to the satisfaction of certain conditions, to complete follow-on investments in its existing portfolio companies with certain affiliates that are private funds if such private funds did not previously hold an investment in such existing portfolio company. Without the Temporary Relief, such private funds would not be able to participate in such follow-on investments unless the private funds had previously acquired securities of the portfolio company in a co-investment transaction with certain affiliates of the Company. Although the Temporary Relief expired on December 31, 2020, the SEC’s Division of Investment Management had indicated that until March 31, 2022, it would not recommend enforcement action, to the extent that any BDC with an existing co-investment order continued to engage in certain transactions described in the Temporary Relief, pursuant to the same terms and conditions described therein. The Temporary Relief is no longer effective; however, on August 30, 2022, New Mountain Finance Corporation, an affiliate of the Company and the Investment Adviser, and certain other affiliated applicants, received an Order from the SEC that amended its existing Exemptive Order to permit the applicants, including Future Regulated Funds (as defined in the Exemptive Order) such as the Company, to continue to complete follow-on investments in its existing portfolio companies with certain affiliates that are private funds if such private funds do not hold an investment in such existing portfolio company, subject to certain conditions.

On June 23, 2023, the Company entered into an uncommitted revolving loan agreement with NMF Investments III, L.L.C., an affiliate of the Investment Adviser (the "Uncommitted Revolving Loan Agreement"), with a $10,000 maximum amount of revolver borrowings available and a maturity date of December 31, 2025. Refer to Note 6. Borrowings for discussion of the Unsecured Management Company Revolver (as defined below).

Note 6. Borrowings

Unsecured Management Company Revolver—The Uncommitted Revolving Loan Agreement, dated June 23, 2023, among the Company, as the borrower, and NMF Investments III, L.L.C., an affiliate of the Investment Adviser, as the lender (the "Uncommitted Revolving Loan Agreement"), is structured as a discretionary unsecured revolving credit facility (the "Unsecured Management Company Revolver"). The proceeds from the Unsecured Management Company Revolver may be used for general corporate purposes, including the funding of portfolio investments. The maturity date of the Unsecured Management Company Revolver is December 31, 2025 and the maximum facility amount is $10,000. The Unsecured Management Company Revolver generally bears interest at a rate of 7.00% per annum (as defined in the Uncommitted Revolving Loan Agreement).

For the three months ended March 31, 2024, interest expense and amortization of financing costs incurred on the Unsecured Management Company Revolver were $0 and $2, respectively.

As of March 31, 2024 and December 31, 2023, there was no outstanding balance under the Unsecured Management Company Revolver.

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BMO Subscription Line—On June 29, 2023, the Company entered into a Loan Authorization Agreement with BMO Bank N.A. (formerly known as BMO Harris Bank N.A., "BMO") (as amended, from time to time, the "Loan Authorization Agreement"), which allows the Company to borrow on a revolving credit basis an aggregate principal amount which cannot exceed $125,000 (the "BMO Subscription Line"). See Note 13. Subsequent Events. All outstanding borrowings under the BMO Subscription Line are due on BMO's demand within 15 business days or the earliest to occur on the date (x) six months after each advance date and (y) 30 days prior to the termination of the Investment Period, which varies throughout the period. The BMO Subscription Line is collateralized by the unfunded Capital Commitments of each of the Company's unitholders. All fees associated with the origination and amendment of the BMO Subscription Line are capitalized on the Statements of Assets, Liabilities and Members' Capital and amortized and charged against income as other financing costs over the life of the BMO Subscription Line. The BMO Subscription Line bears interest at the greater of the prime commercial rate minus 0.25% per annum or the Secured Overnight Financing Rate ("SOFR") Quoted Rate (as defined below) for such day plus 2.50% per annum. SOFR Quoted Rate means as of any day of determination, 3-month Term SOFR on the date that is two U.S. Government Securities Business Days prior to such day of determination as such rate is published by the Term SOFR Administrator plus a credit spread adjustment of 0.15%. The BMO Subscription Line also charges an annual administrative fee, based on the Amount of Maximum Credit then in effect (as defined in the Loan Authorization Agreement).

For the three months ended March 31, 2024, interest expense, administrative fees and amortization of financing costs incurred on the BMO Subscription Line were $80, $18, and $38, respectively. The weighted average interest rate and effective interest rate on the BMO Subscription Line for the three months ended March 31, 2024 were 8.3% and 12.2%, respectively.

As of March 31, 2024 and December 31, 2023, the outstanding balance on the BMO Subscription Line was $9,800 and $0, respectively, and the Company was in compliance with the applicable covenants under the Loan Authorization Agreement on such dates.

Leverage risk factors—The Company intends to be generally unlevered during the course of its life (excluding borrowings under any subscription line secured by unfunded Capital Commitments and short-term working capital facilities) and will not incur leverage to the same extent as is customary for other business development companies, or for long-term investment purposes. The Company's lenders will have fixed dollar claims on the unfunded Capital Commitments of each of the Company's common unitholders, and the Company would expect such lenders to seek recovery against these assets in the event of a default. The use of leverage also magnifies the potential for gain or loss on amounts invested. Leverage may magnify interest rate risk (particularly on the Company's fixed-rate investments), which is the risk that the prices of portfolio investments will fall or rise if market interest rates for those types of securities rise or fall. As a result, leverage may cause greater changes in the Company's members' capital. Similarly, leverage may cause a sharper decline in the Company's income than if the Company had not borrowed. Such a decline could negatively affect the Company's ability to make distributions to its unitholders. Leverage is generally considered a speculative investment technique. The Company's ability to service any debt incurred will depend largely on financial performance and will be subject to prevailing economic conditions and competitive pressures.

Note 7. Regulation

The Company intends to elect to be treated for U.S. federal income tax purposes as a RIC under Subchapter M of the Code with the filing of its tax return for the year ended December 31, 2023, and thereafter intends to comply with the requirements to continue to qualify and maintain its status as a RIC annually. In order to continue to qualify and be subject to tax treatment as a RIC for U.S. federal income tax purposes, among other things, the Company is generally required to timely distribute to its unitholders at least 90.0% of its investment company taxable income, as defined by the Code, for each year. The Company, among other things, intends to make and will continue to make the requisite timely distributions to its unitholders, and as such, the Company will generally be relieved from U.S. federal, state, and local income taxes (excluding excise taxes which may be imposed under the Code).

Additionally, as a BDC, the Company must not acquire any assets other than "qualifying assets" as defined in Section 55(a) of the 1940 Act unless, at the time the acquisition is made, at least 70.0% of its total assets are qualifying assets (with certain limited exceptions). In addition, the Company must offer to make available to all "eligible portfolio companies" (as defined in the 1940 Act) significant managerial assistance.

Note 8. Commitments and Contingencies

In the normal course of business, the Company may enter into contracts that contain a variety of representations and warranties and which provide general indemnifications. The Company may also enter into future funding commitments such as revolving credit facilities, bridge financing commitments or delayed draw commitments. As of March 31, 2024, the Company had unfunded commitments on revolving credit facilities of $7,336, no outstanding bridge financing commitments and other future funding commitments of $43,773. As of December 31, 2023, the Company had unfunded commitments on revolving credit facilities of $3,979, no outstanding bridge financing commitments, and other future funding commitments of $23,198.

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The unfunded commitments on revolving credit facilities and delayed draws are disclosed on the Company's Schedules of Investments.

The Company also had revolving borrowings available under the Unsecured Management Company Revolver and BMO Subscription Line as of March 31, 2024 and December 31, 2023. See Note 6. Borrowings, for details.

The Company may from time to time enter into financing commitment letters. As of March 31, 2024 and December 31, 2023, the Company had commitment letters to purchase investments in the aggregate par amount of $3,175 and $5,003, respectively, which could require funding in the future.

Note 9. Members' Capital

There were no Units issued or proceeds received related to capital drawdowns delivered pursuant to the Subscription Agreements for the three months ended March 31, 2024.

The following table reflects the distributions declared on the Company's Units for the three months ended March 31, 2024:

Date Declared	Record Date	Payment Date	Per Unit Amount
March 20, 2024	March 27, 2024	April 19, 2024	$	0.273

Note 10. Earnings (Loss) Per Unit

The following information sets forth the computation of basic net increase (decrease) in the Company's members' capital per Unit resulting from operations for the three months ended March 31, 2024:

	Three Months Ended
	March 31, 2024
Earnings (Loss) per unit—basic & diluted
Numerator for basic & diluted earnings (loss) per unit:	$	3,160
Denominator for basic & diluted weighted average unit:	10,560,000
Basic & diluted earnings (loss) per unit:	$	0.30

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Note 11. Financial Highlights

The following information sets forth the Company's financial highlights for the three months ended March 31, 2024:

	Three Months Ended
	March 31, 2024
Per unit data(1):
Members' capital, December 31, 2023	$	10.02
Net investment income (loss)	0.25
Net realized and unrealized gains (losses)	0.05
Total net increase (decrease)	0.30
Distributions declared to unitholders from net investment income	(0.27)
Members' capital, March 31, 2024	$	10.05
Total return based on members' capital(2)	2.99		%
Units outstanding at end of period	10,560,000
Average weighted units outstanding for the period	10,560,000
Average members' capital for the period	$	105,833
Ratio to average members' capital:
Net investment income (loss)(3)	10.35		%
Total expenses, before waivers(3)	4.40		%
Total expenses, net of waivers(3)	3.71		%
Average debt outstanding—Unsecured Management Company Revolver	$	—
Average debt outstanding—BMO Subscription Line	$	3,902
Asset coverage ratio	1,182.72		%
Portfolio turnover	0.18		%
Capital Commitments	$	211,200
Funded Capital Commitments	$	105,600
% of Capital Commitments funded	50.00		%

(1)Per unit data is based on weighted average units outstanding for the respective period (except for distributions declared to unitholders, which are based on actual rate per unit).

(2)Total return is calculated assuming a purchase price at members' capital per Unit on the first day of the year and a sale at members' capital per Unit on the last day of the period. Dividends and distributions, if any, are assumed for purposes of this calculation, to be reinvested at members' capital per Unit on the last day of the respective quarter. Total return calculation is not annualized.

(3)Annualized, except organizational and offering costs.

Note 12. Recent Accounting Standards Updates

In March 2020, the Financial Accounting Standards Board issued Accounting Standards Update No. 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting ("ASU 2020-04"). The amendments in ASU 2020-04 provide optional expedients and exceptions for applying GAAP to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. The standard was effective as of March 12, 2020 through December 31, 2022. Management is currently evaluating the impact of the optional guidance on the Company's financial statements and disclosures. The Company did not utilize the optional expedients and exceptions provided by ASU 2020-04 during the three months ended March 31, 2024. In December 2022, the FASB issued ASU No. 2022-06, Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848, which deferred the sunset day of this guidance to December 31, 2024. The Company is currently evaluating the impact of this guidance on its financial statements.

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In December 2020, the SEC adopted a rule providing a framework for fund valuation practices. Rule 2a-5 under the 1940 Act (“Rule 2a-5”) establishes requirements for determining fair value in good faith for purposes of the 1940 Act. Rule 2a-5 permits boards, subject to board oversight and certain other conditions, to designate certain parties to perform fair value determinations. Rule 2a-5 also defines when market quotations are “readily available” for purposes of the 1940 Act and the threshold for determining whether a fund must determine the fair value of a security. Rule 31a-4 under the 1940 Act (“Rule 31a-4”), also provides the recordkeeping requirements associated with fair value determinations. While the Company's board of directors has not elected to designate the Investment Adviser as the valuation designee, the Company has adopted certain revisions to its valuation policies and procedures in order comply with the applicable requirements of Rule 2a-5 and Rule 31a-4.

Note 13. Subsequent Events

On April 12, 2024, the Company entered into an amendment to the Loan Authorization Agreement revising the calculation of Remaining Capital Commitments (as defined in the Loan Authorization Agreement) to include certain of the Company's additional capital commitments not otherwise contemplated under the Loan Authorization Agreement (the "Amendment"). The Amendment increased the maximum amount of borrowings available under the BMO Subscription Line from $52,800 to $125,000.

On April 5, 2024, the Company entered into Subscription Agreements with several investors for the private placement of the Company's Units, which increased the Company's aggregate capital commitments accepted from $211,200 to $490,505. On May 2, 2024, the Company delivered a capital drawdown notice to the Company's investors relating to the sale of 13,965,250 of the Company's Units for an aggregate offering price of $139,653. The Units will be issued to the Company's investors on May 21, 2024.

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Deloitte & Touche LLP   30 Rockefeller Plaza New York, NY 10112 USA   Tel:    212 492 4000 Fax:   212 489 1687 www.deloitte.com

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Unitholders and the Board of Directors of New Mountain Guardian IV Income Fund, L.L.C.

Results of Review of Interim Financial Information

We have reviewed the accompanying statement of assets, liabilities and members’ capital of New Mountain Guardian IV Income Fund, L.L.C. and subsidiaries (the "Company"), including the schedule of investments, as of March 31, 2024, and the related statements of operations, changes in members’ capital, and cash flows for the three-month period ended March 31, 2024, and the related notes (collectively referred to as the "interim financial information"). Based on our review, we are not aware of any material modifications that should be made to the accompanying interim financial information for it to be in conformity with accounting principles generally accepted in the United States of America.

We have previously audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the statement of assets, liabilities and members’ capital of the Company, including the schedule of investments, as of December 31, 2023, and the related statements of operations, changes in members’ capital and cash flows for the period from May 24, 2023 (commencement of operations) to December 31, 2023 (not presented herein); and in our report dated March 5, 2024, we expressed an unqualified opinion on those financial statements. In our opinion, the information set forth in the accompanying statement of assets, liabilities, and members’ capital as of December 31, 2023, is fairly stated, in all material respects, in relation to the statement of assets, liabilities and members’ capital from which it has been derived.

Basis for Review Results

This interim financial information is the responsibility of the Company's management. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our review in accordance with standards of the PCAOB. A review of interim financial information consists principally of applying analytical procedures and making inquiries of persons responsible for financial and accounting matters. It is substantially less in scope than an audit conducted in accordance with the standards of the PCAOB, the objective of which is the expression of an opinion regarding the financial statements taken as a whole. Accordingly, we do not express such an opinion.

/s/ DELOITTE & TOUCHE

May 13, 2024

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Item 2.    Management's Discussion and Analysis of Financial Condition and Results of Operations

The information in management's discussion and analysis of financial condition and results of operations relates to New Mountain Guardian IV Income Fund, L.L.C. (collectively, "we", "us", "our", "GIV Income" or the "Company").

Forward-Looking Statements

The information contained in this section should be read in conjunction with the financial data and financial statements and notes thereto appearing elsewhere in this report. Some of the statements in this report (including in the following discussion) constitute forward-looking statements, which relate to future events or our future performance or our financial condition. The forward-looking statements contained in this section involve a number of risks and uncertainties, including:

•statements concerning the impact of a protracted decline in the liquidity of credit markets;

•the general economy, including fluctuating interest and inflation rates;

•the impact of interest rate volatility, including the replacement of LIBOR with alternative rates and rising interest rates, on our business and our portfolio companies;

•our future operating results, our business prospects, and the adequacy of our cash resources and working capital;

•the ability of our portfolio companies to achieve their objectives;

•our ability to make investments consistent with our investment objectives, including with respect to the size, nature and terms of our investments;

•the ability of New Mountain Finance Advisers BDC, L.L.C. (the "Investment Adviser") or its affiliates to attract and retain highly talented professionals;

•actual and potential conflicts of interest with the Investment Adviser and New Mountain Capital Group, L.P. (together with New Mountain Capital, L.L.C. and its affiliates, "New Mountain Capital"), whose ultimate owners include Steven B. Klinsky, other current and former New Mountain Capital professionals and related vehicles and a minority investor; and

•the risk factors set forth in Item 1A.—Risk Factors contained in our Annual Report on Form 10-K for the year ended December 31, 2023 and in this Quarterly Report on Form 10-Q.

Forward-looking statements are identified by their use of such terms and phrases such as "anticipate", "believe", "continue", "could", "estimate", "expect", "intend", "may", "plan", "potential", "project", "seek", "should", "target", "will", "would" or similar expressions. Actual results could differ materially from those projected in the forward-looking statements for any reason, including the factors set forth in Item 1A.—Risk Factors contained in our Annual Report on Form 10-K for the year ended December 31, 2023 and in this Quarterly Report on Form 10-Q.

We have based the forward-looking statements included in this report on information available to us on the date of this report. We assume no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law. Although we undertake no obligation to revise or update any forward-looking statements, you are advised to consult any additional disclosures that we may make directly to you or through reports that we have filed or in the future may file with the U.S. Securities and Exchange Commission (the "SEC"), including annual reports on Form 10-K, registration statements on Form 10, quarterly reports on Form 10-Q and current reports on Form 8-K.

Overview

We are a Delaware limited liability company formed on November 4, 2022. We are a closed-end, non-diversified management investment company that has elected to be regulated as a business development company ("BDC") under the Investment Company Act of 1940, as amended (the "1940 Act"). We intend to elect to be treated for U.S. federal income tax purposes with the filing of our first tax return for the year ended December 31, 2023, and intend to qualify annually thereafter, as a regulated investment company ("RIC") under Subchapter M of the Internal Revenue Code of 1986, as amended (the "Code").

The Investment Adviser is a wholly-owned subsidiary of New Mountain Capital. New Mountain Capital is a global investment firm with approximately $50 billion of assets under management and a track record of investing in the middle market. New Mountain Capital focuses on investing in defensive growth companies across its private equity, credit and net lease investment strategies. The Investment Adviser manages our day-to-day operations and provides us with investment advisory and management services. The Investment Adviser also manages other funds that may have investment mandates that are similar, in whole or in part, to ours. New Mountain Finance Administration, L.L.C. (the "Administrator"), a wholly-owned

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subsidiary of New Mountain Capital, provides the administrative services necessary to conduct our day-to-day operations. The Administrator has hired a third-party sub-administrator to assist with the provision of administrative services.

We conducted a private offering (the "Private Offering") of units of our limited liability company interests (the "Units") to investors in reliance on exemptions from the registration requirements of the Securities Act of 1933, as amended (the "Securities Act"). Units will be offered for subscription continuously throughout the Closing Period (as defined below). Each investor in the Private Offering made a capital commitment (each, a "Capital Commitment") to purchase Units pursuant to a subscription agreement entered into with us (each, a "Subscription Agreement"). We expect closings of the Private Offering will occur, from time to time, in the Investment Adviser's sole discretion, during the 18-month period (the "Closing Period") following the initial closing of Capital Commitments, which occurred on May 23, 2023. We may accept and draw down on Capital Commitments from investors throughout the Closing Period and may draw down on Capital Commitments after the Closing Period. We commenced our loan origination and investment activities on May 24, 2023. The investment period began on May 23, 2023 and will continue until November 23, 2028, the four-year anniversary of the end of the Closing Period (the "Investment Period"). Our term is until November 23, 2030, six years from the end of the Closing Period, subject to (i) a one year extension as determined by the Investment Adviser in its sole discretion and (ii) an additional one year extension as determined by our board of directors.

We focus on providing direct lending solutions to U.S. upper middle market companies backed by top private equity sponsors. Our investment objective is to generate current income and capital appreciation through the sourcing and origination of senior secured loans and select junior capital positions, to growing businesses in defensive industries that offer attractive risk-adjusted returns. Our differentiated investment approach leverages the deep sector knowledge and operating resources of New Mountain Capital.

We primarily invest in senior secured debt of U.S. sponsor-backed, middle market companies. We define middle market companies as those with annual earnings before interest, taxes, depreciation and amortization ("EBITDA") of $10.0 million to $200.0 million. Our focus is on defensive growth businesses that generally exhibit the following characteristics: (i) acyclicality, (ii) sustainable secular growth drivers, (iii) niche market dominance and high barriers to competitive entry, (iv) recurring revenue and strong free cash flow, (v) flexible cost structures and (vi) seasoned management teams.

Senior secured loans may include traditional first lien loans or unitranche loans. We invest a significant portion of our portfolio in unitranche loans, which are loans that combine both senior and subordinated debt, generally in a first-lien position. Because unitranche loans combine characteristics of senior and subordinated debt, they have risks similar to the risks associated with secured debt and subordinated debt. Certain unitranche loan investments may include “last-out” positions, which generally heighten the risk of loss. In some cases, our investments may also include equity interests.

As of March 31, 2024, our top five industry concentrations were software, business services, healthcare, education and food & beverage.

As of March 31, 2024, our members' capital was approximately $106.1 million and our portfolio had a fair value of approximately $131.2 million in 60 portfolio companies.

Recent Developments

On April 12, 2024, we entered into an amendment to the Loan Authorization Agreement revising the calculation of Remaining Capital Commitments (as defined in the Loan Authorization Agreement) to include certain of our additional capital commitments not otherwise contemplated under the Loan Authorization Agreement (the "Amendment"). The Amendment increased the maximum amount of borrowings available under the BMO Subscription Line from $52.8 million to $125.0 million.

On April 5, 2024, we entered into Subscription Agreements with several investors for the private placement of our Units, which increased the aggregate capital commitments accepted from $211.2 million to $490.5 million. On May 2, 2024, we delivered a capital drawdown notice to our investors relating to the sale of 13,965,250 of the Company's Units for an aggregate offering price of $139.7 million. The Units will be issued to the investors on May 21, 2024.

Critical Accounting Estimates

The preparation of financial statements and related disclosures in conformity with accounting principles generally accepted in the United States ("GAAP") requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and revenues and expenses during the periods reported. Actual results could materially differ from those estimates. We have identified the following items as critical accounting estimates.

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Basis of Accounting

We are an investment company following accounting and reporting guidance as described in Accounting Standards Codification Topic 946, Financial Services—Investment Companies ("ASC 946").

Valuation and Leveling of Portfolio Investments

At all times, consistent with GAAP and the 1940 Act, we conduct a valuation of our assets, which impacts our members' capital.

We value our assets on a quarterly basis, or more frequently if required under the 1940 Act. In all cases, our board of directors is ultimately and solely responsible for determining the fair value of our portfolio investments on a quarterly basis in good faith, including investments that are not publicly traded, those whose market prices are not readily available and any other situation where our portfolio investments require a fair value determination. Security transactions are accounted for on a trade date basis. Our quarterly valuation procedures are set forth in more detail below:

(1)Investments for which market quotations are readily available on an exchange are valued at such market quotations based on the closing price indicated from independent pricing services.

(2)Investments for which indicative prices are obtained from various pricing services and/or brokers or dealers are valued through a multi-step valuation process, as described below, to determine whether the quote(s) obtained is representative of fair value in accordance with GAAP.

a.    Bond quotes are obtained through independent pricing services. Internal reviews are performed by the investment professionals of the Investment Adviser to ensure that the quote obtained is representative of fair value in accordance with GAAP and, if so, the quote is used. If the Investment Adviser is unable to sufficiently validate the quote(s) internally and if the investment's par value or its fair value exceeds the materiality threshold, the investment is valued similarly to those assets with no readily available quotes (see (3) below); and

b.    For investments other than bonds, we look at the number of quotes readily available and perform the following procedures:

i.    Investments for which two or more quotes are received from a pricing service are valued using the mean of the mean of the bid and ask of the quotes obtained. We will evaluate the reasonableness of the quote, and if the quote is determined to not be representative of fair value, we will use one or more of the methodologies outlined below to determine fair value; and

ii.    Investments for which one quote is received from a pricing service are validated internally. The investment professionals of the Investment Adviser analyze the market quotes obtained using an array of valuation methods (further described below) to validate the fair value. If the Investment Adviser is unable to sufficiently validate the quote internally and if the investment's par value or its fair value exceeds the materiality threshold, the investment is valued similarly to those assets with no readily available quotes (see (3) below).

(3)Investments for which quotations are not readily available through exchanges, pricing services, brokers or dealers are valued through a multi-step valuation process:

a.    Each portfolio company or investment is initially valued by the investment professionals of the Investment Adviser responsible for the credit monitoring;

b.    Preliminary valuation conclusions will then be documented and discussed with our senior management;

c.    If an investment falls into (3) above for four consecutive quarters and if the investment's par value or its fair value exceeds the materiality threshold, then at least once each fiscal year, the valuation for each portfolio investment for which we do not have a readily available market quotation will be reviewed by an independent valuation firm engaged by our board of directors; and

d.    When deemed appropriate by our management, an independent valuation firm may be engaged to review and value investment(s) of a portfolio company, without any preliminary valuation being performed by the Investment Adviser. The investment professionals of the Investment Adviser will review and validate the value provided.

For investments in revolving credit facilities and delayed draw commitments, the cost basis of the funded investments purchased is offset by any costs/netbacks received for any unfunded portion on the total balance committed. The fair value is also adjusted for the price appreciation or depreciation on the unfunded portion. As a result, the purchase of a commitment not completely funded may result in a negative fair value until it is called and funded.

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The values assigned to investments are based upon available information and do not necessarily represent amounts which might ultimately be realized, since such amounts depend on future circumstances and cannot be reasonably determined until the individual positions are liquidated. Due to the inherent uncertainty of determining the fair value of investments that do not have a readily available market value, the fair value of our investments may fluctuate from period to period and the fluctuations could be material.

GAAP fair value measurement guidance classifies the inputs used in measuring fair value into three levels as follows:

Level I—Quoted prices (unadjusted) are available in active markets for identical investments and we have the ability to access such quotes as of the reporting date. The type of investments which would generally be included in Level I include active exchange-traded equity securities and exchange-traded derivatives. As required by Accounting Standards Codification Topic 820, Fair Value Measurements and Disclosures ("ASC 820"), we, to the extent that we hold such investments, do not adjust the quoted price for these investments, even in situations where we hold a large position and a sale could reasonably impact the quoted price.

Level II—Pricing inputs are observable for the investments, either directly or indirectly, as of the reporting date, but are not the same as those used in Level I. Level II inputs include the following:

•Quoted prices for similar assets or liabilities in active markets;

•Quoted prices for identical or similar assets or liabilities in non-active markets (examples include corporate and municipal bonds, which trade infrequently);

•Pricing models whose inputs are observable for substantially the full term of the asset or liability (examples include most over-the-counter derivatives, including foreign exchange forward contracts); and

•Pricing models whose inputs are derived principally from or corroborated by observable market data through correlation or other means for substantially the full term of the asset or liability.

Level III—Pricing inputs are unobservable for the investment and include situations where there is little, if any, market activity for the investment.

The inputs used to measure fair value may fall into different levels. In all instances when the inputs fall within different levels of the hierarchy, the level within which the fair value measurement is categorized is based on the lowest level of input that is significant to the fair value measurement in its entirety. As such, a Level III fair value measurement may include inputs that are both observable and unobservable. Gains and losses for such assets categorized within the Level III table below may include changes in fair value that are attributable to both observable inputs and unobservable inputs.

The inputs into the determination of fair value require significant judgment or estimation by management and consideration of factors specific to each investment. A review of the fair value hierarchy classifications is conducted on a quarterly basis. Changes in the observability of valuation inputs may result in the transfer of certain investments within the fair value hierarchy from period to period.

See Item 1.—Financial Statements—Note 4. Fair Value in this Quarterly Report on Form 10-Q for additional information on fair value hierarchy as of March 31, 2024.

We generally use the following framework when determining the fair value of investments where there is little, if any, market activity or observable pricing inputs. We typically determine the fair value of our performing debt investments utilizing an income approach. Additional consideration is given using a market based approach, as well as reviewing the overall underlying portfolio company's performance and associated financial risks. The following outlines additional details on the approaches considered:

Company Performance, Financial Review, and Analysis:   Prior to investment, as part of our due diligence process, we evaluate the overall performance and financial stability of the portfolio company. Post investment, we analyze each portfolio company's current operating performance and relevant financial trends versus prior year and budgeted results, including, but not limited to, factors affecting its revenue and EBITDA growth, margin trends, liquidity position, covenant compliance and changes to its capital structure. We also attempt to identify and subsequently track any developments at the portfolio company, within its customer or vendor base or within the industry or the macroeconomic environment, generally, that may alter any material element of our original investment thesis. This analysis is specific to each portfolio company. We leverage the knowledge gained from our original due diligence process, augmented by this subsequent monitoring, to continually refine our outlook for each of our portfolio companies and ultimately form the valuation of our investment in each portfolio company. When an external event such as a purchase transaction, public offering or subsequent sale occurs, we will consider the pricing indicated by the external event to corroborate the private valuation.

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For debt investments, we may employ the Market Based Approach (as described below) to assess the total enterprise value of the portfolio company, in order to evaluate the enterprise value coverage of our debt investment. For equity investments or in cases where the Market Based Approach implies a lack of enterprise value coverage for the debt investment, we may additionally employ a discounted cash flow analysis based on the free cash flows of the portfolio company to assess the total enterprise value. After enterprise value coverage is demonstrated for our debt investments through the method(s) above, the Income Based Approach (as described below) may be employed to estimate the fair value of the investment.

Market Based Approach:    We may estimate the total enterprise value of each portfolio company by utilizing EBITDA or revenue multiples of publicly traded comparable companies and comparable transactions. We consider numerous factors when selecting the appropriate companies whose trading multiples are used to value our portfolio companies. These factors include, but are not limited to, the type of organization, similarity to the business being valued, and relevant risk factors, as well as size, profitability and growth expectations. We may apply an average of various relevant comparable company EBITDA or revenue multiples to the portfolio company's latest twelve month ("LTM") EBITDA or revenue or projected EBITDA or revenue to calculate the enterprise value of the portfolio company. Significant increases or decreases in the EBITDA or revenue multiples will result in an increase or decrease in enterprise value, which may result in an increase or decrease in the fair value estimate of the investment.

Income Based Approach:    We also may use a discounted cash flow analysis to estimate the fair value of the investment. Projected cash flows represent the relevant security's contractual interest, fee and principal payments plus the assumption of full principal recovery at the investment's expected maturity date. These cash flows are discounted at a rate established utilizing a combination of a yield calibration approach and a comparable investment approach. The yield calibration approach incorporates changes in the credit quality (as measured by relevant statistics) of the portfolio company, as compared to changes in the yield associated with comparable credit quality market indices, between the date of origination and the valuation date. The comparable investment approach utilizes and average yield-to-maturity of a selected set of high-quality, liquid investments to determine a comparable investment discount rate. Significant increases or decreases in the discount rate would result in a decrease or increase in the fair value measurement.

See Item 1.—Financial Statements—Note 4. Fair Value in this Quarterly Report on Form 10-Q for additional information on unobservable inputs used in the fair value measurement of our Level III investments as of March 31, 2024.

Revenue Recognition

Sales and paydowns of investments: Realized gains and losses on investments are determined on the specific identification method.

Interest income: Interest income, including amortization of premium and discount using the effective interest method, is recorded on the accrual basis and periodically assessed for collectability. Interest income also includes interest earned from cash on hand. Upon the prepayment of a loan or debt security, any prepayment penalties are recorded as part of interest income. We have loans in the portfolio that contain a payment-in-kind ("PIK") interest. PIK interest is accrued and recorded as income at the contractual rates, if deemed collectible. The PIK interest is added to the principal balance on the capitalization date and is generally due at maturity or when redeemed by the issuer. For the three months ended March 31, 2024, we recognized PIK interest from investments of approximately $0.1 million.

Non-accrual income: Investments are placed on non-accrual status when principal or interest payments are past due for 30 days or more and when there is reasonable doubt that principal or interest will be collected. Accrued cash and un-capitalized PIK interest is reversed when an investment is placed on non-accrual status. Previously capitalized PIK interest is not reversed when an investment is placed on non-accrual status. Interest payments received on non-accrual investments may be recognized as income or applied to principal depending upon management's judgment of the ultimate collectability. Non-accrual investments are restored to accrual status when past due principal and interest is paid and, in management's judgment, are likely to remain current. As of March 31, 2024 and December 31, 2023, no investments were on non-accrual status.

Fee income: Fee income represents delayed compensation, revolver fees, upfront fees, amendment fees and other miscellaneous fees received and are typically non-recurring in nature. Delayed compensation is income earned from counterparties on trades that do not settle within a set number of business days after the trade date. Fee income may also include fees from bridge loans. We may from time to time enter into bridge financing commitments, an obligation to provide interim financing to a counterparty until permanent credit can be obtained. These commitments are short-term in nature and may expire unfunded. A fee is received by us for providing such commitments. Structuring fees and upfront fees are recognized as income when earned, usually when paid at the closing of the investment, and are non-refundable. Income received in exchange for the provision of services such as recurring administration services are also recognized as fee income in the period in which it was earned.

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Monitoring of Portfolio Investments

We monitor the performance and financial trends of our portfolio companies on at least a quarterly basis. We attempt to identify any developments within the portfolio company, the industry or the macroeconomic environment that may alter any material element of our original investment strategy. Our portfolio monitoring procedures are designed to provide a simple yet comprehensive analysis of our portfolio companies based on their operating performance and underlying business characteristics, which in turn forms the basis of its Risk Rating (as defined below).

We use an investment risk rating system to characterize and monitor the credit profile and expected level of returns on each investment in the portfolio. As such, we assign each investment a composite score ("Risk Rating") based on two metrics – 1) Operating Performance and 2) Business Characteristics:

•Operating Performance assesses the health of the investment in context of its financial performance and the market environment it faces. The metric is expressed in Tiers of "4" to "1", with "4" being the best and "1" being the worst:

◦Tier 4 – Business performance is in-line with or above expectations

◦Tier 3 – Moderate business underperformance and/or moderate market headwinds

◦Tier 2 – Significant business underperformance and/or significant market headwinds

◦Tier 1 – Severe business underperformance and/or severe market headwinds

•Business Characteristics assesses the health of the investment in context of the underlying portfolio company's business and credit quality, the underlying portfolio company's current balance sheet, and the level of support from the equity sponsor. The metric is expressed as on a qualitative scale of "A" to "C", with "A" being the best and "C" being the worst.

The Risk Rating for each investment is a composite of these two metrics. The Risk Rating is expressed in categories of Green, Yellow, Orange, and Red, with Green reflecting an investment that is in-line with or above expectations and Red reflecting an investment performing materially below expectations. The mapping of the composite scores to these categories are below:

•Green – 4C, 3B, 2A, 4B, 3A, and 4A (e.g., Tier 4 for Operating Performance and C for Business Characteristics)

•Yellow – 3C, 2B, and 1A

•Orange – 2C and 1B

•Red – 1C

The following table shows the Risk Ratings of our portfolio companies as of March 31, 2024:

(in millions)	As of March 31, 2024
Risk Rating	Cost		Percent		Fair Value		Percent
Green	$	129.4	100.0	%	$	131.2	100.0	%
Yellow	—		—	%	—		—	%
Orange	—		—	%	—		—	%
Red	—		—	%	—		—	%
	$	129.4	100.0	%	$	131.2	100.0	%

As of March 31, 2024, all investments in our portfolio had a Green Risk Rating.

Portfolio and Investment Activity

The fair value of our investments, as determined in good faith by our board of directors, was approximately $131.2 million in 60 portfolio companies at March 31, 2024 and approximately $86.6 million in 44 portfolio companies at December 31, 2023.

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The following table shows our portfolio and investment activity for the three months ended March 31, 2024:

	Three Months Ended
(in millions)	March 31, 2024
New investments in 31 portfolio companies	$	43.8
Debt repayments in existing portfolio companies	(0.2)
Sales of securities in 0 portfolio companies	—
Change in unrealized appreciation on 19 portfolio company	0.6
Change in unrealized depreciation on 29 portfolio companies	(0.1)

Recent Accounting Standards Updates

See Item 1.—Financial Statements—Note 12. Recent Accounting Standards Updates in this Quarterly Report on Form 10-Q for details on recent accounting standards updates.

Results of Operations for the Three Months Ended March 31, 2024

Revenue

	Three Months Ended
(in thousands)	March 31, 2024
Interest income	$	3,242
Fee income	458
Total investment income	$	3,700

Investment income for the three months ended March 31, 2024 was driven by our deployment of capital and increasing invested balance.

Operating Expenses

	Three Months Ended
(in thousands)	March 31, 2024
Management fee	$	216
Less: management fee waiver	(108)
Net management fee	108
Incentive fees	291
Administrative expenses	229
Professional fees	218
Organizational and offering expenses	142
Interest and other financing expenses	138
Other general and administrative expenses	31
Total expenses	$	1,157
Less: expenses waived	(74)
Net expenses	$	1,083

Our management fee net of waivers for the three months ended March 31, 2024 was approximately $0.1 million. Per the Investment Management Agreement (as defined below), the management fee will be reduced by 50% until the one-year anniversary of the Initial Drawdown Date (as defined in the Investment Management Agreement). The base management fee may also be reduced by placement fees and a voluntary fee waiver made by the Investment Adviser. Incentive fees for the three months ended March 31, 2024 were approximately $0.3 million.

We have incurred expenses related to our formation, organization and continuous offering of our Units. For the three months ended March 31, 2024, we incurred organizational and offering costs of approximately $0.1 million. We anticipate that we will continue to incur organizational and offering expenses throughout the Closing Period.

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Net Realized Gains (Losses) and Net Change in Unrealized Appreciation (Depreciation)

	Three Months Ended
(in thousands)	March 31, 2024
Net realized gains (losses) on investments	$	—
Net change in unrealized appreciation (depreciation) of investments	543
Net realized and unrealized gain	$	543

We had net realized and unrealized appreciation which resulted in a net gain of approximately $0.5 million for the three months ended March 31, 2024, which was primarily driven by the overall increase in market prices of our investments during the period.

Liquidity, Capital Resources, Off-Balance Sheet Arrangements, Borrowings and Contractual Obligations

Liquidity and Capital Resources

The primary use of existing funds and any funds raised in the future is expected to be for investments in portfolio companies, repayment of indebtedness, cash distributions to our unitholders or for other general corporate purposes.

We expect to generate cash from (1) drawing down capital in respect of our Units, (2) cash flows from investments and operations and (3) borrowings from banks or other lenders. We will seek to enter into any bank debt, credit facility or other financing arrangements on at least customary market terms, however, we cannot assure you we will be able to do so. Any such incurrence or issuance would be subject to prevailing market conditions, our liquidity requirements, contractual and regulatory restrictions and other factors. Upon organization, we adopted the application of the modified asset coverage requirements set forth in Section 61(a) of the 1940 Act, as amended by the Small Business Credit Availability Act, which resulted in the reduction of the minimum asset coverage ratio applicable to us from 200.0% to 150.0%. In connection with their subscriptions for our Units, our unitholders were required to acknowledge our ability to operate with an asset coverage ratio that may be as low as 150.0%. In accordance with the 1940 Act, with certain limited exceptions, we are only allowed to borrow amounts such that our asset coverage, calculated pursuant to the 1940 Act, is at least 150.0% after such borrowing (which means we can borrow $2 for every $1 of our equity). As of March 31, 2024, our asset coverage ratio was 1,182.7%.

Since our inception on November 4, 2022, we have entered into Subscription Agreements with several investors on various dates. We expect closings of the Private Offering will occur, from time to time, in the Investment Adviser's sole discretion, during the Closing Period. On March 31, 2024 and December 31, 2023, we had aggregate capital commitments accepted and undrawn capital commitments from investors as follows:

(in millions)	March 31, 2024			December 31, 2023
Capital Commitments	$	211.2		$	211.2
Unfunded Capital Commitments	105.6			105.6
% of Capital Commitments funded	50.0		%	50.0		%

As of March 31, 2024 and December 31, 2023, our credit facilities consisted of the BMO Subscription Line and Unsecured Management Company Revolver. See Item 1—Financial Statements—Note 6. Borrowings in this Quarterly Report on Form 10-Q and Recent Developments above for additional information.

As of March 31, 2024 and December 31, 2023, we had cash and cash equivalents of approximately $1.5 million and $19.9 million, respectively. Our cash used in operating activities for the three months ended March 31, 2024 was approximately $28.1 million. We expect that all current liquidity needs will be met with cash flows from drawdowns on Capital Commitments, investments and operations and borrowings from banks or other lenders.

Off-Balance Sheet Arrangements

We may become a party to financial instruments with off-balance sheet risk in the normal course of business to meet the financial needs of our portfolio companies. These instruments may include commitments to extend credit and involve, to varying degrees, elements of liquidity and credit risk in excess of the amount recognized in the balance sheet. As of March 31, 2024 and December 31, 2023, we had outstanding commitments to third parties to fund investments totaling $51.1 million and $27.2 million, respectively, under various undrawn revolving credit facilities, delayed draw commitments or other future funding commitments.

We may from time to time enter into financing commitment letters or bridge financing commitments, which could require funding in the future. As of March 31, 2024 and December 31, 2023, we had commitment letters to purchase investments in the aggregate par amount of $3.2 million and $5.0 million, respectively, which could require funding in the

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future. As of March 31, 2024 and December 31, 2023, we had not entered into any bridge financing commitments which could require funding in the future.

Contractual Obligations

A summary of our significant contractual payment obligations as of March 31, 2024 is as follows:

	Contractual Obligations Payments Due by Period
(in millions)	Total		Less than 1 Year		1 - 3 Years		3 - 5 Years		More than 5 Years
BMO Subscription Line (1)	$	9.8	$	9.8	$	—	$	—	$	—

(1)Under the terms of the BMO Subscription Line, all outstanding borrowings under that facility ($9.8 million as of March 31, 2024) are due on BMO's demand within 15 business days, or on the date 6 months after each advance date, which varies throughout the period. The BMO Subscription Line will terminate when all Capital Commitments have been funded. See Item 1—Financial Statements—Note 6. Borrowings in this Quarterly Report on Form 10-Q for material details on the BMO Subscription Line.

We have entered into an investment advisory and management agreement (the "Investment Management Agreement") with the Investment Adviser in accordance with the 1940 Act. Under the Investment Management Agreement, the Investment Adviser has agreed to provide us with investment advisory and management services. We have agreed to pay for these services (1) a management fee and (2) an incentive fee based on our performance.    

We have also entered into an administration agreement (the "Administration Agreement"), with the Administrator. Under the Administration Agreement, the Administrator has agreed to arrange office space for us and provide office equipment and clerical, bookkeeping and record keeping services and other administrative services necessary to conduct our respective day-to-day operations. The Administrator has also agreed to maintain, or oversee the maintenance of, our financial records, our reports to unitholders and reports filed with the SEC. The Administrator has hired a third-party sub-administrator to assist with the provision of administrative services.

If any of the contractual obligations discussed above are terminated, our costs under any new agreements that are entered into may increase. In addition, we would likely incur significant time and expense in locating alternative parties to provide the services we expect to receive under the Investment Management Agreement and the Administration Agreement.

Distributions and Dividends

Distributions declared to unitholders for the three months ended March 31, 2024 were approximately $2.9 million.

Tax characteristics of all distributions paid are reported to unitholders on Form 1099 or Form 1042 after the end of the calendar year. For the year ended December 31, 2023, total distributions declared were $1.7 million, of which the distributions were comprised of approximately 99.62% of ordinary income, 0.00% of long-term capital gains and 0.38% of a return of capital. Future quarterly distributions, if any, will be determined by our board of directors.

We intend to pay quarterly distributions to our unitholders in amounts sufficient to qualify as and maintain our status as a RIC. We intend to distribute approximately all of our net investment income on a quarterly basis and substantially all of our taxable income on an annual basis, except that we may retain certain net capital gains for reinvestment.    

Related Parties

We have entered into a number of business relationships with affiliated or related parties, including the following:

•We have entered into the Investment Management Agreement with the Investment Adviser, a wholly-owned subsidiary of New Mountain Capital. Therefore, New Mountain Capital is entitled to any profits earned by the Investment Adviser, which includes any fees payable to the Investment Adviser under the terms of the Investment Management Agreement, less expenses incurred by the Investment Adviser in performing its services under the Investment Management Agreement.

•We have entered into the Expense Limitation and Reimbursement Agreement with the Investment Adviser. The Investment Adviser has agreed to reduce and/or waive its management fee (the "Specified Expenses Cap") each year such that we will not be required to pay certain expenses in excess of a maximum aggregate amount defined in the Expense Limitation and Reimbursement Agreement.

•We have entered into the Administration Agreement with the Administrator, a wholly-owned subsidiary of New Mountain Capital. The Administrator arranges our office space and provides office equipment and administrative

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services necessary to conduct our respective day-to-day operations pursuant to the Administration Agreement. The Administrator has hired a third-party sub-administrator to assist with the provision of administrative services. We reimburse the Administrator for the allocable portion of overhead and other expenses incurred by it in performing its obligations to us under the Administration Agreement, which includes the fees and expenses associated with performing administrative, finance, and compliance functions, and the compensation of our chief financial officer and chief compliance officer and their respective staffs. Pursuant to the Administration Agreement and further restricted by us, the Administrator may, in its own discretion, submit to us for reimbursement some or all of the expenses that the Administrator has incurred on our behalf during any quarterly period. As a result, the amount of expenses for which we will have to reimburse the Administrator may fluctuate in future quarterly periods and there can be no assurance given as to when, or if, the Administrator may determine to limit the expenses that the Administrator submits to us for reimbursement in the future. The Administrator cannot recoup any expenses that the Administrator has previously waived. For the three months ended March 31, 2024, approximately $148 thousand of indirect administrative expenses were included in administrative expenses, of which approximately $74 thousand were waived by the Administrator. As of March 31, 2024, approximately $74 thousand of indirect administrative expenses were included in payable to affiliates on the Statement of Assets, Liabilities and Members' Capital.

•We, the Investment Adviser and the Administrator have entered into a royalty-free Trademark License Agreement with New Mountain Capital, pursuant to which New Mountain Capital has agreed to grant us, the Investment Adviser and the Administrator a non-exclusive, royalty-free license to use the name "New Mountain Capital".

In addition, we have adopted a formal code of ethics that governs the conduct of our officers and directors. These officers and directors also remain subject to the duties imposed by the 1940 Act and the Delaware Limited Liability Company Act.

The Investment Adviser and its affiliates may also manage other funds in the future that may have investment mandates that are similar, in whole or in part, to our investment mandates. The Investment Adviser and its affiliates may determine that an investment is appropriate for us and for one or more of those other funds. In such event, depending on the availability of such investment and other appropriate factors, the Investment Adviser or its affiliates may determine that we should invest side-by-side with one or more other funds. Any such investments will be made only to the extent permitted by applicable law and interpretive positions of the SEC and its staff, and consistent with the Investment Adviser's allocation procedures. On October 8, 2019, the SEC issued an exemptive order (the "Exemptive Order") to the Investment Adviser and certain of its affiliates, which superseded a prior order issued on December 18, 2017, which permits us to co-invest in portfolio companies with certain funds or entities managed by the Investment Adviser or its affiliates in certain negotiated transactions where co-investing would otherwise be prohibited under the 1940 Act, subject to the conditions of the Exemptive Order. Pursuant to the Exemptive Order, we are permitted to co-invest with our affiliates if a "required majority" (as defined in Section 57(o) of the 1940 Act) of our Independent Directors make certain conclusions in connection with a co-investment transaction, including, but not limited to, that (1) the terms of the potential co-investment transaction, including the consideration to be paid, are reasonable and fair to us and our unitholders and do not involve overreaching in respect of us or our unitholders on the part of any person concerned, and (2) the potential co-investment transaction is consistent with the interests of our unitholders and is consistent with our then-current investment objective and strategies. The Exemptive Order was amended on August 30, 2022 to permit us to complete follow-on investments in existing portfolio companies with certain affiliates that are private funds if such private funds do not hold an investment in such existing portfolio company, subject to certain conditions.

On June 23, 2023, we entered into the Uncommitted Revolving Loan Agreement with NMF Investments III, L.L.C., an affiliate of the Investment Adviser, with a $10.0 million maximum amount of borrowings available under the Unsecured Management Company Revolver, which has a maturity date of December 31, 2025. See Item 1.—Financial Statements—Note 6. Borrowings in this Quarterly Report on Form 10-Q for more information.

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Item 3.    Quantitative and Qualitative Disclosures About Market Risk

We are subject to certain financial market risks, such as interest rate fluctuations. Because we fund a portion of our investments with borrowings, our net investment income is affected by the difference between the rate at which we invest and the rate at which we borrow. As a result, there can be no assurance that a significant change in market interest rates will not have a material adverse effect on our net investment income. Since March 2022, the Federal Reserve has been rapidly raising interest rates and has indicated that it would consider additional rate hikes in response to ongoing inflation concerns. In a rising interest rate environment, our net investment income would increase due to an increase in interest income generated by our investment portfolio. However, our cost of funds would also increase, which could also impact net investment income. It is possible that the Federal Reserve's tightening cycle could result in a recession in the United States, which would likely decrease interest rates. Alternatively, in a prolonged low interest rate environment, including a reduction of base rates, such as SOFR to zero, the difference between the total interest income earned on interest earning assets and the total interest expense incurred on interest bearing liabilities may be compressed, reducing our net interest income and potentially adversely affecting our operating results. During the three months ended March 31, 2024, certain of the loans held in our portfolio had floating SOFR interest rates. As of March 31, 2024, approximately 97.8% of investments at fair value (excluding unfunded debt investments) represent floating-rate investments with a SOFR floor (includes investments bearing prime interest rate contracts) and approximately 2.2% of investments at fair value represent fixed-rate investments. Additionally, our BMO Subscription Line is also subject to floating interest rates and is currently paid based on floating SOFR rates and prime interest rates.

The following table estimates the potential changes in interest income net of interest expense, should interest rates increase by 100, 200 or 300 basis points, or decrease by 25 basis points. Interest income is calculated as revenue from interest generated from our portfolio of investments held on March 31, 2024. Interest expense is calculated based on the terms of our outstanding Unsecured Management Company Revolver and BMO Subscription Line. For our Unsecured Management Company Revolver and BMO Subscription Line, we use the outstanding balance as of March 31, 2024. This analysis does not take into account the impact of the incentive fee or other expenses. The base interest rate case assumes the rates on our portfolio investments remain unchanged from the actual effective interest rates as of March 31, 2024. These hypothetical calculations are based on a model of the investments in our portfolio, held as of March 31, 2024, and are only adjusted for assumed changes in the underlying base interest rates.

Actual results could differ significantly from those estimated in the table.

Change in Interest Rates	Estimated Percentage Change in Interest Income Net of Interest Expense (unaudited)
–25 Basis Points	(2.01)	%
Base Interest Rate	—	%
+100 Basis Points	8.05	%
+200 Basis Points	16.11	%
+300 Basis Points	24.16	%

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Item 4.    Controls and Procedures

(a)Evaluation of Disclosure Controls and Procedures

As of March 31, 2024 (the end of the period covered by this report), we, including our Chief Executive Officer and Chief Financial Officer, evaluated the effectiveness of the design and operation of our disclosure controls and procedures (as defined in Rule 13a-15(e) of the Securities Exchange Act of 1934, as amended). Based on that evaluation, our management, including the Chief Executive Officer and Chief Financial Officer, concluded that our disclosure controls and procedures were effective and provided reasonable assurance that information required to be disclosed in our periodic SEC filings is recorded, processed, summarized and reported within the time periods specified in the SEC's rules and forms, and that such information is accumulated and communicated to our management, including our Chief Executive Officer and Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosure. However, in evaluating the disclosure controls and procedures, management recognized that any controls and procedures, no matter how well designed and operated can provide only reasonable assurance of achieving the desired control objectives, and management necessarily was required to apply its judgment in evaluating the cost-benefit relationship of such possible controls and procedures.

(b)Changes in Internal Control Over Financial Reporting

There have been no changes in our internal control over financial reporting that occurred during our most recently completed fiscal quarter that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

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PART II. OTHER INFORMATION

The terms "we", "us", "our" and the "Company" refers to New Mountain Guardian IV Income Fund, L.L.C.

Item 1.    Legal Proceedings

We, the Investment Adviser and the Administrator are not currently subject to any material legal proceedings as of March 31, 2024. From time to time, we may be a party to certain legal proceedings incidental to the normal course of our business including the enforcement of our rights under contracts with our portfolio companies. While the outcome of these legal proceedings cannot be predicted with certainty, we do not expect that these proceedings will have a material effect upon our business, financial condition or results of operations.

Item 1A.    Risk Factors

In addition to the other information set forth in this report, you should carefully consider the factors discussed in Item 1A. Risk Factors in our Annual Report on Form 10-K for the fiscal year ended December 31, 2023, which could materially affect our business, financial condition and/or operating results, including the Risk Factor titled "Fund-Level Borrowings". The risks described in our Annual Report on Form 10-K are not the only risks we face. Additional risks and uncertainties not currently known to us or that we currently deem to be immaterial also may materially and adversely affect our business, financial condition and/or operating results. There have been no material changes during the three months ended March 31, 2024 to the risk factors discussed in Item 1A. Risk Factors in our Annual Report on Form 10-K for the fiscal year ended December 31, 2023.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

None, other than those already disclosed in certain current reports on Form 8-K filed with the SEC.

Item 3.    Defaults Upon Senior Securities.

None.

Item 4.    Mine Safety Disclosures

Not applicable.

Item 5.    Other Information

(a)     None.

(b)     None.

(c)     For the period covered by this Quarterly Report on Form 10-Q, no director or officer has adopted or terminated (i) any contract, instruction or written plan for the purchase or sale of securities intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) under the Exchange Act or (ii) any non-Rule 10b5-1 trading arrangement.

We have adopted insider trading policies and procedures governing the purchase, sale, and disposition of our securities by our officers and directors that are reasonably designed to promote compliance with insider trading laws, rules and regulations.

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Item 6.    Exhibits

The following exhibits are filed as part of this report or hereby incorporated by reference to exhibits previously filed with the U.S. Securities and Exchange Commission:

Exhibit Number	Description
3.1	Amended and Restated Limited Liability Company Agreement dated as of May 23, 2023(3)
3.2	Amendment to the Amended and Restated Limited Liability Company Agreement dated as of July 10, 2023(2)
3.3	Amended and Restated Certificate of Formation, effective as of July 10, 2023(2)
4.1	Form of Subscription Agreement(1)
10.1	Facility Increase Letter Amendment, dated as of March 26, 2024, by and among New Mountain Guardian IV Income Fund, L.L.C. and BMO Bank N.A.*
10.2	First Amendment to Loan Authorization Agreement, dated as of April 12, 2024, by and between New Mountain Guardian IV Income Fund, L.L.C. and BMO Bank, N.A.*
31.1	Certification of Chief Executive Officer pursuant to Rule 13a-14(a) of the Securities Exchange Act of 1934, as amended*
31.2	Certification of Chief Financial Officer pursuant to Rule 13a-14(a) of the Securities Exchange Act of 1934, as amended*
32.1	Certification of Chief Executive Officer pursuant to Section 906 of The Sarbanes-Oxley Act of 2002 (18 U.S.C. 1350)*
32.2	Certification of Chief Financial Officer pursuant to Section 906 of The Sarbanes-Oxley Act of 2002 (18 U.S.C. 1350)*
101.INS	Inline XBRL Instance Document
101.SCH	Inline XBRL Taxonomy Extension Schema Document
101.CAL	Inline XBRL Taxonomy Extension Calculation Linkbase Document
101.DEF	Inline XBRL Taxonomy Extension Definition Linkbase Document
101.LAB	Inline XBRL Taxonomy Extension Label Linkbase Document
101.PRE	Inline XBRL Taxonomy Extension Presentation Linkbase Document
104	Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)

(1)Previously filed in connection with New Mountain Guardian IV Income Fund, L.L.C.'s Registration Statement on Form 10 Pre-Effective Amendment No.1 (File No. 000-56554) filed on July 20, 2023.

(2)Previously filed in connection with New Mountain Guardian IV Income Fund, L.L.C.'s Current Report on Form 8-K filed on July 13, 2023.

(3)Previously filed in connection with New Mountain Guardian IV Income Fund, L.L.C.'s Annual Report on Form 10-K filed on March 5, 2024.

* Filed herewith.

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SIGNATURES

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized on May 13, 2024.

NEW MOUNTAIN GUARDIAN IV INCOME FUND, L.L.C.
By:	/s/ JOHN R. KLINE
	John R. Kline President and Chief Executive Officer (Principal Executive Officer)
By:	/s/ KRIS CORBETT
	Kris Corbett Chief Financial Officer (Principal Financial and Accounting Officer) and Treasurer

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EX-10.1

4868-9308-9710 4413936 March 26, 2024 New Mountain Guardian IV Income Fund, L.L.C. 1633 Broadway, 48th Floor New York, New York 10019 Attention: Laura C. Holson Re: New Mountain Guardian IV Income Fund, L.L.C. – Facility Increase Letter Amendment Ladies and Gentlemen: Reference is hereby made to the Loan Authorization Agreement dated as of June 29, 2023, between New Mountain Guardian IV Income Fund, L.L.C. (the “Fund”), and BMO Bank N.A. (the “Lender”) (as amended, restated, supplemented or otherwise modified prior to the date hereof, the “Loan Agreement”). All capitalized terms used but not defined herein shall have the meanings assigned thereto in the Loan Agreement. The Fund has requested that the Lender agree, and the Lender has agreed in its sole discretion, to increase the Amount of Maximum Credit from $35,000,000 to $52,800,000 (the “Increase”), subject to the terms and conditions of the Loan Agreement. The parties hereto agree that immediately prior to giving effect to this letter agreement the Amount of Maximum Credit under the Loan Agreement is $35,000,000. As of the date hereof and until otherwise agreed to in writing by the Lender, the paragraph titled “Amount of Maximum Credit” set forth on the first page of the Loan Agreement shall be and hereby is amended and restated in its entirety to read as follows: Amount of Maximum Credit: $52,800,000.00; provided, however, that the Lender may, if requested by the Fund, elect in its sole and absolute discretion to increase the Amount of Maximum Credit to up to $125,000,000.00, it being understood that the Lender has no obligation to increase the Amount of Maximum Credit at any time. In connection with the Increase, the Fund agrees to pay to the Lender on the date hereof in immediately available funds an increase fee in the amount of $35,600, which fee shall be fully earned when due and non-refundable when paid. The Fund hereby acknowledges, reaffirms and confirms that (i) its obligations under the Security Agreement, dated as of June 29, 2023, between the Fund and the Lender, as secured party (as amended, restated, supplemented or otherwise modified from time to time, the “Security Agreement”), shall continue in full force and effect; and (ii) that the liens and security interests granted to the Lender in and to the Collateral (as defined in the Security Agreement) under the Security Agreement hereby continue to and shall secure all Obligations (as defined in the Security Agreement). Except for the amendments set forth herein, the Loan Agreement remains in full force and effect in accordance with its current terms. This letter agreement is a Loan Document. Delivery of executed counterparts of this letter agreement by e-mail transmission of an Adobe portable document format file (also known as a “PDF” file) shall be effective as originals. The words “execution,” “signed,” “signature,” and words of like import in this letter agreement shall be deemed to include electronic signatures or electronic records, each of which shall be of the same legal effect, validity or enforceability as a manually executed signature or the use of a paper based recordkeeping system, as the case may be, to the extent and as provided for in any applicable law, including the Federal Electronic Signatures in Global and National Commerce Act, the New York State Electronics Signatures and Records Act, or any other similar state laws based on the Uniform Electronic Transactions Act. This letter agreement supersedes and replaces any other written agreement or prior oral discussion regarding the matters set forth herein. This letter agreement shall be governed by and construed in accordance with the laws of the State of New York. [Signature Page to Facility Increase Letter Amendment (March 2024) – New Mountain Guardian IV Income Fund, L.L.C.] Very truly yours, BMO BANK N.A. By: ____________________________________ Name: Jack Murphy Title: Director [Signature Page to Facility Increase Letter Amendment (March 2024) – New Mountain Guardian IV Income Fund, L.L.C.] Acknowledged and agreed to by: FUND: NEW MOUNTAIN GUARDIAN IV INCOME FUND, L.L.C. By: ___________________________________ Name: _________________________________ Title: __________________________________ DocuSign Envelope ID: 4A104C29-AAA4-4D38-B791-89B01E499175 Chief Operating Officer/ Authorized Signatory Laura C. Holson

EX-10.2

4860-3281-0110 4230298 FIRST AMENDMENT TO LOAN AUTHORIZATION AGREEMENT Dated as of April 12, 2024 Reference is hereby made to that certain Loan Authorization Agreement, dated as of June 29, 2023, between New Mountain Guardian IV Income Fund, L.L.C., as borrower (the “Borrower” or the “Fund”), and BMO Bank N.A., as lender (formerly known as BMO Harris Bank N.A., the “Lender”) (as amended, restated, supplemented or otherwise modified from time to time (the “Loan Agreement”), All capitalized terms used in this First Amendment to Loan Authorization Agreement (this “Amendment”) but not defined herein shall have the same meanings herein as such terms have in the Loan Agreement. The Fund has notified the Lender that New Mountain Guardian IV Income Rated Feeder II, Ltd., an exempted company incorporated in Bermuda (the “Feeder Fund”), has committed to make Drawdown Purchases in the Fund. The Fund has requested that the Lender agree to amend, and the Lender has agreed to amend on the terms and conditions of this Amendment, the Loan Agreement to include the Feeder Fund’s capital commitments in the calculation of Remaining Capital Commitments for the purposes of the covenants set forth in Section 7(c) of the Loan Agreement. SECTION 1. AMENDMENTS TO LOAN AGREEMENT. Subject to the satisfaction of all of the conditions precedent set forth in Section 2 below in a manner reasonably acceptable to the Lender (as evidenced by the execution and delivery by the Lender of a counter-part hereto), the Loan Agreement shall be and hereby is amended as follows: 1.1 Subject to the satisfaction of all of the conditions precedent set forth in Section 2 below in a manner reasonably acceptable to the Lender, the Loan Agreement shall be and hereby is amended, including the Exhibits thereto, to incorporate the changes reflected in Annex A attached hereto, with the underlined language in Annex A indicating insertions and language subject to a strike-through in Annex A indicating deletions. 1.2 Each reference to “BMO Harris Bank N.A.” in each other Loan Document shall be replaced with a reference to “BMO Bank N.A.”. SECTION 2. CONDITIONS PRECEDENT. 2.1. Each of the Fund and the Lender shall have executed and delivered this Amendment. 2.2. The Lender shall have received copies of all documents listed on the attached Annex B in form and substance reasonably satisfactory to the Lender. 2.3. The bank shall have received on the date hereof in immediately available fund an increase fee in the amount of $144,400, which increase fee shall be fully earned when due and non-refundable when paid. SECTION 3. REPRESENTATIONS. In order to induce the Lender to execute and deliver this Amendment, the Fund hereby represents to the Lender that as of the date hereof the representations and warranties set forth in the Loan Agreement and Collateral Documents to which it is a party are true and correct in all material respects (provided that to the extent that such representations and warranties specifically refer to an earlier date, they shall be true and correct in all material respects as of such earlier date) and each of the Fund represents and warrants that it is in compliance with the covenants of the Loan Agreement and Collateral Documents applicable to it. The Fund heretofore executed and delivered the Collateral Documents to which it is a party and each such Person hereby acknowledges and agrees that the security interest and liens created and provided for by the Collateral Documents continue to secure, among other things, the Obligations; and the Collateral Documents and the rights and remedies of the Lender thereunder, the obligations of such Person thereunder, and the security interest and liens created and provided for thereunder remain in full force and effect and shall not be affected, impaired or discharged hereby. Nothing herein contained shall in any manner affect or impair the priority of the liens and security interests created and provided for by the Collateral Documents as to the indebtedness which would be secured thereby prior to giving effect to this Amendment. SECTION 4. MISCELLANEOUS. 4.1. Except as specifically amended herein, the Loan Agreement and the Collateral Documents shall continue in full force and effect in accordance with its original terms. Reference to this specific Amendment need not be made in the Loan Agreement, the Note, the Collateral Documents or any other instrument or document executed in connection therewith, or in any certificate, letter or communication issued or made pursuant to or with respect to the Loan Agreement, any reference in any of such items to the Loan Agreement being sufficient to refer to the Loan Agreement as amended hereby. 4.2. This Amendment may be executed in any number of counterparts, and by the different parties on different counterpart signature pages, all of which taken together shall constitute one and the same agreement. Any of the parties hereto may execute this Amendment by signing any such counterpart and each of such counterparts shall for all purposes be deemed to be an original. Delivery of executed counterparts of this Amendment by telecopy or by e-mail transmission of an Adobe portable document format file (also known as a “PDF” file) shall be effective as originals. The Fund agrees to pay all reasonable and invoiced out-of-pocket expenses, legal and/or otherwise (including court costs and reasonable and invoiced attorneys’ fees (including, without limitation, the allocated cost of in-house counsel)) paid or incurred by the Lender in the preparation and negotiation of this Amendment and any instruments and documents executed in connection herewith. 4.3. This Amendment shall be governed by the laws of the State of New York. THE FUND AND THE LENDER EACH SUBMITS TO THE NON-EXCLUSIVE JURISDICTION OF THE UNITED STATES DISTRICT COURT FOR THE SOUTHERN DISTRICT OF NEW YORK AND OF ANY NEW YORK STATE COURT SITTING IN NEW YORK, NEW YORK, FOR PURPOSES OF ALL LEGAL PROCEEDINGS ARISING OUT OF OR RELATING TO THIS Amendment OR THE TRANSACTIONS CONTEMPLATED HEREBY. THE FUND AND THE LENDER EACH WAIVES ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY. [SIGNATURE PAGES FOLLOW]

[Signature Page to First Amendment to Loan Authorization Agreement – New Mountain Guardian IV Income Fund, L.L.C.] BMO BANK N.A. By: ___________________________________ Name: Jack Murphy Its: Director ANNEX A TO FIRST AMENDMENT TO LOAN AUTHORIZATION AGREEMENT [See Attached] New Mountain Guardian IV Unlevered - Loan Authorization Agreement 4866-7930-7880 v94853-5566-9172.doc 4413936 ANNEX A TO FIRST AMENDMENT TO LOAN AUTHORIZATION AGREEMENT LOAN AUTHORIZATION AGREEMENT DATED: JUNE 29, 2023 (the “Initial Effective Date”) The Fund referred to below has applied for, and BMO Bank N.A. (the “Lender”) has approved the establishment of, a loan authorization account (“Loan Account”) from which the Fund may from time to time request loans in an aggregate amount of up to the maximum amount of credit shown below (the “Amount of Maximum Credit”). Interest on such loans is computed at a variable rate which may change daily based upon changes in the Prime Rate or the SOFR Quoted Rate (each hereinafter defined). The Fund may make principal payments at any time and in any amount without premium or penalty. The request by the Fund for, and the making by the Lender of, any loan against the Loan Account shall constitute an agreement between the Fund and the Lender as follows: Name of Fund: New Mountain Guardian IV Income Fund, L.L.C., a Delaware limited liability company (the “Fund”). Address: New Mountain Guardian IV Income Fund, L.L.C. 1633 Broadway, 48th Floor New York, NY 10019 Attn.: Laura C. Holson Telephone: 212 220 3393 Facsimile: 212 220 3393 E-mail: Lholson@newmountaincapital.com Type of Loan Account: Revolving, which means as principal is repaid, the Fund may reborrow subject to this Loan Authorization Agreement (as amended, restated, supplemented or otherwise modified from time to time, this “Agreement”). Defined Terms: All capitalized terms used but not defined herein shall have the meanings assigned to such terms in the Fund’s Amended and Restated Limited Liability Company Agreement, dated as of May 23, 2023 (as further amended, restated, supplemented or otherwise modified from time to time, the “LLC Agreement”). “Business Day” means any day other than (a) Saturday and Sunday and (b) any other day on which banks in New York City and Chicago, Illinois, are required or authorized by law to remain closed. “Default” means the failure by the Fund to pay when due (after taking into account any applicable grace period, including the fifteen (15) Business Day period applicable in the case of a demand for repayment), whether by demand or otherwise, any monetary obligation under this Agreement and the Note. Amount of Maximum Credit: $52,800,000; provided, however, that the Lender may, if requested by the Fund, elect in its sole and absolute discretion to increase the Amount of Maximum Credit to up to $125,000,000.00, it being understood that the Lender has no obligation to increase the Amount of Maximum Credit at any time125,000,000.00. Each Loan Requested Shall Be At Least: $100,000.00 (the “Minimum Amount”). Variable Interest Rate: The interest rate applicable prior to the Maturity Date equals the greater of (i) the rate per -2- annum announced by the Lender from time to time as its prime commercial rate (the “Prime Rate”) minus 0.25% per annum (the “Prime Rate Margin”) or (ii) the SOFR Quoted Rate for such day plus the rate of 2.50% per annum (the “SOFR Margin”). As used herein, the term “Term SOFR” means a rate equal to the secured overnight financing rate as administered by the Term SOFR Administrator; the term “SOFR Quoted Rate” means, as of any day of determination, 3-month Term SOFR on the date that is two U.S. Government Securities Business Days prior to such day of determination as such rate is published by the Term SOFR Administrator plus a credit spread adjustment of 0.15%; provided, that in no event shall the “SOFR Quoted Rate” be less than 0.00%; the term “Term SOFR Administrator” means the CME Group Benchmark Administration Limited (CBA) (or a successor administrator of the Term SOFR selected by the Lender in its reasonable discretion); and the term “U.S. Government Securities Business Day” means any day except for (i) a Saturday, (ii) a Sunday or (iii) a day on which the Securities Industry and Financial Markets Association recommends that the fixed income departments of its members be closed for the entire day for purposes of trading in United States government securities. Maturity Date: The Loan Account terminates, and Loans are payable, ON DEMAND; provided, that the Fund shall have fifteen (15) Business Days to honor any demand for payment hereunder; provided, further, that if no demand is sooner made, each Loan advanced hereunder shall be due and payable on the earliest to occur of (x) date that is six (6) months after the date such Loan was advanced hereunder and (y) 30 days prior to the termination of the Investment Period (the earlier to occur is the “Maturity Date”). Upon the voluntary entry against the Fund of an order for relief under the United States Bankruptcy Code, as amended, or any other similar insolvency or receivership law or statute of a foreign jurisdiction (each, an “Insolvency Law”), any involuntary filing of a petition against the Fund under any Insolvency Law that remains undismissed or unstayed for a period of sixty (60) days, or the appointment of a receiver or an assignment for the benefit of creditors for the Fund, all obligations of the Fund hereunder, whether for principal, interest, fees or expenses, shall be deemed to have been declared immediately due and payable without presentment, demand, protest or notice of any kind. Periodic Statements (as defined below) reflecting accrued interest will be sent and interest will be payable in accordance with Section 2 hereof. Payments shall be due at the Lender’s principal office in Chicago, Illinois, paid to the Lender and its registered assigns, and made by federal wire transfer to: BMO Bank N.A., Chicago, IL ABA 071000288 To the account of: CCLO BMO Bank N.A. LN IQ Wire Account Number: 109-535-5 Reference: New Mountain Guardian IV Income Fund, L.L.C. Attn.: Clients Services Dept. 1. Using the Account. All loans and advances from the Loan Account are referred to in this Agreement as “Loans”. Loan requests must be in writing or by telephone and confirmed in writing (including by facsimile or e-mail) and shall be sent to the Fund’s BMO Bank N.A. Account Officer or Client Services Officer no later

-3- than 1:00 p.m. (New York time) on the date of the proposed borrowing in order to be honored the same day. Loan proceeds shall be credited to the Fund’s deposit account at the Lender unless the Lender is directed otherwise by special written directions from the Fund. The amount of each Loan requested shall be at least the Minimum Amount, and the Lender shall have the right to refuse to honor any Loan requested by the Fund which is less than the Minimum Amount, even if the Lender has previously honored a Loan request for less than the Minimum Amount. The Fund shall not request any Loan which, when taken together with the Loans then outstanding, would exceed the Amount of Maximum Credit. Loan proceeds shall be used by the Fund to (i) bridge finance capital calls on the Fund’s Members by the Fund and (ii) finance other permitted uses as outlined in the LLC Agreement. If Loans are secured directly or indirectly by securities traded on a national exchange or by other “margin stock” (as defined by the Federal Reserve Board in Regulation U), then the Fund promises to furnish the Lender a duly executed and completed Form U-1 statement and agrees that the proceeds of Loans from the Loan Account will not be used to purchase or carry margin stock, convertible bonds convertible into margin stock or warrants for margin stock unless the Fund has obtained the prior written consent of the Lender. In no event shall the proceeds of any Loans be utilized to finance participation in a hostile tender offer or similar transaction or to finance an acquisition of securities in anticipation of such a hostile transaction. Loans will be made available from the Loan Account subject to the Lender’s approval on a case-by-case basis as and when Loans are requested by the Fund. All Loans shall be made against and evidenced by the Fund’s promissory note payable to the Lender and its registered assigns, such note to be in the form of Exhibit A attached hereto (the “Note”). The Lender agrees that the Note shall evidence only the actual unpaid principal balance of Loans made under the Loan Account. All Loans made against the Note and the status of all amounts evidenced by the Note shall be recorded by the Lender on its books and records or, at its option in any instance, on a schedule to the Note and the unpaid principal balance and status and rates so recorded by the Lender shall be prima facie evidence in any court or other proceeding brought to enforce the Note of the principal amount remaining unpaid thereon, the status of the Loans evidenced thereby and the interest rates applicable thereto, absent manifest error; provided, that the failure of the Lender to record any of the foregoing shall not limit or otherwise affect the obligation of the Fund to repay the principal amount of the Note together with accrued interest thereon. Subject to Section 17, the Lender agrees that if it transfers or assigns the Note, the Lender will stamp thereon a statement of the actual principal amount evidenced thereby at the time of transfer. The Fund agrees that in any action or proceeding instituted to collect or enforce collection of the Note, the amount shown as owing the Lender on its records shall be prima facie evidence of the unpaid balance of principal and interest on the Note, absent manifest error. 2. Interest. The Fund shall pay the Lender interest on the unpaid principal balance of Loans in accordance with the terms of this Agreement. Accrued interest will be billed monthly, and is payable in arrears on the first Business Day of each month (each, an “Interest Payment Date”) for interest accrued through the last day of the previous month. Interest for each billing period is computed by applying a daily periodic rate based on the greater of (i) the Prime Rate minus the Prime Rate Margin or (ii) the SOFR Quoted Rate plus the SOFR Margin to each day’s ending Loan balance. Interest shall be computed on the basis of a year of 365/366 days for the actual number of days elapsed. The Prime Rate reflects market rates of interest as well as other factors, and it is not necessarily the Lender’s best or lowest rate. The daily Loan balance shall be computed by taking the principal balance of Loans at the beginning of each day, adding any Loans posted to the Loan -4- Account that day, and subtracting any principal payments posted to the Loan Account as of that day. Interest begins to accrue on the date a Loan is posted to the Loan Account. The principal balance of Loans which remains unpaid on the due date therefor (after giving effect to any applicable grace period, including the fifteen (15) Business Day period applicable in the case of a demand for repayment) shall bear interest thereafter until paid in full at a post-maturity rate determined by adding the rate of 2.00% per annum to the interest rate otherwise applicable to the Loans (determined as aforesaid). The interest rate payable under this Agreement shall be subject, however, to the limitation that such interest rate shall never exceed the highest rate which the Fund may contract to pay under applicable law. Interest on the Loans shall, at the option of the Fund and subject to the following terms and conditions, be payable either (i) in immediately available funds on each Interest Payment Date in accordance with this Section 2, or (ii) through a Loan on each Interest Payment Date, or (iii) by any combination of the methods described in the immediately preceding clauses (i) and (ii) selected by the Fund which results in such methods being applied in the satisfaction in full of all interest due on the Loans on such Interest Payment Date: (a) Unless the Fund notifies the Lender by 12:00 noon (New York Time) on the applicable Interest Payment Date that the Fund intends to pay the interest due on the Loans on such Interest Payment Date with funds not borrowed under this Agreement, the Fund shall be deemed to have irrevocably requested a Loan on each Interest Payment Date in the amount of the interest then due on the Loans, in each case subject to the provisions of this Agreement (other than the Minimum Amount requirement), which new Loan shall be applied to pay the interest then due on the Loans. In the event the Fund has elected to pay the interest due on the Loans with funds not borrowed under this Agreement and the Fund fails to make any such payment within twenty (20) days of the applicable Interest Payment Date, the Lender may in its sole discretion deem the Fund to have irrevocably requested a Loan in the amount of the interest then due on the Loans, in each case subject to the provisions of this Agreement (other than the requirement that a Loan be in a Minimum Amount) which new Loans shall be applied to pay the interest then due on the Loans. (b) Each payment of interest by a borrowing of a Loan shall be evidenced by the Note, shall bear interest from the date made at a rate per annum equal at all times to the rate then applicable to the Loans, payable on the Maturity Date therefor. (c) In no event shall the unpaid principal balance of all Loans, including, without limitation, each borrowing of a Loan to pay interest then due on the Loans, exceed the Amount of Maximum Credit. 3. Fees. The Fund agrees to pay to the Lender (a) a closing fee in the amount of $30,000, which shall be due and payable on the date of this AgreementInitial Effective Date, (b) an annual administrative fee in the amount of 0.20% of the Amount of Maximum Credit then in effect, which shall be due and payable on each anniversary of the date of this Agreement until the termination of the Loan Account, and (c) with respect to any exercise of the Accordion Option with respect to an increase in the Amount of Maximum Credit (each, an “Increase”), an increase fee in the amount of 0.20% of the amount of such Increase, which shall be due and payable on the effective date of such Increase. Each of the foregoing fees shall be fully earned when due and payable and non-refundable when paid. 4. Payments. Payments received by the Lender shall be applied first to accrued interest and then to the principal balance of outstanding Loans unless otherwise determined by the Lender. If any payment from the Fund under this Agreement becomes due on a day that is not a Business Day, such payment shall be made on the -5- next Business Day and any such extension shall be included in computing interest under this Agreement. 5. Periodic Statements. The Lender will furnish the Fund with a monthly statement for each billing period which has any transaction or balance (each, a “Periodic Statement”). 6. Financial Statements. The Fund agrees to furnish financial information of the Fund to the Lender upon reasonable request of the Lender from time to time and to the extent reasonably available to the Fund. Such information shall be furnished as soon as reasonably possible, but in any event within thirty (30) days after request by the Lender. Without any such request, the Fund shall deliver to the Lender: (a) as soon as available, and in any event within thirty (30) days after the last day of each fiscal quarter, a certificate as of such date in the form, or substantially the form, of Exhibit B attached hereto; (b) promptly after the same are made available to the Fund’s Members, and in any event within sixty (60) days after the last day of each of the first three fiscal quarters of each fiscal year of the Fund, a copy of the Fund’s balance sheet as of the last day of such fiscal quarter and its statements of income, retained earnings and cash flows for the fiscal year-to-date period then ended, prepared by the Fund in accordance in all material respects with generally accepted accounting principles (“GAAP”), except as otherwise stated therein (and subject to the absence of footnotes and ordinary year-end adjustments), and certified to by its chief financial officer or such other officer reasonably acceptable to the Lender; and (c) promptly after the same are made available to the Fund’s Members, and in any event within one hundred twenty (120) days after the close of each fiscal year of the Fund, a copy of the Fund’s balance sheet as of the last day of the fiscal year then ended and its statements of income, retained earnings and cash flows for the fiscal year then ended, and accompanying notes thereto, accompanied by an unqualified opinion (as to scope of audit or going concern) thereon of a firm of independent public accountants of recognized standing, selected by the Fund and reasonably satisfactory to the Lender to the effect that the financial statements present fairly in all material respects in accordance with GAAP the financial condition of the Fund as of the close of such fiscal year and the results of operations and cash flows for the fiscal year then ended. Notwithstanding anything to the contrary contained herein, no financial statements or other financial deliveries shall be required to be furnished to the Lender pursuant to clauses (b) and (c) of this Section until such time as such financial statements or deliveries are first made available to the Fund’s Members. 7. Covenants. In consideration of establishing and maintaining the Loan Account, the Fund covenants and agrees: (a) to provide the Lender with notice promptly after any senior officer of the Fund or the Adviser becoming aware of (i) any event which would give any one or more of the Fund’s Members the right to terminate or suspend its Capital Commitment, whether in whole or in part, and whether or not contingent upon the passage of time or the giving of notice or both, (ii) a Key Person Event or an Alternative Key Person Event, (iii) any action taken, or to be taken, which could reasonably be expected to result in the termination of the Investment Period, (iv) any event which would permit a Member to withdraw from the Fund, (v) any event or agreement which would excuse a Member from participating in any capital call relating to the Fund, (vi) any assignment of a Member’s membership interest in the Fund, (vii) either the Fund or New Mountain -6- Finance Advisers BDC, L.L.C., a Delaware limited liability company, and the investment manager of the Fund (the “Adviser”), being a named party in any material litigation, arbitration or other judicial or administrative proceeding, (viii) receipt of a notice of default under an SPV Facility (as defined herein) and (ix) of the occurrence of any repurchase obligation by the Fund under an SPV Facility (including any repurchase obligation for ineligible assets) or any demand for payment under a so-called “bad-boy” or “limited recourse” guaranty with respect to an SPV Facility; (b) unless otherwise agreed to by the Lender in writing, that promptly after the transfer of assets by the Fund into a special purpose vehicle for financing by any other financial institution (each, an “SPV Facility”), the Fund shall apply the cash proceeds (net of financing expenses and, unless a Default (as defined above) then exists and is continuing, other current expenses of the Fund, including current management fees then due) from such financing to the repayment of the then outstanding principal balance of the Loans and accrued and unpaid interest thereon until paid in full; (c) that the aggregate amount of outstanding indebtedness of the Fund does not as of the date hereof and will not at any time hereafter exceed the 5070% (the “Advance Rate”) of the Fund’s Remaining Capital Commitments (the “Advance RateMaximum Permitted Indebtedness”); provided, however, that such availability is subject to change solely at the Lender’s discretion upon notice to the Fund, and in the event such change requires a repayment of the Loans or a portion thereof. As of the last day of the Draw Period (as defined in the Note Purchase Agreement), the Fund’s Remaining Capital Commitments shall have fifteen (15be deemed to be reduced by the amount of the Remaining Capital Commitments of the Feeder Fund, provided, further, that on the date 15 Business Days prior to the last day of the Draw Period (as defined in the Note Purchase Agreement), the Fund shall calculate compliance with Maximum Permitted Indebtedness on a pro forma basis as if the Remaining Capital Commitments of the Feeder Fund were then zero and shall issue Drawdown Notices (including on the Feeder Fund, which in turn shall issue Notices of Fundings (as defined in the Note Purchase Agreement) on the Holders (as defined in the Note Purchase Agreement)) prior to the end of the Draw Period and shall direct that all Fundings to the Feeder Fund be directed to the Funding Account (as defined in Feeder Fund Security Agreement) and all Capital Contributions to the Main Fund be funded to the Capital Commitment Account) in the amount necessary to repay outstanding indebtedness of the Fund to ensure compliance with Maximum Permitted Indebtedness within ten (10) Business Days to make such payment;of the termination of the Draw Period. (d) that the Loans to the Fund shall not at any time cause the Fund to exceed the aggregate amount of Fund Indebtedness that it is permitted to have outstanding under its LLC Agreement or other organizational documents of the Fund; (e) that at no time shall the Fund incur any third party indebtedness or other outstanding obligations, other than (i) with the prior written consent of the Lender, (ii) contingent obligations that are (A) related to an SPV Facility and not constituting a payment guaranty or repurchase obligation arising in connection with a default thereunder or under any asset purchased in a repurchase facility (it being agreed that repurchase obligations for assets determined to be ineligible (but not by reason of a default under such asset) shall be permitted), (B) limited to customary indemnity and expense reimbursement obligations in favor of service providers in the ordinary course of business, (C) endorsements for collection or deposit in the ordinary course of business or (D) so-called “bad boy” or “limited-recourse” guaranties for which payment arises solely due to misconduct, (iii) any obligations owing to the Lender or any affiliate thereof, (iv)

-7- accounts payable incurred in the ordinary course of business, (v) obligations for taxes and other governmental obligations, such as filing and registration fees, that are not overdue or are being contested in good faith and for which adequate reserves have been established under GAAP, (vi) purchase and funding commitments relating to the investment assets of the Fund as permitted under the LLC Agreement, and (vii) other indebtedness and obligations in an aggregate amount not to exceed $250,000 at any time outstanding; and (f) that at no time shall the Fund or its Board of Directors delegate the authority to issue Drawdown Notices to any Person other than the Adviser and the Lender. 8. Representations and Warranties. In consideration of establishing and maintaining the Loan Account, the Fund hereby represents and warrants to the Lender on the date hereof and on the date of each advance made hereunder that: (a) the Fund is a limited liability company duly formed, validly existing, and in good standing under the laws of the State of Delaware; (b) the execution, delivery, and performance by the Fund of this Agreement, the Note, the Security AgreementAgreements (as defined below), the Adviser Letter Agreement (as defined below) and all documents executed in connection therewith (collectively, the “Loan Documents”) are within its limited liability company powers, have been duly authorized by all necessary company action, and do not contravene the Fund’s certificate of formation or LLC Agreement or any law or contractual restriction binding on or affecting the Fund; (c) no authorization or approval or other action by, and no notice to or filing with, any governmental authority or regulatory body is required for the Fund’s due execution, delivery, and performance of this Agreement or the other Loan Documents; (d) this Agreement is, and the other Loan Documents when executed and delivered by the Fund will be, the Fund’s legal, valid, and binding obligation enforceable against the Fund in accordance with its terms except as such enforceability may be limited by bankruptcy, insolvency, reorganization, moratorium or similar state or federal debtor relief laws from time to time in effect which affect the enforcement of creditors’ rights in general and the availability of equitable remedies; (e) the Fund is not engaged in the business of extending credit for the purpose of purchasing or carrying margin stock (within the meaning of Regulation U issued by the Board of Governors of the Federal Reserve System) and, except as permitted in Section 1 hereof, no proceeds of the Loans will be used to purchase or carry any margin stock or to extend credit to others for the purpose of purchasing or carrying any margin stock; (f) there is no pending or, to the knowledge of the Fund, threatened action or proceeding affecting the Fund before any court, governmental agency or arbitrator, which (x) could reasonably be expected to materially adversely affect the Fund’s financial condition or operations or (y) purports to affect the legality, validity, or enforceability of this Agreement or any other Loan Documents; and (g) no Loan will be used directly or indirectly for the purpose of financing participation in any transaction to acquire control of any issuer which is publicly opposed by the board of directors (or analogous governing body) of such issuer. 9. Negative Pledge. The Fund shall not grant or permit to exist any lien, security interest, encumbrance on, or any assignment of, its assets, including, but not limited to, the Remaining Capital Commitments, nor the Fund’s or the Adviser’s rights to call capital or issue Drawdown Notices to the Members, or the proceeds of any such Drawdown Notice including the proceeds from capital calls to pay management fees (it being agreed that the Fund shall be permitted to pay management fees so long as no Default then exists and is continuing) except (i) liens granted to the Lender pursuant to the Lender Security Agreement, (ii) liens in favor of a depository bank that are permitted under the applicable Control Agreement (as defined below), (iii) liens of a collecting bank arising under Section 4-210 of the Uniform Commercial Code on items in the -8- course of collection and liens in favor of a banking institution at which the Fund maintains an account arising as a matter of law encumbering deposits (including set-off rights) and which are in the general parameters customary in the banking industry, (iv) liens arising under applicable law for taxes or other obligations not yet due or being contested in good faith for which adequate reserves have been established under GAAP, (v) any liens in favor of the Lender or any affiliate thereof and (vi) with the prior written consent of the Lender (the liens described in the foregoing clauses (i) through (vi) are the “Permitted Liens”). 10. DEMAND OBLIGATION; ENFORCEMENT. THE LOANS ARE PAYABLE “ON DEMAND” (PROVIDED THAT THE FUND SHALL HAVE FIFTEEN (15) BUSINESS DAYS TO HONOR ANY DEMAND FOR PAYMENT HEREUNDER). ACCORDINGLY, THE LENDER CAN DEMAND PAYMENT IN FULL OF THE LOANS AT ANY TIME IN ITS SOLE DISCRETION EVEN IF THE FUND HAS COMPLIED WITH ALL OF THE TERMS OF THIS AGREEMENT (PROVIDED THAT THE FUND SHALL HAVE FIFTEEN (15) BUSINESS DAYS TO HONOR ANY DEMAND FOR PAYMENT HEREUNDER). UPON DEMAND FOR PAYMENT BY THE LENDER IN CONNECTION WITH THE OBLIGATIONS OF THE FUND, TO THE EXTENT THAT MONIES ARE NOT OTHERWISE READILY AVAILABLE TO THE FUND TO SATISFY SUCH OBLIGATIONS, THE FUND SHALL DIRECT THE ADVISER TO PROMPTLY MAKE A CALL ON THE CAPITAL COMMITMENTS OF THE MEMBERS OF THE FUND IN ORDER TO SATISFY PAYMENT OF SUCH DEMAND AND, UPON RECEIPT OF SUCH MONIES, SHALL CAUSE THEM TO BE APPLIED TO THE DEMANDED AMOUNTS. No delay by the Lender in the exercise of any right or remedy shall operate as a waiver thereof, and no single or partial exercise by the Lender of any right or remedy shall preclude any other or further exercise thereof or the exercise of any other right or remedy. The Fund agrees to pay to the Lender all reasonable and invoiced out-of-pocket expenses incurred or paid by the Lender in connection with the establishment and maintenance of the Loan Account and the collection of the Loans and any court costs and other reasonable amounts due under this Agreement, including, without limitation, reasonable attorneys’ fees (including the allocated amount of attorneys’ fees of in-house counsel in connection with any exercise of remedies or enforcement action); provided, that, for the avoidance of doubt, the foregoing shall not include taxes (other than taxes that represent losses, claims or damages arising from a non-tax claim), which is instead subject to Section 22. The Lender shall have the right at any time to set-off the balance of any deposit account that the Fund may at any time maintain with the Lender against any amounts at any time owing under this Agreement, whether or not the balance of Loans under this Agreement is then due. 11. Termination; Renewal. The availability of additional Loans under this Agreement will automatically terminate ON DEMAND. The Lender reserves the right at any time without notice to terminate the Loan Account, suspend the Fund’s borrowing privileges or refuse any Loan request even though the Fund has complied with all of the terms under this Agreement. The Fund may terminate this Agreement at any time effective upon one (1) Business Day’s prior written notice to the Lender provided that such termination shall only be effective if all of the Loans and other amounts payable to Lender shall have been paid in full in cash on the effective date of the termination. No termination under this Section shall affect the Lender’s rights or the Fund’s obligations regarding payment or default under this Agreement. Such termination shall not affect the Fund’s obligation to pay all Loans and the interest accrued through the date of final payment. The Lender may also elect to honor Loan requests after termination of this Agreement, and the Fund agrees that any such payment by the Lender shall constitute a Loan to the Fund issued at the request of the Fund under this Agreement. 12. Notices. The Lender may rely on instructions from the Fund with respect to any matters relating to this -9- Agreement or the Loan Account, including telephone, e-mail and facsimile loan requests which are made by persons whom the Lender reasonably believes to be the persons authorized by the Fund to make such loan requests. All notices and statements to be furnished by the Lender shall be sufficient if delivered to any such person at the billing address for the Loan Account shown on the records of the Lender. All notices from the Fund shall be sent to the Lender at 320 South Canal Street, Chicago, Illinois 60606, Attention: Julianne Getty. The Fund waives presentment and notice of dishonor. This Agreement constitutes the entire understanding of the parties with respect to the subject matter hereof and any prior agreements, whether written or oral, with respect thereto are superseded hereby. No amendment or waiver of any provision of this Agreement or the Note or any other Loan Document, nor consent to any departure by the Fund therefrom, shall in any event be effective unless the same shall be in writing and signed by the Lender and the Fund. If any part of this Agreement is unenforceable, that will not make any other part unenforceable. 13. Governing Law; Consent to Jurisdiction. THIS AGREEMENT SHALL BE GOVERNED BY THE LAWS OF THE STATE OF NEW YORK. THE FUND AND THE LENDER EACH SUBMIT TO THE NON-EXCLUSIVE JURISDICTION OF THE UNITED STATES DISTRICT COURT FOR THE SOUTHERN DISTRICT OF NEW YORK AND OF ANY NEW YORK STATE COURT SITTING IN NEW YORK, NEW YORK, FOR PURPOSES OF ALL LEGAL PROCEEDINGS ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY. 14. Jury Trial Waiver. THE FUND AND THE LENDER EACH WAIVE ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY. 15. Counterparts. This Agreement and each of the other Loan Documents may be executed in any number of counterparts, and by the different parties on different counterpart signature pages, all of which taken together shall constitute one and the same agreement. Any of the parties hereto may execute this Agreement and each of the other Loan Documents by signing any such counterpart and each of such counterparts shall for all purposes be deemed to be an original. Delivery of executed counterparts of this Agreement or any Loan Documents by telecopy or by e-mail transmission of an Adobe portable document format file (also known as a “PDF” file) shall be effective as originals. The words “execution,” “signed,” “signature,” and words of like import in this letter agreement shall be deemed to include electronic signatures or electronic records, each of which shall be of the same legal effect, validity or enforceability as a manually executed signature or the use of a paper based recordkeeping system, as the case may be, to the extent and as provided for in any applicable law, including the Federal Electronic Signatures in Global and National Commerce Act, the New York State Electronics Signatures and Records Act, or any other similar state laws based on the Uniform Electronic Transactions Act. 16. Costs and Expenses. The Fund agrees to pay all reasonable and invoiced out-of-pocket expenses, legal and/or otherwise (including court costs and reasonable and invoiced attorneys’ fees) (including, without limitation, the allocated cost of in-house counsel) paid or incurred by the Lender in endeavoring to collect obligations of the Fund in connection with the transactions contemplated in this Agreement and the Loan Documents, or any part thereof, and in protecting, defending or enforcing this Agreement or any of the Loan Documents in any litigation, bankruptcy or insolvency proceedings or otherwise, or in connection with any litigation or governmental proceeding relating to the Fund or the transactions contemplated hereby; provided, that, for the avoidance of doubt, the foregoing shall not include taxes (other than taxes that represent losses, claims or damages arising from a non-tax claim), which is instead subject to Section 22. -10- 17. Assignments. (a) The Lender shall have the right at any time to assign to one or more other commercial banks or other financial institutions all or a portion of the Loans, the Loan Agreement, Note and other Loan Documents, provided, that the Lender shall not make any assignment or participation (other than assignments or participations to affiliates of the Lender) until it first gives the Fund written notice of such assignment or participation and fifteen (15) Business Days to pay off the Loans outstanding hereunder which are subject to the assignment or participation; provided, further, that no such assignment or participation shall be effective for purposes of this Agreement unless such assignment or participation is recorded in the Register or the Participant Register, as the case may be, pursuant to Section 19 below. The Fund may not assign its rights under this Agreement and other Loan Documents without the prior written consent of the Lender. (b) Notwithstanding anything herein to the contrary, the Lender may at any time pledge or grant a security interest in all or any portion of its rights under this Loan Account to secure its obligations, including any such pledge or grant to a Federal Reserve Bank, and this paragraph shall not apply to any such pledge or grant of a security interest; provided, that no such pledge or grant of a security interest shall release the Lender from any of its obligations hereunder or substitute any such pledgee or secured party for the Lender as a party hereto; provided, further, however, that the right of any such pledgee or grantee (other than any Federal Reserve Bank) to further transfer all or any portion of the rights pledged or granted to it, whether by means of foreclosure or otherwise, shall be at all times subject to the terms of this Agreement. 18. Limited Recourse. The obligations of the Fund, under or in connection with this Agreement are solely the obligations of the Fund. It is expressly agreed that no recourse shall be had for the payment of any Loans or other amounts owing with respect to this Agreement or for any other obligation or claim arising out of or based upon this Agreement or any agreement, instrument, certificate or other document delivered in connection with this Agreement, against the Adviser or any partner, member, unitholder, stockholder, employee, officer, manager, director, adviser, organizer or incorporator of the Fund or against any partner, unitholder, member, stockholder, employee, officer, manager, director, organizer or incorporator of any such partner, unitholder, member, stockholder or manager, except that nothing herein or in any other Loan Document is intended to exculpate the Fund or the Adviser from a material breach of any representation, covenant or other written promise made by the Fund or Adviser to the Lender, from any misconduct of the Fund or the Adviser resulting in the Fund’s inability to repay the obligations hereunder or under the other Loan Documents or from liability for the Fund’s or Adviser’s own fraud, intentional misrepresentation or willful misconduct. 19. Register. The Lender (and its successors), acting solely for this purpose as an agent of the Fund, shall maintain a record that identifies each owner (including successors and assignees) of an interest in a Loan, including the name and address of the owner, and each owner’s rights to principal and stated interest (the “Register”), and shall record all transfers of an interest in a Loan, including each assignment, in the Register. Furthermore, if the Lender sells a participation in a Loan, it shall, acting solely for this purpose as agent of the Fund, maintain a register on which it enters the name and address of each participant and the principal amounts and stated interest of each participant’s interest (the “Participant Register”). The entries in the Register and Participant Register shall be conclusive absent manifest error. The Fund and the Lender acknowledge that the Loans are in registered form for U.S. federal income tax purposes and may not be transferred except by Register or Participant Register, as applicable. The Register and the Participant Register shall be available for inspection by the Fund, at any reasonable time and from time to time upon reasonable prior notice.

-11- 20. Tax Forms. The Lender, including, for purposes of this Section 20, its assignees and successors, shall deliver to the Fund, at the time or times reasonably requested by the Fund, such properly completed and executed documentation reasonably requested by the Fund as will permit payments made under any Loan to be made without withholding or at a reduced rate of withholding. In addition, the Lender and its assignees and successors, if reasonably requested by the Fund, shall deliver such other documentation prescribed by applicable law or reasonably requested by the Fund as will enable the Fund to determine whether or not such person is subject to backup withholding or information reporting requirements. Without limiting the generality of the foregoing, (A) any Lender, other than a Foreign Lender (as defined below), shall deliver to the Fund on or prior to the date on which such Lender becomes a Lender under this Agreement (and from time to time thereafter upon the reasonable request of the Fund), executed copies of IRS Form W-9 certifying that such Lender is exempt from U.S. federal backup withholding tax; (B) any Lender that is not a “United States Person” as defined in Section 7701(a)(30) of the Code (each, a “Foreign Lender”) shall deliver to the Fund (in such number of copies as shall be requested by the Fund) on or prior to the date on which such Foreign Lender becomes a Lender under this Agreement (and from time to time thereafter upon the reasonable request of the Fund), whichever of the following is applicable: (1) in the case of a Foreign Lender claiming the benefits of an income tax treaty to which the United States is a party (x) with respect to payments of interest under any loan document, executed copies of IRS Form W-8BEN or IRS Form W-8BEN-E establishing an exemption from, or reduction of, U.S. federal withholding tax pursuant to the “interest” article of such tax treaty and (y) with respect to any other applicable payments under any loan document, IRS Form W-8BEN or IRS Form W-8BEN-E establishing an exemption from, or reduction of, U.S. federal withholding tax pursuant to the “business profits” or “other income” article of such tax treaty; (2) executed copies of IRS Form W-8ECI; (3) in the case of a Foreign Lender claiming the benefits of the exemption for portfolio interest under Section 881(c) of the Internal Revenue Code of 1986, as amended (the “Code”), (x) a certificate to the effect that such Foreign Lender is not a “bank” within the meaning of Section 881(c)(3)(A) of the Code, a “10 percent shareholder” of the Fund within the meaning of Section 881(c)(3)(B) of the Code, or a “controlled foreign corporation” described in Section 881(c)(3)(C) of the Code (a “U.S. Tax Compliance Certificate”) and (y) executed copies of IRS Form W-8BEN; or (4) to the extent a Foreign Lender is not the beneficial owner, executed copies of IRS Form W-8IMY, accompanied by IRS Form W-8ECI, IRS Form W-8BEN or IRS Form W-8BEN-E, a U.S. Tax Compliance Certificate, IRS Form W-9, and/or other certification documents from each beneficial owner, as applicable; provided, that if the Foreign Lender is a partnership and one or more direct or indirect partners of such Foreign Lender are claiming the portfolio interest exemption, such Foreign Lender may provide a U.S. Tax Compliance Certificate on behalf of each such direct and indirect partner; (C) any Foreign Lender shall, to the extent it is legally entitled to do so, deliver to the Fund (in such number of copies as shall be requested by the Fund) on or prior to the date on which such Foreign Lender becomes a Lender under this Agreement (and from time to time thereafter upon the reasonable request of the Fund), executed copies of any other form prescribed by applicable law as a basis for claiming exemption from or a reduction in U.S. federal withholding tax, duly completed, together with such supplementary documentation as may be prescribed by applicable law to permit the Fund to determine the withholding or deduction required to be made; and (D) if a payment made to a Lender under any loan document would be subject to U.S. federal withholding tax imposed by means Sections 1471 through 1474 of the Code, as of the date of this Agreement (or any amended or successor version that is substantively comparable and not materially more onerous to comply with), any current or future regulations or official interpretations thereof and any agreement entered into pursuant to Section 1471(b)(1) of the Code or any intergovernmental agreements or under the Common Reporting Standards (“FATCA”) if such Lender were to fail to comply with the applicable reporting requirements of FATCA (including those contained in Section -12- 1471(b) or 1472(b) of the Code, as applicable), such Lender shall deliver to the Fund at the time or times prescribed by law and at such time or times reasonably requested by the Fund such documentation prescribed by applicable law (including as prescribed by Section 1471(b)(3)(C)(i) of the Code) and such additional documentation reasonably requested by the Fund as may be necessary for the Fund to comply with their obligations under FATCA and to determine that such Lender has complied with such Lender’s obligations under FATCA or to determine the amount to deduct and withhold from such payment. Solely for purposes of this clause (D), “FATCA” shall include any amendments made to FATCA after the date of this Agreement. Each Lender agrees that if any form or certification it previously delivered expires or becomes obsolete or inaccurate in any respect, it shall update such form or certification or promptly notify the Fund in writing of its legal inability to do so. 21. USA Patriot Act. The Lender hereby notifies the Fund that pursuant to the requirements of the USA Patriot Act (Title III of Pub. L. 107-56 (signed into law October 26, 2001)) (the “Act”), it is required to obtain, verify, and record information that identifies the Fund, which information includes the name and address of the Fund and other information that will allow the Lender to identify the Fund in accordance with the Act. 22. Withholding Taxes. Except as otherwise required by law applicable hereto, each payment by the Fund under this Agreement to the Lender shall be made without withholding for or on account of any present or future taxes. If any such withholding is so required, the Fund shall (i) make the withholding, (ii) pay the amount withheld to the appropriate governmental authority, and (iii) if such tax is an Indemnified Tax, forthwith pay such additional amount as may be necessary to ensure that the net amount actually received by the Lender free and clear of such Indemnified Taxes (including such taxes on such additional amount) is equal to the amount which the Lender would have received had such withholding of Indemnified Taxes not been made. If the Lender pays any amount in respect of any such Indemnified Taxes, the Fund shall reimburse the Lender for that payment within thirty (30) days of the written demand by the Lender; provided, that the Lender shall have delivered to the Fund official tax receipts evidencing that payment or certified copies thereof (or other evidence reasonably satisfactory to the Fund). If the Fund pays any such taxes, penalties or interest, it shall deliver official tax receipts evidencing that payment or certified copies thereof (or other evidence reasonably satisfactory to the Lender) to the Lender on whose account such withholding was made on or before the thirtieth day after payment. “Indemnified Taxes” shall mean taxes (including any penalties or interest thereon), other than Excluded Taxes, imposed on or with respect to any payment made by the Fund to the Lender under this Agreement. “Excluded Taxes” shall mean any of the following taxes (including any penalties or interest thereon) imposed on or with respect to the Lender or required to be withheld or deducted from a payment to the Lender: (a) taxes imposed on or measured by net income (however denominated), franchise taxes, and branch profits taxes, in each case, (i) imposed as a result of the Lender being organized under the laws of, having its principal office, or its applicable lending office located in, the jurisdiction imposing such tax (or any political subdivision thereof) or (ii) imposed as a result of a present or former connection between the Lender and the jurisdiction imposing such tax (other than connections arising from the Lender having executed, delivered, performed its obligations under, received payments under, engaged in any other transaction pursuant to or enforced this Agreement, or sold or assigned an interest in any Loan or this Agreement), (b) U.S. federal withholding taxes imposed on amounts payable to or for the account of the Lender with respect to an applicable interest in a Loan pursuant to a law in effect on the date on which (i) the Lender acquires such interest in the Loan or (ii) the Lender changes its lending office, except in each case to the extent that amounts -13- with respect to such taxes were payable either to the Lender’s assignor immediately before the Lender became a party hereto or to the Lender immediately before it changed its lending office, (c) taxes attributable to the Lender’s failure to comply with Section 20 hereof and (d) any withholding taxes imposed under FATCA. The Fund shall timely pay to the relevant governmental authority in accordance with applicable law any Other Taxes. “Other Taxes” means all present or future stamp, court or documentary, intangible, recording, filing or similar taxes that arise from any payment made under, from the execution, delivery, performance, enforcement or registration of, from the receipt or perfection of a security interest under, or otherwise with respect to, any loan document, except any such taxes that are imposed as a result of any present or former connection between a jurisdiction imposing such tax and the Lender imposed with respect to an assignment (other than an assignment made at the request of the Fund). 23. Liens and Security Interests. (a) The Loans made (both for principal and interest) and the Fund’s other obligations under this Agreement, the Note and the other Loan Documents (collectively, the “Obligations”) shall be secured by, and the Fund shall grant to the Lender, a security interest and lien in and to, and collateral assignment of, all of the Remaining Capital Commitments of the Fund’s Members, the rights of Fund or the Adviser to call capital and issue Drawdown Notices under the LLC Agreement and each Member’s Subscription Agreement and to enforce the same and in the proceeds thereof and in and to the Capital Commitment Account (defined below), and the On-Pledge Collateral (as defined below) (collectively, the “Collateral”), in each case, pursuant to aan Amended and Restated Security Agreement executed and delivereddated as of the date hereofApril 12, 2024, by the Fund in favor of the Lender (as may be further amended, restated, supplemented or otherwise modified from time to time, the “Lender Security Agreement”), together with financing statements, account control agreements and other documents reasonably satisfactory to the Lender. For purposes hereof, “Note Purchase Agreement” shall mean that certain Note Purchase and Security Agreement, dated as of April 5, 2024 among New Mountain Guardian IV Income Rated Feeder II, LTD., an exempted company incorporated in Bermuda (the “Feeder Fund”), as the “Issuer” thereunder, New Mountain Credit CLO Advisers, L.L.C., a Delaware series LLC, as the “Manager”, the purchasers from time to time party thereto (the “Holders”), and State Street Bank and Trust Company, as “Collateral Agent,” “Securities Intermediary,” and “Note Agent” thereunder, as amended, restated, supplemented or otherwise modified, and “On-Pledge Collateral” shall mean a pledge by the Feeder Fund to the Fund (to secure the capital commitments of the Feeder Fund to the Fund) of (i) the Feeder Fund’s rights, titles, interests and privileges in and to the Commitments and the Fundings (each as defined in the Note Purchase Agreement) made by the investors of the Feeder Fund, (ii) the Feeder Fund’s right to issue Notices of Funding (as defined in the Note Purchase Agreement) and all of the Feeder Fund’s other rights, titles, interests, powers and privileges related to, appurtenant to or arising out of the Commitments (including to receive and enforce Fundings), (iii) all proceeds of any and all of the foregoing (“Feeder Fund’s Collateral”), pursuant to a Security Agreement, dated as of April 12, 2024, made by the Feeder Fund in favor of the Fund (as amended, restated, supplemented and otherwise modified, the “Feeder Fund Security Agreement” and, together with the Lender Security Agreement, the “Security Agreements”), with such Feeder Fund’s Collateral being further pledged and collaterally assigned to the Lender pursuant to the Security Agreement. The Lender Security Agreement, the Feeder Fund Security Agreement, the pledge agreements, financing statements, account control agreements and other documents and instruments from time to time executed and delivered pursuant to this Agreement and any documents or instruments amending or supplementing the same are collectively referred to herein as the “Collateral Documents”. The Fund agrees that the security interest and lien in and to the Collateral (as defined in the Lender Security -14- Agreement) in favor of the Lender shall at all times be a first priority and exclusive lien subject only to Permitted Liens. The Fund shall also cause the Adviser to execute a letter agreement in favor of the Lender in respect of certain matters relating to the Collateral (the “Adviser Letter Agreement”). (b) In order to secure further the payment and performance by the Fund of the Obligations, the Fund shall require that all Members wire transfer, or send checks for deposit, to that certain account held by the Fund at State Street Bank and Trust Company or another custodian or depositary bank reasonably acceptable to Lender (the “Custodian”), for credit to the Fund in Account No. 11595345, which account shall, on or prior to the date twenty (20) days after the date of this Agreement (or such later date as agreed to by the Lender in writing) be subject to a tri-party account control agreement among the Fund, Custodian and Lender (the “Control Agreement”) reasonably acceptable to the Lender (the “Capital Commitment Account”), all monies or sums paid or to be paid by any Member to the capital of the Fund as Contributed Capital as and when Contributed Capital is called pursuant to the Drawdown Notices and the LLC Agreement. In addition, the Fund shall, upon receipt, deposit into the Capital Commitment Account any payments and monies which it receives directly from the Members as Contributed Capital. The Fund shall not direct any Member to make payments to the capital of the Fund as Contributed Capital to any account other than the Capital Commitment Account, unless the Lender has provided its prior written consent. 24. OFAC. (a) None of the Fund, any of its subsidiaries or any partner, unitholder, member, director, officer, employee, agent, or affiliate of the Fund or any of its subsidiaries is an individual or entity (“Person”) that is, or is owned or controlled by Persons that are: (i) the subject of any sanctions administered or enforced by the U.S. Department of the Treasury’s Office of Foreign Assets Control (“OFAC”), the U.S. Department of State, or other relevant sanctions authority applicable to the Fund (collectively, “Sanctions”), or (ii) located, organized or resident in a country or territory that is, or whose government is, the subject of Sanctions, including, without limitation, the Crimea region of the Ukraine, the so-called “Donetsk People’s Republic,” the so-called “Luhansk People’s Republic,” Cuba, Iran, North Korea and Syria and (b) the Fund will not, directly or indirectly, use the proceeds of the Loans, or lend, contribute or otherwise make available such proceeds to any subsidiary, joint venture partner or other Person, (i) to fund any activities or business of or with any Person, or in any country or territory, that, at the time of such funding, is, or whose government is, the subject of Sanctions, or (ii) in any other manner that would result in a violation of Sanctions by any Person (including any Person participating in the Loans, whether as underwriter, advisor, investor, otherwise). 25. Confidentiality. The Lender (and its assignees and successors) and each participant agrees to maintain the confidentiality of the Information (as defined below), except that Information may be disclosed: (a) to its and its Affiliates’ respective partners, directors, officers, employees, representatives, advisors and agents, including accountants, legal counsel and other advisors, in each case who have a need for such information with respect to this Agreement or the facility evidenced by the Loan Documents (it being understood that the persons to whom such disclosure is made will be informed of the confidential nature of such Information and instructed to keep such Information confidential and the disclosing party shall be responsible for any breach by such recipient); (b) to the extent requested by any regulatory authority having or claiming to have jurisdiction over such party; (c) to the extent required by applicable laws or regulations or by any subpoena or similar legal process; (d) to any other party to this Agreement; (e) in connection with the exercise of any remedies under the Loan Documents or any suit, action or proceeding relating to the Loan Documents or the enforcement of rights thereunder; (f) subject to an agreement containing provisions substantially the same as those of this Section 25, to any assignee of or participant in, or any prospective assignee of or participant in,

-15- any of its rights or obligations under this Agreement; (g) with the consent of the Fund; (h) to a person that is an investor or prospective investor in a Securitization (as defined below) that agrees that its access to information regarding the Fund and the Loans is solely for purposes of evaluating an investment in such Securitization and who agrees to treat such information as confidential, (i) to a person that is a trustee, collateral agent, collateral manager, servicer, noteholder, equityholder or secured party in a Securitization in connection with the administration, servicing and evaluation of, and reporting on, the assets serving as collateral for such Securitization, and who agrees to treat such information as confidential, (j) to the extent such Information: (x) becomes publicly available other than as a result of a breach of this Section 25; or (y) becomes available to the Lender on a nonconfidential basis from a source other than the Fund; or (i) to the National Association of Insurance Commissioners or any other similar organization or any nationally recognized rating agency that requires access to information about the Lender’s or its Affiliates’ investment portfolio in connection with ratings issued with respect to the Lender or its Affiliates. For the purposes of this Section 25, “Information” means all information received from or on behalf of the Fund, the Adviser, any Member or related person (including any sponsor or Affiliate) or any Affiliate thereof relating to the Fund, the Adviser, any Member or related person, or any such Person’s business, investments, Affiliates, investors or credit providers, other than any such information that is available to the Lender on a nonconfidential basis prior to disclosure by such person and “Securitization” means an existing or proposed public or private offering of securities by, or other financing facility involving, the Lender or any of its affiliates or their respective successors and assigns, which represents an interest in, or which are collateralized, in whole or in part, by the Loans. Any Person required to maintain the confidentiality of Information as provided in this Section 25 shall be considered to have complied with its obligation to do so if such Person has exercised the same degree of care to maintain the confidentiality of such Information as such Person would accord to its own confidential information. Prior to making any disclosure of Information pursuant to clause (b) or (c) above, the disclosing party shall use commercially reasonable efforts to notify the Fund so that the Fund may seek a protective order to prevent such disclosure or may seek confidential treatment for such Information, provided, however, that no such notice to the Fund shall be required if (i) prohibited by applicable laws or regulations or by any subpoena or similar legal process, or (ii) the disclosure is requested in the ordinary course of business by any regulatory authority having or claiming to have jurisdiction over such disclosing party. For the avoidance of doubt, and without limitation, the LLC Agreement, the other organizational documents of the Fund or the Adviser, the Fund’s offering memorandum, any term sheet describing the terms of the Fund, the financial statements of the Fund or the Adviser, the financial statements of any Member or related person (including any sponsor or Affiliate) (unless made publicallypublicly available by such Person), each Side Letter and all information provided to the Lender pursuant to Section 6 shall be deemed Confidential Information. 26. Post-Closing Covenant. The Borrower has informed the Lender that it intends to change its name after the date hereof to New Mountain Guardian IV Income BDC, L.L.C. (the “Name Change”). The Fund hereby agrees that it shall promptly upon the effectiveness of the Name Change deliver to the Lender (i) the Certificate of Amendment filed with the Delaware Secretary of State evidencing the Name Change and (ii) any and all additional documentation reasonably requested by the Lender for it to complete its “know your customer” and anti-money laundering review. The Fund hereby further agrees to enter into any amendments to the Loan Documents reflecting the Name Change as the Lender may reasonably request. [SIGNATURE PAGE TO FOLLOW] DOC ID - 46052328.2 Signature Page to Loan Authorization Agreement - New Mountain Guardian IV Income Fund, L.L.C.] The Fund agrees to the terms applicable to it set forth above. This Agreement is dated as of the date first written above. NEW MOUNTAIN GUARDIAN IV INCOME FUND, L.L.C. By:__________________________________________ Printed Name: Laura C. Holson Its: Authorized Signatory DOC ID - 46052328.2 Signature Page to Loan Authorization Agreement - New Mountain Guardian IV Income Fund, L.L.C.] Accepted and agreed as of the date first written above. BMO BANK N.A. By:__________________________________________ Printed Name: ________________________________ Its: __________________________________________ DOC ID - 46052328.2 EXHIBIT A DEMAND NOTE June 29, 2023 ON DEMAND, for value received, the undersigned, New Mountain Guardian IV Income Fund, L.L.C., a Delaware limited liability company (the “Fund”), promises to pay to BMO Bank N.A. and its registered assigns (the “Lender”) at its offices at 320 South Canal Street, Chicago, IL 60606, the principal amount of Loans outstanding under the Loan Authorization Agreement referred to below together with interest payable at the times and at the rates and in the manner set forth in the Loan Authorization Agreement referred to below; provided, that the undersigned shall have fifteen (15) Business Days (as defined in the Loan Authorization Agreement) to honor any demand for payment. This Demand Note (this “Note”) evidences borrowings by and other extensions of credit for the account of the Fund under the Loan Authorization Agreement dated as of the date hereof, between the undersigned and the Lender, (as amended, restated, supplemented or otherwise modified from time to time, the “Loan Authorization Agreement”); and this Note and the holder hereof are entitled to all the benefits provided for under the Loan Authorization Agreement, to which reference is hereby made for a statement thereof. The Fund hereby waives presentment and notice of dishonor. The Fund agrees to pay to the holder hereof all court costs and other reasonable and invoiced out-of-pocket expenses, legal or otherwise (including, without limitation, the allocated amount of reasonable and documented attorneys’ fees of in house counsel in connection with any exercise of remedies or enforcement action), incurred or paid by such holder in connection with the collection of this Note. Delivery of an executed counterpart of this Note by telecopy or by e-mail transmission of an Adobe portable document format file (also known as a “PDF”) shall be effective as an original. It is agreed that this Note and the rights and remedies of the holder hereof shall be governed by the laws of the State of New York. NEW MOUNTAIN GUARDIAN IV INCOME FUND, L.L.C. By:__________________________________________ Printed Name: Laura C. Holson Its: Authorized Signatory

EXHIBIT B CERTIFICATE OF STATUS OF NEW MOUNTAIN GUARDIAN IV INCOME FUND, L.L.C. NEW MOUNTAIN GUARDIAN IV INCOME FUND, L.L.C., a Delaware limited liability company (the “Fund”), does hereby certify that: 1. John R. Kline is the President and Chief Executive Officer of the Fund. 2. This Certificate is being delivered to BMO Bank N.A. and its affiliates (collectively, the “Lender”) in connection with, and may be relied upon by the Lender in connection with, its extension of credit from time to time to the Fund. 3. The Fund has secured proper authorization to enter into the Loan Authorization Agreement between the Fund and Lender dated as of June 29, 2023 (as amended, restated, supplemented or otherwise modified from time to time, the “Loan Authorization Agreement”), and to execute all instruments and documents in connection therewith (together with the Note, the Lender Security Agreement, the Control Agreement and the Adviser Letter Agreement, each as defined in the Loan Authorization Agreement, collectively, the “Loan Documents”), in compliance with the Amended and Restated Limited Liability Company Agreement, dated as of May 23, 2023 (as amended by that certain Amendment No. 1 to the Amended and Restated Limited Liability company Agreement, dated as of July 10, 2023 and as amended, restated, supplemented or otherwise modified from time to time, the “Fund’s LLC Agreement”; all capitalized terms used but not defined herein shall have the meanings assigned to such terms in the Fund’s LLC Agreement). The Fund has incurred indebtedness, and will continue to incur indebtedness, only to the extent the same can be done in compliance with the Fund’s LLC Agreement, including, without limitation, the limitations therein on indebtedness set forth in Section 4.2 thereof. New Mountain Guardian IV Income Rated Feeder II, LTD., an exempted company incorporated in Bermuda (the “Feeder Fund”), has committed to make Drawdown Purchases in the Fund. The Feeder Fund shall make such Drawdown Purchases with the proceeds of amounts funded by its investors pursuant to the terms of a Note Purchase and Security Agreement, dated as of April 5, 2024, among the Feeder Fund, as the “Issuer” thereunder, New Mountain Credit CLO Advisers, L.L.C., a Delaware series LLC, as the “Manager”, the purchasers from time to time party thereto (the “Holders”), and State Street Bank and Trust Company, as “Collateral Agent,” “Securities Intermediary,” and “Note Agent” thereunder (as amended, restated, supplemented or otherwise modified, the “Note Purchase Agreement”). All capitalized terms used but not defined herein shall have the meanings assigned to such terms in the Fund’s LLC Agreement, the Loan Authorization Agreement or Note Purchase Agreement, as applicable. 4. The aggregate amount of outstanding indebtedness of the Fund as of the date hereof is $______________. 5. The aggregate amount of Capital Commitments to the Fund as of the date hereof is $______________. 2 6. The aggregate amount of outstanding guarantees, repurchase obligations and similar contingent obligations on which the Fund is liable as of the date hereof is $______________. 7. The aggregate amount of Remaining Capital Commitments to the Fund as of the date hereof is $______________. 8. The aggregate amount of Contributed Capital made by the Members to the Fund as of the date hereof is $______________. 9. The stated termination date of the Investment Period is 11/23/2028November 23, 2028. 10. (a) The aggregate amount of outstanding indebtedness, guarantee, repurchase obligations and other similar obligations of the Fund does not as of the date hereof and will not at any time hereafter exceed 5070% (the “Advance Rate”) of the Fund’s Remaining Capital Commitments (the “Advance RateMaximum Permitted Indebtedness”); provided, however, that such availability is subject to change solely at the Lender’s discretion upon notice to the Fund, and in the event such change requires a repayment of the Loans; provided, further, that on the date 15 Business Days prior to the last day of the Draw Period (as defined in the Note Purchase Agreement), the Fund shall calculate compliance with Maximum Permitted Indebtedness on a pro forma basis as if the Remaining Capital Commitments of the Feeder Fund were then zero and shall issue Drawdown Notices (including on the Feeder Fund, which in turn shall issue Notices of Fundings (as defined in the Loan AuthorizationNote Purchase Agreement) or a portion thereof, the Fund shall have fifteen (15) Business Days (as defined in the Loan Authorization Agreement) to make such paymenton the Holders (as defined in the Note Purchase Agreement)) prior to the end of the Draw Period and shall direct that all Fundings to the Feeder Fund be directed to the Funding Account (as defined in Feeder Fund Security Agreement) and all Capital Contributions to the Main Fund be funded to the Capital Commitment Account) in the amount necessary to repay outstanding indebtedness of the Fund to ensure compliance with Maximum Permitted Indebtedness within ten (10) Business Days of the termination of the Draw Period. (b) As of the date hereof, the Fund is in compliance with the terms of Section 4.2 of the Fund’s LLC Agreement. 11. The aggregate amount of investments of the Fund in any one Portfolio Company as of the date hereof is substantially in line with the objectives set forth in Section 4.1(a) of the Fund’s LLC Agreement. 12. The aggregate amount of Drawdown Notices made on the Fund’s Members since the most recently completed fiscal quarter of the Fund is $______________. 13. The aggregate amount of distributions made by the Fund in respect of equity interests therein since the most recently completed fiscal quarter of the Fund is $______________. 14. The last day of the Draw Period will occur on ___________________. 15. We will promptly notify you (i) upon our becoming aware of the occurrence of any event which would give any one or more of our Members the right to terminate or suspend its Capital Commitment or the right of any Holder to terminate its Commitment, whether in whole or in part and whether or not contingent upon the passage of 3 time or the giving of notice or both, (ii) upon the occurrence of a Key Person Event or Alternative Key Person Event, (iii) upon becoming aware of any action taken, or to be taken, which could result in the termination of the Investment Period or Draw Period, (iv) upon our becoming aware of any event which would permit a Member to withdraw from the Fund or any Holder to withdrawal from the Feeder Fund, (v) upon our becoming aware of any event or agreement which would excuse a Member from participating in any Drawdown Purchase relating to the Fund or any Holder from honoring any Notice of Funding under the Note Purchase Agreement (and the Credit Agreement referenced therein), (vi) of any assignment of a Member’s membership interest in the Fund or any Holder’s interest in the Feeder Fund, (vii) of the failure of any Member to honor a Drawdown Notice that continues unremedied for ten (10) Business Days or any Holder to honor any Notice of Funding that continues unremedied by the Holder for ten (10) Business Days, (viii) prior to approving the requested withdrawal of any Member (other than those previously disclosed to the Lender), (ix) of eitherany of the Fund or, Adviser, Feeder Fund, Note Agent or Manager being a named party in any material litigation, arbitration or other judicial or administrative proceeding, (x) of receipt of a notice of default under an SPV Facility (as defined in the Loan Authorization Agreement) or the Note Purchase Agreement (or the Credit Agreement referred to therein, (xi) in writing fifteen (15) days (or such shorter period as agreed to by the Lender) prior to providing any Member the right to exchange their Common Units for interest in another investment vehicle managed by the Advisor or its affiliates, (xii) in writing fifteen (15) days (or such shorter period as agreed to by the Lender) prior to revoking or in any way amending the Adviser’s right to issue Capital Call Notices or of any change in the form of organization of, identity of or replacement or other substitution of the Adviser andor (xiii) to the Fund’s knowledge, of any Member appearing on listed in any sanctions-related list of designated Persons maintained by the Office of Foreign Assets Control of the U.S. Department of the Treasury, the U.S. Department of State, or by the United Nations Security Council, the European Union, any European Union member state, His Majesty’s Treasury of the United Kingdom, or other relevant sanctions authority, or otherwise constituting a person whom dealings are prohibited by any of the foregoing. 15. 16. We will notify you prior to (i) the dissolution of the Fund pursuant to Article XI of the Fund’s LLC Agreement otherwise or the Feeder Fund or (ii) any amendment, supplement or other modification to the Fund’s LLC Agreement or any material resolution of the Fund’s Board of Directors related to the Fund’s investment parameters thereunder or the Fund’s right to incur indebtedness or to pledge the Fund’s assets, or (iii) any amendment, supplement or other modification (including any waiver of a default) under the Memorandum and of Association or bye-laws of the Feeder Fund or the Note Purchase Agreement (or the Credit Agreement referred to therein). 16. 17. No Portfolio Investment has been made by the Fund in contravention of Sections 1.3 or 4.1 of the Fund’s LLC Agreement. 1718. The Fund shall not grant or permit to exist any lien, security interest, encumbrance on, or any assignment of, its assets, including, but not limited to, the Remaining Capital Commitments, nor the right to call capital or issue Drawdown Notices to such Members, or the proceeds of any such capital call, including the proceeds from capital calls to pay management fees (it being agreed that the Fund shall be permitted to pay management fees so long as no Default (as defined in the Loan Authorization Agreement) then exists and is continuing) or the On-Pledge Collateral except (i) liens granted to the Lender pursuant to the Security AgreementAgreements (as defined in the Loan Authorization Agreement), (ii) liens in favor of a depository bank that are permitted under the applicable Control Agreement (as defined in the Loan Authorization Agreement), (iii) liens of a collecting bank arising under Section 4-210 of the Uniform Commercial Code on items in the course of collection and liens in favor of a banking institution at which the Fund maintains an account arising as a matter of law encumbering deposits (including set-off rights) and which are in the general parameters customary in the banking industry, (iv) liens arising under applicable law for taxes or other obligations not yet due or being contested in good faith for which adequate reserves have been established 4 under GAAP (as defined in the Loan Authorization Agreement), (v) any liens in favor of the Lender or any affiliate thereof and (vi) with the prior written consent of the Lender. 1819. The Fund agrees that to the extent that any obligation has become due and payable under the Loan Authorization Agreement and monies are not otherwise readily available to the Fund to satisfy such obligation, that it shall or it shall promptly issue, or cause the Adviser to issue, Drawdown Notices with respect to the Capital Commitments of the Fund’s Members in an amount sufficient to satisfy in full its obligations under the Loan Authorization Agreement and related Loan Documents (subject to the terms and conditions of the Fund’s LLC Agreement) and the Fund shall, promptly upon receipt, apply the proceeds of the capital calls to the repayment of the outstanding obligations then due. 19. 20. We will provide you with copies of all Subscription Agreements and any other documentation received in connection with the admission of an additional Member of the Fund promptly following receipt thereof. We will provide you with copies of all Subscription Agreements and any other documentation received in connection with the admission of an additional investor of the Feeder Fund promptly following receipt thereof. 20. 21. By executing below, the undersigned certifies that it is acting on behalf of the Fund and that its acts are authorized. 2122. The Board of Directors of the Fund has resolved that they will not act in their discretion to effect an early termination of the Fund at any time that the Fund has any outstanding indebtedness to the Lender. If the Fund does not have any outstanding indebtedness to the Lender, the Board of Directors will not act in their discretion to effect an early termination of the Fund without first providing the Lender written notice of its intention to do so. 2223. We will provide you with copies of all side letters or other agreements between the Fund and its Members and the Feeder Fund and its investors promptly following receipt thereof. There are no side letters or other agreements which would prohibit the Fund from entering into or performing its obligations under the Loan Authorization Agreement or affect the applicable Members’ obligations to honor Drawdown Purchases as set forth in such the Fund’s LLC Agreement or create obligations on the Fund to repurchase unit interests or redeem the interest of a Member in the Fund, other than those that have been previously disclosed to the Lender. There are no side letters or other agreements which would prohibit the Feeder Fund from entering into or performing its obligations under the On-Pledge Collateral or affect the applicable Holders’ obligations to honor Notices of Funding. 2324. Except to the extent written notice thereof has been previously delivered to Lender, neither Fund nor, the Adviser, the Feeder Fund, the Note Agent or the Manager is currently a named party in a pending or threatened action or proceeding before any court, governmental agency or arbitrator, which (x) could reasonably be expected to materially adversely affect the Fund’s or Feeder Fund’s, as applicable, financial condition or operations or (y) purports to affect the legality, validity, or enforceability of the Loan Authorization Agreement or any Collateral Document. 2425. Both after the termination or expiration of the Investment Period and after the occurrence and during the continuance of a dissolution of the Fund, the Adviser is permitted to call capital under the Fund’s LLC Agreement in order to repay the Fund’s outstanding loans made by the Lender to the Fund under the Loan Authorization Agreement. 2526. Upon the termination of the Loan Authorization Agreement and the payment in full in cash of all

5 Loans and other obligations, including interest, fees, costs and expenses, under the Loan Authorization Agreement and any Loan Document, the Fund’s covenant obligations under this Certificate of Status shall terminate. The Fund hereby agrees to notify the Lender in the event it becomes aware of any change which would cause any of the above representations and warranties to cease to be true and correct in any material respect. This Certificate of Status shall be governed by the laws of the State of New York. [SIGNATURE PAGE TO FOLLOW] [Certificate of Status] THIS CERTIFICATE OF STATUS IS DATED: _______________, 20__. NEW MOUNTAIN GUARDIAN IV INCOME FUND, L.L.C. By____________________________________ Name: Laura C. Holson Its: Authorized Signatory ANNEX B TO FIRST AMENDMENT TO LOAN AUTHORIZATION AGREEMENT [See Attached]

EX-31.1

EXHIBIT 31.1 

CERTIFICATION OF CHIEF EXECUTIVE OFFICER 

I, John R. Kline, Chief Executive Officer of New Mountain Guardian IV Income Fund, L.L.C., certify that:

1.I have reviewed this Quarterly Report on Form 10-Q of New Mountain Guardian IV Income Fund, L.L.C.;

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; 

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; 

4.The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in the Securities Exchange Act of 1934, as amended (the "Exchange Act"), Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in the Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: 

a)designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; 

b)designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c)evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and 

d)disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and 

5.The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): 

a)all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and 

b)any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Dated this 13th day of May, 2024

/s/ JOHN R. KLINE

John R. Kline

EX-31.2

EXHIBIT 31.2 

CERTIFICATION OF CHIEF FINANCIAL OFFICER 

I, Kris Corbett, Chief Financial Officer of New Mountain Guardian IV Income Fund, L.L.C., certify that:

1.I have reviewed this Quarterly Report on Form 10-Q of New Mountain Guardian IV Income Fund, L.L.C.; 

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; 

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; 

4.The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in the Securities Exchange Act of 1934, as amended (the "Exchange Act"), Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in the Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: 

a)designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; 

b)designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c)evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and 

d)disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and 

5.The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): 

a)all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and 

b)any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Dated this 13th day of May, 2024

/s/ KRIS CORBETT

Kris Corbett

EX-32.1

EXHIBIT 32.1 

CERTIFICATION OF CHIEF EXECUTIVE OFFICERPURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002 (18 U.S.C. 1350) 

    In connection with the Quarterly Report on Form 10-Q for the period ended March 31, 2024 (the "Report") of New Mountain Guardian IV Income Fund, L.L.C. (the "Registrant"), as filed with the U.S. Securities and Exchange Commission on the date hereof, I, John R. Kline, the Chief Executive Officer of the Registrant, hereby certify, to the best of my knowledge, that:

(1)The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

(2)The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

/s/ JOHN R. KLINE
Name:	John R. Kline
Date:	May 13, 2024

EX-32.2

EXHIBIT 32.2 

CERTIFICATION OF CHIEF FINANCIAL OFFICERPURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002 (18 U.S.C. 1350) 

    In connection with the Quarterly Report on Form 10-Q for the period ended March 31, 2024 (the "Report") of New Mountain Guardian IV Income Fund, L.L.C. (the "Registrant"), as filed with the U.S. Securities and Exchange Commission on the date hereof, I, Kris Corbett, the Chief Financial Officer of the Registrant, hereby certify, to the best of my knowledge, that:

(1)The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

(2)The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

/s/ KRIS CORBETT
Name:	Kris Corbett
Date:	May 13, 2024

XML

Cover - shares	3 Months Ended
	Mar. 31, 2024	May 13, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2024
Document Transition Report	false
Entity File Number	814-01639
Entity Registrant Name	New Mountain Guardian IV Income Fund, L.L.C.
Entity Address, Address Line One	1633 Broadway, 48th Floor
Entity Address, City or Town	New York
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	10019
City Area Code	212
Local Phone Number	720-0300
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	92-0964074
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		10,560,000
Entity Central Index Key	0001976719
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q1

XML

Statements of Assets, Liabilities and Members' Capital - USD ($) $ in Thousands	Mar. 31, 2024		Dec. 31, 2023
Assets
Non-controlled/non-affiliated investments at fair value (cost of $129,406 and $85,367, respectively)	$ 131,195	[1]	$ 86,613	[2]
Cash and cash equivalents	1,520		19,876
Interest receivable	1,146		687
Other assets	106		148
Total assets	133,967		107,324
Borrowings
Deferred financing costs (net of accumulated amortization of $109 and $68, respectively)	(143)		(144)
Net borrowings	9,657		(144)
Payable for unsettled securities purchased	13,124		0
Distribution payable	2,883		0
Accrued organizational and offering expenses	796		804
Incentive fee payable	444		153
Management fee payable	228		120
Interest payable	56		66
Total liabilities	27,860		1,494
Commitments and contingencies (See Note 8)
Members' Capital
Common units, $10,560,000 and $10,560,000 units issued and outstanding, respectively	105,445		105,445
Accumulated underdistributed earnings	662		385
Total members' capital	106,107		105,830
Total liabilities and members' capital	$ 133,967		$ 107,324
Members' capital per unit (in dollars per share)	$ 10.05		$ 10.02
Payable to affiliate
Borrowings
Payable to affiliates/ Other liabilities	$ 140		$ 63
Nonrelated Party
Borrowings
Payable to affiliates/ Other liabilities	532		432
BMO Subscription Line
Borrowings
BMO Subscription Line	$ 9,800		$ 0

[1] New Mountain Guardian IV Income Fund, 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] New Mountain Guardian IV Income Fund, 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.

XML

Statements of Assets, Liabilities and Members' Capital (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2024		Dec. 31, 2023
Statement of Financial Position [Abstract]
Investments, cost	$ 129,406	[1]	$ 85,367	[2]
Deferred financing costs, accumulated amortization	$ 109		$ 68
Common units, issued (in shares)	10,560,000		10,560,000
Common units, outstanding (in shares)	10,560,000		10,560,000

[1] New Mountain Guardian IV Income Fund, 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] New Mountain Guardian IV Income Fund, 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.

XML

Statement of Operations $ in Thousands	3 Months Ended
	Mar. 31, 2024 USD ($) $ / shares shares
Investment income
Interest income (excluding Payment-in-kind ("PIK") interest income)	$ 3,098
PIK interest income	144
Fee income	458
Total investment income	3,700
Expenses
Incentive fee	291
Administrative expenses	229
Professional fees	218
Management fee	216
Organizational and offering expenses	142
Interest and other financing expenses	138
Other general and administrative expenses	31
Total expenses	1,265
Less: expenses waived (See Note 5)	(74)
Less: management fees waived (See Note 5)	(108)
Net expenses	1,083
Net investment income (loss)	2,617
Net change in unrealized appreciation (depreciation) of investments	543
Net realized and unrealized gains (losses)	543
Net increase (decrease) in members' capital resulting from operations	$ 3,160
Earnings (loss) per unit - basic (in dollars per share) | $ / shares	$ 0.30
Earnings (loss) per unit - diluted (in dollars per share) | $ / shares	$ 0.30
Weighted average common units outstanding - basic (in shares) | shares	10,560,000
Weighted average common units outstanding - diluted (in shares) | shares	10,560,000

XML

Statement of Changes in Members' Capital $ in Thousands	3 Months Ended
	Mar. 31, 2024 USD ($)
Increase (decrease) in members' capital resulting from operations:
Net investment income (loss)	$ 2,617
Net change in unrealized appreciation (depreciation) of investments	543
Net increase (decrease) in members' capital resulting from operations	3,160
Capital transactions
Distributions declared to unitholders from net investment income	(2,883)
Total net increase (decrease) in members' capital resulting from capital transactions	(2,883)
Net increase (decrease) in members' capital	277
Members' capital at the beginning of the period	105,830
Members' capital at the end of the period	$ 106,107

XML

Statement of Cash Flows $ in Thousands	3 Months Ended
	Mar. 31, 2024 USD ($)
Cash flows from operating activities
Net increase in members' capital resulting from operations	$ 3,160
Adjustments to reconcile net increase in members' capital resulting from operations to net cash used in operating activities:
Net change in unrealized (appreciation) depreciation of investments	(543)
Amortization of purchase discount	(122)
Amortization of deferred financing costs	40
Amortization of deferred offering costs	68
Non-cash investment income	(131)
(Increase) decrease in operating assets:
Proceeds from sales and paydowns of investments	154
Cash repayments on drawn revolvers	392
Cash received for purchase of undrawn portion of revolving credit or delayed draw facilities	22
Interest and dividend receivable	(459)
Other assets	(23)
Increase (decrease) in operating liabilities:
Payable for unsettled securities purchased	13,124
Interest payable	(10)
Incentive fee payable	291
Management fee payable	108
Accrued organizational and offering expenses	(8)
Payable to affiliate	77
Other liabilities	102
Net cash flows used in operating activities	(28,112)
Cash flows from financing activities
Proceeds from BMO Subscription Line	9,800
Deferred financing costs paid	(44)
Net cash flows provided by financing activities	9,756
Net increase (decrease) in cash and cash equivalents	(18,356)
Cash and cash equivalents at the beginning of the period	19,876
Cash and cash equivalents at the end of the period	1,520
Supplemental disclosure of cash flow information
Cash interest paid	90
Non-cash financing activities:
Distributions declared and payable	2,883
Accrual for deferred credit facility costs	32
Accrual for deferred offering costs	2
Delayed Drawn Facilities
(Increase) decrease in operating assets:
Purchase of investments and delayed draw facilities	(43,816)
Drawn revolvers
(Increase) decrease in operating assets:
Purchase of investments and delayed draw facilities	(514)
Drawn revolving credit facilities
(Increase) decrease in operating assets:
Purchase of investments and delayed draw facilities	$ (24)

XML

Schedule of Investments - USD ($) $ in Thousands		3 Months Ended		12 Months Ended
		Mar. 31, 2024		Dec. 31, 2023
Schedule of Investments [Line Items]
Cost		$ 129,406	[1]	$ 85,367	[2]
Fair Value		$ 131,195	[1]	$ 86,613	[2]
Percent of Members' Capital		123.65%	[1]	81.84%	[2]
Percent of Total Investments at Fair Value		100.00%		100.00%
Total assets represented by investments at fair value (as a percent)		3.94%		2.61%
Non-controlled/Non-affiliated
Schedule of Investments [Line Items]
Cost		$ 129,406
Fair Value		$ 131,195
Percent of Members' Capital		123.65%
Business Services
Schedule of Investments [Line Items]
Cost		$ 46,414		$ 34,107
Fair Value		$ 46,723		$ 34,304
Business Services | Investments at Fair Value | Industry Type
Schedule of Investments [Line Items]
Percent of Total Investments at Fair Value		35.62%		39.60%
Software
Schedule of Investments [Line Items]
Cost		$ 52,278		$ 29,533
Fair Value		$ 52,790		$ 29,969
Software | Investments at Fair Value | Industry Type
Schedule of Investments [Line Items]
Percent of Total Investments at Fair Value		40.24%		34.60%
Healthcare
Schedule of Investments [Line Items]
Cost		$ 12,850		$ 9,342
Fair Value		$ 12,946		$ 9,387
Healthcare | Investments at Fair Value | Industry Type
Schedule of Investments [Line Items]
Percent of Total Investments at Fair Value		9.87%		10.84%
Education
Schedule of Investments [Line Items]
Cost		$ 7,080		$ 3,215
Fair Value		$ 7,244		$ 3,351
Education | Investments at Fair Value | Industry Type
Schedule of Investments [Line Items]
Percent of Total Investments at Fair Value		5.52%		3.87%
Food & Beverage
Schedule of Investments [Line Items]
Cost		$ 4,588		$ 3,937
Fair Value		$ 5,253		$ 4,335
Food & Beverage | Investments at Fair Value | Industry Type
Schedule of Investments [Line Items]
Percent of Total Investments at Fair Value		4.00%		5.01%
Consumer Services
Schedule of Investments [Line Items]
Cost		$ 3,584		$ 2,941
Fair Value		$ 3,623		2,975
Consumer Services | Investments at Fair Value | Industry Type
Schedule of Investments [Line Items]
Percent of Total Investments at Fair Value		2.76%
Financial Services
Schedule of Investments [Line Items]
Cost		$ 2,612		2,292
Fair Value		$ 2,616		$ 2,292
Financial Services | Investments at Fair Value | Industry Type
Schedule of Investments [Line Items]
Percent of Total Investments at Fair Value		1.99%		2.65%
Consumer Services | Investments at Fair Value | Industry Type
Schedule of Investments [Line Items]
Percent of Total Investments at Fair Value				3.43%
Funded Debt Investments
Schedule of Investments [Line Items]
Principal Amount or Par Value		$ 131,958		$ 87,694
Cost		129,463		85,407
Fair Value		$ 131,271		$ 86,661
Percent of Members' Capital		123.72%		81.89%
Funded Debt Investments | iCIMS, Inc.
Schedule of Investments [Line Items]
Principal Amount or Par Value		$ 6,841
Cost		6,811
Fair Value		$ 6,909
Percent of Members' Capital		6.51%
Funded Debt Investments | Al Altius US Bidco, Inc.
Schedule of Investments [Line Items]
Principal Amount or Par Value		$ 4,372		$ 4,372
Cost		4,347		4,347
Fair Value		$ 4,372		$ 4,372
Percent of Members' Capital		4.12%		4.13%
Funded Debt Investments | Affinipay Midco, LLC
Schedule of Investments [Line Items]
Principal Amount or Par Value		$ 3,990		$ 4,000
Cost		3,990		4,001
Fair Value		$ 3,990		$ 4,000
Percent of Members' Capital		3.76%		3.78%
Funded Debt Investments | Higginbotham Insurance Agency, Inc.
Schedule of Investments [Line Items]
Principal Amount or Par Value		$ 3,915
Cost		3,906
Fair Value		$ 3,915
Percent of Members' Capital		3.69%
Funded Debt Investments | USRP Holdings, Inc.
Schedule of Investments [Line Items]
Principal Amount or Par Value		$ 3,428		$ 3,436
Cost		3,416		3,424
Fair Value		$ 3,428		$ 3,436
Percent of Members' Capital		3.23%		3.25%
Funded Debt Investments | Kaseya Inc.
Schedule of Investments [Line Items]
Principal Amount or Par Value		$ 3,279		$ 3,258
Cost		3,248		3,228
Fair Value		$ 3,279		$ 3,258
Percent of Members' Capital		3.09%		3.08%
Funded Debt Investments | Ncontracts, LLC
Schedule of Investments [Line Items]
Principal Amount or Par Value		$ 3,168
Cost		3,130
Fair Value		$ 3,129
Percent of Members' Capital		2.95%
Funded Debt Investments | DOXA Insurance Holdings LLC
Schedule of Investments [Line Items]
Principal Amount or Par Value		$ 2,858
Cost		2,830
Fair Value		$ 2,830
Percent of Members' Capital		2.67%
Funded Debt Investments | Verdantas LLC
Schedule of Investments [Line Items]
Principal Amount or Par Value		$ 2,308
Cost		2,299
Fair Value		$ 2,298
Percent of Members' Capital		2.16%
Funded Debt Investments | Wealth Enhancement Group, LLC
Schedule of Investments [Line Items]
Principal Amount or Par Value		$ 1,995		$ 2,000
Cost		1,995		2,001
Fair Value		$ 1,995		$ 2,000
Percent of Members' Capital		1.88%		1.89%
Funded Debt Investments | Businessolver.com, Inc.
Schedule of Investments [Line Items]
Principal Amount or Par Value		$ 1,817		$ 1,796
Cost		1,817		1,796
Fair Value		$ 1,817		$ 1,796
Percent of Members' Capital		1.71%		1.70%
Funded Debt Investments | More cowbell II LLC
Schedule of Investments [Line Items]
Principal Amount or Par Value		$ 1,611		$ 1,611
Cost		1,600		1,600
Fair Value		$ 1,599		$ 1,599
Percent of Members' Capital		1.51%		1.51%
Funded Debt Investments | AWP Group Holdings, Inc.
Schedule of Investments [Line Items]
Principal Amount or Par Value		$ 1,081		$ 1,068
Cost		1,070		1,057
Fair Value		$ 1,069		$ 1,057
Percent of Members' Capital		1.01%		1.00%
Funded Debt Investments | KENG Acquisition, Inc.
Schedule of Investments [Line Items]
Principal Amount or Par Value		$ 1,069		$ 1,071
Cost		1,057		1,059
Fair Value		$ 1,056		$ 1,059
Percent of Members' Capital		1.00%		1.00%
Funded Debt Investments | IG Investments Holdings, LLC
Schedule of Investments [Line Items]
Principal Amount or Par Value		$ 962
Cost		962
Fair Value		$ 962
Percent of Members' Capital		0.91%
Funded Debt Investments | PDQ.com Corporation
Schedule of Investments [Line Items]
Principal Amount or Par Value		$ 472
Cost		468
Fair Value		$ 476
Percent of Members' Capital		0.45%
Funded Debt Investments | Accession Risk Management Group, Inc.
Schedule of Investments [Line Items]
Principal Amount or Par Value				$ 361
Cost				361
Fair Value				$ 361
Percent of Members' Capital				0.34%
Funded Debt Investments | United States
Schedule of Investments [Line Items]
Principal Amount or Par Value		$ 131,285		$ 87,021
Cost		128,798		84,741
Fair Value		$ 130,606		$ 85,995
Percent of Members' Capital		123.09%		81.26%
Funded Debt Investments | Australia
Schedule of Investments [Line Items]
Principal Amount or Par Value		$ 673		$ 673
Cost		665		666
Fair Value		$ 665		$ 666
Percent of Members' Capital		0.63%		0.63%
Funded Investments
Schedule of Investments [Line Items]
Cost		$ 129,463		$ 85,407
Fair Value		$ 131,271		$ 86,661
Percent of Members' Capital		123.72%		81.89%
Unfunded Debt Investments
Schedule of Investments [Line Items]
Principal Amount or Par Value		$ 51,109		$ 27,177
Cost		(57)		(40)
Fair Value		$ (76)		$ (48)
Percent of Members' Capital		(0.07%)		(0.05%)
Unfunded Debt Investments | iCIMS, Inc.
Schedule of Investments [Line Items]
Principal Amount or Par Value		$ 1,645
Cost		(3)
Fair Value		$ 0
Percent of Members' Capital		0.00%
Unfunded Debt Investments | USRP Holdings, Inc.
Schedule of Investments [Line Items]
Principal Amount or Par Value		$ 1,061		$ 1,060
Cost		0		0
Fair Value		$ 0		$ 0
Percent of Members' Capital		0.00%		0.00%
Unfunded Debt Investments | Kaseya Inc.
Schedule of Investments [Line Items]
Principal Amount or Par Value		$ 1,329		$ 324
Cost		(1)		(3)
Fair Value		$ 0		$ 0
Percent of Members' Capital		0.00%		0.00%
Unfunded Debt Investments | Ncontracts, LLC
Schedule of Investments [Line Items]
Principal Amount or Par Value		$ 551		$ 580
Cost		(3)		(4)
Fair Value		$ (7)		$ (4)
Percent of Members' Capital		(0.01%)		(0.00%)
Unfunded Debt Investments | DOXA Insurance Holdings LLC
Schedule of Investments [Line Items]
Principal Amount or Par Value		$ 1,586		$ 2,391
Cost		(4)		(4)
Fair Value		$ (16)		$ (4)
Percent of Members' Capital		(0.02%)		(0.00%)
Unfunded Debt Investments | Wealth Enhancement Group, LLC
Schedule of Investments [Line Items]
Principal Amount or Par Value		$ 3,060
Cost		(1)
Fair Value		$ 0
Percent of Members' Capital		0.00%
Unfunded Debt Investments | More cowbell II LLC
Schedule of Investments [Line Items]
Principal Amount or Par Value		$ 352		$ 352
Cost		(1)		(1)
Fair Value		$ (1)		$ (1)
Percent of Members' Capital		(0.00%)		(0.00%)
Unfunded Debt Investments | AWP Group Holdings, Inc.
Schedule of Investments [Line Items]
Principal Amount or Par Value		$ 659		$ 674
Cost		(1)		(2)
Fair Value		$ (6)		$ (7)
Percent of Members' Capital		(0.01%)		(0.01%)
Unfunded Debt Investments | KENG Acquisition, Inc.
Schedule of Investments [Line Items]
Principal Amount or Par Value		$ 813		$ 813
Cost		(3)		(3)
Fair Value		$ (10)		$ (10)
Percent of Members' Capital		(0.01%)		(0.02%)
Unfunded Debt Investments | PDQ.com Corporation
Schedule of Investments [Line Items]
Principal Amount or Par Value		$ 440
Cost		(1)
Fair Value		$ 3
Percent of Members' Capital		0.00%
Unfunded Debt Investments | MRI Software LLC
Schedule of Investments [Line Items]
Principal Amount or Par Value		$ 1,860		$ 1,860
Cost		(1)		(1)
Fair Value		$ 0		$ 0
Percent of Members' Capital		0.00%		0.00%
Unfunded Debt Investments | PetVet Care Centers, LLC
Schedule of Investments [Line Items]
Principal Amount or Par Value		$ 776		$ 776
Cost		(4)		(4)
Fair Value		$ 0		$ 0
Percent of Members' Capital		0.00%		0.00%
Unfunded Debt Investments | Brave Parent Holdings, Inc.
Schedule of Investments [Line Items]
Principal Amount or Par Value		$ 348
Cost		(1)
Fair Value		$ (1)
Percent of Members' Capital		(0.00%)
Unfunded Debt Investments | PDI TA Holdings, Inc.
Schedule of Investments [Line Items]
Principal Amount or Par Value		$ 854
Cost		(1)
Fair Value		$ (1)
Percent of Members' Capital		(0.00%)
Unfunded Debt Investments | Next Holdco, LLC
Schedule of Investments [Line Items]
Principal Amount or Par Value		$ 620		$ 620
Cost		(1)		(1)
Fair Value		$ (1)		$ (1)
Percent of Members' Capital		(0.00%)		(0.00%)
Unfunded Debt Investments | GS Acquisitionco, Inc.
Schedule of Investments [Line Items]
Principal Amount or Par Value		$ 3,454
Cost		(2)
Fair Value		$ (2)
Percent of Members' Capital		(0.00%)
Unfunded Debt Investments | KENE Acquisition, Inc.
Schedule of Investments [Line Items]
Principal Amount or Par Value		$ 1,014
Cost		(2)
Fair Value		$ (2)
Percent of Members' Capital		(0.00%)
Unfunded Debt Investments | Enverus Holdings, Inc.
Schedule of Investments [Line Items]
Principal Amount or Par Value		$ 336		$ 336
Cost		(1)		(2)
Fair Value		$ (3)		$ (2)
Percent of Members' Capital		(0.00%)		(0.00%)
Unfunded Debt Investments | Zone Climate Services, Inc.
Schedule of Investments [Line Items]
Principal Amount or Par Value		$ 1,255		$ 1,648
Cost		(1)		(2)
Fair Value		$ (6)		$ 0
Percent of Members' Capital		(0.01%)		0.00%
Unfunded Debt Investments | Ciklum Inc.
Schedule of Investments [Line Items]
Principal Amount or Par Value		$ 3,870
Cost		(9)
Fair Value		$ (10)
Percent of Members' Capital		(0.01%)
Unfunded Debt Investments | Brave Parent Holdings, Inc
Schedule of Investments [Line Items]
Principal Amount or Par Value				$ 348
Cost				(1)
Fair Value				$ (1)
Percent of Members' Capital				(0.00%)
Unfunded Debt Investments | PDQ com Corporation
Schedule of Investments [Line Items]
Principal Amount or Par Value				$ 458
Cost				(2)
Fair Value				$ 0
Percent of Members' Capital				0.00%
Unfunded Debt Investments | United States
Schedule of Investments [Line Items]
Principal Amount or Par Value		$ 51,109		$ 27,177
Cost		(57)		(40)
Fair Value		$ (76)		$ (48)
Percent of Members' Capital		(0.07%)		(0.05%)
First lien
Schedule of Investments [Line Items]
Cost		$ 122,828		$ 82,696
Fair Value		$ 124,405		$ 83,830
First lien | Investments at Fair Value | Investment Type
Schedule of Investments [Line Items]
Percent of Total Investments at Fair Value		94.82%		96.79%
Second lien
Schedule of Investments [Line Items]
Cost		$ 3,896		$ 717
Fair Value		$ 3,946		$ 752
Second lien | Investments at Fair Value | Investment Type
Schedule of Investments [Line Items]
Percent of Total Investments at Fair Value		3.01%		0.87%
Floating rates | Investments at Fair Value | Interest Rate Type
Schedule of Investments [Line Items]
Percent of Total Investments at Fair Value		97.83%		97.66%
Fixed rates | Investments at Fair Value | Interest Rate Type
Schedule of Investments [Line Items]
Percent of Total Investments at Fair Value		2.17%		2.34%
Subordinated
Schedule of Investments [Line Items]
Cost		$ 2,682		$ 1,954
Fair Value		$ 2,844		$ 2,031
Subordinated | Investments at Fair Value | Investment Type
Schedule of Investments [Line Items]
Percent of Total Investments at Fair Value		2.17%		2.34%
Investment, Identifier [Axis]: AAH Topco, LLC, First Lien - Drawn
Schedule of Investments [Line Items]
Spread	[3],[4],[5]	6.00%
Interest Rate	[3],[4],[5]	11.43%
Principal Amount or Par Value	[4],[5]	$ 656
Cost	[4],[5]	650
Fair Value	[4],[5]	$ 656
Percent of Members' Capital		0.62%
Investment, Identifier [Axis]: AAH Topco, LLC, First Lien - Undrawn
Schedule of Investments [Line Items]
Principal Amount or Par Value		$ 3,094	[4],[5]	$ 3,750	[6],[7]
Cost		0	[4],[5]	0	[6],[7]
Fair Value		$ 0	[4],[5]	$ 0	[6],[7]
Percent of Members' Capital		0.00%		0.00%	[6],[7]
Investment, Identifier [Axis]: AWP Group Holdings, Inc., First Lien
Schedule of Investments [Line Items]
Spread	[3],[5]	5.50%
Interest Rate	[3],[5]	10.90%
Principal Amount or Par Value	[5]	$ 995
Cost	[5]	986
Fair Value	[5]	$ 985
Investment, Identifier [Axis]: AWP Group Holdings, Inc., First Lien
Schedule of Investments [Line Items]
Spread	[7],[8]			5.50%
Interest Rate	[7],[8]			10.95%
Principal Amount or Par Value	[7]			$ 998
Cost	[7]			988
Fair Value	[7]			$ 988
Investment, Identifier [Axis]: AWP Group Holdings, Inc., First Lien - Drawn 1
Schedule of Investments [Line Items]
Spread		5.50%	[3],[4],[5]	5.50%	[6],[7],[8]
Interest Rate		10.91%	[3],[4],[5]	10.95%	[6],[7],[8]
Principal Amount or Par Value		$ 60	[4],[5]	$ 44	[6],[7]
Cost		59	[4],[5]	44	[6],[7]
Fair Value		$ 59	[4],[5]	$ 44	[6],[7]
Investment, Identifier [Axis]: AWP Group Holdings, Inc., First Lien - Drawn 2
Schedule of Investments [Line Items]
Spread		5.50%	[3],[4],[5]	5.50%	[6],[7],[8]
Interest Rate		10.90%	[3],[4],[5]	10.95%	[6],[7],[8]
Principal Amount or Par Value		$ 26	[4],[5]	$ 26	[6],[7]
Cost		25	[4],[5]	25	[6],[7]
Fair Value		25	[4],[5]	25	[6],[7]
Investment, Identifier [Axis]: AWP Group Holdings, Inc., First Lien - Undrawn 1
Schedule of Investments [Line Items]
Principal Amount or Par Value		146	[4],[5]	161	[6],[7]
Cost		(1)	[4],[5]	(2)	[6],[7]
Fair Value		(1)	[4],[5]	(2)	[6],[7]
Investment, Identifier [Axis]: AWP Group Holdings, Inc., First Lien - Undrawn 2
Schedule of Investments [Line Items]
Principal Amount or Par Value		513	[4],[5]	513	[6],[7]
Cost		0	[4],[5]	0	[6],[7]
Fair Value		$ (5)	[4],[5]	$ (5)	[6],[7]
Investment, Identifier [Axis]: Accession Risk Management Group, Inc. First Lien
Schedule of Investments [Line Items]
Spread	[7],[8]			6.00%
Interest Rate	[7],[8]			11.41%
Principal Amount or Par Value	[7]			$ 250
Cost	[7]			250
Fair Value	[7]			$ 250
Investment, Identifier [Axis]: Accession Risk Management Group, Inc. First Lien - Drawn
Schedule of Investments [Line Items]
Spread	[6],[7],[8]			6.00%
Interest Rate	[6],[7],[8]			11.35%
Principal Amount or Par Value	[6],[7]			$ 111
Cost	[6],[7]			111
Fair Value	[6],[7]			111
Investment, Identifier [Axis]: Accession Risk Management Group, Inc., First Lien
Schedule of Investments [Line Items]
Spread	[3],[5]	6.00%
Interest Rate	[3],[5]	11.31%
Principal Amount or Par Value	[5]	$ 880
Cost	[5]	880
Fair Value	[5]	$ 880
Percent of Members' Capital		0.83%
Investment, Identifier [Axis]: Accession Risk Management Group, Inc., First Lien - Undrawn
Schedule of Investments [Line Items]
Principal Amount or Par Value		$ 1,117	[4],[5]	1,639	[6],[7]
Cost		0	[4],[5]	0	[6],[7]
Fair Value		$ 0	[4],[5]	$ 0	[6],[7]
Percent of Members' Capital		0.00%		0.00%	[6],[7]
Investment, Identifier [Axis]: Affinipay Midco, LLC, First Lien 1
Schedule of Investments [Line Items]
Spread		5.50%	[3],[5]	5.50%	[7],[8]
Interest Rate		10.81%	[3],[5]	10.88%	[7],[8]
Principal Amount or Par Value		$ 2,740	[5]	$ 2,747	[7]
Cost		2,740	[5]	2,748	[7]
Fair Value		$ 2,740	[5]	$ 2,747	[7]
Investment, Identifier [Axis]: Affinipay Midco, LLC, First Lien 2
Schedule of Investments [Line Items]
Spread		5.50%	[3],[5]	5.50%	[7],[8]
Interest Rate		10.82%	[3],[5]	10.86%	[7],[8]
Principal Amount or Par Value		$ 487	[5]	$ 488	[7]
Cost		487	[5]	488	[7]
Fair Value		$ 487	[5]	$ 488	[7]
Investment, Identifier [Axis]: Affinipay Midco, LLC, First Lien 3
Schedule of Investments [Line Items]
Spread		5.50%	[3],[5]	5.50%	[7],[8]
Interest Rate		10.81%	[3],[5]	10.88%	[7],[8]
Principal Amount or Par Value		$ 420	[5]	$ 421	[7]
Cost		420	[5]	421	[7]
Fair Value		$ 420	[5]	$ 421	[7]
Investment, Identifier [Axis]: Affinipay Midco, LLC, First Lien 4
Schedule of Investments [Line Items]
Spread		5.50%	[3],[5]	5.50%	[7],[8]
Interest Rate		10.81%	[3],[5]	10.88%	[7],[8]
Principal Amount or Par Value		$ 274	[5]	$ 275	[7]
Cost		274	[5]	275	[7]
Fair Value		$ 274	[5]	$ 275	[7]
Investment, Identifier [Axis]: Affinipay Midco, LLC, First Lien 5
Schedule of Investments [Line Items]
Spread		5.50%	[3],[5]	5.50%	[7],[8]
Interest Rate		10.81%	[3],[5]	10.88%	[7],[8]
Principal Amount or Par Value		$ 69	[5]	$ 69	[7]
Cost		69	[5]	69	[7]
Fair Value		$ 69	[5]	$ 69	[7]
Investment, Identifier [Axis]: Al Altius US Bidco, Inc., First Lien 1
Schedule of Investments [Line Items]
Spread		5.08%	[3],[5]	5.08%	[7],[8]
Interest Rate		10.43%	[3],[5]	10.43%	[7],[8]
Principal Amount or Par Value		$ 1,549	[5]	$ 1,549	[7]
Cost		1,541	[5]	1,541	[7]
Fair Value		$ 1,549	[5]	$ 1,549	[7]
Investment, Identifier [Axis]: Al Altius US Bidco, Inc., First Lien 2
Schedule of Investments [Line Items]
Spread		5.08%	[3],[5]	5.08%	[7],[8]
Interest Rate		10.43%	[3],[5]	10.43%	[7],[8]
Principal Amount or Par Value		$ 1,424	[5]	$ 1,424	[7]
Cost		1,414	[5]	1,413	[7]
Fair Value		$ 1,424	[5]	$ 1,424	[7]
Investment, Identifier [Axis]: Al Altius US Bidco, Inc., First Lien 3
Schedule of Investments [Line Items]
Spread		5.08%	[3],[5]	5.08%	[7],[8]
Interest Rate		10.43%	[3],[5]	10.43%	[7],[8]
Principal Amount or Par Value		$ 1,399	[5]	$ 1,399	[7]
Cost		1,392	[5]	1,393	[7]
Fair Value		$ 1,399	[5]	$ 1,399	[7]
Investment, Identifier [Axis]: Alegeus Technologies Holdings Corp., First Lien
Schedule of Investments [Line Items]
Spread	[3],[5]	8.25%
Interest Rate	[3],[5]	13.75%
Principal Amount or Par Value	[5]	$ 3,513
Cost	[5]	3,513
Fair Value	[5]	$ 3,513
Percent of Members' Capital		3.31%
Investment, Identifier [Axis]: Allworth Financial Group, L.P., First Lien - Drawn
Schedule of Investments [Line Items]
Spread	[3],[4],[5]	5.50%
Interest Rate	[3],[4],[5]	10.92%
Principal Amount or Par Value	[4],[5]	$ 317
Cost	[4],[5]	314
Fair Value	[4],[5]	$ 317
Percent of Members' Capital		0.30%
Investment, Identifier [Axis]: Allworth Financial Group, L.P., First Lien - Drawn
Schedule of Investments [Line Items]
Spread	[6],[7],[8]			5.50%
Interest Rate	[6],[7],[8]			10.96%
Principal Amount or Par Value	[6],[7]			$ 110
Cost	[6],[7]			109
Fair Value	[6],[7]			$ 110
Percent of Members' Capital	[6],[7]			0.10%
Investment, Identifier [Axis]: Allworth Financial Group, L.P., First Lien - Undrawn
Schedule of Investments [Line Items]
Principal Amount or Par Value		$ 1,500	[4],[5]	$ 1,708	[6],[7]
Cost		0	[4],[5]	0	[6],[7]
Fair Value		$ 0	[4],[5]	$ 0	[6],[7]
Percent of Members' Capital		0.00%		0.00%	[6],[7]
Investment, Identifier [Axis]: Anaplan, Inc, First Lien
Schedule of Investments [Line Items]
Spread	[7],[8]			6.50%
Interest Rate	[7],[8]			11.85%
Principal Amount or Par Value	[7]			$ 3,000
Cost	[7]			2,985
Fair Value	[7]			$ 3,000
Percent of Members' Capital	[7]			2.83%
Investment, Identifier [Axis]: Anaplan, Inc., First Lien
Schedule of Investments [Line Items]
Spread	[3],[5]	6.50%
Interest Rate	[3],[5]	11.81%
Principal Amount or Par Value	[5]	$ 4,667
Cost	[5]	4,652
Fair Value	[5]	$ 4,667
Percent of Members' Capital		4.40%
Investment, Identifier [Axis]: Associations, Inc., First Lien
Schedule of Investments [Line Items]
Spread		4.00%	[3],[5]	4.00%	[7],[8],[9]
PIK		2.50%	[3],[5]	2.50%	[7],[8],[9]
Interest Rate		12.09%	[3],[5]	12.16%	[7],[8],[9]
Principal Amount or Par Value		$ 4,015	[5]	$ 4,000	[7],[9]
Cost		3,997	[5]	3,981	[7],[9]
Fair Value		$ 4,015	[5]	$ 4,000	[7],[9]
Percent of Members' Capital		3.78%		3.78%	[7],[9]
Investment, Identifier [Axis]: Atlas AU Bidco Pty Ltd, First Lien
Schedule of Investments [Line Items]
Spread	[3],[5]	6.75%
Interest Rate	[3],[5]	12.05%
Principal Amount or Par Value	[5]	$ 673
Cost	[5]	665
Fair Value	[5]	$ 665
Percent of Members' Capital		0.63%
Investment, Identifier [Axis]: Atlas AU Bidco Pty Ltd, Fist Lien
Schedule of Investments [Line Items]
Spread	[8],[10]			6.75%
Interest Rate	[8],[10]			12.11%
Principal Amount or Par Value	[10]			$ 673
Cost	[10]			666
Fair Value	[10]			$ 666
Percent of Members' Capital	[10]			0.63%
Investment, Identifier [Axis]: Avalara, Inc., First Lien
Schedule of Investments [Line Items]
Spread	[3],[5]	7.25%
Interest Rate	[3],[5]	12.56%
Principal Amount or Par Value	[5]	$ 1,515
Cost	[5]	1,515
Fair Value	[5]	$ 1,515
Percent of Members' Capital		1.43%
Investment, Identifier [Axis]: Avalara, Inc., First Lien - Undrawn
Schedule of Investments [Line Items]
Principal Amount or Par Value	[4],[5]	$ 152
Cost	[4],[5]	0
Fair Value	[4],[5]	$ 0
Percent of Members' Capital		0.00%
Investment, Identifier [Axis]: Bluefin Holding, LLC, First Lien
Schedule of Investments [Line Items]
Spread		7.25%	[3],[5]	7.25%	[7],[8]
Interest Rate		12.57%	[3],[5]	12.72%	[7],[8]
Principal Amount or Par Value		$ 3,175	[5]	$ 3,175	[7]
Cost		3,138	[5]	3,137	[7]
Fair Value		$ 3,159	[5]	$ 3,136	[7]
Percent of Members' Capital		2.98%		2.96%	[7]
Investment, Identifier [Axis]: Bluefin Holding, LLC, First Lien - Undrawn
Schedule of Investments [Line Items]
Principal Amount or Par Value	[4],[5]	$ 313
Cost	[4],[5]	(5)
Fair Value	[4],[5]	$ (2)
Percent of Members' Capital		(0.00%)
Investment, Identifier [Axis]: Bluefin Holding, LLC, First Lien - Undrawn
Schedule of Investments [Line Items]
Principal Amount or Par Value	[6],[7]			$ 313
Cost	[6],[7]			(4)
Fair Value	[6],[7]			$ (4)
Percent of Members' Capital	[6],[7]			(0.00%)
Investment, Identifier [Axis]: Brave Parent Holdings, Inc., First Lien
Schedule of Investments [Line Items]
Spread	[3],[5]	5.00%
Interest Rate	[3],[5]	10.31%
Principal Amount or Par Value	[5]	$ 2,039
Cost	[5]	2,029
Fair Value	[5]	$ 2,029
Percent of Members' Capital		1.91%
Investment, Identifier [Axis]: Brave Parent Holdings, Inc., First Lien
Schedule of Investments [Line Items]
Spread	[7],[8]			5.00%
Interest Rate	[7],[8]			10.36%
Principal Amount or Par Value	[7]			$ 2,039
Cost	[7]			2,029
Fair Value	[7]			$ 2,029
Percent of Members' Capital	[7]			1.92%
Investment, Identifier [Axis]: Brave Parent Holdings, Inc., First Lien - Undrawn 1
Schedule of Investments [Line Items]
Principal Amount or Par Value		$ 232	[4],[5]	$ 232	[6],[7]
Cost		0	[4],[5]	0	[6],[7]
Fair Value		0	[4],[5]	0	[6],[7]
Investment, Identifier [Axis]: Brave Parent Holdings, Inc., First Lien - Undrawn 2
Schedule of Investments [Line Items]
Principal Amount or Par Value		116	[4],[5]	116	[6],[7]
Cost		(1)	[4],[5]	(1)	[6],[7]
Fair Value		$ (1)	[4],[5]	$ (1)	[6],[7]
Investment, Identifier [Axis]: Businessolver.com, Inc., First Lien
Schedule of Investments [Line Items]
Spread		5.50%	[3],[5]	5.50%	[7],[8]
Interest Rate		10.91%	[3],[5]	10.96%	[7],[8]
Principal Amount or Par Value		$ 1,742	[5]	$ 1,747	[7]
Cost		1,742	[5]	1,747	[7]
Fair Value		$ 1,742	[5]	$ 1,747	[7]
Investment, Identifier [Axis]: Businessolver.com, Inc., First Lien - Drawn
Schedule of Investments [Line Items]
Spread		5.50%	[3],[4],[5]	5.50%	[6],[7],[8]
Interest Rate		10.91%	[3],[4],[5]	10.96%	[6],[7],[8]
Principal Amount or Par Value		$ 75	[4],[5]	$ 49	[6],[7]
Cost		75	[4],[5]	49	[6],[7]
Fair Value		75	[4],[5]	49	[6],[7]
Investment, Identifier [Axis]: Businessolver.com, Inc., First Lien - Undrawn
Schedule of Investments [Line Items]
Principal Amount or Par Value		237	[4],[5]	263	[6],[7]
Cost		0	[4],[5]	0	[6],[7]
Fair Value		$ 0	[4],[5]	$ 0	[6],[7]
Percent of Members' Capital		0.00%		0.00%	[6],[7]
Investment, Identifier [Axis]: Calabrio, Inc., First Lien
Schedule of Investments [Line Items]
Spread	[3],[5]	7.13%
Interest Rate	[3],[5]	12.45%
Principal Amount or Par Value	[5]	$ 241
Cost	[5]	239
Fair Value	[5]	$ 239
Percent of Members' Capital		0.23%
Investment, Identifier [Axis]: Ciklum Inc., First Lien
Schedule of Investments [Line Items]
Spread	[3],[5]	7.00%
Interest Rate	[3],[5]	12.41%
Principal Amount or Par Value	[5]	$ 2,482
Cost	[5]	2,452
Fair Value	[5]	$ 2,451
Percent of Members' Capital		2.31%
Investment, Identifier [Axis]: Ciklum Inc., First Lien - Undrawn 1
Schedule of Investments [Line Items]
Principal Amount or Par Value	[4],[5]	$ 3,096
Cost	[4],[5]	0
Fair Value	[4],[5]	0
Investment, Identifier [Axis]: Ciklum Inc., First Lien - Undrawn 2
Schedule of Investments [Line Items]
Principal Amount or Par Value	[4],[5]	774
Cost	[4],[5]	(9)
Fair Value	[4],[5]	$ (10)
Investment, Identifier [Axis]: CommerceHub, Inc., First Lien
Schedule of Investments [Line Items]
Spread	[3],[5]	6.25%
Interest Rate	[3],[5]	11.58%
Principal Amount or Par Value	[5]	$ 1,975
Cost	[5]	1,788
Fair Value	[5]	$ 1,975
Percent of Members' Capital		1.86%
Investment, Identifier [Axis]: CommerceHub, Inc., First Lien
Schedule of Investments [Line Items]
Spread	[7],[8]			6.25%
Interest Rate	[7],[8]			11.79%
Principal Amount or Par Value	[7]			$ 1,980
Cost	[7]			1,783
Fair Value	[7]			$ 1,980
Percent of Members' Capital	[7]			1.87%
Investment, Identifier [Axis]: DOXA Insurance Holdings LLC, First Lien
Schedule of Investments [Line Items]
Spread		5.50%	[3],[5]	5.50%	[8]
Interest Rate		10.83%	[3],[5]	10.87%	[8]
Principal Amount or Par Value		$ 2,053	[5]	$ 2,054
Cost		2,033	[5]	2,033
Fair Value		$ 2,033	[5]	$ 2,033
Percent of Members' Capital				1.92%
Investment, Identifier [Axis]: DOXA Insurance Holdings LLC, First Lien - Drawn
Schedule of Investments [Line Items]
Spread	[3],[4],[5]	5.50%
Interest Rate	[3],[4],[5]	10.82%
Principal Amount or Par Value	[4],[5]	$ 805
Cost	[4],[5]	797
Fair Value	[4],[5]	797
Investment, Identifier [Axis]: DOXA Insurance Holdings LLC, First Lien - Undrawn 1
Schedule of Investments [Line Items]
Principal Amount or Par Value		440	[4],[5]	$ 1,951	[6]
Cost		(4)	[4],[5]	0	[6]
Fair Value		(4)	[4],[5]	0	[6]
Investment, Identifier [Axis]: DOXA Insurance Holdings LLC, First Lien - Undrawn 2
Schedule of Investments [Line Items]
Principal Amount or Par Value		1,146	[4],[5]	440	[6]
Cost		0	[4],[5]	(4)	[6]
Fair Value		$ (12)	[4],[5]	$ (4)	[6]
Investment, Identifier [Axis]: Enverus Holdings, Inc., First Lien
Schedule of Investments [Line Items]
Spread		5.50%	[3],[5]	5.50%	[8]
Interest Rate		10.83%	[3],[5]	10.86%	[8]
Principal Amount or Par Value		$ 2,664	[5]	$ 2,664
Cost		2,645	[5]	2,644
Fair Value		$ 2,644	[5]	$ 2,644
Percent of Members' Capital		2.49%		2.50%
Investment, Identifier [Axis]: Enverus Holdings, Inc., First Lien - Undrawn 1
Schedule of Investments [Line Items]
Principal Amount or Par Value		$ 133	[4],[5]	$ 133	[6]
Cost		0	[4],[5]	0	[6]
Fair Value		(1)	[4],[5]	0	[6]
Investment, Identifier [Axis]: Enverus Holdings, Inc., First Lien - Undrawn 2
Schedule of Investments [Line Items]
Principal Amount or Par Value		203	[4],[5]	203	[6]
Cost		(1)	[4],[5]	(2)	[6]
Fair Value		(2)	[4],[5]	$ (2)	[6]
Investment, Identifier [Axis]: Foreside Financial Group, LLC, First Lien - Undrawn
Schedule of Investments [Line Items]
Principal Amount or Par Value	[4]	1,737
Cost	[4]	0
Fair Value	[4]	$ 0
Percent of Members' Capital		0.00%
Investment, Identifier [Axis]: GC Waves Holdings, Inc., First Lien - Drawn
Schedule of Investments [Line Items]
Spread	[3],[4],[5]	6.00%
Interest Rate	[3],[4],[5]	11.43%
Principal Amount or Par Value	[4],[5]	$ 304
Cost	[4],[5]	304
Fair Value	[4],[5]	$ 304
Percent of Members' Capital		0.29%
Investment, Identifier [Axis]: GC Waves Holdings, Inc., First Lien - Drawn
Schedule of Investments [Line Items]
Spread	[6],[7],[8]			6.00%
Interest Rate	[6],[7],[8]			11.46%
Principal Amount or Par Value	[6],[7]			$ 182
Cost	[6],[7]			182
Fair Value	[6],[7]			$ 182
Percent of Members' Capital	[6],[7]			0.17%
Investment, Identifier [Axis]: GC Waves Holdings, Inc., First Lien - Undrawn
Schedule of Investments [Line Items]
Principal Amount or Par Value	[4],[5]	$ 1,695
Cost	[4],[5]	0
Fair Value	[4],[5]	$ 0
Percent of Members' Capital		0.00%
Investment, Identifier [Axis]: GC Waves Holdings, Inc., First Undrawn
Schedule of Investments [Line Items]
Principal Amount or Par Value	[6],[7]			$ 1,817
Cost	[6],[7]			0
Fair Value	[6],[7]			$ 0
Percent of Members' Capital	[6],[7]			0.00%
Investment, Identifier [Axis]: GS Acquisitionco, Inc., First Lien
Schedule of Investments [Line Items]
Spread	[3]	5.00%
Interest Rate	[3]	10.30%
Principal Amount or Par Value		$ 670
Cost		672
Fair Value		$ 672
Percent of Members' Capital		0.63%
Investment, Identifier [Axis]: GS Acquisitionco, Inc., First Lien - Undrawn 1
Schedule of Investments [Line Items]
Principal Amount or Par Value	[4]	$ 2,763
Cost	[4]	0
Fair Value	[4]	0
Investment, Identifier [Axis]: GS Acquisitionco, Inc., First Lien - Undrawn 2
Schedule of Investments [Line Items]
Principal Amount or Par Value	[4]	691
Cost	[4]	(2)
Fair Value	[4]	$ (2)
Investment, Identifier [Axis]: Geo Parent Corporation, First Lien
Schedule of Investments [Line Items]
Spread	[3],[5]	5.25%
Interest Rate	[3],[5]	10.50%
Principal Amount or Par Value	[5]	$ 3,653
Cost	[5]	3,620
Fair Value	[5]	$ 3,653
Percent of Members' Capital		3.44%
Investment, Identifier [Axis]: Geo Parent Corporation, First Lien
Schedule of Investments [Line Items]
Spread	[7],[8]			5.25%
Interest Rate	[7],[8]			10.80%
Principal Amount or Par Value	[7]			$ 3,654
Cost	[7]			3,619
Fair Value	[7]			$ 3,654
Percent of Members' Capital	[7]			3.45%
Investment, Identifier [Axis]: Greenway Health, LLC, First Lien
Schedule of Investments [Line Items]
Spread	[3],[5]	6.75%
Interest Rate	[3],[5]	11.93%
Principal Amount or Par Value	[5]	$ 3,175
Cost	[5]	3,130
Fair Value	[5]	$ 3,175
Percent of Members' Capital		2.99%
Investment, Identifier [Axis]: Greenway Health, LLC, First Lien
Schedule of Investments [Line Items]
Spread	[8]			6.75%
Interest Rate	[8]			11.93%
Principal Amount or Par Value				$ 3,175
Cost				3,127
Fair Value				$ 3,127
Percent of Members' Capital				2.95%
Investment, Identifier [Axis]: Healthspan Buyer, LLC, First Lien
Schedule of Investments [Line Items]
Spread	[3],[5]	5.75%
Interest Rate	[3],[5]	11.06%
Principal Amount or Par Value	[5]	$ 2,554
Cost	[5]	2,529
Fair Value	[5]	$ 2,528
Percent of Members' Capital		2.38%
Investment, Identifier [Axis]: Healthspan Buyer, LLC, First Lien
Schedule of Investments [Line Items]
Spread	[7],[8]			5.75%
Interest Rate	[7],[8]			11.10%
Principal Amount or Par Value	[7]			$ 2,560
Cost	[7]			2,535
Fair Value	[7]			$ 2,535
Percent of Members' Capital	[7]			2.40%
Investment, Identifier [Axis]: Healthspan Buyer, LLC, First Lien - Undrawn
Schedule of Investments [Line Items]
Principal Amount or Par Value	[4],[5]	$ 614
Cost	[4],[5]	(6)
Fair Value	[4],[5]	$ (6)
Percent of Members' Capital		(0.01%)
Investment, Identifier [Axis]: Healthspan Buyer, LLC, First Line - Undrawn
Schedule of Investments [Line Items]
Principal Amount or Par Value	[6],[7]			$ 614
Cost	[6],[7]			(6)
Fair Value	[6],[7]			$ (6)
Percent of Members' Capital	[6],[7]			(0.01%)
Investment, Identifier [Axis]: Higginbotham Insurance Agency, Inc., First Lien - Drawn
Schedule of Investments [Line Items]
Spread	[6],[7],[8]			5.50%
Interest Rate	[6],[7],[8]			10.96%
Principal Amount or Par Value	[6],[7]			$ 1,329
Cost	[6],[7]			1,322
Fair Value	[6],[7]			$ 1,329
Percent of Members' Capital	[6],[7]			1.26%
Investment, Identifier [Axis]: Higginbotham Insurance Agency, Inc., First Lien - Undrawn
Schedule of Investments [Line Items]
Principal Amount or Par Value	[6],[7]			$ 668
Cost	[6],[7]			0
Fair Value	[6],[7]			$ 0
Percent of Members' Capital	[6],[7]			0.00%
Investment, Identifier [Axis]: Higginbotham Insurance Agency, Inc., First Undrawn
Schedule of Investments [Line Items]
Principal Amount or Par Value	[4]	$ 4,000
Cost	[4]	0
Fair Value	[4]	$ 0
Percent of Members' Capital		0.00%
Investment, Identifier [Axis]: Higginbotham Insurance Agency, Inc., First lien 1
Schedule of Investments [Line Items]
Spread	[3],[5]	5.50%
Interest Rate	[3],[5]	10.93%
Principal Amount or Par Value	[5]	$ 3,019
Cost	[5]	3,010
Fair Value	[5]	$ 3,019
Investment, Identifier [Axis]: Higginbotham Insurance Agency, Inc., First lien 2
Schedule of Investments [Line Items]
Spread	[3],[5]	5.50%
Interest Rate	[3],[5]	10.93%
Principal Amount or Par Value	[5]	$ 896
Cost	[5]	896
Fair Value	[5]	$ 896
Investment, Identifier [Axis]: Houghton Mifflin Harcourt Company, First Lien
Schedule of Investments [Line Items]
Spread		5.25%	[3]	5.25%	[8]
Interest Rate		10.68%	[3]	10.71%	[8]
Principal Amount or Par Value		$ 7,297		$ 3,411
Cost		7,080		3,215
Fair Value		$ 7,244		$ 3,351
Percent of Members' Capital		6.83%		3.17%
Investment, Identifier [Axis]: IG Investments Holdings, LLC, First Lien 1
Schedule of Investments [Line Items]
Spread	[3],[5]	6.00%
Interest Rate	[3],[5]	11.41%
Principal Amount or Par Value	[5]	$ 112
Cost	[5]	112
Fair Value	[5]	$ 112
Investment, Identifier [Axis]: IG Investments Holdings, LLC, First Lien 2
Schedule of Investments [Line Items]
Spread	[3],[5]	6.00%
Interest Rate	[3],[5]	11.41%
Principal Amount or Par Value	[5]	$ 850
Cost	[5]	850
Fair Value	[5]	$ 850
Investment, Identifier [Axis]: Icefall Parent, Inc., First Lien
Schedule of Investments [Line Items]
Spread	[3],[5]	6.50%
Interest Rate	[3],[5]	11.80%
Principal Amount or Par Value	[5]	$ 4,348
Cost	[5]	4,305
Fair Value	[5]	$ 4,304
Percent of Members' Capital		4.06%
Investment, Identifier [Axis]: Icefall Parent, Inc., First Lien - Undrawn
Schedule of Investments [Line Items]
Principal Amount or Par Value	[4],[5]	$ 414
Cost	[4],[5]	(4)
Fair Value	[4],[5]	$ (4)
Percent of Members' Capital		(0.00%)
Investment, Identifier [Axis]: KENE Acquisition, Inc., First Lien
Schedule of Investments [Line Items]
Spread	[3],[5]	5.25%
Interest Rate	[3],[5]	10.57%
Principal Amount or Par Value	[5]	$ 1,763
Cost	[5]	1,746
Fair Value	[5]	$ 1,746
Percent of Members' Capital		1.65%
Investment, Identifier [Axis]: KENE Acquisition, Inc., First Lien - Undrawn 1
Schedule of Investments [Line Items]
Principal Amount or Par Value	[4],[5]	$ 780
Cost	[4],[5]	0
Fair Value	[4],[5]	0
Investment, Identifier [Axis]: KENE Acquisition, Inc., First Lien - Undrawn 2
Schedule of Investments [Line Items]
Principal Amount or Par Value	[4],[5]	234
Cost	[4],[5]	(2)
Fair Value	[4],[5]	$ (2)
Investment, Identifier [Axis]: KENG Acquisition, Inc. First Line - Undrawn 1
Schedule of Investments [Line Items]
Principal Amount or Par Value	[6],[7]			$ 225
Cost	[6],[7]			(3)
Fair Value	[6],[7]			(3)
Investment, Identifier [Axis]: KENG Acquisition, Inc. First Line - Undrawn 2
Schedule of Investments [Line Items]
Principal Amount or Par Value	[6],[7]			588
Cost	[6],[7]			0
Fair Value	[6],[7]			$ (7)
Investment, Identifier [Axis]: KENG Acquisition, Inc., First Lien
Schedule of Investments [Line Items]
Spread		6.25%	[3],[5]	6.25%	[7],[8]
Interest Rate		11.56%	[3],[5]	11.60%	[7],[8]
Principal Amount or Par Value		$ 926	[5]	$ 928	[7]
Cost		915	[5]	917	[7]
Fair Value		$ 914	[5]	$ 917	[7]
Investment, Identifier [Axis]: KENG Acquisition, Inc., First Lien - Drawn 1
Schedule of Investments [Line Items]
Spread	[6],[7],[8]			6.25%
Interest Rate	[6],[7],[8]			11.60%
Principal Amount or Par Value	[6],[7]			$ 115
Cost	[6],[7]			114
Fair Value	[6],[7]			$ 114
Investment, Identifier [Axis]: KENG Acquisition, Inc., First Lien - Drawn 1
Schedule of Investments [Line Items]
Spread	[3],[4],[5]	6.25%
Interest Rate	[3],[4],[5]	11.56%
Principal Amount or Par Value	[4],[5]	$ 115
Cost	[4],[5]	114
Fair Value	[4],[5]	$ 114
Investment, Identifier [Axis]: KENG Acquisition, Inc., First Lien - Drawn 2
Schedule of Investments [Line Items]
Spread		6.25%	[3],[4],[5]	6.25%	[6],[7],[8]
Interest Rate		11.56%	[3],[4],[5]	11.60%	[6],[7],[8]
Principal Amount or Par Value		$ 28	[4],[5]	$ 28	[6],[7]
Cost		28	[4],[5]	28	[6],[7]
Fair Value		28	[4],[5]	$ 28	[6],[7]
Investment, Identifier [Axis]: KENG Acquisition, Inc., First Lien - Undrawn 1
Schedule of Investments [Line Items]
Principal Amount or Par Value	[4],[5]	225
Cost	[4],[5]	(3)
Fair Value	[4],[5]	(3)
Investment, Identifier [Axis]: KENG Acquisition, Inc., First Lien - Undrawn 2
Schedule of Investments [Line Items]
Principal Amount or Par Value	[4],[5]	588
Cost	[4],[5]	0
Fair Value	[4],[5]	$ (7)
Investment, Identifier [Axis]: KPSKY Acquisition Inc., First Lien - Drawn
Schedule of Investments [Line Items]
Spread		5.75%	[3],[4],[5]	5.75%	[6],[7],[8]
Interest Rate		11.18%	[3],[4],[5]	11.23%	[6],[7],[8]
Principal Amount or Par Value		$ 9	[4],[5]	$ 10	[6],[7]
Cost		9	[4],[5]	9	[6],[7]
Fair Value		$ 9	[4],[5]	$ 9	[6],[7]
Percent of Members' Capital		0.01%		0.01%	[6],[7]
Investment, Identifier [Axis]: KPSKY Acquisition Inc., First Lien - Undrawn
Schedule of Investments [Line Items]
Principal Amount or Par Value	[4],[5]	$ 784
Cost	[4],[5]	0
Fair Value	[4],[5]	$ 0
Percent of Members' Capital		0.00%
Investment, Identifier [Axis]: KPSKY Acquisition Inc., First Lien - Undrawn
Schedule of Investments [Line Items]
Principal Amount or Par Value	[6],[7]			$ 784
Cost	[6],[7]			0
Fair Value	[6],[7]			$ (8)
Percent of Members' Capital	[6],[7]			(0.01%)
Investment, Identifier [Axis]: Kaseya Inc., First Lien
Schedule of Investments [Line Items]
Spread	[7],[8],[9]			3.50%
PIK	[7],[8],[9]			2.50%
Interest Rate	[7],[8]			11.38%
Principal Amount or Par Value	[7]			$ 3,197
Cost	[7]			3,168
Fair Value	[7]			$ 3,197
Investment, Identifier [Axis]: Kaseya Inc., First Lien - Drawn
Schedule of Investments [Line Items]
Spread	[3],[4],[5]	5.50%
Interest Rate	[3],[4],[5]	10.83%
Principal Amount or Par Value	[4],[5]	$ 49
Cost	[4],[5]	48
Fair Value	[4],[5]	49
Investment, Identifier [Axis]: Kaseya Inc., First Lien - Drawn 1
Schedule of Investments [Line Items]
Spread	[6],[7],[8]			5.50%
Interest Rate	[6],[7],[8]			10.86%
Principal Amount or Par Value	[6],[7]			$ 49
Cost	[6],[7]			48
Fair Value	[6],[7]			$ 49
Investment, Identifier [Axis]: Kaseya Inc., First Lien - Drawn 2
Schedule of Investments [Line Items]
Spread	[6],[7],[8],[9]			3.50%
PIK	[6],[7],[8],[9]			2.50%
Interest Rate	[6],[7],[8]			11.38%
Principal Amount or Par Value	[6],[7]			$ 12
Cost	[6],[7]			12
Fair Value	[6],[7]			12
Investment, Identifier [Axis]: Kaseya Inc., First Lien - Undrawn 1
Schedule of Investments [Line Items]
Principal Amount or Par Value		144	[4],[5]	144	[6],[7]
Cost		(1)	[4],[5]	(1)	[6],[7]
Fair Value		0	[4],[5]	0	[6],[7]
Investment, Identifier [Axis]: Kaseya Inc., First Lien - Undrawn 2
Schedule of Investments [Line Items]
Principal Amount or Par Value		1,185	[4],[5]	180	[6],[7]
Cost		0	[4],[5]	(2)	[6],[7]
Fair Value		$ 0	[4],[5]	$ 0	[6],[7]
Investment, Identifier [Axis]: Kaseya Inc., First Lien 1
Schedule of Investments [Line Items]
Spread	[3],[5]	3.50%
PIK	[3],[5]	2.50%
Interest Rate	[3],[5]	11.31%
Principal Amount or Par Value	[5]	$ 3,218
Cost	[5]	3,188
Fair Value	[5]	$ 3,218
Investment, Identifier [Axis]: Kaseya Inc., First Lien 2
Schedule of Investments [Line Items]
Spread	[3],[5]	5.50%
Interest Rate	[3],[5]	10.81%
Principal Amount or Par Value	[5]	$ 12
Cost	[5]	12
Fair Value	[5]	$ 12
Investment, Identifier [Axis]: Legal Spend Holdings, LLC (fka Bottomline Technologies, Inc.) First Lien
Schedule of Investments [Line Items]
Spread	[7],[8]			5.75%
Interest Rate	[7],[8]			11.11%
Principal Amount or Par Value	[7]			$ 2,319
Cost	[7]			2,297
Fair Value	[7]			$ 2,319
Percent of Members' Capital	[7]			2.19%
Investment, Identifier [Axis]: Legal Spend Holdings, LLC (fka Bottomline Technologies, Inc.), First Lien
Schedule of Investments [Line Items]
Spread	[3],[5]	5.75%
Interest Rate	[3],[5]	11.08%
Principal Amount or Par Value	[5]	$ 2,319
Cost	[5]	2,298
Fair Value	[5]	$ 2,342
Percent of Members' Capital		2.21%
Investment, Identifier [Axis]: MRI Software LLC, First Lien - Undrawn 1
Schedule of Investments [Line Items]
Principal Amount or Par Value		$ 1,691	[4],[5]	$ 1,691	[6],[7]
Cost		0	[4],[5]	0	[6],[7]
Fair Value		0	[4],[5]	0	[6],[7]
Investment, Identifier [Axis]: MRI Software LLC, First Lien - Undrawn 2
Schedule of Investments [Line Items]
Principal Amount or Par Value		169	[4],[5]	169	[6],[7]
Cost		(1)	[4],[5]	(1)	[6],[7]
Fair Value		$ 0	[4],[5]	$ 0	[6],[7]
Investment, Identifier [Axis]: More cowbell II LLC, First Lien
Schedule of Investments [Line Items]
Spread	[3],[5]	6.00%
Interest Rate	[3],[5]	11.09%
Principal Amount or Par Value	[5]	$ 1,570
Cost	[5]	1,559
Fair Value	[5]	$ 1,558
Investment, Identifier [Axis]: More cowbell II LLC, First Lien
Schedule of Investments [Line Items]
Spread	[7],[8]			6.00%
Interest Rate	[7],[8]			11.48%
Principal Amount or Par Value	[7]			$ 1,570
Cost	[7]			1,559
Fair Value	[7]			$ 1,558
Investment, Identifier [Axis]: More cowbell II LLC, First Lien - Drawn
Schedule of Investments [Line Items]
Spread		6.00%	[3],[4],[5]	6.00%	[6],[7],[8]
Interest Rate		11.28%	[3],[4],[5]	11.37%	[6],[7],[8]
Principal Amount or Par Value		$ 41	[4],[5]	$ 41	[6],[7]
Cost		41	[4],[5]	41	[6],[7]
Fair Value		41	[4],[5]	41	[6],[7]
Investment, Identifier [Axis]: More cowbell II LLC, First Lien - Undrawn 1
Schedule of Investments [Line Items]
Principal Amount or Par Value		171	[4],[5]	171	[6],[7]
Cost		0	[4],[5]	0	[6],[7]
Fair Value		0	[4],[5]	0	[6],[7]
Investment, Identifier [Axis]: More cowbell II LLC, First Lien - Undrawn 2
Schedule of Investments [Line Items]
Principal Amount or Par Value		181	[4],[5]	181	[6],[7]
Cost		(1)	[4],[5]	(1)	[6],[7]
Fair Value		$ (1)	[4],[5]	$ (1)	[6],[7]
Investment, Identifier [Axis]: Ncontracts, LLC, First Lien
Schedule of Investments [Line Items]
Spread		6.50%	[3],[5]	6.50%	[8]
Interest Rate		11.80%	[3],[5]	11.80%	[8]
Principal Amount or Par Value		$ 3,139	[5]	$ 3,139
Cost		3,101	[5]	3,100
Fair Value		$ 3,100	[5]	$ 3,100
Percent of Members' Capital				2.93%
Investment, Identifier [Axis]: Ncontracts, LLC, First Lien - Drawn
Schedule of Investments [Line Items]
Spread	[3],[4],[5]	6.50%
Interest Rate	[3],[4],[5]	11.82%
Principal Amount or Par Value	[4],[5]	$ 29
Cost	[4],[5]	29
Fair Value	[4],[5]	29
Investment, Identifier [Axis]: Ncontracts, LLC, First Lien - Undrawn 1
Schedule of Investments [Line Items]
Principal Amount or Par Value		261	[4],[5]	$ 290	[6]
Cost		(3)	[4],[5]	0	[6]
Fair Value		(3)	[4],[5]	0	[6]
Investment, Identifier [Axis]: Ncontracts, LLC, First Lien - Undrawn 2
Schedule of Investments [Line Items]
Principal Amount or Par Value		290	[4],[5]	290	[6]
Cost		0	[4],[5]	(4)	[6]
Fair Value		$ (4)	[4],[5]	$ (4)	[6]
Investment, Identifier [Axis]: Next Holdco, LLC, First Lien
Schedule of Investments [Line Items]
Spread		6.00%	[3],[5]	6.00%	[7],[8]
Interest Rate		11.32%	[3],[5]	11.37%	[7],[8]
Principal Amount or Par Value		$ 1,760	[5]	$ 1,760	[7]
Cost		1,748	[5]	1,747	[7]
Fair Value		$ 1,747	[5]	$ 1,747	[7]
Percent of Members' Capital		1.65%		1.65%	[7]
Investment, Identifier [Axis]: Next Holdco, LLC, First Lien - Undrawn 1
Schedule of Investments [Line Items]
Principal Amount or Par Value		$ 451	[4],[5]	$ 451	[6],[7]
Cost		0	[4],[5]	0	[6],[7]
Fair Value		0	[4],[5]	0	[6],[7]
Investment, Identifier [Axis]: Next Holdco, LLC, First Lien - Undrawn 2
Schedule of Investments [Line Items]
Principal Amount or Par Value		169	[4],[5]	169	[6],[7]
Cost		(1)	[4],[5]	(1)	[6],[7]
Fair Value		$ (1)	[4],[5]	$ (1)	[6],[7]
Investment, Identifier [Axis]: Nielsen Consumer Inc., First Lien
Schedule of Investments [Line Items]
Spread		6.25%	[3],[11]	6.25%	[8],[10]
Interest Rate		11.58%	[3],[11]	11.61%	[8],[10]
Principal Amount or Par Value		$ 2,176	[11]	$ 2,181	[10]
Cost		2,146	[11]	2,150	[10]
Fair Value		$ 2,165	[11]	$ 2,139	[10]
Percent of Members' Capital		2.04%		2.02%	[10]
Investment, Identifier [Axis]: PDI TA Holdings, Inc., First Lien
Schedule of Investments [Line Items]
Spread	[3],[5]	5.50%
Interest Rate	[3],[5]	10.83%
Principal Amount or Par Value	[5]	$ 1,739
Cost	[5]	1,731
Fair Value	[5]	$ 1,731
Percent of Members' Capital		1.63%
Investment, Identifier [Axis]: PDI TA Holdings, Inc., First Lien - Undrawn 1
Schedule of Investments [Line Items]
Principal Amount or Par Value	[4],[5]	$ 659
Cost	[4],[5]	0
Fair Value	[4],[5]	0
Investment, Identifier [Axis]: PDI TA Holdings, Inc., First Lien - Undrawn 2
Schedule of Investments [Line Items]
Principal Amount or Par Value	[4],[5]	195
Cost	[4],[5]	(1)
Fair Value	[4],[5]	$ (1)
Investment, Identifier [Axis]: PDQ.com Corporation, First Lien
Schedule of Investments [Line Items]
Spread	[3],[5]	5.50%
Interest Rate	[3],[5]	10.83%
Principal Amount or Par Value	[5]	$ 453
Cost	[5]	449
Fair Value	[5]	$ 457
Investment, Identifier [Axis]: PDQ.com Corporation, First Lien
Schedule of Investments [Line Items]
Spread	[7],[8]			5.75%
Interest Rate	[7],[8]			11.18%
Principal Amount or Par Value	[7]			$ 454
Cost	[7]			450
Fair Value	[7]			$ 454
Percent of Members' Capital	[7]			0.43%
Investment, Identifier [Axis]: PDQ.com Corporation, First Lien - Drawn
Schedule of Investments [Line Items]
Spread	[3],[4],[5]	5.00%
Interest Rate	[3],[4],[5]	10.43%
Principal Amount or Par Value	[4],[5]	$ 19
Cost	[4],[5]	19
Fair Value	[4],[5]	19
Investment, Identifier [Axis]: PDQ.com Corporation, First Lien - Undrawn 1
Schedule of Investments [Line Items]
Principal Amount or Par Value		296	[4],[5]	$ 295	[6],[7]
Cost		0	[4],[5]	0	[6],[7]
Fair Value		3	[4],[5]	0	[6],[7]
Investment, Identifier [Axis]: PDQ.com Corporation, First Lien - Undrawn 2
Schedule of Investments [Line Items]
Principal Amount or Par Value		144	[4],[5]	163	[6],[7]
Cost		(1)	[4],[5]	(2)	[6],[7]
Fair Value		0	[4],[5]	0	[6],[7]
Investment, Identifier [Axis]: PPV Intermediate Holdings, LLC, First Lien - Undrawn
Schedule of Investments [Line Items]
Principal Amount or Par Value	[6],[7]			1,952
Cost	[6],[7]			0
Fair Value	[6],[7]			$ 0
Percent of Members' Capital	[6],[7]			0.00%
Investment, Identifier [Axis]: PPV Intermediate Holdings, LLC, First Lien - Undrawn
Schedule of Investments [Line Items]
Principal Amount or Par Value	[4],[5]	1,953
Cost	[4],[5]	0
Fair Value	[4],[5]	$ 0
Percent of Members' Capital		0.00%
Investment, Identifier [Axis]: PetVet Care Centers, LLC, First Lien
Schedule of Investments [Line Items]
Spread	[3],[5]	6.00%
Interest Rate	[3],[5]	11.33%
Principal Amount or Par Value	[5]	$ 2,967
Cost	[5]	2,938
Fair Value	[5]	$ 2,967
Percent of Members' Capital		2.80%
Investment, Identifier [Axis]: PetVet Care Centers, LLC, First Lien
Schedule of Investments [Line Items]
Spread	[8]			6.00%
Interest Rate	[8]			11.36%
Principal Amount or Par Value				$ 2,974
Cost				2,945
Fair Value				$ 2,975
Percent of Members' Capital				2.81%
Investment, Identifier [Axis]: PetVet Care Centers, LLC, First Lien - Undrawn 1
Schedule of Investments [Line Items]
Principal Amount or Par Value		$ 388	[4],[5]	$ 388	[6]
Cost		0	[4],[5]	0	[6]
Fair Value		0	[4],[5]	0	[6]
Investment, Identifier [Axis]: PetVet Care Centers, LLC, First Lien - Undrawn 2
Schedule of Investments [Line Items]
Principal Amount or Par Value		388	[4],[5]	388	[6]
Cost		(4)	[4],[5]	(4)	[6]
Fair Value		$ 0	[4],[5]	$ 0	[6]
Investment, Identifier [Axis]: Project Accelerate Parent, LLC, First Lien
Schedule of Investments [Line Items]
Spread	[3],[5]	5.25%
Interest Rate	[3],[5]	10.58%
Principal Amount or Par Value	[5]	$ 1,612
Cost	[5]	1,604
Fair Value	[5]	$ 1,604
Percent of Members' Capital		1.51%
Investment, Identifier [Axis]: Project Accelerate Parent, LLC, First Lien - Undrawn
Schedule of Investments [Line Items]
Principal Amount or Par Value	[4],[5]	$ 230
Cost	[4],[5]	(1)
Fair Value	[4],[5]	$ (1)
Percent of Members' Capital		(0.00%)
Investment, Identifier [Axis]: Pye-Barker Fire & Safety, LLC, First Lien
Schedule of Investments [Line Items]
Spread	[3],[5]	5.50%
Interest Rate	[3],[5]	10.96%
Principal Amount or Par Value	[5]	$ 2,481
Cost	[5]	2,470
Fair Value	[5]	$ 2,481
Percent of Members' Capital		2.34%
Investment, Identifier [Axis]: Pye-Barker Fire & Safety, LLC, First Lien
Schedule of Investments [Line Items]
Spread	[7],[8]			5.50%
Interest Rate	[7],[8]			11.00%
Principal Amount or Par Value	[7]			$ 2,487
Cost	[7]			2,476
Fair Value	[7]			$ 2,487
Percent of Members' Capital	[7]			2.35%
Investment, Identifier [Axis]: RealPage, Inc., Second Lien
Schedule of Investments [Line Items]
Spread	[3]	6.50%
Interest Rate	[3]	11.94%
Principal Amount or Par Value		$ 3,193
Cost		3,177
Fair Value		$ 3,177
Percent of Members' Capital		2.99%
Investment, Identifier [Axis]: Relativity ODA LLC, First Lien
Schedule of Investments [Line Items]
Spread	[3],[5]	6.50%
Interest Rate	[3],[5]	11.93%
Principal Amount or Par Value	[5]	$ 3,042
Cost	[5]	3,042
Fair Value	[5]	$ 3,042
Percent of Members' Capital		2.87%
Investment, Identifier [Axis]: Relativity ODA LLC, First Lien - Undrawn
Schedule of Investments [Line Items]
Principal Amount or Par Value	[4],[5]	$ 292
Cost	[4],[5]	0
Fair Value	[4],[5]	$ 0
Percent of Members' Capital		0.00%
Investment, Identifier [Axis]: Riskonnect Parent, LLC, First Lien - Undrawn
Schedule of Investments [Line Items]
Principal Amount or Par Value	[4]	$ 3,175
Cost	[4]	0
Fair Value	[4]	$ 0
Percent of Members' Capital		0.00%
Investment, Identifier [Axis]: RxB Holdings, Inc., First Lien
Schedule of Investments [Line Items]
Spread	[3]	5.25%
Interest Rate	[3]	10.58%
Principal Amount or Par Value		$ 1,980
Cost		1,937
Fair Value		$ 1,990
Percent of Members' Capital		1.87%
Investment, Identifier [Axis]: RxB Holdings, Inc., First Lien
Schedule of Investments [Line Items]
Spread	[7],[8]			5.25%
Interest Rate	[7],[8]			10.61%
Principal Amount or Par Value	[7]			$ 1,985
Cost	[7]			1,940
Fair Value	[7]			$ 1,985
Percent of Members' Capital	[7]			1.88%
Investment, Identifier [Axis]: Safety Borrower Holdings LLC, First Lien
Schedule of Investments [Line Items]
Spread	[3],[5]	5.25%
Interest Rate	[3],[5]	10.82%
Principal Amount or Par Value	[5]	$ 769
Cost	[5]	769
Fair Value	[5]	$ 769
Percent of Members' Capital		0.72%
Investment, Identifier [Axis]: Sierra Enterprises, LLC, First Lien
Schedule of Investments [Line Items]
Spread	[3],[5]	2.50%
PIK	[3],[5]	4.25%
Interest Rate	[3],[5]	12.06%
Principal Amount or Par Value	[5]	$ 5,319
Cost	[5]	4,588
Fair Value	[5]	$ 5,253
Percent of Members' Capital		4.95%
Investment, Identifier [Axis]: Sierra Enterprises, LLC, First Lien
Schedule of Investments [Line Items]
Spread	[8],[9]			2.50%
PIK	[8],[9]			4.25%
Interest Rate	[8],[9]			12.13%
Principal Amount or Par Value	[9]			$ 4,674
Cost	[9]			3,937
Fair Value	[9]			$ 4,335
Percent of Members' Capital	[9]			4.09%
Investment, Identifier [Axis]: Syndigo LLC, First Lien
Schedule of Investments [Line Items]
Spread	[3],[5]	4.50%
Interest Rate	[3],[5]	9.94%
Principal Amount or Par Value	[5]	$ 1,985
Cost	[5]	1,878
Fair Value	[5]	$ 1,980
Percent of Members' Capital		1.87%
Investment, Identifier [Axis]: Syndigo LLC, First Lien
Schedule of Investments [Line Items]
Spread	[7],[8]			4.50%
Interest Rate	[7],[8]			9.97%
Principal Amount or Par Value	[7]			$ 1,990
Cost	[7]			1,875
Fair Value	[7]			$ 1,990
Percent of Members' Capital	[7]			1.88%
Investment, Identifier [Axis]: TRC Companies L.L.C. (fka Energize Holdco LLC) Second Lien
Schedule of Investments [Line Items]
Spread	[7],[8]			6.75%
Interest Rate	[7],[8]			12.22%
Principal Amount or Par Value	[7]			$ 775
Cost	[7]			717
Fair Value	[7]			$ 752
Percent of Members' Capital	[7]			0.71%
Investment, Identifier [Axis]: TRC Companies L.L.C. (fka Energize Holdco LLC), Second Lien
Schedule of Investments [Line Items]
Spread	[3],[5]	6.75%
Interest Rate	[3],[5]	12.19%
Principal Amount or Par Value	[5]	$ 775
Cost	[5]	719
Fair Value	[5]	$ 769
Percent of Members' Capital		0.72%
Investment, Identifier [Axis]: Trinity Air Consultants Holdings Corporation, First Lien - Drawn
Schedule of Investments [Line Items]
Spread		5.75%	[3],[4],[5]	5.75%	[6],[7],[8]
Interest Rate		11.13%	[3],[4],[5]	11.15%	[6],[7],[8]
Principal Amount or Par Value		$ 848	[4],[5]	$ 689	[6],[7]
Cost		841	[4],[5]	683	[6],[7]
Fair Value		$ 848	[4],[5]	$ 689	[6],[7]
Percent of Members' Capital		0.80%		0.65%	[6],[7]
Investment, Identifier [Axis]: Trinity Air Consultants Holdings Corporation, First Lien - Undrawn
Schedule of Investments [Line Items]
Principal Amount or Par Value		$ 677	[4],[5]	$ 837	[6],[7]
Cost		0	[4],[5]	0	[6],[7]
Fair Value		$ 0	[4],[5]	$ 0	[6],[7]
Percent of Members' Capital		0.00%		0.00%	[6],[7]
Investment, Identifier [Axis]: USRP Holdings, Inc., First Lien
Schedule of Investments [Line Items]
Spread		5.75%	[3],[5]	5.75%	[7],[8]
Interest Rate		11.18%	[3],[5]	11.18%	[7],[8]
Principal Amount or Par Value		$ 3,126	[5]	$ 3,134	[7]
Cost		3,119	[5]	3,126	[7]
Fair Value		$ 3,126	[5]	$ 3,134	[7]
Investment, Identifier [Axis]: USRP Holdings, Inc., First Lien - Drawn
Schedule of Investments [Line Items]
Spread		5.75%	[3],[4],[5]	5.75%	[6],[7],[8]
Interest Rate		11.18%	[3],[4],[5]	11.18%	[6],[7],[8]
Principal Amount or Par Value		$ 302	[4],[5]	$ 302	[6],[7]
Cost		297	[4],[5]	298	[6],[7]
Fair Value		302	[4],[5]	302	[6],[7]
Investment, Identifier [Axis]: USRP Holdings, Inc., First Lien - Undrawn - 1
Schedule of Investments [Line Items]
Principal Amount or Par Value	[6],[7]			860
Cost	[6],[7]			0
Fair Value	[6],[7]			0
Investment, Identifier [Axis]: USRP Holdings, Inc., First Lien - Undrawn - 2
Schedule of Investments [Line Items]
Principal Amount or Par Value	[6],[7]			200
Cost	[6],[7]			0
Fair Value	[6],[7]			$ 0
Investment, Identifier [Axis]: USRP Holdings, Inc., First Lien - Undrawn 1
Schedule of Investments [Line Items]
Principal Amount or Par Value	[4],[5]	861
Cost	[4],[5]	0
Fair Value	[4],[5]	0
Investment, Identifier [Axis]: USRP Holdings, Inc., First Lien - Undrawn 2
Schedule of Investments [Line Items]
Principal Amount or Par Value	[4],[5]	200
Cost	[4],[5]	0
Fair Value	[4],[5]	0
Investment, Identifier [Axis]: Verdantas LLC, First Lien - Undrawn
Schedule of Investments [Line Items]
Principal Amount or Par Value	[4],[5]	3,242
Cost	[4],[5]	0
Fair Value	[4],[5]	$ 0
Percent of Members' Capital		0.00%
Investment, Identifier [Axis]: Verdantas LLC, First Lien 1
Schedule of Investments [Line Items]
Spread	[3],[5]	7.00%
Interest Rate	[3],[5]	12.43%
Principal Amount or Par Value	[5]	$ 1,227
Cost	[5]	1,218
Fair Value	[5]	$ 1,217
Investment, Identifier [Axis]: Verdantas LLC, First Lien 2
Schedule of Investments [Line Items]
Spread	[3],[5]	7.00%
Interest Rate	[3],[5]	12.43%
Principal Amount or Par Value	[5]	$ 1,081
Cost	[5]	1,081
Fair Value	[5]	$ 1,081
Investment, Identifier [Axis]: Virtusa Corporation, Subordinated
Schedule of Investments [Line Items]
Spread	[3]	7.13%
Interest Rate	[3]	7.13%
Principal Amount or Par Value		$ 3,164
Cost		2,682
Fair Value		$ 2,844
Percent of Members' Capital		2.68%
Investment, Identifier [Axis]: Virtusa Corporation, Subordinated
Schedule of Investments [Line Items]
Spread	[8]			7.13%
Interest Rate	[8]			7.13%
Principal Amount or Par Value				$ 2,364
Cost				1,954
Fair Value				$ 2,031
Percent of Members' Capital				1.92%
Investment, Identifier [Axis]: Wealth Enhancement Group, LLC, First Lien - Undrawn 1
Schedule of Investments [Line Items]
Principal Amount or Par Value	[4],[5]	$ 2,895
Cost	[4],[5]	0
Fair Value	[4],[5]	0
Investment, Identifier [Axis]: Wealth Enhancement Group, LLC, First Lien - Undrawn 2
Schedule of Investments [Line Items]
Principal Amount or Par Value	[4],[5]	165
Cost	[4],[5]	(1)
Fair Value	[4],[5]	$ 0
Investment, Identifier [Axis]: Wealth Enhancement Group, LLC, First Lien 1
Schedule of Investments [Line Items]
Spread		5.50%	[3],[5]	5.75%	[7],[8]
Interest Rate		10.81%	[3],[5]	11.23%	[7],[8]
Principal Amount or Par Value		$ 966	[5]	$ 968	[7]
Cost		966	[5]	969	[7]
Fair Value		$ 966	[5]	$ 968	[7]
Investment, Identifier [Axis]: Wealth Enhancement Group, LLC, First Lien 2
Schedule of Investments [Line Items]
Spread		5.50%	[3],[5]	5.75%	[7],[8]
Interest Rate		10.81%	[3],[5]	11.23%	[7],[8]
Principal Amount or Par Value		$ 600	[5]	$ 601	[7]
Cost		600	[5]	601	[7]
Fair Value		$ 600	[5]	$ 601	[7]
Investment, Identifier [Axis]: Wealth Enhancement Group, LLC, First Lien 3
Schedule of Investments [Line Items]
Spread		5.50%	[3],[5]	5.75%	[7],[8]
Interest Rate		10.81%	[3],[5]	11.23%	[7],[8]
Principal Amount or Par Value		$ 259	[5]	$ 260	[7]
Cost		259	[5]	260	[7]
Fair Value		$ 259	[5]	$ 260	[7]
Investment, Identifier [Axis]: Wealth Enhancement Group, LLC, First Lien 4
Schedule of Investments [Line Items]
Spread		5.50%	[3],[5]	5.75%	[7],[8]
Interest Rate		10.84%	[3],[5]	11.23%	[7],[8]
Principal Amount or Par Value		$ 149	[5]	$ 150	[7]
Cost		149	[5]	150	[7]
Fair Value		$ 149	[5]	$ 150	[7]
Investment, Identifier [Axis]: Wealth Enhancement Group, LLC, First Lien 5
Schedule of Investments [Line Items]
Spread		5.50%	[3],[5]	5.75%	[7],[8]
Interest Rate		10.82%	[3],[5]	11.11%	[7],[8]
Principal Amount or Par Value		$ 21	[5]	$ 21	[7]
Cost		21	[5]	21	[7]
Fair Value		$ 21	[5]	$ 21	[7]
Investment, Identifier [Axis]: Zone Climate Services, Inc., First Lien - Drawn
Schedule of Investments [Line Items]
Spread		4.50%	[3],[4],[5]	4.50%	[6],[7],[8]
Interest Rate		13.00%	[3],[4],[5]	13.00%	[6],[7],[8]
Principal Amount or Par Value		$ 78	[4],[5]	$ 19	[6],[7]
Cost		77	[4],[5]	19	[6],[7]
Fair Value		$ 78	[4],[5]	$ 19	[6],[7]
Percent of Members' Capital		0.06%		0.02%	[6],[7]
Investment, Identifier [Axis]: Zone Climate Services, Inc., First Lien - Undrawn 1
Schedule of Investments [Line Items]
Principal Amount or Par Value	[4],[5]	$ 144
Cost	[4],[5]	(1)
Fair Value	[4],[5]	0
Investment, Identifier [Axis]: Zone Climate Services, Inc., First Lien - Undrawn 2
Schedule of Investments [Line Items]
Principal Amount or Par Value	[4],[5]	1,111
Cost	[4],[5]	0
Fair Value	[4],[5]	$ (6)
Investment, Identifier [Axis]: Zone Climate Services, Inc., First Line - Undrawn 1
Schedule of Investments [Line Items]
Principal Amount or Par Value	[6],[7]			$ 333
Cost	[6],[7]			0
Fair Value	[6],[7]			0
Investment, Identifier [Axis]: Zone Climate Services, Inc., First Line - Undrawn 2
Schedule of Investments [Line Items]
Principal Amount or Par Value	[6],[7]			1,112
Cost	[6],[7]			0
Fair Value	[6],[7]			0
Investment, Identifier [Axis]: Zone Climate Services, Inc., First Line - Undrawn 3
Schedule of Investments [Line Items]
Principal Amount or Par Value	[6],[7]			203
Cost	[6],[7]			(2)
Fair Value	[6],[7]			$ 0
Investment, Identifier [Axis]: iCIMS, Inc., First Lien
Schedule of Investments [Line Items]
Spread	[3],[5]	3.38%
PIK	[3],[5]	3.88%
Interest Rate	[3],[5]	12.58%
Principal Amount or Par Value	[5]	$ 6,817
Cost	[5]	6,785
Fair Value	[5]	$ 6,885
Investment, Identifier [Axis]: iCIMS, Inc., First Lien
Schedule of Investments [Line Items]
Spread	[7],[8],[9]			3.38%
PIK	[7],[8],[9]			3.88%
Interest Rate	[7],[8]			12.62%
Principal Amount or Par Value	[7]			$ 2,895
Cost	[7]			2,867
Fair Value	[7]			$ 2,916
Percent of Members' Capital	[7]			2.76%
Investment, Identifier [Axis]: iCIMS, Inc., First Lien - Drawn
Schedule of Investments [Line Items]
Spread	[3],[4],[5]	6.75%
Interest Rate	[3],[4],[5]	12.05%
Principal Amount or Par Value	[4],[5]	$ 24
Cost	[4],[5]	26
Fair Value	[4],[5]	24
Investment, Identifier [Axis]: iCIMS, Inc., First Lien - Undrawn
Schedule of Investments [Line Items]
Principal Amount or Par Value	[6],[7]			$ 592
Cost	[6],[7]			0
Fair Value	[6],[7]			$ 0
Percent of Members' Capital	[6],[7]			0.00%
Investment, Identifier [Axis]: iCIMS, Inc., First Lien - Undrawn 1
Schedule of Investments [Line Items]
Principal Amount or Par Value	[4],[5]	1,313
Cost	[4],[5]	0
Fair Value	[4],[5]	0
Investment, Identifier [Axis]: iCIMS, Inc., First Lien - Undrawn 2
Schedule of Investments [Line Items]
Principal Amount or Par Value	[4],[5]	332
Cost	[4],[5]	(3)
Fair Value	[4],[5]	$ 0

[1] New Mountain Guardian IV Income Fund, 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] New Mountain Guardian IV Income Fund, 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.

[3] All interest is payable in cash unless otherwise indicated. A majority of the variable rate debt investments bear interest at a rate that may be determined by reference to the Secured Overnight Financing Rate (SOFR), the Prime Rate (P) and the alternative base rate (Base) and which resets monthly (M), quarterly (Q), semi-annually (S) or annually (A). For each investment the current interest rate provided reflects the rate in effect as of March 31, 2024.

[4] 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.

[5] 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.

[6] 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.

[7] 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.

[8] All interest is payable in cash unless otherwise indicated. A majority of the variable rate debt investments bear interest at a rate that may be determined by reference to the Secured Overnight Financing Rate (SOFR), the Prime Rate (P) and the alternative base rate (Base) and which resets monthly (M), quarterly (Q), semi-annually (S) or annually (A). For each investment the current interest rate provided reflects the rate in effect as of December 31, 2023.

[9] All or a portion of interest contains PIK interest.

[10] Indicates assets that the Company deems to be "non-qualifying assets" under Section 55(a) of the Investment Company Act of 1940 (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 December 31, 2023, 2.61% of the Company's total assets are represented by investments at fair value that are considered non-qualifying assets.

[11] Indicates assets that the Company deems to be "non-qualifying assets" under Section 55(a) of the Investment Company Act of 1940 (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, 2024, 3.94% of the Company's total assets are represented by investments at fair value that are considered non-qualifying assets.

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Formation and Business Purpose

3 Months Ended

Mar. 31, 2024

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Formation and Business Purpose

Formation and Business Purpose

New Mountain Guardian IV Income Fund, L.L.C. (the "Company"), formerly known as New Mountain Guardian IV Unlevered BDC, L.L.C., is a Delaware limited liability company formed on November 4, 2022. The Company is a closed-end, non-diversified management investment company that has elected to be regulated as a business development company ("BDC") under the Investment Company Act of 1940, as amended (the "1940 Act"). The Company intends to elect to be treated for U.S. federal income tax purposes, and intends to comply with requirements to qualify annually thereafter, as a regulated investment company ("RIC") under Subchapter M of the Internal Revenue Code of 1986, as amended (the "Code").

New Mountain Finance Advisers BDC, L.L.C. (the "Investment Adviser") is a wholly-owned subsidiary of New Mountain Capital Group, L.P. (together with New Mountain Capital, L.L.C. and its affiliates, "New Mountain Capital"), whose ultimate owners include Steven B. Klinsky, other current and former New Mountain Capital professionals and related vehicles and a minority investor. New Mountain Capital is a global investment firm with approximately $50.0 billion of assets under management and a track record of investing in the middle market. New Mountain Capital focuses on investing in defensive growth companies across its private equity, credit and net lease investment strategies. The Investment Adviser manages the Company's day-to-day operations and provides it with investment advisory and management services. The Investment Adviser also manages other funds that may have investment mandates that are similar, in whole or in part, to the Company's. New Mountain Finance Administration, L.L.C. (the "Administrator"), a wholly-owned subsidiary of New Mountain Capital, provides the administrative services necessary to conduct the Company's day-to-day operations. The Administrator has hired a third-party sub-administrator to assist with the provision of administrative services.

The Company conducted a private offering (the "Private Offering") of units of the Company's limited liability company interests (the "Units") to investors in reliance on exemptions from the registration requirements of the Securities Act of 1933, as amended (the "Securities Act"). Units will be offered for subscription continuously throughout the Closing Period (as defined below). Each investor in the Private Offering made a capital commitment (each, a "Capital Commitment") to purchase Units pursuant to a subscription agreement entered into with the Company (each, a "Subscription Agreement"). The Company expects closings of the Private Offering will occur, from time to time, in the Investment Adviser's sole discretion, during the 18-month period (the "Closing Period") following the initial closing of Capital Commitments, which occurred on May 23, 2023. The Company may accept and draw down on Capital Commitments from investors throughout the Closing Period and may draw down on Capital Commitments after the Closing Period. The Company commenced loan origination and investment activities on May 24, 2023. The "Investment Period" began on May 23, 2023 and will continue until November 23, 2028, the four-year anniversary of the end of the Closing Period. The term of the Company is until November 23, 2030, six years from the end of the Closing Period, subject to (i) a one-year extension as determined by the Investment Adviser in its sole discretion and (ii) an additional one year extension as determined by the Company's board of directors.

The Company focuses on providing direct lending solutions to U.S. upper middle market companies backed by top private equity sponsors. The Company's investment objective is to generate current income and capital appreciation through the sourcing and origination of senior secured loans and select junior capital positions, to growing businesses in defensive industries that offer attractive risk-adjusted returns. The Company's differentiated investment approach leverages the deep sector knowledge and operating resources of New Mountain Capital.

The Company primarily invests in senior secured debt of U.S. sponsor-backed, middle market companies. The Company defines middle market companies as those with annual earnings before interest, taxes, depreciation, and amortization ("EBITDA") between $10,000 and $200,000. The Company focuses on defensive growth businesses that generally exhibit the following characteristics: (i) acyclicality, (ii) sustainable secular growth drivers, (iii) niche market dominance and high barriers to competitive entry, (iv) recurring revenue and strong free cash flow, (v) flexible cost structures and (vi) seasoned management teams.

Senior secured loans may include traditional first lien loans or unitranche loans. The Company invests a significant portion of its portfolio in unitranche loans, which are loans that combine both senior and subordinated debt, generally in a first-lien position. Because unitranche loans combine characteristics of senior and subordinated debt, they have risks similar to the risks associated with secured debt and subordinated debt. Certain unitranche loan investments may include “last-out” positions, which generally heighten the risk of loss. In some cases, the Company’s investments may also include equity interests.

As of March 31, 2024, the Company's top five industry concentrations were software, business services, healthcare, education and food & beverage.

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Summary of Significant Accounting Policies

3 Months Ended

Mar. 31, 2024

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

Summary of Significant Accounting Policies

Basis of accounting—The Company's financial statements have been prepared in conformity with accounting principles generally accepted in the United States ("GAAP"). The Company is an investment company following accounting and reporting guidance in Accounting Standards Codification Topic 946, Financial Services—Investment Companies ("ASC 946").

The Company's financial statements reflect all adjustments and reclassifications which, in the opinion of management, are necessary for the fair presentation of the results of operations and financial condition for the period(s) presented. Revenues are recognized when earned and expenses when incurred. The financial results of the Company's portfolio investments are not consolidated in the financial statements.

The Company's interim financial statements are prepared in accordance with GAAP and pursuant to the requirements for reporting on Form 10-Q and Articles 6 and 10 of Regulation S-X. Accordingly, the Company’s interim financial statements do not include all of the information and notes required by GAAP for annual financial statements. In the opinion of management, all adjustments, consisting solely of normal recurring accruals considered necessary for the fair presentation of financial statements for the interim period, have been included. The current period's results of operations will not necessarily be indicative of results that ultimately may be achieved for the fiscal year ending December 31, 2024.

Investments—The Company applies fair value accounting in accordance with GAAP. Fair value is the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Investments are reflected on the Company's Statements of Assets, Liabilities and Members' Capital at fair value, with changes in unrealized gains and losses resulting from changes in fair value reflected in the Company's Statement of Operations as "Net change in unrealized appreciation (depreciation) of investments" and realizations on portfolio investments reflected in the Company's Statement of Operations as "Net realized gains (losses) on investments".

The Company values its assets on a quarterly basis, or more frequently if required under the 1940 Act. In all cases, the Company's board of directors is ultimately and solely responsible for determining the fair value of the Company's portfolio investments on a quarterly basis in good faith, including investments that are not publicly traded, those whose market prices are not readily available and any other situation where its portfolio investments require a fair value determination. Security transactions are accounted for on a trade date basis. The Company's quarterly valuation procedures are set forth in more detail below:

(1)Investments for which market quotations are readily available on an exchange are valued at such market quotations based on the closing price indicated from independent pricing services.

(2)Investments for which indicative prices are obtained from various pricing services and/or brokers or dealers are valued through a multi-step valuation process, as described below, to determine whether the quote(s) obtained is representative of fair value in accordance with GAAP.

a.Bond quotes are obtained through independent pricing services. Internal reviews are performed by the investment professionals of the Investment Adviser to ensure that the quote obtained is representative of fair value in accordance with GAAP and, if so, the quote is used. If the Investment Adviser is unable to sufficiently validate the quote(s) internally and if the investment's par value or its fair value exceeds the materiality threshold, the investment is valued similarly to those assets with no readily available quotes (see (3) below); and

b.For investments other than bonds, the Company looks at the number of quotes readily available and performs the following procedures:

i.Investments for which two or more quotes are received from a pricing service are valued using the mean of the mean of the bid and ask of the quotes obtained. The Company will evaluate the reasonableness of the quote, and if the quote is determined to not be representative of fair value, the Company will use one or more of the methodologies outlined below to determine fair value; and

ii.Investments for which one quote is received from a pricing service are validated internally. The investment professionals of the Investment Adviser analyze the market quotes obtained using an array of valuation methods (further described below) to validate the fair value. If the Investment Adviser is unable to sufficiently validate the quote internally and if the investment's par value or its fair value exceeds the materiality threshold, the investment is valued similarly to those assets with no readily available quotes (see (3) below).

(3)Investments for which quotations are not readily available through exchanges, pricing services, brokers, or dealers are valued through a multi-step valuation process:

a.Each portfolio company or investment is initially valued by the investment professionals of the Investment Adviser responsible for the credit monitoring;

b.Preliminary valuation conclusions will then be documented and discussed with the Company's senior management;

c.If an investment falls into (3) above for four consecutive quarters and if the investment's par value or its fair value exceeds the materiality threshold, then at least once each fiscal year, the valuation for each portfolio investment for which the Company does not have a readily available market quotation will be reviewed by an independent valuation firm engaged by the Company's board of directors; and

d.When deemed appropriate by the Company's management, an independent valuation firm may be engaged to review and value investment(s) of a portfolio company, without any preliminary valuation being performed by the Investment Adviser. The investment professionals of the Investment Adviser will review and validate the value provided.

For investments in revolving credit facilities and delayed draw commitments, the cost basis of the funded investments purchased is offset by any costs/netbacks received for any unfunded portion on the total balance committed. The fair value is also adjusted for the price appreciation or depreciation on the unfunded portion. As a result, the purchase of a commitment not completely funded may result in a negative fair value until it is called and funded.

The values assigned to investments are based upon available information and do not necessarily represent amounts which might ultimately be realized, since such amounts depend on future circumstances and cannot be reasonably determined until the individual positions are liquidated. Due to the inherent uncertainty of determining the fair value of investments that do not have a readily available market value, the fair value of the Company's investments may fluctuate from period to period and the fluctuations could be material.

See Note 3. Investments, for further discussion relating to investments.

Cash and cash equivalents—Cash and cash equivalents include cash and short-term, highly liquid investments. The Company defines cash equivalents as securities that are readily convertible into known amounts of cash and so near maturity that there is insignificant risk of changes in value. These securities have original maturities of three months or less. The Company did not hold any cash equivalents as of March 31, 2024 and December 31, 2023.

Revenue recognition

Sales and paydowns of investments: Realized gains and losses on investments are determined on the specific identification method.

Interest income: Interest income, including amortization of premium and discount using the effective interest method, is recorded on the accrual basis and periodically assessed for collectability. Interest income also includes interest earned from cash on hand. Upon the prepayment of a loan or debt security, any prepayment penalties are recorded as part of interest income. The Company has loans in its portfolio that contain a payment-in-kind ("PIK") interest. PIK interest is accrued and recorded as income at the contractual rates, if deemed collectible. The PIK interest is added to the principal or share balances on the capitalization dates and are generally due at maturity or when redeemed by the issuer. For the three months ended March 31, 2024, the Company recognized PIK interest from investments of $144.

Non-accrual income: Investments are placed on non-accrual status when principal or interest payments are past due for 30 days or more and when there is reasonable doubt that principal or interest will be collected. Accrued cash and un-capitalized PIK interest are reversed when an investment is placed on non-accrual status. Previously capitalized PIK interest is not reversed when an investment is placed on non-accrual status. Interest payments received on non-accrual investments may be recognized as income or applied to principal depending upon management's judgment of the ultimate collectability. Non-accrual investments are restored to accrual status when past due principal and interest is paid and, in management's judgment, are likely to remain current. As of March 31, 2024 and December 31, 2023, no investments were on non-accrual status.

Fee income: Fee income represents delayed compensation, revolver fees, upfront fees, amendment fees and other miscellaneous fees received and are typically non-recurring in nature. Delayed compensation is income earned from counterparties on trades that do not settle within a set number of business days after the trade date. Fee income may also include fees from bridge loans. The Company may from time to time enter into bridge financing commitments, an obligation to provide interim financing to a counterparty until permanent credit can be obtained. These commitments are short-term in nature and may expire unfunded. A fee is received by the Company for providing such commitments. Structuring fees and upfront fees are recognized as income when earned, usually when paid at the closing of the investment, and are non-refundable. Income received in exchange for the provision of services such as recurring administration services are also recognized as fee income in the period in which it was earned.

Interest and other financing expenses—Interest and other financing fees are recorded on an accrual basis by the Company. See Note 6. Borrowings, for details.

Organizational expenses—Organizational expenses include costs and expenses incurred in connection with the formation and organization of the Company and are expensed as incurred in the Statement of Operations. Any organizational and offering expenses paid by the Company in excess of the lesser of $2,000 or 0.25% of the aggregate Capital Commitments pursuant to the Expense Limitation and Reimbursement Agreement (as defined below), will be applied as a reduction to the base management fee paid to the Investment Adviser and cannot be recouped by the Investment Adviser.

Deferred offering costs—The Company's deferred offering costs consists of fees and expenses incurred in connection with the offering of the Company's Units. Upon the issuance of Units, deferred offering costs are then amortized into Organizational and Offering Expenses on the Statement of Operations on a straight line basis over a period of 12 months beginning on the date of commencement of operations. Deferred offering costs are included on the Company’s Statements of Assets, Liabilities and Members' Capital until amortized.

Deferred financing costs—The deferred financing costs of the Company consist of capitalized expenses related to the origination and amending of the Company's borrowings. The Company amortizes these costs into expense over the stated life of the related borrowing. See Note 6. Borrowings, for details.

Income taxes—The Company was treated as a disregarded entity wholly owned by the Investment Adviser for the period beginning with the date of its inception on November 4, 2022 through May 23, 2023. The Company intends to elect to be treated as a RIC for U.S. federal income tax purposes under Subchapter M of the Code with the filing of its first tax return for the year ended December 31, 2023, and thereafter intends to comply with the requirements to qualify and maintain its status as a RIC annually. As a RIC, the Company will not be subject to U.S. federal income tax on the portion of taxable income and gains timely distributed to its unitholders.

To qualify and be subject to tax treatment as a RIC, the Company is required to meet certain income and asset diversification tests in addition to timely distributing at least 90.0% of its investment company taxable income, as defined by the Code. Since U.S. federal income tax regulations differ from GAAP, distributions in accordance with tax regulations may differ from net investment income and realized gains recognized for financial reporting purposes.

Differences between taxable income and the results of operations for financial reporting purposes may be permanent or temporary in nature. Permanent differences are reclassified among capital accounts in the financial statements to reflect their tax character. Differences in classification may also result from the treatment of short-term gains as ordinary income for U.S. federal income tax purposes.

For U.S. federal income tax purposes, distributions paid to unitholders of the Company are reported as ordinary income, return of capital, long term capital gains or a combination thereof.

The Company will be subject to a 4.0% nondeductible federal excise tax on certain undistributed income unless the Company distributes, in a timely manner as required by the Code, an amount at least equal to the sum of (1) 98.0% of its respective net ordinary income earned for the calendar year and (2) 98.2% of its respective capital gain net income for the one-year period ending October 31 in the calendar year.

Based on its analysis, the Company has determined that there were no uncertain tax positions that do not meet the more likely than not threshold as defined by Accounting Standards Codification Topic 740, Income Taxes ("ASC 740") through December 31, 2023. The 2023 tax year and forward remain subject to examination by the U.S. federal, state, and local tax authorities.

Distributions—Distributions to the Company's unitholders are recorded on the record date as set by the Company's board of directors. The Company intends to make timely distributions to its unitholders that will be sufficient to enable the Company to qualify and maintain its status as a RIC. The Company intends to distribute approximately all of its net investment income on a quarterly basis and substantially all of its taxable income on an annual basis, except that the Company may retain certain net capital gains for reinvestment.    

Earnings per Unit—The Company's earnings per unit ("EPU") amounts have been computed based on the weighted-average number of Units outstanding for the period. Basic EPU is computed by dividing net increase (decrease) in members' capital resulting from operations by the weighted average number of Units outstanding during the period of computation. Diluted EPU is computed by dividing net increase (decrease) in members' capital resulting from operations by the weighted average number of Units assuming all potential Units had been issued, and its related net impact to members' capital accounted for, and the additional Units were dilutive. Diluted EPU reflects the potential dilution, using the as-if-converted method for convertible debt, which could occur if all potentially dilutive securities were exercised.

Foreign securities—The accounting records of the Company are maintained in U.S. dollars. Investment securities denominated in foreign currencies are translated into U.S. dollars based on the rate of exchange of such currencies on the date of valuation. Purchases and sales of investment securities and income and expense items denominated in foreign currencies are translated into U.S. dollars based on the rate of exchange of such currencies on the respective dates of the transactions. The Company does not isolate that portion of the results of operations resulting from changes in foreign exchange rates on investments from the fluctuations arising from changes in market prices of securities held. Such fluctuations are included with "Net change in unrealized appreciation (depreciation) of investments" and "Net realized gains (losses) on investments" in the Company's Statement of Operations.

Investments denominated in foreign currencies may be negatively affected by movements in the rate of exchange between the U.S. dollar and foreign currencies. This movement is beyond the control of the Company and cannot be predicted.

Use of estimates—The preparation of the Company's financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the Company's financial statements and the reported amounts of revenues and expenses during the reporting periods. Changes in the economic environment, financial markets, and other metrics used in determining these estimates could cause actual results to differ from the estimates used, and the differences could be material.

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Investments

3 Months Ended

Mar. 31, 2024

Schedule of Investments [Abstract]

Investments

Investments

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

Investment Cost and Fair Value by Type

	Cost		Fair Value
First lien	$	122,828	$	124,405
Second lien	3,896		3,946
Subordinated	2,682		2,844
Total investments	$	129,406	$	131,195

Investment Cost and Fair Value by Industry

	Cost		Fair Value
Software	$	52,278	$	52,790
Business Services	46,414		46,723
Healthcare	12,850		12,946
Education	7,080		7,244
Food & Beverage	4,588		5,253
Consumer Services	3,584		3,623
Financial Services	2,612		2,616
Total investments	$	129,406	$	131,195

At December 31, 2023, the Company's investments consisted of the following:

Investment Cost and Fair Value by Type

	Cost		Fair Value
First lien	$	82,696	$	83,830
Second lien	717		752
Subordinated	1,954		2,031
Total investments	$	85,367	$	86,613

Investment Cost and Fair Value by Industry

	Cost		Fair Value
Business Services	$	34,107	$	34,304
Software	29,533		29,969
Healthcare	9,342		9,387
Food & Beverage	3,937		4,335
Education	3,215		3,351
Consumer Services	2,941		2,975
Financial Services	2,292		2,292
Total investments	$	85,367	$	86,613

As of March 31, 2024, the Company had unfunded commitments on revolving credit facilities of $7,336 and no unfunded commitments on bridge facilities. As of March 31, 2024, the Company had unfunded commitments in the form of delayed draws or other future funding commitments of $43,773. The unfunded commitments on revolving credit facilities and delayed draws are disclosed on the Company's Schedule of Investments as of March 31, 2024.

As of December 31, 2023, the Company had unfunded commitments on revolving credit facilities of $3,979 and no unfunded commitments on bridge facilities. As of December 31, 2023, the Company had unfunded commitments in the form of delayed draws or other future funding commitments of $23,198. The unfunded commitments on revolving credit facilities and delayed draws are disclosed on the Company's Schedule of Investments as of December 31, 2023.

Investment Risk Factors—First and second lien debt that the Company invests in is almost entirely rated below investment grade or may be unrated. Debt investments rated below investment grade are often referred to as "leveraged loans", "high yield" or "junk" debt investments, and may be considered "high risk" compared to debt investments that are rated investment grade. These debt investments are considered speculative because of the credit risk of the issuers. Such issuers are considered more likely than investment grade issuers to default on their payments of interest and principal, and such risk of default could reduce the members' capital and income distributions of the Company. In addition, some of the Company's debt investments will not fully amortize during their lifetime, which could result in a loss or a substantial amount of unpaid principal and interest due upon maturity. First and second lien debt may also lose significant market value before a default occurs. Furthermore, an active trading market may not exist for these first and second lien debt investments. This illiquidity may make it more difficult to value the debt.

Subordinated debt is generally subject to similar risks as those associated with first and second lien debt, except that such debt is subordinated in payment and/or lower in lien priority. Subordinated debt is subject to the additional risk that the cash flow of the borrower and the property securing the debt, if any, may be insufficient to meet scheduled payments after giving effect to the senior secured and unsecured obligations of the borrower.

The Company may directly invest in the equity of private companies or, in some cases, equity investments could be made in connection with a debt investment. Equity investments may or may not fluctuate in value, resulting in recognized realized gains or losses upon disposition.

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Fair Value

3 Months Ended

Mar. 31, 2024

Fair Value Disclosures [Abstract]

Fair Value

Fair Value

Pursuant to Rule 2a-5, a market quotation is readily available for purposes of Section 2(a)(41) of the 1940 Act with respect to a security only when that “quotation is a quoted price (unadjusted) in active markets for identical investments that the fund can access at the measurement date, provided that a quotation will not be readily available if it is not reliable.” Fair value is the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Accounting Standards Codification Topic 820, Fair Value Measurements and Disclosure ("ASC 820") establishes a fair value hierarchy that prioritizes and ranks the inputs to valuation techniques used in measuring investments at fair value. The hierarchy classifies the inputs used in measuring fair value into three levels as follows:    

Level I—Quoted prices (unadjusted) are available in active markets for identical investments and the Company has the ability to access such quotes as of the reporting date. The type of investments which would generally be included in Level I include active exchange-traded equity securities and exchange-traded derivatives. As required by ASC 820, the Company, to the extent that it holds such investments, does not adjust the quoted price for these investments, even in situations where the Company holds a large position and a sale could reasonably impact the quoted price.

Level II—Pricing inputs are observable for the investments, either directly or indirectly, as of the reporting date, but are not the same as those used in Level I. Level II inputs include the following:

•Quoted prices for similar assets or liabilities in active markets;

•Quoted prices for identical or similar assets or liabilities in non-active markets (examples include corporate and municipal bonds, which trade infrequently);

•Pricing models whose inputs are observable for substantially the full term of the asset or liability (examples include most over-the-counter derivatives, including foreign exchange forward contracts); and

•Pricing models whose inputs are derived principally from or corroborated by observable market data through correlation or other means for substantially the full term of the asset or liability.

Level III—Pricing inputs are unobservable for the investment and include situations where there is little, if any, market activity for the investment.

The inputs used to measure fair value may fall into different levels. In all instances when the inputs fall within different levels of the hierarchy, the level within which the fair value measurement is categorized is based on the lowest level of input that is significant to the fair value measurement in its entirety. As such, a Level III fair value measurement may include inputs that are both observable and unobservable. Gains and losses for such assets categorized within the Level III table below may include changes in fair value that are attributable to both observable inputs and unobservable inputs.

The inputs into the determination of fair value require significant judgment or estimation by management and consideration of factors specific to each investment. A review of the fair value hierarchy classifications is conducted on a quarterly basis. Changes in the observability of valuation inputs may result in the transfer of certain investments within the fair value hierarchy from period to period.

The following table summarizes the levels in the fair value hierarchy that the Company's portfolio investments fall into as of March 31, 2024:

	Total		Level I		Level II		Level III
First lien	$	124,405	$	—	$	11,399	$	113,006
Second lien	3,946		—		—		3,946
Subordinated	2,844		—		2,844		—
Total investments	$	131,195	$	—	$	14,243	$	116,952

The following table summarizes the levels in the fair value hierarchy that the Company's portfolio investments fall into as of December 31, 2023:

	Total		Level I		Level II		Level III
First lien	$	83,830	$	—	$	8,465	$	75,365
Second lien	752		—		—		752
Subordinated	2,031		—		2,031		—
Total investments	$	86,613	$	—	$	10,496	$	76,117

The following table summarizes the changes in fair value of Level III portfolio investments for the three months ended March 31, 2024, as well as the portion of appreciation (depreciation) included in income attributable to the net change in unrealized appreciation (depreciation) related to those assets and liabilities still held by the Company at March 31, 2024:

	Total		First Lien		Second Lien
Fair value, December 31, 2023	$	76,117	$	75,365	$	752
Total gains or losses included in earnings:
Net change in unrealized appreciation (depreciation) of investments	489		471		18
Purchases, including capitalized PIK and revolver fundings	39,883		36,707		3,176
Proceeds from sales and paydowns of investments	(527)		(527)		—
Transfers into Level III(1)	2,975		2,975		—
Transfers out of Level III(1)	(1,985)		(1,985)		—
Fair Value, March 31, 2024	$	116,952	$	113,006	$	3,946
Net change in unrealized appreciation (depreciation) for the period relating to those Level III assets that were still held by the Company at the end of the period:	$	489	$	471	$	18

(1)As of March 31, 2024, portfolio investments were transferred into Level III from Level II and out of Level III into Level II at fair value as of the beginning of the period in which the reclassification occurred.

Except as noted in the table above, there were no other transfers in or out of Levels I, II, or III during the three months ended March 31, 2024. Transfers into Level III occur as quotations obtained through pricing services are deemed not representative of fair value as of the balance sheet date, and such assets are internally valued. As quotations obtained through pricing services are substantiated through additional market sources, investments are transferred out of Level III. In addition, transfers out of Level III and transfers into Level III occur based on the increase or decrease in the availability of certain observable inputs. Investments will be transferred into Level III from Level II and out of Level III into Level II at fair value as of the beginning of the period in which the reclassification occurred.

The Company invests in revolving credit facilities. These investments are categorized as Level III investments as these assets are not actively traded and their fair values are often implied by the term loans of the respective portfolio companies.

The Company generally uses the following framework when determining the fair value of investments where there are little, if any, market activity or observable pricing inputs. The Company typically determines the fair value of its performing debt investments utilizing an income approach. Additional consideration is given using a market based approach, as well as reviewing the overall underlying portfolio company's performance and associated financial risks. The following outlines additional details on the approaches considered:

Company Performance, Financial Review, and Analysis:    Prior to investment, as part of its due diligence process, the Company evaluates the overall performance and financial stability of the portfolio company. Post investment, the Company analyzes each portfolio company's current operating performance and relevant financial trends versus prior year and budgeted results, including, but not limited to, factors affecting its revenue and EBITDA growth, margin trends, liquidity position, covenant compliance and changes to its capital structure. The Company also attempts to identify and subsequently track any developments at the portfolio company within its customer or vendor base, or within the industry or the macroeconomic environment, generally, that may alter any material element of its original investment thesis. This analysis is specific to each portfolio company. The Company leverages the knowledge gained from its original due diligence process, augmented by this subsequent monitoring, to continually refine its outlook for each of its portfolio companies and ultimately form the valuation of its investment in each portfolio company. When an external event such as a purchase transaction, public offering or subsequent sale occurs, the Company will consider the pricing indicated by the external event to corroborate the private valuation.

For debt investments, the Company may employ the Market Based Approach (as described below) to assess the total enterprise value of the portfolio company, in order to evaluate the enterprise value coverage of the Company's debt investment. For equity investments or in cases where the Market Based Approach implies a lack of enterprise value coverage for the debt investment, the Company may additionally employ a discounted cash flow analysis based on the free cash flows of the portfolio company to assess the total enterprise value. After enterprise value coverage is demonstrated for the Company's debt investments through the method(s) above, the Income Based Approach (as described below) may be employed to estimate the fair value of the investment.

Market Based Approach:    The Company may estimate the total enterprise value of each portfolio company by utilizing EBITDA or revenue multiples of publicly traded comparable companies and comparable transactions. The Company considers numerous factors when selecting the appropriate companies whose trading multiples are used to value its portfolio

companies. These factors include, but are not limited to, the type of organization, similarity to the business being valued, and relevant risk factors, as well as size, profitability and growth expectations. The Company may apply an average of various relevant comparable company EBITDA or revenue multiples to the portfolio company's latest twelve month ("LTM") EBITDA or revenue or projected EBITDA or revenue to calculate the enterprise value of the portfolio company. Significant increases or decreases in the EBITDA or revenue multiples will result in an increase or decrease in enterprise value, which may result in an increase or decrease in the fair value estimate of the investment. In applying the market based approach as of March 31, 2024 and December 31, 2023, the Company used the relevant EBITDA or revenue multiple ranges set forth in the table below to determine the enterprise value of its portfolio companies. The Company believes these were reasonable ranges in light of current comparable company trading levels and the specific portfolio companies involved.

Income Based Approach:    The Company also may use a discounted cash flow analysis to estimate the fair value of the investment. Projected cash flows represent the relevant security's contractual interest, fee and principal payments plus the assumption of full principal recovery at the investment's expected maturity date. These cash flows are discounted at a rate established utilizing a combination of a yield calibration approach and a comparable investment approach. The yield calibration approach incorporates changes in the credit quality (as measured by relevant statistics) of the portfolio company, as compared to changes in the yield associated with comparable credit quality market indices, between the date of origination and the valuation date. The comparable investment approach utilizes an average yield-to-maturity of a selected set of high-quality, liquid investments to determine a comparable investment discount rate. Significant increases or decreases in the discount rate would result in a decrease or increase in the fair value measurement. In applying the income based approach as of March 31, 2024 and December 31, 2023, the Company used the discount ranges set forth in the table below to value investments in its portfolio companies.

The unobservable inputs used in the fair value measurement of the Company's Level III investments as of March 31, 2024 were as follows:

					Range
Type	Fair Value as of March 31, 2024		Approach	Unobservable Input	Low		High		Weighted Average (1)
First lien	$	110,356	Market & income approach	EBITDA multiple	8.5x		30.0x		17.0x
				Revenue multiple	4.0x		16.6x		9.4x
				Discount rate	7.8	%	12.9	%	10.2	%
	1,980		Market quote	Broker quote	N/A		N/A		N/A
	670		Other	N/A (2)	N/A		N/A		N/A
Second lien	769		Market & income approach	Discount rate	12.2	%	12.2	%	12.2	%
	3,177		Other	N/A (2)	N/A		N/A		N/A
	$	116,952

(1)Unobservable inputs were weighted by the relative fair value of the investments.

(2)Fair value was determined based on transaction pricing or recent acquisition or sale as the best measure of fair value with no material changes in operations of the related portfolio company since the transaction date.

The unobservable inputs used in the fair value measurement of the Company's Level III investments as of December 31, 2023 were as follows:

					Range
Type	Fair Value as of December 31, 2023		Approach	Unobservable Input	Low		High		Weighted Average (1)
First lien	$	59,470	Market & income approach	EBITDA multiple	8.5x		27.0x		18.4x
				Revenue multiple	8.0x		10.0x		9.0x
				Discount rate	7.2	%	11.2	%	9.5	%
	15,895		Other	N/A (2)	N/A		N/A		N/A
Second lien	752		Market & income approach	Discount rate	12.9%		12.9%		12.9%
	$	76,117

(1)Unobservable inputs were weighted by the relative fair value of the investments.

(2)Fair value was determined based on transaction pricing or recent acquisition or sale as the best measure of fair value with no material changes in operations of the related portfolio company since the transaction date.

The BMO Subscription Line (as defined below) and the Unsecured Management Company Revolver (as defined below) are considered Level III investments. See Note 6. Borrowings for details.

The following are the principal amounts and fair values of the Company’s borrowings as of March 31, 2024 and December 31, 2023. Fair value is estimated by discounting remaining payments using applicable current market rates, which take into account changes in the Company’s marketplace credit ratings, or market quotes, if available.    

	As of
	March 31, 2024				December 31, 2023
	Principal Amount		Fair Value		Principal Amount		Fair Value
BMO Subscription Line	$	9,800	$	9,839	$	—	$	—

Fair value risk factors—The Company seeks investment opportunities that offer the possibility of attaining substantial capital appreciation. Certain events particular to each industry in which the Company's portfolio companies conduct their operations, as well as general economic, political and health conditions, may have a significant negative impact on the operations and profitability of the Company's investments and/or on the fair value of the Company's investments. The Company's investments are subject to the risk of non-payment of scheduled interest or principal, resulting in a reduction in income to the Company and their corresponding fair valuations. Also, there may be risk associated with the concentration of investments in one geographic region or in certain industries. These events are beyond the control of the Company and cannot be predicted. Furthermore, the ability to liquidate investments and realize value is subject to uncertainties.

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Agreements and Related Parties

3 Months Ended

Mar. 31, 2024

Related Party Transactions [Abstract]

Agreements and Related Parties

Agreements and Related Parties

The Company entered into an investment advisory and management agreement (the "Investment Management Agreement") with the Investment Adviser on December 14, 2022. The Investment Management Agreement initially had a term of two years which began on December 14, 2022, and thereafter would continue automatically for successive annual periods, provided that such continuance is specifically approved at least annually by (A) the vote of the Company's board of directors, or by the vote of a majority of the outstanding voting securities of the Company and (B) the vote of a majority of the Company's directors who are not parties to the Investment Management Agreement or "interested persons" (as such term is defined in Section 2(a)(19) of the 1940 Act) of any such party, in accordance with the requirements of the 1940 Act. Under the Investment Management Agreement, the Investment Adviser manages the day-to-day operations of, and provides investment advisory services to, the Company. For providing these services, the Investment Adviser receives an annual base management fee and incentive fee from the Company. Although the initial two year term of the Investment Management Agreement would not have expired until December 14, 2024, the Company's board of directors most recently re-approved the Investment Management Agreement on January 30, 2024 at an in-person meeting, for a period of 12 months commencing on March 1, 2024.

Pursuant to the Investment Management Agreement, the base management fee is payable quarterly in arrears at an annual rate of 0.75% of the aggregate contributed capital from all unitholders (including any outstanding borrowings under any subscription line drawn in lieu of capital calls) less any return of capital distributions and less any cumulative realized losses since inception (calculated net of any subsequently reversed realized losses and net of any realized gains) as of the last day of the applicable quarter. For the period from the effective date of the Investment Management Agreement through the one year anniversary of the Initial Drawdown Date (as defined in the Investment Management Agreement), the base management fee

shall be reduced by 50% (for the avoidance of doubt, this results in an annual rate of 0.375% through May 31, 2024, the one year anniversary of the Initial Drawdown Date). Because the one year anniversary of the Initial Drawdown Date occurs on a date other than the last day of a calendar quarter, the management fee shall be prorated for such calendar quarter and calculated based on the number of days in such period up to, and including, the one year anniversary of the Initial Drawdown Date. The base management fee could be reduced by any voluntary fee waivers made by the Investment Adviser. The management fee will be reduced, but not below zero, by any amounts paid by the Company or its subsidiaries to a placement agent, any organizational and offering expenses in excess of the lesser of $2,000 or 0.25% of the aggregate Capital Commitments pursuant to the Expense Limitation and Reimbursement Agreement (as defined below), and any fund expenses in excess of the Specified Expenses Cap (as defined below).

The Investment Adviser has entered into agreements with placement agents that provide for ongoing payments from the Investment Adviser based upon the amount of a unitholder's Capital Commitment or capital contributions. Neither the Company nor any unitholders will bear any of the fees paid to placement agents of the Company as any such fees paid by the Company will offset the management fees.

The incentive fee consists of two components that are independent of each other, with the result that one component may be payable even if the other is not. A portion of the incentive fee is based on a percentage of the Company's income and a portion is based on a percentage of the Company's capital gains, each as described below.

Incentive Fee on Pre-Incentive Fee Net Investment Income

The portion based on the Company's income (the "Income Incentive Fee") is based on pre-incentive fee net investment income ("Pre-Incentive Fee Net Investment Income"). Pre-Incentive Fee Net Investment Income means interest income, dividend income and any fee income (including any other fees (other than fees for providing managerial assistance), such as commitment, origination, structuring, upfront, diligence and consulting fees or other fees that the Company receives from portfolio companies) accrued during the calendar quarter, minus the Company's operating expenses for the quarter (including the management fee, expenses payable under the Administration Agreement, and any interest expense and distributions paid on any issued and outstanding preferred units, but excluding the incentive fee). Pre-Incentive Fee Net Investment Income includes, in the case of investments with a deferred interest feature (such as original issue discount, debt instruments with PIK interest and zero coupon securities), accrued income that we have not yet received in cash. Pre-Incentive Fee Net Investment Income does not include any realized capital gains, realized capital losses or unrealized capital appreciation or depreciation.

Pre-Incentive Fee Net Investment Income, expressed as a rate of return on the value of the Company's members' capital at the end of the immediately preceding quarter, is compared to a "hurdle rate" of return of 1.25% per quarter (5.0% annualized).

The Company will pay the Investment Adviser an incentive fee quarterly in arrears with respect to the Company's Pre-Incentive Fee Net Investment Income in each calendar quarter as follows:

•no incentive fee based on Pre-Incentive Fee Net Investment Income in any calendar quarter in which the Company's Pre-Incentive Fee Net Investment Income does not exceed the hurdle rate of 1.25% (5.0% annualized);

•100% of the dollar amount of our Pre-Incentive Fee Net Investment Income with respect to that portion of such Pre-Incentive Fee Net Investment Income, if any, that exceeds the hurdle rate but is less than or equal to a rate of return of 1.389% (5.556% annualized). The Company refers to this portion of the Company's Pre-Incentive Fee Net Investment Income (which exceeds the hurdle rate but is less than 1.389%) as the "catch-up." The "catch-up" is meant to provide the Investment Adviser with approximately 10.0% of the Company's Pre-Incentive Fee Net Investment Income as if a hurdle rate did not apply when the Company's net investment income exceeds 1.389% in any calendar quarter; and

•10.0% of the dollar amount of the Company's Pre-Incentive Fee Net Investment Income, if any, that exceeds a rate of return of 1.389% (5.556% annualized). This reflects that once the hurdle rate is reached and the catch-up is achieved, 10.0% of all Pre-Incentive Fee Net Investment Income thereafter is allocated to the Investment Adviser.

For the three months ended March 31, 2024, incentive fees waived were under $1 thousand. The fees that are payable under the Investment Management Agreement for any partial period will be appropriately prorated.

Incentive Fee on Capital Gains

The second component of the incentive fee is the capital gains incentive fee. The Company will pay the Investment Adviser an incentive fee with respect to the Company's cumulative realized capital gains computed net of all realized capital losses and unrealized capital depreciation since inception ("Cumulative Net Realized Gains") based on the waterfall below:

a.First, no incentive fee is payable to the Investment Adviser on Cumulative Net Realized Gains until total return of capital distributions, distributions of net investment income and distributions of net realized capital gains to unitholders is equal to total capital contributions;

b.Second, no incentive is payable to the Investment Adviser on Cumulative Net Realized Gains until the Company has paid cumulative distributions equal to an annualized, cumulative internal rate of return of 5.0% on the total contributed capital to the Company calculated from the date that each such amount was due to be contributed to the Company until the date each such distribution is paid;

c.Third, upon a distribution that results in cumulative distributions exceeding the amounts in clause (a) and (b) above, an incentive fee on capital gains payable to the Investment Adviser equal to 100.0% of the amount of Cumulative Net Realized Gains until the Investment Adviser has received (together with amounts the Investment Adviser has received under Income Incentive Fees) an amount equal to 10.0% of the sum of (i) the cumulative distributions to unitholders made pursuant to clause (b) above, (ii) Income Incentive Fee paid to the Investment Adviser and (iii) amounts paid to the Investment Adviser pursuant to this clause (c); and

d.Thereafter, an incentive fee on capital gains equal to 10.0% of additional undistributed Cumulative Net Realized Gains.

Upon termination of the Company, the Investment Adviser will be required to return incentive fees to the Company to the extent that: (i) the Investment Adviser has received cumulative incentive fees in excess of 10.0% of the sum of (A) the Company's cumulative distributions other than return of capital contributions and (B) the cumulative incentive fees paid to the Investment Adviser; or (ii) the unitholders have not received a 5.0% cumulative internal rate of return; provided that in no event will such restoration be more than the incentive fees received by the Investment Adviser.

In accordance with GAAP, the Company accrues a hypothetical capital gains incentive fee based upon the cumulative net realized capital gains and realized capital losses and the cumulative net unrealized capital appreciation and unrealized capital depreciation on investments held at the end of each period. The accrual for any capital gains incentive fee under GAAP in a given period may result in an additional expense if such cumulative amount is greater than in the prior period or a reduction of previously recorded expense if such cumulative amount is less than the amount in the prior period. If such cumulative amount is negative, then there is no accrual. Actual amounts paid to the Investment Adviser are consistent with the Investment Management Agreement and are based only on realized capital gains computed net of all realized capital losses and unrealized capital depreciation on a cumulative basis from inception through the end of each calendar year.

Incentive Fee Waiver

On December 18, 2023, the Company and the Investment Adviser entered into a voluntary letter waiver agreement (the “Waiver Agreement”) effective as of January 1, 2024, whereby the Investment Adviser agreed to waive certain portions of the incentive fees paid by the Company to the Investment Adviser pursuant to the Investment Management Agreement. The Waiver Agreement increases the hurdle rate, as described above, to 6.0% and waives any income based incentive fees that would have been earned at the current hurdle rate of 5.0%, so long as the average three-month SOFR over the trailing three-month period (the “Three Month SOFR”) is equal to or greater than 3.0% on the last day of the applicable quarter. If the Three Month SOFR falls below 3.0% on the last day of the applicable quarter, the hurdle rate will reset to 5.0%. Additionally, through the Waiver Agreement and with respect to the incentive fee on capital gains, the annualized, cumulative internal rate of return will be calculated using a Weighted Average Hurdle Rate (as defined in the Waiver Agreement) that takes into account any hurdle rate increases during the year.

Expense Limitation

Notwithstanding the foregoing, the Investment Adviser has agreed to reduce and/or waive its management fee (the "Specified Expenses Cap") each year such that the Company will not be required to pay Specified Expenses (as defined below) in excess of a maximum aggregate amount in any calendar year (prorated for partial years and portions of years for which each applicable prong of the cap applies) equal to: (1) during the Closing Period, 0.40% of the greater of (A) $500,000 or (B) actual aggregate Capital Commitments as of the end of such calendar year, (2) at the end of the Closing Period until the end of the Investment Period, 0.40% of aggregate Capital Commitments and (3) after the end of the Investment Period, 0.40% of the Company's average Members' Capital for the calendar year. Further, if the actual aggregate committed capital of the Company at the end of the Closing Period is less than $500,000, the prong of the Specified Expenses Cap in clause (1) above will be retroactively adjusted to equal 0.40% of aggregate Capital Commitments at the end of the Closing Period, and the Investment Adviser has agreed to further reduce and/or waive its management fee for the year in which the Closing Period ends in an amount equal to the difference between (A) the amount that would have been required to be waived/reimbursed pursuant to clause (1) above as adjusted and (B) the amount previously waived/reimbursed pursuant to clause (1) above. "Specified Expenses" of the Company means all Company Expenses (as defined under "Fund Expenses" in the limited liability company agreement, as amended and restated on May 23, 2023, and as amended from time to time, the "A&R LLC Agreement")

incurred in the operation of the Company with the exception of: (i) the management fee, (ii) any incentive fees, (iii) Organizational and Offering Expenses (as defined in the A&R LLC Agreement) (which are subject to the Organizational and Offering Expense Cap as defined in the A&R LLC Agreement), (iv) Placement Fees (as defined in the A&R LLC Agreement), (v) interest on and fees and expenses arising out of all Company indebtedness and other financing, (vi) costs of any litigation and damages (including the costs of any indemnity or contribution right granted to any placement agent or third-party finder engaged by the Company or its affiliates) and (vii) for the avoidance of doubt, if applicable, any investor level withholding or other taxes.

If, while the Investment Adviser is the investment adviser to the Company, the annualized Specified Expenses for a given calendar year are less than the Specified Expenses Cap, the Investment Adviser shall be entitled to reimbursement by the Company of the compensation waived and other expenses borne by the Investment Adviser (the "Reimbursement Amount") on behalf of the Company pursuant to the expense limitation and reimbursement agreement between the Company and the Investment Adviser (the "Expense Limitation and Reimbursement Agreement") during any of the previous thirty-six months, and provided that such amount paid to the Investment Adviser will in no event exceed the total Reimbursement Amount and will not include any amounts previously reimbursed. The Reimbursement Amount plus the annualized Specified Expenses for a given calendar year shall not exceed the Specified Expenses Cap. The Investment Adviser may recapture a Specified Expense in any year within the thirty-six month period after the Investment Adviser bears the expense. For the three months ended March 31, 2024, there were no reimbursements to the Investment Adviser pursuant to this provision.

The Expense Limitation and Reimbursement Agreement may be amended by mutual agreement of the parties, provided that any amendment that could result in an increase in expenses borne by the Company also must be approved by vote of a majority of the Company's outstanding Units.

The following table summarizes the management fees and incentive fees incurred by the Company for the three months ended March 31, 2024:

	Three Months Ended
	March 31, 2024
Management fee	$	216
Less: management fee waiver	(108)
Net management fee	108
Incentive fee, excluding accrued incentive fees on capital gains	$	291

For the three months ended March 31, 2024, no incentive fee on capital gains was accrued or owed under the Investment Management Agreement by the Company, as return of capital distributions, distributions of net investment income and distributions of net realized capital gains to unitholders did not exceed capital contributions.

The Company has entered into an administration agreement with the Administrator (the "Administration Agreement") under which the Administrator provides administrative services. The Administration Agreement was most recently re-approved by the Company's board of directors on January 30, 2024 for a period of 12 months commencing on March 1, 2024. The Administrator maintains, or oversees the maintenance of, the Company's financial records, prepares reports filed with the U.S. Securities and Exchange Commission (the "SEC"), generally monitors the payment of the Company's expenses and oversees the performance of administrative and professional services rendered by others. The Administrator has hired a third-party sub-administrator to assist with the provision of administrative services. The Company reimburses the Administrator for the Company's allocable portion of overhead and other expenses incurred by the Administrator in performing its obligations to the Company under the Administration Agreement, including compensation of the Company's chief financial officer and chief compliance officer, and their respective staffs. Pursuant to the Administration Agreement and further restricted by the Company, the Administrator may, in its own discretion, submit to the Company for reimbursement some or all of the expenses that the Administrator has incurred on behalf of the Company during any quarterly period. As a result, the amount of expenses for which the Company will have to reimburse the Administrator may fluctuate in future quarterly periods and there can be no assurance given as to when, or if, the Administrator may determine to limit the expenses that the Administrator submits to the Company for reimbursement in the future. The Administrator cannot recoup any expenses that the Administrator has previously waived. For the three months ended March 31, 2024, approximately $148 of indirect administrative expenses were included in administrative expenses, of which $74 were waived by the Administrator. As of March 31, 2024 and December 31, 2023, approximately $74 and $0, respectively, of indirect administrative expenses were included in payable to affiliates.

The Company, the Investment Adviser and the Administrator have also entered into a Trademark License Agreement, as amended (the "Trademark License Agreement"), with New Mountain Capital, pursuant to which New Mountain Capital has agreed to grant the Company, the Investment Adviser and the Administrator a non-exclusive, royalty-free license to use the "New Mountain Capital" name. Under the Trademark License Agreement, subject to certain conditions, the Company, the

Investment Adviser and the Administrator will have a right to use the "New Mountain Capital" name, for so long as the Investment Adviser or one of its affiliates remains the investment adviser of the Company. Other than with respect to this limited license, the Company, the Investment Adviser and the Administrator will have no legal right to the "New Mountain Capital" name.

The Investment Adviser and its affiliates may also manage other funds in the future that may have investment mandates that are similar, in whole or in part, to the Company's investment mandate. The Investment Adviser and its affiliates may determine that an investment is appropriate for the Company or for one or more of those other funds. In such event, depending on the availability of such investment and other appropriate factors, the Investment Adviser or its affiliates may determine that the Company should invest side-by-side with one or more other funds. Any such investments will be made only to the extent permitted by applicable law and interpretive positions of the SEC and its staff and consistent with the Investment Adviser's allocation procedures. On October 8, 2019, the SEC issued an exemptive order (the "Exemptive Order") to the Investment Adviser and certain of its affiliates, which superseded a prior order issued on December 18, 2017, which permits the Company to co-invest in portfolio companies with certain funds or entities managed by the Investment Adviser or its affiliates in certain negotiated transactions where co-investing would otherwise be prohibited under the 1940 Act, subject to the conditions of the Exemptive Order. Pursuant to the Exemptive Order, the Company is permitted to co-invest with its affiliates if a "required majority" (as defined in Section 57(o) of the 1940 Act) of the Company's directors who are not "interested persons," as that term is defined in Section 2(a)(19) of the 1940 Act (the "Independent Directors"), make certain conclusions in connection with a co-investment transaction, including, but not limited to, that (1) the terms of the potential co-investment transaction, including the consideration to be paid, are reasonable and fair to the Company and its unitholders and do not involve overreaching in respect of the Company or its unitholders on the part of any person concerned, and (2) the potential co-investment transaction is consistent with the interests of the Company's unitholders and is consistent with its then-current investment objective and strategies.

In addition, pursuant to an exemptive order issued by the SEC on April 8, 2020 and applicable to all BDCs through December 31, 2020 (the "Temporary Relief"), affiliates of the Company were permitted, subject to the satisfaction of certain conditions, to complete follow-on investments in its existing portfolio companies with certain affiliates that are private funds if such private funds did not previously hold an investment in such existing portfolio company. Without the Temporary Relief, such private funds would not be able to participate in such follow-on investments unless the private funds had previously acquired securities of the portfolio company in a co-investment transaction with certain affiliates of the Company. Although the Temporary Relief expired on December 31, 2020, the SEC’s Division of Investment Management had indicated that until March 31, 2022, it would not recommend enforcement action, to the extent that any BDC with an existing co-investment order continued to engage in certain transactions described in the Temporary Relief, pursuant to the same terms and conditions described therein. The Temporary Relief is no longer effective; however, on August 30, 2022, New Mountain Finance Corporation, an affiliate of the Company and the Investment Adviser, and certain other affiliated applicants, received an Order from the SEC that amended its existing Exemptive Order to permit the applicants, including Future Regulated Funds (as defined in the Exemptive Order) such as the Company, to continue to complete follow-on investments in its existing portfolio companies with certain affiliates that are private funds if such private funds do not hold an investment in such existing portfolio company, subject to certain conditions.

On June 23, 2023, the Company entered into an uncommitted revolving loan agreement with NMF Investments III, L.L.C., an affiliate of the Investment Adviser (the "Uncommitted Revolving Loan Agreement"), with a $10,000 maximum amount of revolver borrowings available and a maturity date of December 31, 2025. Refer to Note 6. Borrowings for discussion of the Unsecured Management Company Revolver (as defined below).

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Borrowings

3 Months Ended

Mar. 31, 2024

Debt Disclosure [Abstract]

Borrowings

Borrowings

Unsecured Management Company Revolver—The Uncommitted Revolving Loan Agreement, dated June 23, 2023, among the Company, as the borrower, and NMF Investments III, L.L.C., an affiliate of the Investment Adviser, as the lender (the "Uncommitted Revolving Loan Agreement"), is structured as a discretionary unsecured revolving credit facility (the "Unsecured Management Company Revolver"). The proceeds from the Unsecured Management Company Revolver may be used for general corporate purposes, including the funding of portfolio investments. The maturity date of the Unsecured Management Company Revolver is December 31, 2025 and the maximum facility amount is $10,000. The Unsecured Management Company Revolver generally bears interest at a rate of 7.00% per annum (as defined in the Uncommitted Revolving Loan Agreement).

For the three months ended March 31, 2024, interest expense and amortization of financing costs incurred on the Unsecured Management Company Revolver were $0 and $2, respectively.

As of March 31, 2024 and December 31, 2023, there was no outstanding balance under the Unsecured Management Company Revolver.

BMO Subscription Line—On June 29, 2023, the Company entered into a Loan Authorization Agreement with BMO Bank N.A. (formerly known as BMO Harris Bank N.A., "BMO") (as amended, from time to time, the "Loan Authorization Agreement"), which allows the Company to borrow on a revolving credit basis an aggregate principal amount which cannot exceed $125,000 (the "BMO Subscription Line"). See Note 13. Subsequent Events. All outstanding borrowings under the BMO Subscription Line are due on BMO's demand within 15 business days or the earliest to occur on the date (x) six months after each advance date and (y) 30 days prior to the termination of the Investment Period, which varies throughout the period. The BMO Subscription Line is collateralized by the unfunded Capital Commitments of each of the Company's unitholders. All fees associated with the origination and amendment of the BMO Subscription Line are capitalized on the Statements of Assets, Liabilities and Members' Capital and amortized and charged against income as other financing costs over the life of the BMO Subscription Line. The BMO Subscription Line bears interest at the greater of the prime commercial rate minus 0.25% per annum or the Secured Overnight Financing Rate ("SOFR") Quoted Rate (as defined below) for such day plus 2.50% per annum. SOFR Quoted Rate means as of any day of determination, 3-month Term SOFR on the date that is two U.S. Government Securities Business Days prior to such day of determination as such rate is published by the Term SOFR Administrator plus a credit spread adjustment of 0.15%. The BMO Subscription Line also charges an annual administrative fee, based on the Amount of Maximum Credit then in effect (as defined in the Loan Authorization Agreement).

For the three months ended March 31, 2024, interest expense, administrative fees and amortization of financing costs incurred on the BMO Subscription Line were $80, $18, and $38, respectively. The weighted average interest rate and effective interest rate on the BMO Subscription Line for the three months ended March 31, 2024 were 8.3% and 12.2%, respectively.

As of March 31, 2024 and December 31, 2023, the outstanding balance on the BMO Subscription Line was $9,800 and $0, respectively, and the Company was in compliance with the applicable covenants under the Loan Authorization Agreement on such dates.

Leverage risk factors—The Company intends to be generally unlevered during the course of its life (excluding borrowings under any subscription line secured by unfunded Capital Commitments and short-term working capital facilities) and will not incur leverage to the same extent as is customary for other business development companies, or for long-term investment purposes. The Company's lenders will have fixed dollar claims on the unfunded Capital Commitments of each of the Company's common unitholders, and the Company would expect such lenders to seek recovery against these assets in the event of a default. The use of leverage also magnifies the potential for gain or loss on amounts invested. Leverage may magnify interest rate risk (particularly on the Company's fixed-rate investments), which is the risk that the prices of portfolio investments will fall or rise if market interest rates for those types of securities rise or fall. As a result, leverage may cause greater changes in the Company's members' capital. Similarly, leverage may cause a sharper decline in the Company's income than if the Company had not borrowed. Such a decline could negatively affect the Company's ability to make distributions to its unitholders. Leverage is generally considered a speculative investment technique. The Company's ability to service any debt incurred will depend largely on financial performance and will be subject to prevailing economic conditions and competitive pressures.

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Regulation

3 Months Ended

Mar. 31, 2024

Investment Company [Abstract]

Regulation

Regulation

The Company intends to elect to be treated for U.S. federal income tax purposes as a RIC under Subchapter M of the Code with the filing of its tax return for the year ended December 31, 2023, and thereafter intends to comply with the requirements to continue to qualify and maintain its status as a RIC annually. In order to continue to qualify and be subject to tax treatment as a RIC for U.S. federal income tax purposes, among other things, the Company is generally required to timely distribute to its unitholders at least 90.0% of its investment company taxable income, as defined by the Code, for each year. The Company, among other things, intends to make and will continue to make the requisite timely distributions to its unitholders, and as such, the Company will generally be relieved from U.S. federal, state, and local income taxes (excluding excise taxes which may be imposed under the Code).

Additionally, as a BDC, the Company must not acquire any assets other than "qualifying assets" as defined in Section 55(a) of the 1940 Act unless, at the time the acquisition is made, at least 70.0% of its total assets are qualifying assets (with certain limited exceptions). In addition, the Company must offer to make available to all "eligible portfolio companies" (as defined in the 1940 Act) significant managerial assistance.

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Commitments and Contingencies

3 Months Ended

Mar. 31, 2024

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

Commitments and Contingencies

In the normal course of business, the Company may enter into contracts that contain a variety of representations and warranties and which provide general indemnifications. The Company may also enter into future funding commitments such as revolving credit facilities, bridge financing commitments or delayed draw commitments. As of March 31, 2024, the Company had unfunded commitments on revolving credit facilities of $7,336, no outstanding bridge financing commitments and other future funding commitments of $43,773. As of December 31, 2023, the Company had unfunded commitments on revolving credit facilities of $3,979, no outstanding bridge financing commitments, and other future funding commitments of $23,198.

The unfunded commitments on revolving credit facilities and delayed draws are disclosed on the Company's Schedules of Investments.

The Company also had revolving borrowings available under the Unsecured Management Company Revolver and BMO Subscription Line as of March 31, 2024 and December 31, 2023. See Note 6. Borrowings, for details.

The Company may from time to time enter into financing commitment letters. As of March 31, 2024 and December 31, 2023, the Company had commitment letters to purchase investments in the aggregate par amount of $3,175 and $5,003, respectively, which could require funding in the future.

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Members' Capital

3 Months Ended

Mar. 31, 2024

Equity [Abstract]

Members' Capital

Members' Capital

There were no Units issued or proceeds received related to capital drawdowns delivered pursuant to the Subscription Agreements for the three months ended March 31, 2024.

The following table reflects the distributions declared on the Company's Units for the three months ended March 31, 2024:

Date Declared	Record Date	Payment Date	Per Unit Amount
March 20, 2024	March 27, 2024	April 19, 2024	$	0.273

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Earnings (Loss) Per Unit

3 Months Ended

Mar. 31, 2024

Earnings Per Share [Abstract]

Earnings (Loss) Per Unit

Earnings (Loss) Per Unit

The following information sets forth the computation of basic net increase (decrease) in the Company's members' capital per Unit resulting from operations for the three months ended March 31, 2024:

	Three Months Ended
	March 31, 2024
Earnings (Loss) per unit—basic & diluted
Numerator for basic & diluted earnings (loss) per unit:	$	3,160
Denominator for basic & diluted weighted average unit:	10,560,000
Basic & diluted earnings (loss) per unit:	$	0.30

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Financial Highlights

3 Months Ended

Mar. 31, 2024

Investment Company [Abstract]

Financial Highlights

Financial Highlights

The following information sets forth the Company's financial highlights for the three months ended March 31, 2024:

	Three Months Ended
	March 31, 2024
Per unit data(1):
Members' capital, December 31, 2023	$	10.02
Net investment income (loss)	0.25
Net realized and unrealized gains (losses)	0.05
Total net increase (decrease)	0.30
Distributions declared to unitholders from net investment income	(0.27)
Members' capital, March 31, 2024	$	10.05
Total return based on members' capital(2)	2.99		%
Units outstanding at end of period	10,560,000
Average weighted units outstanding for the period	10,560,000
Average members' capital for the period	$	105,833
Ratio to average members' capital:
Net investment income (loss)(3)	10.35		%
Total expenses, before waivers(3)	4.40		%
Total expenses, net of waivers(3)	3.71		%
Average debt outstanding—Unsecured Management Company Revolver	$	—
Average debt outstanding—BMO Subscription Line	$	3,902
Asset coverage ratio	1,182.72		%
Portfolio turnover	0.18		%
Capital Commitments	$	211,200
Funded Capital Commitments	$	105,600
% of Capital Commitments funded	50.00		%

(1)Per unit data is based on weighted average units outstanding for the respective period (except for distributions declared to unitholders, which are based on actual rate per unit).

(2)Total return is calculated assuming a purchase price at members' capital per Unit on the first day of the year and a sale at members' capital per Unit on the last day of the period. Dividends and distributions, if any, are assumed for purposes of this calculation, to be reinvested at members' capital per Unit on the last day of the respective quarter. Total return calculation is not annualized.

(3)Annualized, except organizational and offering costs.

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Recent Accounting Standards Updates

3 Months Ended

Mar. 31, 2024

Accounting Changes and Error Corrections [Abstract]

Recent Accounting Standards Updates

Recent Accounting Standards Updates

In March 2020, the Financial Accounting Standards Board issued Accounting Standards Update No. 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting ("ASU 2020-04"). The amendments in ASU 2020-04 provide optional expedients and exceptions for applying GAAP to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. The standard was effective as of March 12, 2020 through December 31, 2022. Management is currently evaluating the impact of the optional guidance on the Company's financial statements and disclosures. The Company did not utilize the optional expedients and exceptions provided by ASU 2020-04 during the three months ended March 31, 2024. In December 2022, the FASB issued ASU No. 2022-06, Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848, which deferred the sunset day of this guidance to December 31, 2024. The Company is currently evaluating the impact of this guidance on its financial statements.

In December 2020, the SEC adopted a rule providing a framework for fund valuation practices. Rule 2a-5 under the 1940 Act (“Rule 2a-5”) establishes requirements for determining fair value in good faith for purposes of the 1940 Act. Rule 2a-5 permits boards, subject to board oversight and certain other conditions, to designate certain parties to perform fair value determinations. Rule 2a-5 also defines when market quotations are “readily available” for purposes of the 1940 Act and the threshold for determining whether a fund must determine the fair value of a security. Rule 31a-4 under the 1940 Act (“Rule 31a-4”), also provides the recordkeeping requirements associated with fair value determinations. While the Company's board of directors has not elected to designate the Investment Adviser as the valuation designee, the Company has adopted certain revisions to its valuation policies and procedures in order comply with the applicable requirements of Rule 2a-5 and Rule 31a-4.

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Subsequent Events

3 Months Ended

Mar. 31, 2024

Subsequent Events [Abstract]

Subsequent Events

Subsequent Events

On April 12, 2024, the Company entered into an amendment to the Loan Authorization Agreement revising the calculation of Remaining Capital Commitments (as defined in the Loan Authorization Agreement) to include certain of the Company's additional capital commitments not otherwise contemplated under the Loan Authorization Agreement (the "Amendment"). The Amendment increased the maximum amount of borrowings available under the BMO Subscription Line from $52,800 to $125,000.

On April 5, 2024, the Company entered into Subscription Agreements with several investors for the private placement of the Company's Units, which increased the Company's aggregate capital commitments accepted from $211,200 to $490,505. On May 2, 2024, the Company delivered a capital drawdown notice to the Company's investors relating to the sale of 13,965,250 of the Company's Units for an aggregate offering price of $139,653. The Units will be issued to the Company's investors on May 21, 2024.

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Pay vs Performance Disclosure $ in Thousands	3 Months Ended
	Mar. 31, 2024 USD ($)
Pay vs Performance Disclosure
Net increase in members' capital resulting from operations	$ 3,160

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Insider Trading Arrangements	3 Months Ended
	Mar. 31, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

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Summary of Significant Accounting Policies (Policies)

3 Months Ended

Mar. 31, 2024

Accounting Policies [Abstract]

Basis of accounting

Basis of accounting—The Company's financial statements have been prepared in conformity with accounting principles generally accepted in the United States ("GAAP"). The Company is an investment company following accounting and reporting guidance in Accounting Standards Codification Topic 946, Financial Services—Investment Companies ("ASC 946").

The Company's financial statements reflect all adjustments and reclassifications which, in the opinion of management, are necessary for the fair presentation of the results of operations and financial condition for the period(s) presented. Revenues are recognized when earned and expenses when incurred. The financial results of the Company's portfolio investments are not consolidated in the financial statements.

The Company's interim financial statements are prepared in accordance with GAAP and pursuant to the requirements for reporting on Form 10-Q and Articles 6 and 10 of Regulation S-X. Accordingly, the Company’s interim financial statements do not include all of the information and notes required by GAAP for annual financial statements. In the opinion of management, all adjustments, consisting solely of normal recurring accruals considered necessary for the fair presentation of financial statements for the interim period, have been included. The current period's results of operations will not necessarily be indicative of results that ultimately may be achieved for the fiscal year ending December 31, 2024.

Investments

Investments—The Company applies fair value accounting in accordance with GAAP. Fair value is the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Investments are reflected on the Company's Statements of Assets, Liabilities and Members' Capital at fair value, with changes in unrealized gains and losses resulting from changes in fair value reflected in the Company's Statement of Operations as "Net change in unrealized appreciation (depreciation) of investments" and realizations on portfolio investments reflected in the Company's Statement of Operations as "Net realized gains (losses) on investments".

The Company values its assets on a quarterly basis, or more frequently if required under the 1940 Act. In all cases, the Company's board of directors is ultimately and solely responsible for determining the fair value of the Company's portfolio investments on a quarterly basis in good faith, including investments that are not publicly traded, those whose market prices are not readily available and any other situation where its portfolio investments require a fair value determination. Security transactions are accounted for on a trade date basis. The Company's quarterly valuation procedures are set forth in more detail below:

(1)Investments for which market quotations are readily available on an exchange are valued at such market quotations based on the closing price indicated from independent pricing services.

(2)Investments for which indicative prices are obtained from various pricing services and/or brokers or dealers are valued through a multi-step valuation process, as described below, to determine whether the quote(s) obtained is representative of fair value in accordance with GAAP.

a.Bond quotes are obtained through independent pricing services. Internal reviews are performed by the investment professionals of the Investment Adviser to ensure that the quote obtained is representative of fair value in accordance with GAAP and, if so, the quote is used. If the Investment Adviser is unable to sufficiently validate the quote(s) internally and if the investment's par value or its fair value exceeds the materiality threshold, the investment is valued similarly to those assets with no readily available quotes (see (3) below); and

b.For investments other than bonds, the Company looks at the number of quotes readily available and performs the following procedures:

i.Investments for which two or more quotes are received from a pricing service are valued using the mean of the mean of the bid and ask of the quotes obtained. The Company will evaluate the reasonableness of the quote, and if the quote is determined to not be representative of fair value, the Company will use one or more of the methodologies outlined below to determine fair value; and

ii.Investments for which one quote is received from a pricing service are validated internally. The investment professionals of the Investment Adviser analyze the market quotes obtained using an array of valuation methods (further described below) to validate the fair value. If the Investment Adviser is unable to sufficiently validate the quote internally and if the investment's par value or its fair value exceeds the materiality threshold, the investment is valued similarly to those assets with no readily available quotes (see (3) below).

(3)Investments for which quotations are not readily available through exchanges, pricing services, brokers, or dealers are valued through a multi-step valuation process:

a.Each portfolio company or investment is initially valued by the investment professionals of the Investment Adviser responsible for the credit monitoring;

b.Preliminary valuation conclusions will then be documented and discussed with the Company's senior management;

c.If an investment falls into (3) above for four consecutive quarters and if the investment's par value or its fair value exceeds the materiality threshold, then at least once each fiscal year, the valuation for each portfolio investment for which the Company does not have a readily available market quotation will be reviewed by an independent valuation firm engaged by the Company's board of directors; and

d.When deemed appropriate by the Company's management, an independent valuation firm may be engaged to review and value investment(s) of a portfolio company, without any preliminary valuation being performed by the Investment Adviser. The investment professionals of the Investment Adviser will review and validate the value provided.

For investments in revolving credit facilities and delayed draw commitments, the cost basis of the funded investments purchased is offset by any costs/netbacks received for any unfunded portion on the total balance committed. The fair value is also adjusted for the price appreciation or depreciation on the unfunded portion. As a result, the purchase of a commitment not completely funded may result in a negative fair value until it is called and funded.

The values assigned to investments are based upon available information and do not necessarily represent amounts which might ultimately be realized, since such amounts depend on future circumstances and cannot be reasonably determined until the individual positions are liquidated. Due to the inherent uncertainty of determining the fair value of investments that do not have a readily available market value, the fair value of the Company's investments may fluctuate from period to period and the fluctuations could be material.

Cash and cash equivalents

Cash and cash equivalents—Cash and cash equivalents include cash and short-term, highly liquid investments. The Company defines cash equivalents as securities that are readily convertible into known amounts of cash and so near maturity that there is insignificant risk of changes in value. These securities have original maturities of three months or less. The Company did not hold any cash equivalents as of March 31, 2024 and December 31, 2023.

Revenue recognition

Revenue recognition

Sales and paydowns of investments: Realized gains and losses on investments are determined on the specific identification method.

Interest income: Interest income, including amortization of premium and discount using the effective interest method, is recorded on the accrual basis and periodically assessed for collectability. Interest income also includes interest earned from cash on hand. Upon the prepayment of a loan or debt security, any prepayment penalties are recorded as part of interest income. The Company has loans in its portfolio that contain a payment-in-kind ("PIK") interest. PIK interest is accrued and recorded as income at the contractual rates, if deemed collectible. The PIK interest is added to the principal or share balances on the capitalization dates and are generally due at maturity or when redeemed by the issuer. For the three months ended March 31, 2024, the Company recognized PIK interest from investments of $144.

Non-accrual income: Investments are placed on non-accrual status when principal or interest payments are past due for 30 days or more and when there is reasonable doubt that principal or interest will be collected. Accrued cash and un-capitalized PIK interest are reversed when an investment is placed on non-accrual status. Previously capitalized PIK interest is not reversed when an investment is placed on non-accrual status. Interest payments received on non-accrual investments may be recognized as income or applied to principal depending upon management's judgment of the ultimate collectability. Non-accrual investments are restored to accrual status when past due principal and interest is paid and, in management's judgment, are likely to remain current. As of March 31, 2024 and December 31, 2023, no investments were on non-accrual status.

Fee income: Fee income represents delayed compensation, revolver fees, upfront fees, amendment fees and other miscellaneous fees received and are typically non-recurring in nature. Delayed compensation is income earned from counterparties on trades that do not settle within a set number of business days after the trade date. Fee income may also include fees from bridge loans. The Company may from time to time enter into bridge financing commitments, an obligation to provide interim financing to a counterparty until permanent credit can be obtained. These commitments are short-term in nature and may expire unfunded. A fee is received by the Company for providing such commitments. Structuring fees and upfront fees are recognized as income when earned, usually when paid at the closing of the investment, and are non-refundable. Income received in exchange for the provision of services such as recurring administration services are also recognized as fee income in the period in which it was earned.

Interest and other financing expenses

Interest and other financing expenses—Interest and other financing fees are recorded on an accrual basis by the Company.

Organizational expenses

Organizational expenses—Organizational expenses include costs and expenses incurred in connection with the formation and organization of the Company and are expensed as incurred in the Statement of Operations. Any organizational and offering expenses paid by the Company in excess of the lesser of $2,000 or 0.25% of the aggregate Capital Commitments pursuant to the Expense Limitation and Reimbursement Agreement (as defined below), will be applied as a reduction to the base management fee paid to the Investment Adviser and cannot be recouped by the Investment Adviser.

Deferred offering costs

Deferred offering costs—The Company's deferred offering costs consists of fees and expenses incurred in connection with the offering of the Company's Units. Upon the issuance of Units, deferred offering costs are then amortized into Organizational and Offering Expenses on the Statement of Operations on a straight line basis over a period of 12 months beginning on the date of commencement of operations. Deferred offering costs are included on the Company’s Statements of Assets, Liabilities and Members' Capital until amortized.

Deferred financing costs

Deferred financing costs—The deferred financing costs of the Company consist of capitalized expenses related to the origination and amending of the Company's borrowings. The Company amortizes these costs into expense over the stated life of the related borrowing.

Incomes taxes

Income taxes—The Company was treated as a disregarded entity wholly owned by the Investment Adviser for the period beginning with the date of its inception on November 4, 2022 through May 23, 2023. The Company intends to elect to be treated as a RIC for U.S. federal income tax purposes under Subchapter M of the Code with the filing of its first tax return for the year ended December 31, 2023, and thereafter intends to comply with the requirements to qualify and maintain its status as a RIC annually. As a RIC, the Company will not be subject to U.S. federal income tax on the portion of taxable income and gains timely distributed to its unitholders.

To qualify and be subject to tax treatment as a RIC, the Company is required to meet certain income and asset diversification tests in addition to timely distributing at least 90.0% of its investment company taxable income, as defined by the Code. Since U.S. federal income tax regulations differ from GAAP, distributions in accordance with tax regulations may differ from net investment income and realized gains recognized for financial reporting purposes.

Differences between taxable income and the results of operations for financial reporting purposes may be permanent or temporary in nature. Permanent differences are reclassified among capital accounts in the financial statements to reflect their tax character. Differences in classification may also result from the treatment of short-term gains as ordinary income for U.S. federal income tax purposes.

For U.S. federal income tax purposes, distributions paid to unitholders of the Company are reported as ordinary income, return of capital, long term capital gains or a combination thereof.

The Company will be subject to a 4.0% nondeductible federal excise tax on certain undistributed income unless the Company distributes, in a timely manner as required by the Code, an amount at least equal to the sum of (1) 98.0% of its respective net ordinary income earned for the calendar year and (2) 98.2% of its respective capital gain net income for the one-year period ending October 31 in the calendar year.

Based on its analysis, the Company has determined that there were no uncertain tax positions that do not meet the more likely than not threshold as defined by Accounting Standards Codification Topic 740, Income Taxes ("ASC 740") through December 31, 2023. The 2023 tax year and forward remain subject to examination by the U.S. federal, state, and local tax authorities.

Distributions

Distributions—Distributions to the Company's unitholders are recorded on the record date as set by the Company's board of directors. The Company intends to make timely distributions to its unitholders that will be sufficient to enable the Company to qualify and maintain its status as a RIC. The Company intends to distribute approximately all of its net investment income on a quarterly basis and substantially all of its taxable income on an annual basis, except that the Company may retain certain net capital gains for reinvestment.

Earnings per Unit

Earnings per Unit—The Company's earnings per unit ("EPU") amounts have been computed based on the weighted-average number of Units outstanding for the period. Basic EPU is computed by dividing net increase (decrease) in members' capital resulting from operations by the weighted average number of Units outstanding during the period of computation. Diluted EPU is computed by dividing net increase (decrease) in members' capital resulting from operations by the weighted average number of Units assuming all potential Units had been issued, and its related net impact to members' capital accounted for, and the additional Units were dilutive. Diluted EPU reflects the potential dilution, using the as-if-converted method for convertible debt, which could occur if all potentially dilutive securities were exercised.

Foreign securities

Foreign securities—The accounting records of the Company are maintained in U.S. dollars. Investment securities denominated in foreign currencies are translated into U.S. dollars based on the rate of exchange of such currencies on the date of valuation. Purchases and sales of investment securities and income and expense items denominated in foreign currencies are translated into U.S. dollars based on the rate of exchange of such currencies on the respective dates of the transactions. The Company does not isolate that portion of the results of operations resulting from changes in foreign exchange rates on investments from the fluctuations arising from changes in market prices of securities held. Such fluctuations are included with "Net change in unrealized appreciation (depreciation) of investments" and "Net realized gains (losses) on investments" in the Company's Statement of Operations.

Use of estimates

Use of estimates—The preparation of the Company's financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the Company's financial statements and the reported amounts of revenues and expenses during the reporting periods. Changes in the economic environment, financial markets, and other metrics used in determining these estimates could cause actual results to differ from the estimates used, and the differences could be material.

Fair value

Fair Value

Pursuant to Rule 2a-5, a market quotation is readily available for purposes of Section 2(a)(41) of the 1940 Act with respect to a security only when that “quotation is a quoted price (unadjusted) in active markets for identical investments that the fund can access at the measurement date, provided that a quotation will not be readily available if it is not reliable.” Fair value is the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Accounting Standards Codification Topic 820, Fair Value Measurements and Disclosure ("ASC 820") establishes a fair value hierarchy that prioritizes and ranks the inputs to valuation techniques used in measuring investments at fair value. The hierarchy classifies the inputs used in measuring fair value into three levels as follows:    

Level I—Quoted prices (unadjusted) are available in active markets for identical investments and the Company has the ability to access such quotes as of the reporting date. The type of investments which would generally be included in Level I include active exchange-traded equity securities and exchange-traded derivatives. As required by ASC 820, the Company, to the extent that it holds such investments, does not adjust the quoted price for these investments, even in situations where the Company holds a large position and a sale could reasonably impact the quoted price.

Level II—Pricing inputs are observable for the investments, either directly or indirectly, as of the reporting date, but are not the same as those used in Level I. Level II inputs include the following:

•Quoted prices for similar assets or liabilities in active markets;

•Quoted prices for identical or similar assets or liabilities in non-active markets (examples include corporate and municipal bonds, which trade infrequently);

•Pricing models whose inputs are observable for substantially the full term of the asset or liability (examples include most over-the-counter derivatives, including foreign exchange forward contracts); and

•Pricing models whose inputs are derived principally from or corroborated by observable market data through correlation or other means for substantially the full term of the asset or liability.

Level III—Pricing inputs are unobservable for the investment and include situations where there is little, if any, market activity for the investment.

The inputs used to measure fair value may fall into different levels. In all instances when the inputs fall within different levels of the hierarchy, the level within which the fair value measurement is categorized is based on the lowest level of input that is significant to the fair value measurement in its entirety. As such, a Level III fair value measurement may include inputs that are both observable and unobservable. Gains and losses for such assets categorized within the Level III table below may include changes in fair value that are attributable to both observable inputs and unobservable inputs.

The inputs into the determination of fair value require significant judgment or estimation by management and consideration of factors specific to each investment. A review of the fair value hierarchy classifications is conducted on a quarterly basis. Changes in the observability of valuation inputs may result in the transfer of certain investments within the fair value hierarchy from period to period.

Recent accounting standards updates

Recent Accounting Standards Updates

In March 2020, the Financial Accounting Standards Board issued Accounting Standards Update No. 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting ("ASU 2020-04"). The amendments in ASU 2020-04 provide optional expedients and exceptions for applying GAAP to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. The standard was effective as of March 12, 2020 through December 31, 2022. Management is currently evaluating the impact of the optional guidance on the Company's financial statements and disclosures. The Company did not utilize the optional expedients and exceptions provided by ASU 2020-04 during the three months ended March 31, 2024. In December 2022, the FASB issued ASU No. 2022-06, Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848, which deferred the sunset day of this guidance to December 31, 2024. The Company is currently evaluating the impact of this guidance on its financial statements.

In December 2020, the SEC adopted a rule providing a framework for fund valuation practices. Rule 2a-5 under the 1940 Act (“Rule 2a-5”) establishes requirements for determining fair value in good faith for purposes of the 1940 Act. Rule 2a-5 permits boards, subject to board oversight and certain other conditions, to designate certain parties to perform fair value determinations. Rule 2a-5 also defines when market quotations are “readily available” for purposes of the 1940 Act and the threshold for determining whether a fund must determine the fair value of a security. Rule 31a-4 under the 1940 Act (“Rule 31a-4”), also provides the recordkeeping requirements associated with fair value determinations. While the Company's board of directors has not elected to designate the Investment Adviser as the valuation designee, the Company has adopted certain revisions to its valuation policies and procedures in order comply with the applicable requirements of Rule 2a-5 and Rule 31a-4.

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Investments (Tables)

3 Months Ended

Mar. 31, 2024

Schedule of Investments [Abstract]

Schedule of Investments

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

Investment Cost and Fair Value by Type

	Cost		Fair Value
First lien	$	122,828	$	124,405
Second lien	3,896		3,946
Subordinated	2,682		2,844
Total investments	$	129,406	$	131,195

Investment Cost and Fair Value by Industry

	Cost		Fair Value
Software	$	52,278	$	52,790
Business Services	46,414		46,723
Healthcare	12,850		12,946
Education	7,080		7,244
Food & Beverage	4,588		5,253
Consumer Services	3,584		3,623
Financial Services	2,612		2,616
Total investments	$	129,406	$	131,195

At December 31, 2023, the Company's investments consisted of the following:

Investment Cost and Fair Value by Type

	Cost		Fair Value
First lien	$	82,696	$	83,830
Second lien	717		752
Subordinated	1,954		2,031
Total investments	$	85,367	$	86,613

Investment Cost and Fair Value by Industry

	Cost		Fair Value
Business Services	$	34,107	$	34,304
Software	29,533		29,969
Healthcare	9,342		9,387
Food & Beverage	3,937		4,335
Education	3,215		3,351
Consumer Services	2,941		2,975
Financial Services	2,292		2,292
Total investments	$	85,367	$	86,613

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Fair Value (Tables)

3 Months Ended

Mar. 31, 2024

Fair Value Disclosures [Abstract]

Summary of Portfolio Investments by Level in the Fair Value Hierarchy

The following table summarizes the levels in the fair value hierarchy that the Company's portfolio investments fall into as of March 31, 2024:

	Total		Level I		Level II		Level III
First lien	$	124,405	$	—	$	11,399	$	113,006
Second lien	3,946		—		—		3,946
Subordinated	2,844		—		2,844		—
Total investments	$	131,195	$	—	$	14,243	$	116,952

The following table summarizes the levels in the fair value hierarchy that the Company's portfolio investments fall into as of December 31, 2023:

	Total		Level I		Level II		Level III
First lien	$	83,830	$	—	$	8,465	$	75,365
Second lien	752		—		—		752
Subordinated	2,031		—		2,031		—
Total investments	$	86,613	$	—	$	10,496	$	76,117

Summary of Changes in Level III Portfolio Investments

The following table summarizes the changes in fair value of Level III portfolio investments for the three months ended March 31, 2024, as well as the portion of appreciation (depreciation) included in income attributable to the net change in unrealized appreciation (depreciation) related to those assets and liabilities still held by the Company at March 31, 2024:

	Total		First Lien		Second Lien
Fair value, December 31, 2023	$	76,117	$	75,365	$	752
Total gains or losses included in earnings:
Net change in unrealized appreciation (depreciation) of investments	489		471		18
Purchases, including capitalized PIK and revolver fundings	39,883		36,707		3,176
Proceeds from sales and paydowns of investments	(527)		(527)		—
Transfers into Level III(1)	2,975		2,975		—
Transfers out of Level III(1)	(1,985)		(1,985)		—
Fair Value, March 31, 2024	$	116,952	$	113,006	$	3,946
Net change in unrealized appreciation (depreciation) for the period relating to those Level III assets that were still held by the Company at the end of the period:	$	489	$	471	$	18

(1)As of March 31, 2024, portfolio investments were transferred into Level III from Level II and out of Level III into Level II at fair value as of the beginning of the period in which the reclassification occurred.

Summary of Unobservable Inputs

The unobservable inputs used in the fair value measurement of the Company's Level III investments as of March 31, 2024 were as follows:

					Range
Type	Fair Value as of March 31, 2024		Approach	Unobservable Input	Low		High		Weighted Average (1)
First lien	$	110,356	Market & income approach	EBITDA multiple	8.5x		30.0x		17.0x
				Revenue multiple	4.0x		16.6x		9.4x
				Discount rate	7.8	%	12.9	%	10.2	%
	1,980		Market quote	Broker quote	N/A		N/A		N/A
	670		Other	N/A (2)	N/A		N/A		N/A
Second lien	769		Market & income approach	Discount rate	12.2	%	12.2	%	12.2	%
	3,177		Other	N/A (2)	N/A		N/A		N/A
	$	116,952

(1)Unobservable inputs were weighted by the relative fair value of the investments.

(2)Fair value was determined based on transaction pricing or recent acquisition or sale as the best measure of fair value with no material changes in operations of the related portfolio company since the transaction date.

The unobservable inputs used in the fair value measurement of the Company's Level III investments as of December 31, 2023 were as follows:

					Range
Type	Fair Value as of December 31, 2023		Approach	Unobservable Input	Low		High		Weighted Average (1)
First lien	$	59,470	Market & income approach	EBITDA multiple	8.5x		27.0x		18.4x
				Revenue multiple	8.0x		10.0x		9.0x
				Discount rate	7.2	%	11.2	%	9.5	%
	15,895		Other	N/A (2)	N/A		N/A		N/A
Second lien	752		Market & income approach	Discount rate	12.9%		12.9%		12.9%
	$	76,117

(1)Unobservable inputs were weighted by the relative fair value of the investments.

(2)Fair value was determined based on transaction pricing or recent acquisition or sale as the best measure of fair value with no material changes in operations of the related portfolio company since the transaction date.

Schedule of Principal Amounts and Fair Values of Borrowings

The following are the principal amounts and fair values of the Company’s borrowings as of March 31, 2024 and December 31, 2023. Fair value is estimated by discounting remaining payments using applicable current market rates, which take into account changes in the Company’s marketplace credit ratings, or market quotes, if available.    

	As of
	March 31, 2024				December 31, 2023
	Principal Amount		Fair Value		Principal Amount		Fair Value
BMO Subscription Line	$	9,800	$	9,839	$	—	$	—

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Agreements and Related Parties (Tables)

3 Months Ended

Mar. 31, 2024

Related Party Transactions [Abstract]

Schedule of Management Fees and Incentive Fees

The following table summarizes the management fees and incentive fees incurred by the Company for the three months ended March 31, 2024:

	Three Months Ended
	March 31, 2024
Management fee	$	216
Less: management fee waiver	(108)
Net management fee	108
Incentive fee, excluding accrued incentive fees on capital gains	$	291

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Members' Capital (Tables)

3 Months Ended

Mar. 31, 2024

Equity [Abstract]

Summary of Distributions Declared

The following table reflects the distributions declared on the Company's Units for the three months ended March 31, 2024:

Date Declared	Record Date	Payment Date	Per Unit Amount
March 20, 2024	March 27, 2024	April 19, 2024	$	0.273

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Earnings (Loss) Per Unit (Tables)

3 Months Ended

Mar. 31, 2024

Earnings Per Share [Abstract]

Schedule of Computation of Basic Net Increase (decrease)

The following information sets forth the computation of basic net increase (decrease) in the Company's members' capital per Unit resulting from operations for the three months ended March 31, 2024:

	Three Months Ended
	March 31, 2024
Earnings (Loss) per unit—basic & diluted
Numerator for basic & diluted earnings (loss) per unit:	$	3,160
Denominator for basic & diluted weighted average unit:	10,560,000
Basic & diluted earnings (loss) per unit:	$	0.30

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Financial Highlights (Tables)

3 Months Ended

Mar. 31, 2024

Investment Company [Abstract]

Schedule of Financial Highlights

The following information sets forth the Company's financial highlights for the three months ended March 31, 2024:

	Three Months Ended
	March 31, 2024
Per unit data(1):
Members' capital, December 31, 2023	$	10.02
Net investment income (loss)	0.25
Net realized and unrealized gains (losses)	0.05
Total net increase (decrease)	0.30
Distributions declared to unitholders from net investment income	(0.27)
Members' capital, March 31, 2024	$	10.05
Total return based on members' capital(2)	2.99		%
Units outstanding at end of period	10,560,000
Average weighted units outstanding for the period	10,560,000
Average members' capital for the period	$	105,833
Ratio to average members' capital:
Net investment income (loss)(3)	10.35		%
Total expenses, before waivers(3)	4.40		%
Total expenses, net of waivers(3)	3.71		%
Average debt outstanding—Unsecured Management Company Revolver	$	—
Average debt outstanding—BMO Subscription Line	$	3,902
Asset coverage ratio	1,182.72		%
Portfolio turnover	0.18		%
Capital Commitments	$	211,200
Funded Capital Commitments	$	105,600
% of Capital Commitments funded	50.00		%

(1)Per unit data is based on weighted average units outstanding for the respective period (except for distributions declared to unitholders, which are based on actual rate per unit).

(2)Total return is calculated assuming a purchase price at members' capital per Unit on the first day of the year and a sale at members' capital per Unit on the last day of the period. Dividends and distributions, if any, are assumed for purposes of this calculation, to be reinvested at members' capital per Unit on the last day of the respective quarter. Total return calculation is not annualized.

(3)Annualized, except organizational and offering costs.

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Formation and Business Purpose (Details) - USD ($) $ in Thousands		3 Months Ended
	May 23, 2023	Mar. 31, 2024
Summary of Investment Holdings [Line Items]
Investment period	4 years
Term of company	6 years
Term of company, extension period	1 year
Term of company, additional extension period	1 year
Minimum
Summary of Investment Holdings [Line Items]
EBITDA as defined for middle market business		$ 10,000
Maximum
Summary of Investment Holdings [Line Items]
EBITDA as defined for middle market business		200,000
Private Placement
Summary of Investment Holdings [Line Items]
Offering period	18 months
New Mountain Capital
Summary of Investment Holdings [Line Items]
Assets under management		$ 50,000,000

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Summary of Significant Accounting Policies (Details) $ in Thousands		3 Months Ended
	Dec. 14, 2022 USD ($)	Mar. 31, 2024 USD ($) investment	Dec. 31, 2023 investment
Related Party Transaction [Line Items]
PIK interest		$ 144
Investments threshold period past due for nonaccrual status		30 days
Number of investments on non-accrual status | investment		0	0
Amortization period for deferred offering costs		12 months
Investment Management Agreement | Payable to affiliate
Related Party Transaction [Line Items]
Organizational and offering expenses, reduction to base management fee, threshold	$ 2,000	$ 2,000
Organizational and offering expenses, reduction to base management fee, multiplier	0.25%	0.25%

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Investments - Schedule of Investments (Details) - USD ($) $ in Thousands	Mar. 31, 2024		Dec. 31, 2023
Schedule of Investments [Line Items]
Cost	$ 129,406	[1]	$ 85,367	[2]
Fair Value	131,195	[1]	86,613	[2]
Software
Schedule of Investments [Line Items]
Cost	52,278		29,533
Fair Value	52,790		29,969
Business Services
Schedule of Investments [Line Items]
Cost	46,414		34,107
Fair Value	46,723		34,304
Healthcare
Schedule of Investments [Line Items]
Cost	12,850		9,342
Fair Value	12,946		9,387
Education
Schedule of Investments [Line Items]
Cost	7,080		3,215
Fair Value	7,244		3,351
Food & Beverage
Schedule of Investments [Line Items]
Cost	4,588		3,937
Fair Value	5,253		4,335
Consumer Services
Schedule of Investments [Line Items]
Cost	3,584		2,941
Fair Value	3,623		2,975
Financial Services
Schedule of Investments [Line Items]
Cost	2,612		2,292
Fair Value	2,616		2,292
First lien
Schedule of Investments [Line Items]
Cost	122,828		82,696
Fair Value	124,405		83,830
Second lien
Schedule of Investments [Line Items]
Cost	3,896		717
Fair Value	3,946		752
Subordinated
Schedule of Investments [Line Items]
Cost	2,682		1,954
Fair Value	$ 2,844		$ 2,031

[1] New Mountain Guardian IV Income Fund, 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] New Mountain Guardian IV Income Fund, 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.

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Investments - Narrative (Details) - USD ($)	Mar. 31, 2024	Dec. 31, 2023
Unfunded Commitments on Revolving Credit Facilities
Investment Company, Nonconsolidated Subsidiary [Line Items]
Principal amount	$ 7,336,000	$ 3,979,000
Unfunded Commitments on Bridge Facilities
Investment Company, Nonconsolidated Subsidiary [Line Items]
Principal amount	0	0
Unfunded Commitments on Delayed Draws or Other Future Funding Commitments
Investment Company, Nonconsolidated Subsidiary [Line Items]
Principal amount	$ 43,773,000	$ 23,198,000

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Fair Value - Summary of Portfolio Investments by Level in the Fair Value Hierarchy (Details) - USD ($) $ in Thousands	Mar. 31, 2024		Dec. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments at fair value	$ 131,195	[1]	$ 86,613	[2]
First lien
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments at fair value	124,405		83,830
Second lien
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments at fair value	3,946		752
Subordinated
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments at fair value	2,844		2,031
Level I
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments at fair value	0		0
Level I | First lien
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments at fair value	0		0
Level I | Second lien
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments at fair value	0		0
Level I | Subordinated
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments at fair value	0		0
Level II
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments at fair value	14,243		10,496
Level II | First lien
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments at fair value	11,399		8,465
Level II | Second lien
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments at fair value	0		0
Level II | Subordinated
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments at fair value	2,844		2,031
Level III
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments at fair value	116,952		76,117
Level III | First lien
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments at fair value	113,006		75,365
Level III | Second lien
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments at fair value	3,946		752
Level III | Subordinated
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments at fair value	$ 0		$ 0

[1] New Mountain Guardian IV Income Fund, 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] New Mountain Guardian IV Income Fund, 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.

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Fair Value - Summary of Changes in Level III Portfolio Investments (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2024 USD ($)
Total
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	$ 76,117
Total gains or losses included in earnings	489
Purchases, including capitalized PIK and revolver fundings	39,883
Proceeds from sales and paydowns of investments	(527)
Transfers into Level III	2,975
Transfers out of Level III	(1,985)
Ending balance	116,952
Net change in unrealized appreciation (depreciation) for the period relating to those Level III assets that were still held by the Company at the end of the period:	489
First Lien
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	75,365
Total gains or losses included in earnings	471
Purchases, including capitalized PIK and revolver fundings	36,707
Proceeds from sales and paydowns of investments	(527)
Transfers into Level III	2,975
Transfers out of Level III	(1,985)
Ending balance	113,006
Net change in unrealized appreciation (depreciation) for the period relating to those Level III assets that were still held by the Company at the end of the period:	471
Second Lien
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	752
Total gains or losses included in earnings	18
Purchases, including capitalized PIK and revolver fundings	3,176
Proceeds from sales and paydowns of investments	0
Transfers into Level III	0
Transfers out of Level III	0
Ending balance	3,946
Net change in unrealized appreciation (depreciation) for the period relating to those Level III assets that were still held by the Company at the end of the period:	$ 18

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Fair Value - Summary of Unobservable Inputs (Details) $ in Thousands	Mar. 31, 2024 USD ($)		Dec. 31, 2023 USD ($)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair Value	$ 131,195	[1]	$ 86,613	[2]
First lien
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair Value	124,405		83,830
Second lien
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair Value	3,946		752
Level III
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair Value	116,952		76,117
Level III | First lien
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair Value	113,006		75,365
Level III | First lien | Market & income approach
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair Value	$ 110,356		$ 59,470
Level III | First lien | Market & income approach | Minimum | EBITDA multiple
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	8.5		8.5
Level III | First lien | Market & income approach | Minimum | Revenue multiple
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	4.0		8
Level III | First lien | Market & income approach | Minimum | Discount rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.078		0.072
Level III | First lien | Market & income approach | Maximum | EBITDA multiple
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	30.0		27
Level III | First lien | Market & income approach | Maximum | Revenue multiple
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	16.6		10
Level III | First lien | Market & income approach | Maximum | Discount rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.129		0.112
Level III | First lien | Market & income approach | Weighted Average | EBITDA multiple
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	17.0		18.4
Level III | First lien | Market & income approach | Weighted Average | Revenue multiple
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	9.4		9
Level III | First lien | Market & income approach | Weighted Average | Discount rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.102		0.095
Level III | First lien | Market quote
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair Value	$ 1,980
Level III | First lien | Other
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair Value	670		$ 15,895
Level III | Second lien
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair Value	3,946		752
Level III | Second lien | Market & income approach
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair Value	$ 769		$ 752
Level III | Second lien | Market & income approach | Minimum | Discount rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.122		12.9
Level III | Second lien | Market & income approach | Maximum | Discount rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.122		12.9
Level III | Second lien | Market & income approach | Weighted Average | Discount rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.122		12.9
Level III | Second lien | Other
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair Value	$ 3,177

[1] New Mountain Guardian IV Income Fund, 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] New Mountain Guardian IV Income Fund, 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.

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Fair Value - Summary of Principal Amount and Fair Values of Borrowings (Details) - Revolving Credit Facility - BMO Subscription Line - Line of Credit - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Reported Value Measurement
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Borrowings	$ 9,800	$ 0
Estimate of Fair Value Measurement
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Borrowings	$ 9,839	$ 0

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Agreements and Related Parties - Narrative (Details)				3 Months Ended	18 Months Ended
	Jan. 30, 2024	Dec. 18, 2023	Dec. 14, 2022 USD ($)	Mar. 31, 2024 USD ($) component	May 31, 2024	Dec. 31, 2023 USD ($)	Jun. 23, 2023 USD ($)
Related Party Transaction [Line Items]
Incentive fee				$ 291,000
Fees waived by the administrator				74,000
Payable to affiliate
Related Party Transaction [Line Items]
Payable to affiliates				140,000		$ 63,000
Payable to affiliate | Revolving Credit Facility | Unsecured Management Company Revolver | Line of Credit
Related Party Transaction [Line Items]
Maximum borrowing capacity							$ 10,000,000
Investment Management Agreement | Payable to affiliate
Related Party Transaction [Line Items]
Related party transaction, term	12 months		2 years
Base management fee percentage			0.75%
Minimum base management fee			$ 0
Organizational and offering expenses, reduction to base management fee, threshold			$ 2,000,000	$ 2,000,000
Organizational and offering expenses, reduction to base management fee, multiplier			0.25%	0.25%
Number of incentive fee components | component				2
Return of incentive fee upon termination of company, cumulative incentive fees threshold, percentage			10.00%
Return of incentive fee upon termination of company, cumulative internal rate of return threshold, percentage			5.00%
Investment Management Agreement | Payable to affiliate | Forecast
Related Party Transaction [Line Items]
Base management fee percentage					0.375%
Base management fee reduction percentage through 1 year anniversary of initial drawdown date					50.00%
Quarterly hurdle rate | Payable to affiliate
Related Party Transaction [Line Items]
Incentive fee percentage			1.25%
Annualized hurdle rate | Payable to affiliate
Related Party Transaction [Line Items]
Incentive fee percentage			5.00%
Pre-Incentive Fee Net Investment Income below catch-up threshold | Payable to affiliate
Related Party Transaction [Line Items]
Incentive fee percentage			100.00%
Quarterly catch-up threshold | Payable to affiliate
Related Party Transaction [Line Items]
Incentive fee percentage			1.389%
Annualized catch-up threshold | Payable to affiliate
Related Party Transaction [Line Items]
Incentive fee percentage			5.556%
Pre-Incentive Fee Net Investment Income exceeds catch-up threshold | Payable to affiliate
Related Party Transaction [Line Items]
Incentive fee percentage			10.00%
Realized capital gains | Payable to affiliate
Related Party Transaction [Line Items]
Incentive fee				$ 0
Realized capital gains, annualized cumulative internal rate of return | Payable to affiliate
Related Party Transaction [Line Items]
Incentive fee percentage			5.00%
Realized capital gains, cumulative net realized gains | Payable to affiliate
Related Party Transaction [Line Items]
Incentive fee percentage			100.00%
Realized capital gains, cumulative net realized gains threshold | Payable to affiliate
Related Party Transaction [Line Items]
Incentive fee percentage			10.00%
Realized capital gains, additional undistributed cumulative net realized gains | Payable to affiliate
Related Party Transaction [Line Items]
Incentive fee percentage			10.00%
Expense Limitation snd Reimbursement Agreement | Payable to affiliate
Related Party Transaction [Line Items]
Management fee waiver, percentage applied to calculate (specified expenses cap)			0.40%
Management fee waiver, capital commitments threshold			$ 500,000,000
Period for reimbursement of compensation waived and other expenses			36 months
Period for recapture of specified expenses			36 months
Administration Agreement | Payable to affiliate
Related Party Transaction [Line Items]
Less: incentive fees waived (See Note 5)				148,000
Fees waived by the administrator				74,000
Payable to affiliates				$ 74,000		$ 0
Incentive Fee Waiver
Related Party Transaction [Line Items]
Increases the hurdle rate		0.060
Current hurdle rate		0.050
Incentive Fee Waiver | Three-month Term SOFR
Related Party Transaction [Line Items]
Current hurdle rate		0.050
Investment company, incentive allocation to average net assets		3.00%
Quarterly hurdle rate		0.030

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Agreements and Related Parties - Schedule of Management Fees and Incentive Fees (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2024 USD ($)
Related Party Transaction [Line Items]
Management fee	$ 216
Incentive fee, excluding accrued incentive fees on capital gains	291
Payable to affiliate
Related Party Transaction [Line Items]
Management fee	216
Less: management fee waiver	(108)
Net management fee	108
Payable to affiliate | Incentive fee, excluding accrued incentive fees on capital gains
Related Party Transaction [Line Items]
Incentive fee, excluding accrued incentive fees on capital gains	$ 291

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Borrowings (Details) - USD ($)			3 Months Ended
	Jun. 29, 2023	Jun. 23, 2023	Mar. 31, 2024	Dec. 31, 2023
Line of Credit Facility [Line Items]
Amortization of deferred financing costs			$ 40,000
Administrative expenses			229,000
BMO Subscription Line
Line of Credit Facility [Line Items]
Credit facility outstanding balance			9,800,000	$ 0
Revolving Credit Facility | Unsecured Management Company Revolver
Line of Credit Facility [Line Items]
Credit facility outstanding balance			0	0
Revolving Credit Facility | Unsecured Management Company Revolver | Line of Credit
Line of Credit Facility [Line Items]
Interest expense			0
Amortization of deferred financing costs			2,000
Revolving Credit Facility | Unsecured Management Company Revolver | Line of Credit | Payable to affiliate
Line of Credit Facility [Line Items]
Maximum borrowing capacity		$ 10,000,000
Interest rate		7.00%
Revolving Credit Facility | BMO Subscription Line
Line of Credit Facility [Line Items]
Credit facility outstanding balance			9,800,000	$ 0
Revolving Credit Facility | BMO Subscription Line | Line of Credit
Line of Credit Facility [Line Items]
Maximum borrowing capacity	$ 125,000,000
Interest expense			80,000
Amortization of deferred financing costs			38,000
Period for outstanding balance due on demand	15 days
Period for outstanding balance after date of advance	6 months
Administrative expenses			$ 18,000
Weighted average interest rate			8.30%
Effective interest rate			12.20%
Revolving Credit Facility | BMO Subscription Line | Line of Credit | Prime Rate
Line of Credit Facility [Line Items]
Interest rate margin plus (minus)	(0.25%)
Revolving Credit Facility | BMO Subscription Line | Line of Credit | SOFR, Quoted Rate
Line of Credit Facility [Line Items]
Interest rate margin plus (minus)	2.50%
Revolving Credit Facility | BMO Subscription Line | Line of Credit | Three-month Term SOFR
Line of Credit Facility [Line Items]
Interest rate margin plus (minus)	0.15%

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Commitments and Contingencies (Details) - USD ($)	Mar. 31, 2024	Dec. 31, 2023
Financing commitment letter to purchase investments
Other Commitments [Line Items]
Other commitments	$ 3,175,000	$ 5,003,000
Unfunded Commitments on Revolving Credit Facilities
Other Commitments [Line Items]
Principal amount	7,336,000	3,979,000
Bridge financing commitments
Other Commitments [Line Items]
Principal amount	0	0
Other Future Funding Commitments
Other Commitments [Line Items]
Principal amount	$ 43,773,000	$ 23,198,000

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Members' Capital (Details)	Mar. 20, 2024 $ / shares
Equity [Abstract]
Per Unit Amount (in dollars per unit)	$ 0.273

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Earnings (Loss) Per Unit (Details) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2024 USD ($) $ / shares shares
Earnings Per Share [Abstract]
Numerator for basic & diluted earnings (loss) per unit | $	$ 3,160
Denominator for basic weighted average unit (in shares) | shares	10,560,000
Denominator for diluted weighted average unit (in shares) | shares	10,560,000
Basic, earnings (loss) per unit (in dollars per share) | $ / shares	$ 0.30
Diluted, earnings (loss) per unit (in dollars per share) | $ / shares	$ 0.30

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Financial Highlights (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Investment Company, Financial Highlights [Roll Forward]
Member's capital, beginning balance (in dollars per share)	$ 10.02
Net investment income (loss) (in dollars per share)	0.25
Net realized and unrealized gains (losses) (in dollars per share)	0.05
Total net increase (decrease) (in dollars per share)	0.30
Distributions declared to unitholders from net investment income (in dollars per share)	(0.27)
Member's capital, ending balance (in dollars per share)	$ 10.05
Total return based on members' capital	2.99%
Units outstanding at end of period (in shares)	10,560,000	10,560,000
Average weighted units outstanding for the period - basic (in shares)	10,560,000
Average weighted units outstanding for the period - diluted (in shares)	10,560,000
Average members' capital for the period	$ 105,833
Ratio to average members' capital:
Net investment income (loss)	10.35%
Total expenses, before waivers	4.40%
Total expenses, net of waivers	3.71%
Asset coverage ratio	1182.72%
Portfolio turnover	0.18%
Capital Commitments	$ 211,200
Funded Capital Commitments	$ 105,600
Percentage of Capital Commitments funded	50.00%
Unsecured Management Company Revolver
Ratio to average members' capital:
Average debt outstanding—BMO Subscription Line	$ 0
BMO Subscription Line
Ratio to average members' capital:
Average debt outstanding—BMO Subscription Line	$ 3,902

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Subsequent Events (Details) - USD ($) $ in Thousands	May 02, 2024	Apr. 11, 2024	Apr. 05, 2024	Apr. 04, 2024	Jun. 29, 2023
Subsequent Event
Subsequent Event [Line Items]
Capital commitment accepted			$ 490,505	$ 211,200
Subsequent Event | Capital Drawdown Notice
Subsequent Event [Line Items]
Sale of stock, number of shares issued (in shares)	13,965,250
Sale of stock, consideration received	$ 139,653
Revolving Credit Facility | BMO Subscription Line | Line of Credit
Subsequent Event [Line Items]
Maximum borrowing capacity					$ 125,000
Revolving Credit Facility | BMO Subscription Line | Line of Credit | Subsequent Event
Subsequent Event [Line Items]
Maximum borrowing capacity		$ 52,800