SCHEDULE: Cliffwater Funds Disclose 4.7% Stake in New Mountain Credit

Cliffwater Corporate Lending Fund and its affiliates have disclosed a 4.7% beneficial ownership stake in New Mountain Private Credit Fund.

Summary

• Cliffwater Corporate Lending Fund, Cliffwater LLC, and Stephen Nesbitt (collectively, the "Reporting Persons") beneficially own 1,999,498.90 common shares of beneficial interest in New Mountain Private Credit Fund.
• This ownership represents 4.7% of the outstanding common shares, based on 42,632,547 shares outstanding as of September 30, 2025.
• The Reporting Persons hold shared voting power and shared dispositive power over all 1,999,498.90 shares.
• The shares were acquired in the ordinary course of business and not for the purpose of changing or influencing control of the issuer.
• Cliffwater Corporate Lending Fund has waived voting rights in excess of 4.99%.

Sentiment

Score: 5

Explanation: This is a factual disclosure of beneficial ownership, which is neutral in sentiment. It does not contain positive or negative performance indicators.

Positives

• A significant institutional investor, Cliffwater Corporate Lending Fund, holds a substantial stake, potentially indicating confidence in New Mountain Private Credit Fund.

Negatives

• No specific negatives are disclosed in this beneficial ownership filing.

Risks

• No specific risks are mentioned in this beneficial ownership disclosure.

Future Outlook

NA

Management Comments

• The securities were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities.
• The securities were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under Rule 14a-11.

Industry Context

This filing indicates a notable, non-controlling investment by a specialized corporate lending fund in a private credit fund. Such investments are common among institutional investors seeking exposure to private debt markets, reflecting ongoing interest in alternative credit strategies.

Stakeholder Impact

• Shareholders: Provides transparency regarding a significant institutional holder's stake, which could be viewed positively as a vote of confidence.
• Management: Awareness of a substantial, but non-controlling, shareholder group.

Key Dates

Keywords

New Mountain Private Credit Fund, Cliffwater Corporate Lending Fund, Cliffwater LLC, Stephen Nesbitt, beneficial ownership, Schedule 13G, investment adviser, common shares, private credit