UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

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

For the ~~Quarter~~Quarterly Period Ended June 30, ~~2021~~2022

oTransition 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 numbers and states or other jurisdictions of incorporation or organization

I.R.S. Employer

Identification Number

814-00832

New Mountain Finance Corporation

27-2978010

1633 Broadway, 48th Floor

New York, New York 10019

Telephone: (212) 720-0300

State of Incorporation: Delaware

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common stock, par value $0.01 per share

NMFC

The NASDAQ Global Select Market

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 o 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 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~~ ý

~~Accelerated filer~~ o

Large accelerated filer

Accelerated filer

Non-accelerated filer o

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

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.


Description						Shares as of August ~~4, 2021~~8, 2022
Common stock, par value $0.01 per share						~~96,906,988~~100,716,928

Table of Contents

FORM 10-Q FOR THE QUARTER ENDED JUNE 30, ~~2021~~2022

TABLE OF CONTENTS


		PAGE

PART I. FINANCIAL INFORMATION

Item 1.	Financial Statements

	New Mountain Finance Corporation
	Consolidated Statements of Assets and Liabilities as of June 30, ~~2021~~ 2022 (unaudited) and December 31, ~~2020~~2021 (unaudited)	3
	Consolidated Statements of Operations for the three and six months ended June 30, ~~2021~~2022 (unaudited) and June 30, ~~2020~~2021 (unaudited)	4
	Consolidated Statements of Changes in Net Assets for the three and six months ended June 30, ~~2021~~2022 (unaudited) and June 30, ~~2020~~2021 (unaudited)	5
	Consolidated Statements of Cash Flows for the six months ended June 30, ~~2021~~2022 (unaudited) and June 30, ~~2020~~2021 (unaudited)	6
	Consolidated Schedule of Investments as of June 30, ~~2021~~2022 (unaudited)	7
	Consolidated Schedule of Investments as of December 31, ~~2020~~2021	2833
	Notes to the Consolidated Financial Statements of New Mountain Finance Corporation (unaudited)	4757
	Report of Independent Registered Public Accounting Firm	95102

Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	96103
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	~~138~~127
Item 4.	Controls and Procedures	~~139~~128

PART II. OTHER INFORMATION		~~140~~129

Item 1.	Legal Proceedings	~~140~~129
Item 1A.	Risk Factors	~~140~~129
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	~~142~~130
Item 3.	Defaults Upon Senior Securities	~~142~~130
Item 4.	Mine Safety Disclosures	~~142~~130
Item 5.	Other Information	~~142~~130
Item 6.	Exhibits	~~143~~131
	Signatures	~~144~~132

Table of Contents

PART I. FINANCIAL INFORMATION

Item 1. Financial Statements

New Mountain Finance Corporation

Consolidated Statements of Assets and Liabilities

(in thousands, except shares and per share data)

(unaudited)


		June 30, 2021		December 31, 2020			June 30, 2022		December 31, 2021
Assets	Assets					Assets
Investments at fair value	Investments at fair value					Investments at fair value
Non-controlled/non-affiliated investments (cost of $2,294,920 and $2,281,184, respectively)		$	2,260,701	$	2,249,615
Non-controlled/affiliated investments (cost of $105,573 and $115,543, respectively)		158,056		103,012
Controlled investments (cost of $649,282 and $600,942, respectively)		670,131		600,875
Total investments at fair value (cost of $3,049,775 and $2,997,669, respectively)		3,088,888		2,953,502
Non-controlled/non-affiliated investments (cost of $2,523,515 and $2,323,224, respectively)						Non-controlled/non-affiliated investments (cost of $2,523,515 and $2,323,224, respectively)	$	2,456,609	$	2,283,779
Non-controlled/affiliated investments (cost of $83,313 and $80,801, respectively)						Non-controlled/affiliated investments (cost of $83,313 and $80,801, respectively)	151,045		134,775
Controlled investments (cost of $690,628 and $722,467, respectively)						Controlled investments (cost of $690,628 and $722,467, respectively)	692,537		755,810
Total investments at fair value (cost of $3,297,456 and $3,126,492, respectively)						Total investments at fair value (cost of $3,297,456 and $3,126,492, respectively)	3,300,191		3,174,364
Securities purchased under collateralized agreements to resell (cost of $30,000 and $30,000, respectively)	Securities purchased under collateralized agreements to resell (cost of $30,000 and $30,000, respectively)	21,422		21,422		Securities purchased under collateralized agreements to resell (cost of $30,000 and $30,000, respectively)	19,401		21,422
Cash and cash equivalents	Cash and cash equivalents	27,809		78,966		Cash and cash equivalents	40,712		58,077
Interest and dividend receivable	Interest and dividend receivable	32,290		28,411		Interest and dividend receivable	33,827		30,868
Receivable from unsettled securities sold		—		9,019
Receivable from affiliates		—		117
Deferred tax asset		—		101

Other assets	Other assets	9,651		5,981		Other assets	10,650		11,081
Total assets	Total assets	$	3,180,060	$	3,097,519	Total assets	$	3,404,781	$	3,295,812
Liabilities	Liabilities					Liabilities
Borrowings	Borrowings					Borrowings
Holdings Credit Facility						Holdings Credit Facility	$	615,463	$	545,263
Unsecured Notes	Unsecured Notes	$	511,500	$	453,250	Unsecured Notes	586,500		511,500
Holdings Credit Facility		505,163		450,163
SBA-guaranteed debentures	SBA-guaranteed debentures	300,000		300,000		SBA-guaranteed debentures	300,000		300,000
Convertible Notes						Convertible Notes	201,366		201,417
DB Credit Facility	DB Credit Facility	223,500		244,000		DB Credit Facility	189,300		226,300
Convertible Notes		201,469		201,520
NMFC Credit Facility	NMFC Credit Facility	98,000		165,500		NMFC Credit Facility	120,895		127,192

Deferred financing costs (net of accumulated amortization of $37,264 and $33,325, respectively)		(23,044)		(16,839)
NMNLC Credit Facility II						NMNLC Credit Facility II	2,900		15,200
Deferred financing costs (net of accumulated amortization of $44,092 and $40,713, respectively)						Deferred financing costs (net of accumulated amortization of $44,092 and $40,713, respectively)	(16,910)		(19,684)
Net borrowings	Net borrowings	1,816,588		1,797,594		Net borrowings	1,999,514		1,907,188
Management fee payable						Management fee payable	10,628		10,164
Incentive fee payable						Incentive fee payable	7,926		7,503
Interest payable	Interest payable	17,250		15,587		Interest payable	18,450		17,388
Payable for unsettled securities purchased	Payable for unsettled securities purchased	15,213		26,842		Payable for unsettled securities purchased	—		7,910
Management fee payable		9,921		10,419
Incentive fee payable		7,298		7,354
Payable to affiliates	Payable to affiliates	945		867		Payable to affiliates	796		556
Deferred tax liability	Deferred tax liability	13		—		Deferred tax liability	169		13
Other liabilities	Other liabilities	1,746		1,967		Other liabilities	2,097		2,478
Total liabilities	Total liabilities	1,868,974		1,860,630		Total liabilities	2,039,580		1,953,200
Commitments and contingencies (See Note 9)	Commitments and contingencies (See Note 9)					Commitments and contingencies (See Note 9)
Net assets	Net assets					Net assets
Preferred stock, par value $0.01 per share, 2,000,000 shares authorized, none issued	Preferred stock, par value $0.01 per share, 2,000,000 shares authorized, none issued	—		—		Preferred stock, par value $0.01 per share, 2,000,000 shares authorized, none issued	—		—
Common stock, par value $0.01 per share, 200,000,000 shares authorized, and 96,906,988 and 96,827,342 shares issued and outstanding, respectively		969		968
Common stock, par value $0.01 per share, 200,000,000 shares authorized, and 100,716,928 and 97,907,441 shares issued and outstanding, respectively						Common stock, par value $0.01 per share, 200,000,000 shares authorized, and 100,716,928 and 97,907,441 shares issued and outstanding, respectively	1,007		979
Paid in capital in excess of par	Paid in capital in excess of par	1,270,719		1,269,671		Paid in capital in excess of par	1,310,791		1,272,796

Accumulated undistributed (overdistributed) earnings		20,442		(48,764)
Accumulated undistributed earnings						Accumulated undistributed earnings	39,812		47,470
Total net assets of New Mountain Finance Corporation	Total net assets of New Mountain Finance Corporation	$	1,292,130	$	1,221,875	Total net assets of New Mountain Finance Corporation	$	1,351,610	$	1,321,245
Non-controlling interest in New Mountain Net Lease Corporation	Non-controlling interest in New Mountain Net Lease Corporation	18,956		15,014		Non-controlling interest in New Mountain Net Lease Corporation	13,591		21,367
Total net assets	Total net assets	$	1,311,086	$	1,236,889	Total net assets	$	1,365,201	$	1,342,612
Total liabilities and net assets	Total liabilities and net assets	$	3,180,060	$	3,097,519	Total liabilities and net assets	$	3,404,781	$	3,295,812
Number of shares outstanding	Number of shares outstanding	96,906,988		96,827,342		Number of shares outstanding	100,716,928		97,907,441
Net asset value per share of New Mountain Finance Corporation	Net asset value per share of New Mountain Finance Corporation	$	13.33	$	12.62	Net asset value per share of New Mountain Finance Corporation	$	13.42	$	13.49

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

Table of Contents

New Mountain Finance Corporation

Consolidated Statements of Operations

(in thousands, except shares and per share data)

(unaudited)


		Three Months Ended				Six Months Ended					Three Months Ended				Six Months Ended
		June 30, 2021		June 30, 2020		June 30, 2021		June 30, 2020			June 30, 2022		June 30, 2021		June 30, 2022		June 30, 2021
Investment income	Investment income									Investment income
From non-controlled/non-affiliated investments:	From non-controlled/non-affiliated investments:									From non-controlled/non-affiliated investments:
Interest income (excluding Payment-in-kind ("PIK") interest income)	Interest income (excluding Payment-in-kind ("PIK") interest income)	$	39,819	$	45,969	$	79,379	$	102,529	Interest income (excluding Payment-in-kind ("PIK") interest income)	$	41,089	$	39,819	$	78,533	$	79,379
PIK interest income	PIK interest income	2,064		2,891		4,598		3,917		PIK interest income	2,934		2,064		6,236		4,598

Dividend income										Dividend income	87		—		135		—
Non-cash dividend income	Non-cash dividend income	2,967		2,300		5,368		4,624		Non-cash dividend income	3,189		2,967		6,274		5,368
Other income	Other income	1,578		1,117		4,402		2,588		Other income	4,287		1,578		5,918		4,402
From non-controlled/affiliated investments:	From non-controlled/affiliated investments:									From non-controlled/affiliated investments:
Interest income (excluding PIK interest income)	Interest income (excluding PIK interest income)	563		570		1,026		1,182		Interest income (excluding PIK interest income)	263		563		518		1,026
PIK interest income	PIK interest income	—		(1,805)		—		(1,348)		PIK interest income	258		—		509		—
Dividend income		—		689		—		1,409

Non-cash dividend income	Non-cash dividend income	1,545		—		3,050		(3,418)		Non-cash dividend income	1,012		1,545		1,994		3,050
Other income	Other income	103		284		205		575		Other income	62		103		125		205
From controlled investments:	From controlled investments:									From controlled investments:
Interest income (excluding PIK interest income)	Interest income (excluding PIK interest income)	1,169		1,596		2,317		2,570		Interest income (excluding PIK interest income)	1,715		1,169		3,371		2,317
PIK interest income	PIK interest income	3,466		2,142		6,770		4,149		PIK interest income	4,085		3,466		9,055		6,770
Dividend income	Dividend income	11,117		7,725		21,592		15,954		Dividend income	10,671		11,117		22,316		21,592
Non-cash dividend income	Non-cash dividend income	1,334		1,502		2,615		4,140		Non-cash dividend income	1,063		1,334		2,075		2,615
Other income	Other income	836		987		2,947		1,180		Other income	2,395		836		5,014		2,947
Total investment income	Total investment income	66,561		65,967		134,269		140,051		Total investment income	73,110		66,561		142,073		134,269
Expenses	Expenses									Expenses
Incentive fee	Incentive fee	7,298		6,896		14,546		14,722		Incentive fee	7,926		7,298		15,403		14,546
Management fee	Management fee	13,725		13,134		27,145		26,992		Management fee	11,770		13,725		23,323		27,145
Interest and other financing expenses	Interest and other financing expenses	17,871		19,229		37,256		41,423		Interest and other financing expenses	20,672		17,871		39,309		37,256
Administrative expenses	Administrative expenses	1,029		1,239		2,158		2,279		Administrative expenses	932		1,029		2,141		2,158
Professional fees	Professional fees	764		969		1,490		1,874		Professional fees	817		764		1,754		1,490
Other general and administrative expenses	Other general and administrative expenses	466		442		908		941		Other general and administrative expenses	518		466		995		908
Total expenses	Total expenses	41,153		41,909		83,503		88,231		Total expenses	42,635		41,153		82,925		83,503
Less: management fee waived (See Note 5)	Less: management fee waived (See Note 5)	(3,804)		(3,183)		(7,441)		(6,726)		Less: management fee waived (See Note 5)	(1,142)		(3,804)		(2,234)		(7,441)
Less: expenses waived and reimbursed (See Note 5)	Less: expenses waived and reimbursed (See Note 5)	—		(335)		—		(335)		Less: expenses waived and reimbursed (See Note 5)	—		—		(238)		—
Net expenses	Net expenses	37,349		38,391		76,062		81,170		Net expenses	41,493		37,349		80,453		76,062
Net investment income before income taxes	Net investment income before income taxes	29,212		27,576		58,207		58,881		Net investment income before income taxes	31,617		29,212		61,620		58,207
Income tax expense (benefit)		22		(7)		23		(7)
Income tax (benefit) expense										Income tax (benefit) expense	(87)		22		8		23
Net investment income	Net investment income	29,190		27,583		58,184		58,888		Net investment income	31,704		29,190		61,612		58,184
Net realized gains (losses):	Net realized gains (losses):									Net realized gains (losses):
Non-controlled/non-affiliated investments	Non-controlled/non-affiliated investments	157		(3,759)		338		(4,461)		Non-controlled/non-affiliated investments	(594)		157		(664)		338
Non-controlled/affiliated investments	Non-controlled/affiliated investments	1		—		(12,211)		—		Non-controlled/affiliated investments	—		1		—		(12,211)
Controlled investments	Controlled investments	22		3		1,557		7		Controlled investments	17,112		22		36,354		1,557
New Mountain Net Lease Corporation		—		—		—		812
Net change in unrealized appreciation (depreciation):

Foreign currency										Foreign currency	40		—		385		—
Net change in unrealized (depreciation) appreciation:										Net change in unrealized (depreciation) appreciation:
Non-controlled/non-affiliated investments	Non-controlled/non-affiliated investments	(10,921)		51,466		(2,650)		(88,817)		Non-controlled/non-affiliated investments	(20,507)		(10,921)		(25,031)		(2,650)
Non-controlled/affiliated investments	Non-controlled/affiliated investments	35,972		(2,771)		65,014		(13,607)		Non-controlled/affiliated investments	2,999		35,972		13,758		65,014
Controlled investments	Controlled investments	24,757		4,587		20,916		(48,221)		Controlled investments	(15,266)		24,757		(31,434)		20,916
Securities purchased under collateralized agreements to resell										Securities purchased under collateralized agreements to resell	—		—		(2,021)		—

New Mountain Net Lease Corporation		—		—		—		(812)
(Provision) benefit for taxes		—		(377)		(115)		521
Net realized and unrealized gains (losses)		49,988		49,149		72,849		(154,578)
Net increase (decrease) in net assets resulting from operations		79,178		76,732		131,033		(95,690)
Less: Net increase in net assets resulting from operations related to non-controlling interest in New Mountain Net Lease Corporation		(3,366)		(251)		(3,731)		(186)
Net increase (decrease) in net assets resulting from operations related to New Mountain Finance Corporation		$	75,812	$	76,481	$	127,302	$	(95,876)
Basic earnings (loss) per share		$	0.78	$	0.79	$	1.31	$	(0.99)
Foreign currency										Foreign currency	(193)		—		(615)		—
Provision for taxes										Provision for taxes	(155)		—		(157)		(115)
Net realized and unrealized (losses) gains										Net realized and unrealized (losses) gains	(16,564)		49,988		(9,425)		72,849
Net increase in net assets resulting from operations										Net increase in net assets resulting from operations	15,140		79,178		52,187		131,033
Less: Net decrease (increase) in net assets resulting from operations related to non-controlling interest in New Mountain Net Lease Corporation										Less: Net decrease (increase) in net assets resulting from operations related to non-controlling interest in New Mountain Net Lease Corporation	814		(3,366)		(41)		(3,731)
Net increase in net assets resulting from operations related to New Mountain Finance Corporation										Net increase in net assets resulting from operations related to New Mountain Finance Corporation	$	15,954	$	75,812	$	52,146	$	127,302
Basic earnings per share										Basic earnings per share	$	0.16	$	0.78	$	0.52	$	1.31
Weighted average shares of common stock outstanding - basic (See Note 11)	Weighted average shares of common stock outstanding - basic (See Note 11)	96,828,217		96,827,342		96,827,782		96,827,342		Weighted average shares of common stock outstanding - basic (See Note 11)	100,596,188		96,828,217		99,510,862		96,827,782
Diluted earnings (loss) per share		$	0.71	$	0.72	$	1.20	$	(0.99)
Diluted earnings per share										Diluted earnings per share	$	0.16	$	0.71	$	0.50	$	1.20
Weighted average shares of common stock outstanding - diluted (See Note 11)	Weighted average shares of common stock outstanding - diluted (See Note 11)	110,085,802		110,084,927		110,085,367		110,084,927		Weighted average shares of common stock outstanding - diluted (See Note 11)	113,853,773		110,085,802		112,768,447		110,085,367
Distributions declared and paid per share	Distributions declared and paid per share	$	0.30	$	0.30	$	0.60	$	0.64	Distributions declared and paid per share	$	0.30	$	0.30	$	0.60	$	0.60

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

Table of Contents

New Mountain Finance Corporation

Consolidated Statements of Changes in Net Assets

(in thousands, except shares and per share data)

(unaudited)


		Three Months Ended				Six Months Ended					Three Months Ended				Six Months Ended
		June 30, 2021		June 30, 2020		June 30, 2021		June 30, 2020			June 30, 2022		June 30, 2021		June 30, 2022		June 30, 2021
Increase (decrease) in net assets resulting from operations:	Increase (decrease) in net assets resulting from operations:									Increase (decrease) in net assets resulting from operations:
Net investment income	Net investment income	$	29,190	$	27,583	$	58,184	$	58,888	Net investment income	$	31,704	$	29,190	$	61,612	$	58,184
Net realized gains (losses) on investments and New Mountain Net Lease Corporation ("NMNLC")		180		(3,756)		(10,316)		(3,642)
Net change in unrealized appreciation (depreciation) of investments and NMNLC		49,808		53,282		83,280		(151,457)

(Provision) benefit for taxes		—		(377)		(115)		521
Net increase (decrease) in net assets resulting from operations		79,178		76,732		131,033		(95,690)
Less: Net increase in net assets resulting from operations related to non-controlling interest in NMNLC		(3,366)		(251)		(3,731)		(186)
Net increase (decrease) in net assets resulting from operations related to New Mountain Finance Corporation		75,812		76,481		127,302		(95,876)
Net realized gains (losses) on investments and foreign currency										Net realized gains (losses) on investments and foreign currency	16,558		180		36,075		(10,316)
Net change in unrealized (depreciation) appreciation of investments and foreign currency										Net change in unrealized (depreciation) appreciation of investments and foreign currency	(32,967)		49,808		(43,322)		83,280
Net change in unrealized depreciation of securities purchased under collateralized agreements to resell										Net change in unrealized depreciation of securities purchased under collateralized agreements to resell	—		—		(2,021)		—
Provision for taxes										Provision for taxes	(155)		—		(157)		(115)
Net increase in net assets resulting from operations										Net increase in net assets resulting from operations	15,140		79,178		52,187		131,033
Less: Net decrease (increase) in net assets resulting from operations related to non-controlling interest in New Mountain Net Lease Corporation ("NMNLC")										Less: Net decrease (increase) in net assets resulting from operations related to non-controlling interest in New Mountain Net Lease Corporation ("NMNLC")	814		(3,366)		(41)		(3,731)
Net increase in net assets resulting from operations related to New Mountain Finance Corporation										Net increase in net assets resulting from operations related to New Mountain Finance Corporation	15,954		75,812		52,146		127,302
Capital transactions	Capital transactions									Capital transactions

Net proceeds from shares sold										Net proceeds from shares sold	16,577		—		37,051		—
Offering costs										Offering costs	(74)		—		(126)		—
Distributions declared to stockholders from net investment income	Distributions declared to stockholders from net investment income	(29,048)		(29,048)		(58,096)		(61,969)		Distributions declared to stockholders from net investment income	(30,215)		(29,048)		(59,804)		(58,096)
Reinvestment of distributions	Reinvestment of distributions	1,049		—		1,049		—		Reinvestment of distributions	—		1,049		1,098		1,049

Total net decrease in net assets resulting from capital transactions	Total net decrease in net assets resulting from capital transactions	(27,999)		(29,048)		(57,047)		(61,969)		Total net decrease in net assets resulting from capital transactions	(13,712)		(27,999)		(21,781)		(57,047)
Net increase (decrease) in net assets		47,813		47,433		70,255		(157,845)
Net increase in net assets										Net increase in net assets	2,242		47,813		30,365		70,255
New Mountain Finance Corporation net assets at the beginning of the period	New Mountain Finance Corporation net assets at the beginning of the period	1,244,317		1,078,190		1,221,875		1,283,468		New Mountain Finance Corporation net assets at the beginning of the period	1,349,368		1,244,317		1,321,245		1,221,875
New Mountain Finance Corporation net assets at the end of the period	New Mountain Finance Corporation net assets at the end of the period	1,292,130		1,125,623		1,292,130		1,125,623		New Mountain Finance Corporation net assets at the end of the period	1,351,610		1,292,130		1,351,610		1,292,130
Non-controlling interest in NMNLC	Non-controlling interest in NMNLC	18,956		11,243		18,956		11,243		Non-controlling interest in NMNLC	13,591		18,956		13,591		18,956
Net assets at the end of the period	Net assets at the end of the period	$	1,311,086	$	1,136,866	$	1,311,086	$	1,136,866	Net assets at the end of the period	$	1,365,201	$	1,311,086	$	1,365,201	$	1,311,086

Capital share activity	Capital share activity									Capital share activity

Shares sold										Shares sold	1,218,366		—		2,730,202		—
Shares issued from the reinvestment of distributions	Shares issued from the reinvestment of distributions	79,646		—		79,646		—		Shares issued from the reinvestment of distributions	—		79,646		79,285		79,646

Net increase in shares outstanding	Net increase in shares outstanding	79,646		—		79,646		—		Net increase in shares outstanding	1,218,366		79,646		2,809,487		79,646

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

Table of Contents

New Mountain Finance Corporation

��

Consolidated Statements of Cash Flows

(in thousands)

(unaudited)


		Six Months Ended					Six Months Ended
		June 30, 2021		June 30, 2020			June 30, 2022		June 30, 2021
Cash flows from operating activities	Cash flows from operating activities					Cash flows from operating activities
Net increase (decrease) in net assets resulting from operations		$	131,033	$	(95,690)
Adjustments to reconcile net decrease (increase) in net assets resulting from operations to net cash provided by (used in) operating activities:
Net realized losses on investments and New Mountain Net Lease Corporation ("NMNLC")		10,316		3,642
Net change in unrealized (appreciation) depreciation of investments and NMNLC		(83,280)		151,457

Net increase in net assets resulting from operations						Net increase in net assets resulting from operations	$	52,187	$	131,033
Adjustments to reconcile net increase in net assets resulting from operations to net cash (used in) provided by operating activities:						Adjustments to reconcile net increase in net assets resulting from operations to net cash (used in) provided by operating activities:
Net realized (gains) losses on investments						Net realized (gains) losses on investments	(35,690)		10,316
Net realized gains on translation of assets and liabilities in foreign currencies						Net realized gains on translation of assets and liabilities in foreign currencies	(385)		—
Net change in unrealized depreciation (appreciation) of investments						Net change in unrealized depreciation (appreciation) of investments	42,707		(83,280)
Net change in unrealized depreciation on translation of assets and liabilities in foreign currencies						Net change in unrealized depreciation on translation of assets and liabilities in foreign currencies	615		—
Net change in unrealized depreciation of securities purchased under collateralized agreements to resell						Net change in unrealized depreciation of securities purchased under collateralized agreements to resell	2,021		—
Amortization of purchase discount	Amortization of purchase discount	(3,617)		(6,495)		Amortization of purchase discount	(3,078)		(3,617)
Amortization of deferred financing costs	Amortization of deferred financing costs	3,939		2,343		Amortization of deferred financing costs	3,379		3,939
Amortization of premium on Convertible Notes	Amortization of premium on Convertible Notes	(51)		(52)		Amortization of premium on Convertible Notes	(51)		(51)
Non-cash investment income	Non-cash investment income	(22,851)		(13,159)		Non-cash investment income	(25,002)		(22,851)
(Increase) decrease in operating assets:	(Increase) decrease in operating assets:					(Increase) decrease in operating assets:
Proceeds from sale of non-controlling interest in NMNLC		—		11,315

Purchase of investments and delayed draw facilities	Purchase of investments and delayed draw facilities	(299,512)		(215,345)		Purchase of investments and delayed draw facilities	(397,172)		(299,512)
Proceeds from sales and paydowns of investments	Proceeds from sales and paydowns of investments	269,522		437,631		Proceeds from sales and paydowns of investments	292,753		269,522
Cash received for purchase of undrawn portion of revolving credit or delayed draw facilities	Cash received for purchase of undrawn portion of revolving credit or delayed draw facilities	74		210		Cash received for purchase of undrawn portion of revolving credit or delayed draw facilities	279		74
Cash paid for purchase of drawn portion of revolving credit facilities	Cash paid for purchase of drawn portion of revolving credit facilities	(550)		(13,996)		Cash paid for purchase of drawn portion of revolving credit facilities	(185)		(550)
Cash paid on drawn revolvers	Cash paid on drawn revolvers	(22,088)		(40,066)		Cash paid on drawn revolvers	(18,678)		(22,088)
Cash repayments on drawn revolvers	Cash repayments on drawn revolvers	16,600		29,939		Cash repayments on drawn revolvers	15,809		16,600
Deferred tax asset	Deferred tax asset	101		—		Deferred tax asset	—		101
Interest and dividend receivable	Interest and dividend receivable	(3,879)		(1,548)		Interest and dividend receivable	(2,979)		(3,879)
Receivable from unsettled securities sold	Receivable from unsettled securities sold	9,019		—		Receivable from unsettled securities sold	—		9,019
Receivable from affiliates	Receivable from affiliates	117		18		Receivable from affiliates	—		117
Other assets	Other assets	(3,670)		(1,983)		Other assets	414		(3,670)
Increase (decrease) in operating liabilities:	Increase (decrease) in operating liabilities:					Increase (decrease) in operating liabilities:
Management fee payable	Management fee payable	(498)		20,266		Management fee payable	464		(498)
Incentive fee payable	Incentive fee payable	(56)		14,722		Incentive fee payable	423		(56)
Payable for unsettled securities purchased	Payable for unsettled securities purchased	(11,629)		1,685		Payable for unsettled securities purchased	(7,910)		(11,629)
Payable to affiliates	Payable to affiliates	78		1,388		Payable to affiliates	240		78
Interest payable	Interest payable	1,663		(1,844)		Interest payable	1,062		1,663
Deferred tax liability	Deferred tax liability	13		(521)		Deferred tax liability	156		13
Other liabilities	Other liabilities	(352)		218		Other liabilities	(479)		(352)
Contributions (distributions) related to non-controlling interest in NMNLC		211		(258)
Net cash flows (used in) provided by operating activities		(9,347)		283,877
Contributions related to non-controlling interest in New Mountain Net Lease Corporation ("NMNLC")						Contributions related to non-controlling interest in New Mountain Net Lease Corporation ("NMNLC")	—		211
Net cash flows used in by operating activities						Net cash flows used in by operating activities	(79,100)		(9,347)
Cash flows from financing activities	Cash flows from financing activities					Cash flows from financing activities

Net proceeds from shares sold						Net proceeds from shares sold	37,051		—
Offering costs paid						Offering costs paid	(62)		—
Distributions paid	Distributions paid	(57,047)		(61,969)		Distributions paid	(58,706)		(57,047)
Offering costs paid		—		(175)
Proceeds from Holdings Credit Facility	Proceeds from Holdings Credit Facility	57,000		16,000		Proceeds from Holdings Credit Facility	101,200		57,000
Repayment of Holdings Credit Facility	Repayment of Holdings Credit Facility	(2,000)		(177,400)		Repayment of Holdings Credit Facility	(31,000)		(2,000)

Proceeds from Unsecured Notes	Proceeds from Unsecured Notes	200,000		—		Proceeds from Unsecured Notes	75,000		200,000
Repayment of Unsecured Notes	Repayment of Unsecured Notes	(141,750)		—		Repayment of Unsecured Notes	—		(141,750)
Proceeds from SBA-guaranteed debentures		—		75,000

Proceeds from NMFC Credit Facility	Proceeds from NMFC Credit Facility	222,000		25,000		Proceeds from NMFC Credit Facility	101,054		222,000
Repayment of NMFC Credit Facility	Repayment of NMFC Credit Facility	(289,500)		(135,000)		Repayment of NMFC Credit Facility	(105,000)		(289,500)
Proceeds from DB Credit Facility	Proceeds from DB Credit Facility	62,500		40,000		Proceeds from DB Credit Facility	40,000		62,500
Repayment of DB Credit Facility	Repayment of DB Credit Facility	(83,000)		(55,000)		Repayment of DB Credit Facility	(77,000)		(83,000)

Repayment of NMNLC Credit Facility II						Repayment of NMNLC Credit Facility II	(12,300)		—

Contributions related to non-controlling interest in NMNLC						Contributions related to non-controlling interest in NMNLC	124		—
Distributions related to non-controlling interest in NMNLC						Distributions related to non-controlling interest in NMNLC	(7,940)		—
Deferred financing costs paid	Deferred financing costs paid	(10,013)		(2,744)		Deferred financing costs paid	(553)		(10,013)

Net cash flows used in by financing activities		(41,810)		(276,288)
Net (decrease) increase in cash and cash equivalents		(51,157)		7,589
Net cash flows provided by (used in) by financing activities						Net cash flows provided by (used in) by financing activities	61,868		(41,810)
Net decrease in cash and cash equivalents						Net decrease in cash and cash equivalents	(17,232)		(51,157)
Effect of foreign exchange rate changes on cash and cash equivalents						Effect of foreign exchange rate changes on cash and cash equivalents	(133)		—
Cash and cash equivalents at the beginning of the period	Cash and cash equivalents at the beginning of the period	78,966		48,574		Cash and cash equivalents at the beginning of the period	58,077		78,966
Cash and cash equivalents at the end of the period	Cash and cash equivalents at the end of the period	$	27,809	$	56,163	Cash and cash equivalents at the end of the period	$	40,712	$	27,809
Supplemental disclosure of cash flow information	Supplemental disclosure of cash flow information					Supplemental disclosure of cash flow information
Cash interest paid	Cash interest paid	$	30,515	$	40,183	Cash interest paid	$	34,026	$	30,515
Income taxes paid	Income taxes paid	23		6		Income taxes paid	74		23

Non-cash financing activities:	Non-cash financing activities:					Non-cash financing activities:
Value of shares issued in connection with the distribution reinvestment plan		$	1,049	$	—

Value of shares reissued from repurchase program in connection with the distribution reinvestment plan						Value of shares reissued from repurchase program in connection with the distribution reinvestment plan	$	1,098	$	1,049
Accrual for offering costs	Accrual for offering costs	—		108		Accrual for offering costs	68		—
Accrual for deferred financing costs	Accrual for deferred financing costs	131		9		Accrual for deferred financing costs	63		131

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

Table of Contents

New Mountain Finance Corporation

Consolidated Schedule of Investments

June 30, ~~2021~~2022

(in thousands, except shares)

(unaudited)


Portfolio Company, Location and Industry (1)	Portfolio Company, Location and Industry (1)	Type of Investment	Interest Rate (13)	Acquisition Date	Maturity / Expiration Date	Principal Amount, Par Value or Shares		Cost		Fair Value		Percent of Net Assets		Portfolio Company, Location and Industry (1)	Type of Investment	Interest Rate (19)	Acquisition Date	Maturity / Expiration Date	Principal Amount, Par Value or Shares (17)		Cost		Fair Value		Percent of Net Assets

Non-Controlled/Non-Affiliated Investments	Non-Controlled/Non-Affiliated Investments													Non-Controlled/Non-Affiliated Investments
Funded Debt Investments - United Arab Emirates
GEMS Menasa (Cayman) Limited**
Education		First lien (8)	6.00% (L + 5.00%/S)	7/30/2019	7/31/2026	$	15,599	$	15,537	$	15,674	1.20	%
Total Funded Debt Investments - United Arab Emirates						$	15,599	$	15,537	$	15,674	1.20	%
Funded Debt Investments - United Kingdom
Aston FinCo S.a r.l. / Aston US Finco, LLC**
Software		Second lien (8)(11)	8.34% (L + 8.25%/M)	10/8/2019	10/8/2027	$	34,459	$	34,227	$	34,804	2.65	%
Total Funded Debt Investments - United Kingdom						$	34,459	$	34,227	$	34,804	2.65	%
Funded Debt Investments - United States	Funded Debt Investments - United States													Funded Debt Investments - United States
GS Acquisitionco, Inc.	GS Acquisitionco, Inc.													GS Acquisitionco, Inc.
Software	Software	First lien (2)(11)	6.75% (L + 5.75%/Q)	8/7/2019	5/24/2024	$	26,502	$	26,396	$	26,502			Software	First lien (2)(15)	7.26% (L + 5.75%/Q)	8/7/2019	5/22/2026	$	67,621	$	67,392	$	67,621
		First lien (2)(11)	6.75% (L + 5.75%/S)	8/7/2019	5/24/2024	25,820		25,706		25,820
		First lien (5)(11)	6.75% (L + 5.75%/Q)	8/7/2019	5/24/2024	22,081		21,992		22,081
		First lien (2)(11)	6.75% (L + 5.75%/S)	8/7/2019	5/24/2024	12,586		12,525		12,586
		First lien (3)(11)(12) - Drawn	6.75% (L + 5.75%/S)	8/7/2019	5/24/2024	2,560		2,544		2,560
						89,549		89,163		89,549		6.83	%
Associations, Inc.
Business Services		First lien (2)	8.00% (L + 7.00%/Q)	7/30/2018	7/30/2024	53,359		53,185		53,359
		First lien (8)	8.00% (L + 7.00%/Q)	7/30/2018	7/30/2024	5,354		5,337		5,354
		First lien (2)(12) - Drawn	8.00% (L + 7.00%/Q)	7/30/2018	7/30/2024	10,580		10,538		10,580					First lien (5)(15)	7.26% (L + 5.75%/Q)	8/7/2019	5/22/2026	21,856		21,787		21,856
		First lien (2)(12) - Drawn	7.00% (L + 6.00%/Q)	7/30/2018	7/30/2024	2,033		2,020		2,033					First lien (3)(15)(18) - Drawn	8.63% (L + 5.75%/S)	8/7/2019	5/22/2026	1,479		1,470		1,479
						71,326		71,080		71,326		5.44	%								90,649		90,956		6.66	%
PhyNet Dermatology LLC	PhyNet Dermatology LLC													PhyNet Dermatology LLC
Healthcare Services	Healthcare Services	First lien (2)(11)	7.50% (L + 5.50% + 1.00% PIK/M)*	9/17/2018	8/16/2024	49,744		49,457		49,744				Healthcare Services	First lien (2)(15)	6.75% (L + 5.75%/Q)	9/17/2018	8/16/2024	49,489		49,290		48,795
		First lien (3)(11)	7.50% (L + 5.50% + 1.00% PIK/M)*	9/17/2018	8/16/2024	19,058		18,918		19,058					First lien (3)(15)	6.75% (L + 5.75%/Q)	9/17/2018	8/16/2024	18,866		18,770		18,602
						68,802		68,375		68,802		5.25	%								68,060		67,397		4.94	%
ConnectWise, LLC
Knockout Intermediate Holdings I Inc. (41)														Knockout Intermediate Holdings I Inc. (41)
Kaseya Inc.														Kaseya Inc.
Software														Software	First lien (2)	8.29% (SOFR + 5.75%/S)	6/23/2022	6/25/2029	63,093		62,621		62,620		4.59	%
Associations, Inc.														Associations, Inc.
Consumer Services														Consumer Services	First lien (2)(15)	7.50% (L + 4.00% + 2.50% PIK/S)*	7/2/2021	7/2/2027	35,335		35,194		35,159
															First lien (8)(15)	8.44% (SOFR + 4.00% + 2.50% PIK/Q)*	7/2/2021	7/2/2027	8,699		8,660		8,656
															First lien (3)(15)	8.72% (SOFR + 4.00% + 2.50% PIK/Q)*	7/2/2021	7/2/2027	8,699		8,659		8,655
															First lien (8)(15)	7.50% (L + 4.00% + 2.50% PIK/Q)*	7/2/2021	7/2/2027	5,253		5,231		5,227
															First lien (8)(15)	7.50% (L + 4.00% + 2.50% PIK/Q)*	7/2/2021	7/2/2027	4,179		4,161		4,158
																					61,905		61,855		4.53	%
iCIMS, Inc.														iCIMS, Inc.
Software	Software	First lien (2)(11)	6.25% (L + 5.25%/M)	11/26/2019	2/28/2025	54,773		54,524		54,773				Software	First lien (8)(15)	7.72% (L + 6.50%/Q)	9/12/2018	9/12/2024	41,636		41,451		41,636
		First lien (3)(11)(12) - Drawn	6.25% (L + 5.25%/M)	11/26/2019	2/28/2025	265		264		265					First lien (8)(15)	7.72% (L + 6.50%/Q)	6/14/2019	9/12/2024	8,667		8,626		8,667
						55,038		54,788		55,038		4.20	%		First lien (3)(15)	7.72% (L + 6.50%/Q)	9/12/2018	9/12/2024	2,915		2,886		2,915
																					52,963		53,218		3.90	%
Frontline Technologies Group Holdings, LLC														Frontline Technologies Group Holdings, LLC
Software														Software	First lien (4)(15)	6.49% (L + 5.25%/Q)	9/18/2017	9/18/2023	21,447		21,409		21,447
															First lien (2)(15)	6.49% (L + 5.25%/Q)	9/18/2017	9/18/2023	18,074		18,055		18,074
															First lien (2)(15)	6.49% (L + 5.25%/Q)	9/18/2017	9/18/2023	7,461		7,443		7,461
															First lien (2)(15)	6.49% (L + 5.25%/Q)	6/15/2021	9/18/2023	4,969		4,969		4,969
																					51,876		51,951		3.81	%
CentralSquare Technologies, LLC														CentralSquare Technologies, LLC
Software														Software	Second lien (3)	9.75% (L + 7.50%/Q)	8/15/2018	8/31/2026	47,838		47,467		43,453
															Second lien (8)	9.75% (L + 7.50%/Q)	8/15/2018	8/31/2026	7,500		7,442		6,812
																					54,909		50,265		3.68	%

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

Table of Contents

New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

June 30, ~~2021~~2022

(in thousands, except shares)

(unaudited)

Portfolio Company, Location and Industry (1) Type of Investment Interest Rate (13) Acquisition Date Maturity / Expiration Date Principal
Amount,
Par Value
or Shares Cost Fair
Value Percent of Net
Assets
iCIMS, Inc.
Software First lien (8)(11) 7.50% (L + 6.50%/S) 9/12/2018 9/12/2024 $ 41,636 $ 41,376 $ 41,822
First lien (8)(11) 7.50% (L + 6.50%/S) 6/14/2019 9/12/2024 8,667 8,610 8,706
First lien (3)(11)(12) - Drawn 7.50% (L + 6.50%/S) 9/12/2018 9/12/2024 2,915 2,886 2,915
53,218 52,872 53,443 4.07 %
CentralSquare Technologies, LLC
Software Second lien (3) 7.65% (L + 7.50%/Q) 8/15/2018 8/31/2026 47,838 47,395 46,044
Second lien (8) 7.65% (L + 7.50%/Q) 8/15/2018 8/31/2026 7,500 7,431 7,219
55,338 54,826 53,263 4.06 %
Frontline Technologies Group Holdings, LLC
Software First lien (4)(11) 6.75% (L + 5.75%/Q) 9/18/2017 9/18/2023 21,829 21,760 21,829
First lien (2)(11) 6.75% (L + 5.75%/Q) 9/18/2017 9/18/2023 18,396 18,361 18,396
First lien (2)(11) 6.75% (L + 5.75%/Q) 9/18/2017 9/18/2023 7,594 7,562 7,594
First lien (2)(11) 6.75% (L + 5.75%/Q) 6/15/2021 9/18/2023 5,057 5,057 5,057
52,876 52,740 52,876 4.03 %
Integro Parent Inc.
Business Services First lien (2)(11) 6.75% (L + 5.75%/M) 10/9/2015 10/31/2022 34,238 34,176 34,238
First lien (3)(11)(12) - Drawn 4.33% (L + 4.25%/M) 6/8/2018 4/30/2022 6,743 6,709 6,743
Second lien (8)(11) 10.25% (L + 9.25%/M) 10/9/2015 10/30/2023 10,000 9,962 10,000
50,981 50,847 50,981 3.88 %
Salient CRGT Inc.
Federal Services First lien (2) 7.50% (L + 6.50%/S) 1/6/2015 2/28/2022 36,786 36,707 36,511
First lien (8) 7.50% (L + 6.50%/S) 6/6/2019 2/28/2022 12,571 12,437 12,476
49,357 49,144 48,987 3.74 %
NM GRC Holdco, LLC
Business Services First lien (2)(11) 8.50% (L + 6.00% + 1.50% PIK/Q)* 2/9/2018 2/9/2024 38,462 38,369 37,931
First lien (2)(11) 8.50% (L + 6.00% + 1.50% PIK/Q)* 2/9/2018 2/9/2024 10,690 10,662 10,542
49,152 49,031 48,473 3.70 %
Brave Parent Holdings, Inc.
Software Second lien (5) 7.60% (L + 7.50%/M) 4/17/2018 4/17/2026 22,500 22,423 22,613
Second lien (2) 7.60% (L + 7.50%/M) 4/17/2018 4/17/2026 16,624 16,508 16,707
Second lien (8) 7.60% (L + 7.50%/M) 4/17/2018 4/17/2026 6,000 5,958 6,030
45,124 44,889 45,350 3.46 %
Quest Software US Holdings Inc.
Software Second lien (2) 8.44% (L + 8.25%/Q) 5/17/2018 5/18/2026 43,697 43,391 43,738 3.34 %
CoolSys, Inc.
Industrial Services First lien (5) 7.00% (L + 6.00%/M) 11/20/2019 11/20/2026 22,219 22,128 22,163
First lien (2) 7.00% (L + 6.00%/M) 11/20/2019 11/20/2026 15,270 15,203 15,232
First lien (3) 7.00% (L + 6.00%/M) 11/20/2019 11/20/2026 4,163 4,144 4,152
41,652 41,475 41,547 3.17 %


Portfolio Company, Location and Industry (1)	Type of Investment	Interest Rate (19)	Acquisition Date	Maturity / Expiration Date	Principal Amount, Par Value or Shares (17)		Cost		Fair Value		Percent of Net Assets

GC Waves Holdings, Inc.
Financial Services	First lien (5)(15)	7.17% (L + 5.50%/M)	8/13/2021	8/13/2026	$	21,997	$	21,893	$	21,997
	First lien (2)(15)	7.17% (L + 5.50%/M)	8/13/2021	8/13/2026	13,278		13,192		13,278
	First lien (2)(15)	7.17% (L + 5.50%/M)	8/13/2021	8/13/2026	10,604		10,506		10,604
	First lien (3)(15)(18) - Drawn	7.17% (L + 5.50%/M)	4/11/2022	8/13/2026	764		757		764
							46,348		46,643		3.42	%
Paw Midco, Inc.
AAH Topco, LLC
Consumer Services	First lien (8)(15)	7.14% (L + 5.50%/M)	12/22/2021	12/22/2027	20,739		20,548		20,532
	First lien (4)(15)	7.14% (L + 5.50%/M)	1/13/2022	12/22/2027	9,847		9,755		9,748
	Subordinated (3)(15)	11.50% PIK/Q*	12/22/2021	12/22/2031	11,795		11,633		11,618
	Subordinated (4)(15)	11.50% PIK/Q*	1/13/2022	12/22/2031	4,626		4,562		4,556
							46,498		46,454		3.39	%
Affinity Dental Management, Inc.
Healthcare Services	First lien (2)(15)	7.53% (L + 6.00%/S)	9/15/2017	9/15/2023	33,107		33,090		33,107
	First lien (4)(15)	7.53% (L + 6.00%/S)	9/17/2019	9/15/2023	10,427		10,427		10,427
	First lien (3)(15)	7.55% (L + 6.00%/S)	9/15/2017	3/15/2023	1,738		1,720		1,738
							45,237		45,272		3.32	%
Brave Parent Holdings, Inc.
Software	Second lien (5)	9.17% (L + 7.50%/M)	4/17/2018	4/17/2026	22,500		22,437		22,050
	Second lien (2)	9.17% (L + 7.50%/M)	4/17/2018	4/17/2026	16,624		16,529		16,291
	Second lien (8)	9.17% (L + 7.50%/M)	4/17/2018	4/17/2026	6,000		5,966		5,880
							44,932		44,221		3.24	%
Deca Dental Holdings LLC
Healthcare Services	First lien (2)(15)	8.00% (L + 5.75%/Q)	8/26/2021	8/28/2028	38,052		37,709		37,672
	First lien (3)(15)(18) - Drawn	8.00% (L + 5.75%/Q)	8/26/2021	8/28/2028	4,005		3,968		3,965
	First lien (3)(15)(18) - Drawn	8.00% (L + 5.75%/Q)	8/26/2021	8/26/2027	1,009		999		999
							42,676		42,636		3.11	%
Recorded Future, Inc.
Software	First lien (8)(15)	8.13% (L + 5.25%/S)	8/26/2019	7/3/2025	24,593		24,453		24,470
	First lien (8)(15)	8.13% (L + 5.25%/S)	3/26/2021	7/3/2025	12,716		12,641		12,653
							37,094		37,123		2.72	%
Stamps.com Inc.
Software	First lien (8)(15)	6.87% (L + 5.75%/M)	10/5/2021	10/5/2028	37,180		36,840		36,808		2.70	%
MRI Software LLC
Software	First lien (5)(15)	7.75% (L + 5.50%/Q)	1/31/2020	2/10/2026	21,992		21,921		21,992
	First lien (2)(15)	7.75% (L + 5.50%/Q)	3/24/2021	2/10/2026	9,639		9,617		9,639
	First lien (2)(15)	7.75% (L + 5.50%/Q)	1/31/2020	2/10/2026	3,189		3,178		3,189
	First lien (3)(15)	7.75% (L + 5.50%/Q)	1/31/2020	2/10/2026	814		810		814
							35,526		35,634		2.61	%

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

Table of Contents

New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

June 30, ~~2021~~2022

(in thousands, except shares)

(unaudited)


Portfolio Company, Location and Industry (1)	Portfolio Company, Location and Industry (1)	Type of Investment	Interest Rate (13)	Acquisition Date	Maturity / Expiration Date	Principal Amount, Par Value or Shares		Cost		Fair Value		Percent of Net Assets		Portfolio Company, Location and Industry (1)	Type of Investment	Interest Rate (19)	Acquisition Date	Maturity / Expiration Date	Principal Amount, Par Value or Shares (17)		Cost		Fair Value		Percent of Net Assets

Affinity Dental Management, Inc.
Healthcare Services		First lien (2)(11)	7.00% (L + 6.00%/S)	9/15/2017	9/15/2023	$	26,084	$	26,053	$	26,084
		First lien (4)(11)	7.00% (L + 6.00%/S)	9/17/2019	9/15/2023	10,537		10,537		10,537
		First lien (3)(11)(12) - Drawn	7.00% (L + 6.00%/S)	9/15/2017	3/15/2023	1,738		1,720		1,738
						38,359		38,310		38,359		2.93	%
Trader Interactive, LLC
Business Services		First lien (2)(11)	7.00% (L + 6.00%/M)	6/15/2017	6/17/2024	31,442		31,335		31,442
		First lien (8)(11)	7.00% (L + 6.00%/M)	6/15/2017	6/17/2024	4,873		4,857		4,873
						36,315		36,192		36,315		2.77	%
GC Waves Holdings, Inc.**
Business Services		First lien (5)(11)	6.75% (L + 5.75%/Q)	10/31/2019	10/31/2025	22,219		22,092		22,342
		First lien (2)(11)	6.75% (L + 5.75%/Q)	10/31/2019	10/31/2025	9,785		9,701		9,839
		First lien (2)(11)	6.75% (L + 5.75%/Q)	10/31/2019	10/31/2025	3,627		3,607		3,647
						35,631		35,400		35,828		2.73	%
KAMC Holdings, Inc
Business Services		Second lien (2)(11)	8.16% (L + 8.00%/Q)	8/14/2019	8/13/2027	18,750		18,634		17,471
		Second lien (8)(11)	8.16% (L + 8.00%/Q)	8/14/2019	8/13/2027	18,750		18,634		17,471
						37,500		37,268		34,942		2.67	%
Definitive Healthcare Holdings, LLC
Healthcare Information Technology		First lien (8)(11)	6.25% (L + 5.25%/Q)	8/7/2019	7/16/2026	33,449		33,322		33,449
		First lien (3)(11)(12) - Drawn	6.25% (L + 5.25%/Q)	8/7/2019	7/16/2026	1,320		1,315		1,320
						34,769		34,637		34,769		2.65	%
Finalsite Holdings, Inc.
Software		First lien (4)(11)	7.50% (L + 6.50%/Q)	9/28/2018	9/25/2024	21,881		21,784		22,099
		First lien (2)(11)	7.50% (L + 6.50%/Q)	9/28/2018	9/25/2024	10,808		10,760		10,916
		First lien (3)(11)(12) - Drawn	8.75% (P + 5.50%/Q)	9/25/2018	9/25/2024	756		750		756
						33,445		33,294		33,771		2.58	%
Diamond Parent Holdings Corp. (35)														Diamond Parent Holdings Corp. (35)
Diligent Corporation	Diligent Corporation													Diligent Corporation
Software	Software	First lien (2)(11)	6.75% (L + 5.75%/Q)	3/30/2021	8/4/2025	17,852		17,767		17,762				Software	First lien (2)(15)	8.63% (L + 5.75%/S)	3/30/2021	8/4/2025	$	17,673	$	17,607	$	17,673
		First lien (2)(11)	6.75% (L + 5.75%/Q)	3/4/2021	8/4/2025	9,955		9,908		9,905					First lien (2)(15)	8.63% (L + 5.75%/S)	3/4/2021	8/4/2025	9,855		9,819		9,855
		First lien (3)(11)	7.25% (L + 6.25%/Q)	12/19/2018	8/4/2025	5,917		5,886		6,003					First lien (3)(15)	9.13% (L + 6.25%/S)	12/19/2018	8/4/2025	5,857		5,833		5,857
						33,724		33,561		33,670		2.57	%		First lien (3)(15)(18) - Drawn	9.13% (L + 6.25%/S)	3/30/2021	8/4/2025	1,812		1,803		1,812
																					35,062		35,197		2.58	%
OEC Holdco, LLC (22)														OEC Holdco, LLC (22)
OEConnection LLC														OEConnection LLC
Business Services														Business Services	Second lien (2)(15)	8.60% (L + 7.00%/M)	12/17/2021	9/25/2027	23,406		23,189		23,171
															Second lien (2)(15)	8.67% (L + 7.00%/M)	9/25/2019	9/25/2027	12,044		11,957		11,924
																					35,146		35,095		2.57	%
IG Investments Holdings, LLC														IG Investments Holdings, LLC
Business Services														Business Services	First lien (2)(15)	8.25% (L + 6.00%/Q)	9/22/2021	9/22/2028	29,281		29,014		28,988
															First lien (2)(15)	8.25% (L + 6.00%/Q)	2/25/2022	9/22/2028	4,278		4,258		4,236
															First lien (3)(15)(18) - Drawn	9.75% (P + 5.00%/Q)	9/22/2021	9/22/2027	632		626		626
																					33,898		33,850		2.48	%
Anaplan, Inc.														Anaplan, Inc.
Software														Software	First lien (2)	8.01% (SOFR + 6.50%/M)	6/21/2022	6/21/2029	33,618		33,283		33,282		2.44	%
EAB Global, Inc.														EAB Global, Inc.
Education														Education	Second lien (2)(15)	7.54% (L + 6.50%/Q)	8/16/2021	8/16/2029	33,452		32,993		32,951		2.41	%
KAMC Holdings, Inc														KAMC Holdings, Inc
Business Services														Business Services	Second lien (2)(15)	9.44% (L + 8.00%/Q)	8/14/2019	8/13/2027	18,750		18,649		16,279
															Second lien (8)(15)	9.44% (L + 8.00%/Q)	8/14/2019	8/13/2027	18,750		18,649		16,279
																					37,298		32,558		2.38	%
Foreside Financial Group														Foreside Financial Group
Business Services														Business Services	First lien (2)(15)	7.12% (L + 5.50%/M)	5/26/2022	9/30/2027	32,128		31,812		31,807		2.33	%
DCA Investment Holding, LLC														DCA Investment Holding, LLC
Healthcare Services														Healthcare Services	First lien (2)(15)	6.75% (SOFR + 6.00%/Q)	3/12/2021	4/3/2028	19,769		19,646		19,769
															First lien (2)(15)	7.34% (SOFR + 6.00%/Q)	2/25/2022	4/3/2028	7,081		7,047		7,081
															First lien (3)(15)	7.34% (SOFR + 6.00%/Q)	3/12/2021	4/3/2028	3,289		3,267		3,289
															First lien (3)(15)(18) - Drawn	6.75% (SOFR + 6.00%/Q)	3/12/2021	4/3/2028	306		305		306
																					30,265		30,445		2.23	%

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

Table of Contents

New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

June 30, ~~2021~~2022

(in thousands, except shares)

(unaudited)


Portfolio Company, Location and Industry (1)	Portfolio Company, Location and Industry (1)	Type of Investment	Interest Rate (13)	Acquisition Date	Maturity / Expiration Date	Principal Amount, Par Value or Shares		Cost		Fair Value		Percent of Net Assets		Portfolio Company, Location and Industry (1)	Type of Investment	Interest Rate (19)	Acquisition Date	Maturity / Expiration Date	Principal Amount, Par Value or Shares (17)		Cost		Fair Value		Percent of Net Assets

Kaseya Inc.
Software		First lien (8)(11)	8.00% (L + 4.00% + 3.00% PIK/Q)*	5/9/2019	5/2/2025	$	28,655	$	28,465	$	28,655
		First lien (3)(11)	8.00% (L + 4.00% + 3.00% PIK/Q)*	5/9/2019	5/2/2025	3,354		3,325		3,354
		First lien (3)(11)(12) - Drawn	7.50% (L + 6.50%/Q)	5/9/2019	5/2/2025	1,133		1,121		1,133
						33,142		32,911		33,142		2.53	%
Tenawa Resource Holdings LLC (15)
Tenawa Resource Management LLC
Specialty Chemicals & Materials		First lien (3)(11)	10.50% (Base + 8.00%/Q)	5/12/2014	10/30/2024	38,500		38,463		32,101		2.45	%
Ansira Holdings, Inc.
Business Services		First lien (8)(11)	7.50% (L + 6.50% PIK/S)*	12/19/2016	12/20/2024	30,609		30,556		25,105
		First lien (3)(11)	7.50% (L + 6.50% PIK/S)*	12/19/2016	12/20/2024	7,735		7,723		6,344
						38,344		38,279		31,449		2.40	%
Integral Ad Science, Inc.
Software		First lien (8)(11)	6.00% (L + 5.00%/S)	7/19/2018	7/19/2024	27,216		27,056		27,216
		First lien (3)(11)	6.00% (L + 5.00%/S)	8/27/2019	7/19/2024	3,556		3,532		3,556
						30,772		30,588		30,772		2.35	%
MRI Software LLC
Software		First lien (5)(11)	6.50% (L + 5.50%/Q)	1/31/2020	2/10/2026	22,217		22,128		22,332
		First lien (2)(11)	6.50% (L + 5.50%/Q)	1/31/2020	2/10/2026	6,237		6,211		6,269
						28,454		28,339		28,601		2.18	%
Keystone Acquisition Corp.
Healthcare Services		First lien (2)	6.25% (L + 5.25%/Q)	5/10/2017	5/1/2024	24,106		24,030		23,805
		Second lien (2)(11)	10.25% (L + 9.25%/Q)	5/10/2017	5/1/2025	4,500		4,473		4,500
						28,606		28,503		28,305		2.16	%
Confluent Health, LLC
Healthcare Services		First lien (2)	5.10% (L + 5.00%/M)	6/21/2019	6/24/2026	26,950		26,848		27,186		2.07	%
HS Purchaser, LLC / Help/Systems Holdings, Inc.
Software		Second lien (5)	7.50% (L + 6.75%/Q)	11/14/2019	11/19/2027	22,500		22,397		22,725
		Second lien (2)	7.50% (L + 6.75%/Q)	11/14/2019	11/19/2027	4,208		4,172		4,250
						26,708		26,569		26,975		2.06	%
New Trojan Parent, Inc.
Healthcare Services		Second lien (2)	7.75% (L + 7.25%/M)	1/22/2021	1/5/2029	26,762		26,633		26,694		2.04	%
Granicus, Inc.	Granicus, Inc.													Granicus, Inc.
Software	Software	First lien (4)(11)	7.25% (L + 6.25%/M)	1/27/2021	1/29/2027	15,600		15,489		15,483				Software	First lien (4)(15)	8.75% (L + 6.50%/Q)	1/27/2021	1/29/2027	$	15,444	$	15,351	$	15,444
		First lien (3)(11)	7.25% (L + 6.25%/M)	1/27/2021	1/29/2027	4,972		4,935		4,935					First lien (8)(15)	8.75% (L + 6.50%/Q)	1/27/2021	1/29/2027	5,974		5,936		5,974
		First lien (2)(11)	7.25% (L + 6.25%/M)	1/27/2021	1/29/2027	5,952		5,909		5,907					First lien (2)(15)	8.75% (L + 6.50%/Q)	1/27/2021	1/29/2027	5,892		5,857		5,892
						26,524		26,333		26,325		2.01	%		First lien (3)(15)(18) - Drawn	8.25% (L + 6.00%/Q)	4/23/2021	1/29/2027	2,765		2,741		2,765
																					29,885		30,075		2.20	%
TigerConnect, Inc.														TigerConnect, Inc.
Healthcare Services														Healthcare Services	First lien (2)(15)	7.75% (SOFR + 6.75%/S)	2/16/2022	2/16/2028	29,868		29,585		29,570		2.17	%
OA Topco, L.P. (40)														OA Topco, L.P. (40)
OA Buyer, Inc.														OA Buyer, Inc.
Healthcare Information Technology														Healthcare Information Technology	First lien (2)(15)	7.67% (L + 6.00%/M)	12/20/2021	12/20/2028	28,130		27,866		27,756
															First lien (2)(15)	7.67% (L + 6.00%/M)	5/6/2022	12/20/2028	1,776		1,759		1,752
																					29,625		29,508		2.16	%
Foundational Education Group, Inc.														Foundational Education Group, Inc.
Education														Education	Second lien (5)(15)	8.82% (SOFR + 6.50%/Q)	8/19/2021	8/31/2029	22,500		22,396		21,312
															Second lien (2)(15)	8.82% (SOFR + 6.50%/Q)	8/19/2021	8/31/2029	7,009		6,986		6,639
																					29,382		27,951		2.05	%
Ansira Holdings, Inc.														Ansira Holdings, Inc.
Business Services														Business Services	First lien (8)(15)	8.17% (L + 6.50% PIK/M)*	12/19/2016	12/20/2024	33,098		33,059		21,977
															First lien (3)(15)	8.17% (L + 6.50% PIK/M)*	12/19/2016	12/20/2024	8,352		8,344		5,545
																					41,403		27,522		2.02	%
Syndigo LLC														Syndigo LLC
Software														Software	Second lien (4)(15)	10.51% (L + 8.00%/S)	12/14/2020	12/15/2028	22,500		22,355		21,897
															Second lien (2)(15)	10.51% (L + 8.00%/S)	2/16/2022	12/15/2028	5,697		5,711		5,544
																					28,066		27,441		2.01	%
TMK Hawk Parent, Corp.														TMK Hawk Parent, Corp.
Distribution & Logistics														Distribution & Logistics	First lien (2)(15)	5.17% (L + 3.50%/M)	6/24/2019	8/28/2024	16,479		15,294		13,811
															First lien (8)(15)	5.17% (L + 3.50%/M)	10/23/2019	8/28/2024	15,894		14,448		13,320
																					29,742		27,131		1.99	%
VT Topco, Inc.														VT Topco, Inc.
Business Services														Business Services	Second lien (2)(15)	8.42% (L + 6.75%/M)	7/30/2021	7/31/2026	16,183		16,132		16,183
															Second lien (4)(15)	8.67% (L + 7.00%/M)	8/14/2018	7/31/2026	10,000		9,985		10,000
																					26,117		26,183		1.92	%
Fortis Solutions Group, LLC														Fortis Solutions Group, LLC
Packaging														Packaging	First lien (8)(15)	7.65% (L + 5.50%/Q)	10/15/2021	10/13/2028	10,247		10,153		10,144
															First lien (2)(15)	7.65% (L + 5.50%/Q)	10/15/2021	10/13/2028	10,247		10,153		10,144
															First lien (3)(15)	7.65% (L + 5.50%/Q)	10/15/2021	10/13/2028	5,612		5,557		5,556
															First lien (3)(15)(18) - Drawn	7.73% (L + 5.50%/Q)	10/15/2021	10/15/2027	191		189		189
																					26,052		26,033		1.91	%

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

Table of Contents

New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

June 30, ~~2021~~2022

(in thousands, except shares)

(unaudited)


Portfolio Company, Location and Industry (1)	Portfolio Company, Location and Industry (1)	Type of Investment	Interest Rate (13)	Acquisition Date	Maturity / Expiration Date	Principal Amount, Par Value or Shares		Cost		Fair Value		Percent of Net Assets		Portfolio Company, Location and Industry (1)	Type of Investment	Interest Rate (19)	Acquisition Date	Maturity / Expiration Date	Principal Amount, Par Value or Shares (17)		Cost		Fair Value		Percent of Net Assets

RealPage, Inc.
Business Services		Second lien (2)	7.25% (L + 6.50%/Q)	2/18/2021	4/23/2029	$	25,000	$	24,815	$	25,875	1.97	%
Idera, Inc.
DOCS, MSO, LLC														DOCS, MSO, LLC
Healthcare Services														Healthcare Services	First lien (8)	6.90% (SOFR + 5.75%/M)	6/1/2022	6/1/2028	$	18,807	$	18,807	$	18,807
															First lien (4)	6.90% (SOFR + 5.75%/M)	6/1/2022	6/1/2028	7,043		7,043		7,043
																					25,850		25,850		1.89	%
HS Purchaser, LLC / Help/Systems Holdings, Inc.														HS Purchaser, LLC / Help/Systems Holdings, Inc.
Software	Software	Second lien (4)	7.50% (L + 6.75%/S)	6/27/2019	3/2/2029	22,500		22,197		22,613				Software	Second lien (5)	7.56% (SOFR + 6.75%/Q)	11/14/2019	11/19/2027	22,500		22,410		21,600
		Second lien (3)	7.50% (L + 6.75%/S)	4/29/2021	3/2/2029	3,000		2,985		3,015					Second lien (2)	7.56% (SOFR + 6.75%/Q)	11/14/2019	11/19/2027	4,208		4,177		4,040
						25,500		25,182		25,628		1.95	%								26,587		25,640		1.88	%
TMK Hawk Parent, Corp.
Distribution & Logistics		First lien (2)(11)	3.60% (L + 3.50%/M)	6/24/2019	8/28/2024	16,649		14,948		12,250
New Trojan Parent, Inc.														New Trojan Parent, Inc.
Healthcare Services														Healthcare Services	Second lien (2)(15)	8.92% (L + 7.25%/M)	1/22/2021	1/5/2029	26,762		26,647		25,590		1.87	%
CRCI Longhorn Holdings, Inc.														CRCI Longhorn Holdings, Inc.
Business Services														Business Services	Second lien (3)(15)	8.87% (L + 7.25%/M)	8/2/2018	8/10/2026	18,266		18,225		17,867
															Second lien (8)(15)	8.87% (L + 7.25%/M)	8/2/2018	8/10/2026	7,500		7,483		7,337
																					25,708		25,204		1.85	%
Idera, Inc.														Idera, Inc.
Software														Software	Second lien (4)(15)	7.82% (L + 6.75%/M)	6/27/2019	3/2/2029	22,500		22,227		21,953
		First lien (8)(11)	3.60% (L + 3.50%/M)	10/23/2019	8/28/2024	16,058		13,992		11,816					Second lien (3)(15)	7.82% (L + 6.75%/M)	4/29/2021	3/2/2029	3,000		2,987		2,927
						32,707		28,940		24,066		1.84	%								25,214		24,880		1.82	%
NMC Crimson Holdings, Inc.	NMC Crimson Holdings, Inc.													NMC Crimson Holdings, Inc.
Healthcare Services	Healthcare Services	First lien (8)(11)	6.75% (L + 6.00%/Q)	3/1/2021	3/1/2028	19,259		18,981		18,970				Healthcare Services	First lien (8)(15)	6.97% (L + 6.00%/Q)	3/1/2021	3/1/2028	19,259		19,015		19,103
		First lien (2)(11)	6.75% (L + 6.00%/Q)	3/2/2021	3/1/2028	4,913		4,842		4,839					First lien (2)(15)	6.97% (L + 6.00%/Q)	3/2/2021	3/1/2028	4,913		4,850		4,873
						24,172		23,823		23,809		1.82	%								23,865		23,976		1.76	%
Instructure, Inc.
Software		First lien (8)(11)	6.50% (L + 5.50%/M)	3/24/2020	3/24/2026	22,610		22,494		22,728		1.73	%
Syndigo LLC
Software		Second lien (4)	8.75% (L + 8.00%/S)	12/14/2020	12/15/2028	22,500		22,339		22,613		1.72	%
Astra Acquisition Corp.
Software		First lien (5)	5.50% (L + 4.75%/M)	2/26/2020	3/1/2027	22,275		22,134		22,303		1.70	%
ACI Parent Inc. (36)														ACI Parent Inc. (36)
ACI Group Holdings, Inc.														ACI Group Holdings, Inc.
Healthcare Services														Healthcare Services	First lien (2)(15)	7.75% (L + 5.50%/Q)	8/2/2021	8/2/2028	22,194		21,996		21,972
															First lien (3)(15)(18) - Drawn	7.75% (L + 5.50%/Q)	8/2/2021	8/2/2028	967		958		958
																					22,954		22,930		1.68	%
Convey Health Solutions, Inc.**														Convey Health Solutions, Inc.**
Healthcare Services														Healthcare Services	First lien (4)(15)	6.42% (L + 4.75%/M)	9/9/2019	9/4/2026	19,263		19,123		19,244
															First lien (4)(15)	6.42% (L + 4.75%/M)	2/1/2022	9/4/2026	3,225		3,180		3,221
																					22,303		22,465		1.65	%
AmeriVet Partners Management, Inc.														AmeriVet Partners Management, Inc.
Consumer Services														Consumer Services	First lien (2)(15)	7.70% (SOFR + 5.50%/Q)	2/25/2022	2/25/2028	22,434		22,327		22,322		1.64	%
Spring Education Group, Inc (fka SSH Group Holdings, Inc.)														Spring Education Group, Inc (fka SSH Group Holdings, Inc.)
Education														Education	Second lien (2)(15)	10.50% (L + 8.25%/Q)	7/26/2018	7/30/2026	21,959		21,924		21,690		1.59	%
Cardinal Parent, Inc.	Cardinal Parent, Inc.													Cardinal Parent, Inc.
Software	Software	First lien (4)	5.25% (L + 4.50%/Q)	10/30/2020	11/12/2027	12,157		12,072		12,185				Software	First lien (4)	6.13% (L + 4.50%/M)	10/30/2020	11/12/2027	12,035		11,963		11,463
		Second lien (4)(11)	8.50% (L + 7.75%/Q)	11/12/2020	11/13/2028	9,767		9,675		9,962					Second lien (4)(15)	9.37% (L + 7.75%/M)	11/12/2020	11/13/2028	9,767		9,684		9,864
						21,924		21,747		22,147		1.69	%								21,647		21,327		1.56	%
CRCI Longhorn Holdings, Inc.
Business Services		Second lien (3)(11)	7.33% (L + 7.25%/M)	8/2/2018	8/10/2026	14,349		14,310		14,349
		Second lien (8)(11)	7.33% (L + 7.25%/M)	8/2/2018	8/10/2026	7,500		7,480		7,500
						21,849		21,790		21,849		1.67	%
Avatar Topco, Inc. (24)
EAB Global, Inc.
Education		Second lien (3)(11)	8.50% (L + 7.50%/Q)	11/17/2017	11/17/2025	13,950		13,817		13,950
		Second lien (8)(11)	8.50% (L + 7.50%/Q)	11/17/2017	11/17/2025	7,500		7,429		7,500
						21,450		21,246		21,450		1.64	%
Spring Education Group, Inc (fka SSH Group Holdings, Inc.)
Education		Second lien (2)	8.40% (L + 8.25%/Q)	7/26/2018	7/30/2026	21,959		21,917		20,916		1.60	%
MED Parentco, LP
Healthcare Services		Second lien (8)	8.35% (L + 8.25%/M)	8/2/2019	8/30/2027	20,857		20,726		20,857		1.59	%

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

Table of Contents

New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

June 30, ~~2021~~2022

(in thousands, except shares)

(unaudited)


Portfolio Company, Location and Industry (1)	Portfolio Company, Location and Industry (1)	Type of Investment	Interest Rate (13)	Acquisition Date	Maturity / Expiration Date	Principal Amount, Par Value or Shares		Cost		Fair Value		Percent of Net Assets		Portfolio Company, Location and Industry (1)	Type of Investment	Interest Rate (19)	Acquisition Date	Maturity / Expiration Date	Principal Amount, Par Value or Shares (17)		Cost		Fair Value		Percent of Net Assets

YLG Holdings, Inc.	YLG Holdings, Inc.													YLG Holdings, Inc.
Business Services	Business Services	First lien (5)(11)	7.00% (L + 6.00%/S)	11/1/2019	10/31/2025	$	18,137	$	18,068	$	18,137			Business Services	First lien (5)(15)	6.75% (L + 5.00%/S)	11/1/2019	10/31/2025	$	17,953	$	17,899	$	17,953
		First lien (5)(11)	7.00% (L + 6.00%/S)	11/1/2019	10/31/2025	2,362		2,352		2,362
						20,499		20,420		20,499		1.56	%
DG Investment Intermediate Holdings 2, Inc.
Business Services		Second lien (3)	7.50% (L + 6.75%/M)	3/18/2021	3/30/2029	20,313		20,263		20,414		1.56	%
DCA Investment Holding, LLC
Healthcare Services		First lien (2)	7.00% (L + 6.25%/S)	3/12/2021	3/12/2027	19,978		19,834		19,903		1.52	%
DiversiTech Holdings, Inc.
Distribution & Logistics		Second lien (2)	8.50% (L + 7.50%/Q)	5/18/2017	6/2/2025	12,000		11,931		12,075
		Second lien (8)	8.50% (L + 7.50%/Q)	5/18/2017	6/2/2025	7,500		7,457		7,547
						19,500		19,388		19,622		1.50	%
Convey Health Solutions, Inc.**
Healthcare Services		First lien (4)(11)	6.25% (L + 5.25%/Q)	9/9/2019	9/4/2026	19,263		19,094		19,456		1.48	%
Xactly Corporation
Software		First lien (4)(11)	8.25% (L + 7.25%/S)	7/31/2017	7/31/2023	19,047		18,993		19,047		1.45	%
Bluefin Holding, LLC
Software		Second lien (8)(11)	7.85% (L + 7.75%/M)	9/6/2019	9/3/2027	18,000		18,000		18,180		1.39	%
AAC Lender Holdings, LLC (27)
American Achievement Corporation (aka AAC Holding Corp.)
Education		First lien (2)(11)	7.25% (L + 5.75% PIK + 0.50%/M)*	9/30/2015	9/30/2026	27,030		26,975		17,340
		First lien (3)(11)	15.00% (L + 13.50% PIK + 0.50%/M)*	6/10/2021	9/30/2026	1,515		1,515		376					First lien (5)(15)	6.42% (L + 5.00%/S)	11/1/2019	10/31/2025	2,338		2,330		2,338
		Subordinated (3)(11)	2.00% (L + 1.00% PIK/Q)*	3/16/2021	9/30/2026	5,234		5		—					First lien (3)(15)(18) - Drawn	8.75% (P + 4.00%/Q)	11/1/2019	10/31/2025	119		118		119
						33,779		28,495		17,716		1.35	%								20,347		20,410		1.50	%
Bullhorn, Inc.	Bullhorn, Inc.													Bullhorn, Inc.
Software	Software	First lien (2)(11)	6.75% (L + 5.75%/Q)	9/24/2019	9/30/2026	16,916		16,818		16,916				Software	First lien (2)(15)	8.00% (L + 5.75%/Q)	9/24/2019	9/30/2026	16,745		16,664		16,745
		First lien (3)(11)	6.75% (L + 5.75%/Q)	9/24/2019	9/30/2026	351		349		351					First lien (3)(15)	8.00% (L + 5.75%/Q)	10/5/2021	9/30/2026	1,168		1,165		1,168
		First lien (3)(11)	6.75% (L + 5.75%/Q)	9/24/2019	9/30/2026	280		278		280					First lien (2)(15)	8.00% (L + 5.75%/Q)	10/5/2021	9/30/2026	1,070		1,068		1,070
						17,547		17,445		17,547		1.34	%		First lien (3)(15)	8.00% (L + 5.75%/Q)	9/24/2019	9/30/2026	775		770		775
Kele Holdco, Inc.
Distribution & Logistics		First lien (5)(11)	7.00% (L + 6.00%/M)	2/20/2020	2/20/2026	16,030		15,965		16,191
		First lien (3)(11)(12) - Drawn	7.00% (L + 6.00%/M)	2/20/2020	2/20/2026	1,214		1,208		1,214					First lien (3)(15)	8.00% (L + 5.75%/Q)	9/24/2019	9/30/2026	347		345		347
						17,244		17,173		17,405		1.33	%		First lien (3)(15)	8.00% (L + 5.75%/Q)	9/24/2019	9/30/2026	277		275		277
The Kleinfelder Group, Inc.
																					20,287		20,382		1.49	%
Notorious Topco, LLC														Notorious Topco, LLC
Consumer Products														Consumer Products	First lien (8)(15)	8.00% (L + 6.50%/S)	11/23/2021	11/23/2027	10,102		10,032		10,026
															First lien (8)(15)	8.46% (L + 6.50%/Q)	5/10/2022	11/23/2027	9,975		9,902		9,900
															First lien (3)(15)(18) - Drawn	8.00% (L + 6.50%/S)	11/23/2021	5/24/2027	381		379		379
																					20,313		20,305		1.49	%
MED Parentco, LP														MED Parentco, LP
Healthcare Services														Healthcare Services	Second lien (8)(15)	9.92% (L + 8.25%/M)	8/2/2019	8/30/2027	20,857		20,744		19,802		1.45	%
Xactly Corporation														Xactly Corporation
Software														Software	First lien (4)(15)	8.49% (L + 7.25%/Q)	7/31/2017	7/31/2023	19,047		19,018		19,047
															First lien (3)(15)(18) - Drawn	8.80% (L + 7.25%/Q)	7/31/2017	7/31/2023	608		602		608
																					19,620		19,655		1.44	%
DG Investment Intermediate Holdings 2, Inc.														DG Investment Intermediate Holdings 2, Inc.
Business Services	Business Services	First lien (4)(11)	6.25% (L + 5.25%/Q)	12/18/2018	11/29/2024	17,063		17,010		17,063		1.30	%	Business Services	Second lien (3)	8.42% (L + 6.75%/M)	3/18/2021	3/30/2029	20,313		20,269		19,449		1.42	%
Infogain Corporation														Infogain Corporation
Software														Software	First lien (2)(15)	6.99% (L + 5.75%/Q)	7/30/2021	7/28/2028	18,994		18,867		18,827
															First lien (3)(15)(18) - Drawn	6.96% (L + 5.75%/Q)	7/30/2021	7/30/2026	287		285		285
																					19,152		19,112		1.40	%
Wealth Enhancement Group, LLC														Wealth Enhancement Group, LLC
Financial Services														Financial Services	First lien (3)(15)(18) - Drawn	7.68% (SOFR + 6.00%/S)	8/13/2021	10/4/2027	15,883		15,842		15,883
															First lien (3)(15)	7.00% (L + 6.00%/S)	1/10/2022	10/4/2027	1,260		1,248		1,260
															First lien (3)(15)	7.52% (SOFR + 6.00%/S)	1/10/2022	10/4/2027	845		837		845
															First lien (3)(15)(18) - Drawn	7.00% (L + 6.00%/Q)	8/13/2021	10/4/2027	676		674		676
																					18,601		18,664		1.37	%

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

Table of Contents

New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

June 30, ~~2021~~2022

(in thousands, except shares)

(unaudited)

Portfolio Company, Location and Industry (1) Type of Investment Interest Rate (13) Acquisition Date Maturity / Expiration Date Principal
Amount,
Par Value
or Shares Cost Fair
Value Percent of Net
Assets
Coyote Buyer, LLC
Specialty Chemicals & Materials First lien (5)(11) 7.00% (L + 6.00%/Q) 3/13/2020 2/6/2026 $ 14,008 $ 13,951 $ 14,008
First lien (5)(11) 9.00% (L + 8.00%/S) 10/15/2020 8/6/2026 2,520 2,497 2,520
16,528 16,448 16,528 1.26 %
Trinity Air Consultants Holdings Corporation
Business Services First lien (2) 6.00% (L + 5.25%/Q) 6/30/2021 6/29/2027 15,382 15,229 15,228 1.16 %
Hill International, Inc.**
Business Services First lien (2)(11) 6.75% (L + 5.75%/M) 6/21/2017 6/21/2023 15,168 15,139 15,168 1.16 %
Bleriot US Bidco Inc.
Federal Services Second lien (2) 8.65% (L + 8.50%/Q) 10/24/2019 10/29/2027 15,000 14,873 15,094 1.15 %
CFS Management, LLC
Healthcare Services First lien (2)(11) 6.25% (L + 5.25%/S) 8/6/2019 7/1/2024 11,556 11,518 11,556
First lien (3)(11) 6.25% (L + 5.25%/S) 8/6/2019 7/1/2024 3,442 3,428 3,442
14,998 14,946 14,998 1.14 %
FR Arsenal Holdings II Corp.
Business Services First lien (2)(11) 8.50% (L + 7.50%/S) 9/29/2016 9/8/2022 15,114 15,073 14,788 1.13 %
Alegeus Technologies Holding Corp.
Healthcare Services First lien (8)(11) 9.25% (L + 8.25%/S) 9/5/2018 9/5/2024 13,444 13,403 13,444 1.03 %
Transcendia Holdings, Inc.
Packaging Second lien (8)(11) 9.00% (L + 8.00%/M) 6/28/2017 5/30/2025 14,500 14,383 13,321 1.02 %
PaySimple, Inc.
Software First lien (2)(11) 5.61% (L + 5.50%/M) 8/19/2019 8/23/2025 9,709 9,638 9,709
First lien (2)(11) 5.61% (L + 5.50%/M) 8/19/2019 8/23/2025 3,179 3,129 3,179
12,888 12,767 12,888 0.98 %
Community Brands ParentCo, LLC (f.k.a Ministry Brands, LLC)
Software First lien (2)(11) 5.00% (L + 4.00%/M) 12/7/2016 12/2/2022 2,887 2,883 2,887
Second lien (8)(11) 10.25% (L + 9.25%/M) 12/7/2016 6/2/2023 7,840 7,818 7,840
Second lien (3)(11) 10.25% (L + 9.25%/M) 12/7/2016 6/2/2023 2,160 2,154 2,160
12,887 12,855 12,887 0.98 %
Geo Parent Corporation
Business Services First lien (2) 5.35% (L + 5.25%/M) 12/13/2018 12/19/2025 12,868 12,824 12,868 0.98 %
Castle Management Borrower LLC
Business Services First lien (2)(11) 3.19% (L + 2.19%/Q) 5/31/2018 2/15/2025 14,590 14,556 12,566 0.96 %
Calabrio, Inc.
Software First lien (5)(11) 8.00% (L + 7.00%/Q) 4/16/2021 4/16/2027 12,347 12,257 12,255 0.93 %
OEConnection LLC
Business Services Second lien (2)(11) 8.35% (L + 8.25%/M) 9/25/2019 9/25/2027 12,044 11,943 12,165 0.93 %


Portfolio Company, Location and Industry (1)	Type of Investment	Interest Rate (19)	Acquisition Date	Maturity / Expiration Date	Principal Amount, Par Value or Shares (17)		Cost		Fair Value		Percent of Net Assets

Trinity Air Consultants Holdings Corporation
Business Services	First lien (2)(15)	7.08% (L + 5.25%/S)	6/30/2021	6/29/2027	$	15,382	$	15,249	$	15,228
	First lien (3)(15)(18) - Drawn	6.85% (L + 5.25%/S)	6/30/2021	6/29/2027	2,889		2,861		2,860
							18,110		18,088		1.32	%
AAC Lender Holdings, LLC (33)
American Achievement Corporation (aka AAC Holding Corp.)
Education	First lien (2)(15)	7.32% (L + 5.75% PIK + 0.50%/M)(42)*	9/30/2015	9/30/2026	28,151		28,105		18,028
	First lien (3)(15)	15.07% (L + 13.50% PIK + 0.50%/M)(42)*	6/10/2021	9/30/2026	1,527		1,527		—
	Subordinated (3)(15)	2.00% (L + 1.00% PIK/Q)(42)*	3/16/2021	9/30/2026	5,230		—		—
							29,632		18,028		1.32	%
Bluefin Holding, LLC
Software	First lien (3)(15)(18) - Drawn	6.36% (L + 4.25%/S)	9/6/2019	9/6/2024	424		418		410
	Second lien (8)(15)	9.83% (L + 7.75%/S)	9/6/2019	9/3/2027	18,000		18,000		17,465
							18,418		17,875		1.31	%
Coyote Buyer, LLC
Specialty Chemicals & Materials	First lien (5)(15)	7.00% (L + 6.00%/S)	3/13/2020	2/6/2026	13,866		13,820		13,865
	First lien (5)(15)	10.25% (L + 8.00%/Q)	10/15/2020	8/6/2026	2,495		2,477		2,495
	First lien (3)(15)(18) - Drawn	7.54% (L + 6.00%/Q)	3/13/2020	2/6/2025	304		302		304
							16,599		16,664		1.22	%
The Kleinfelder Group, Inc.
Business Services	First lien (4)(15)	7.50% (L + 5.25%/Q)	12/18/2018	11/29/2024	16,620		16,583		16,620		1.22	%
Kele Holdco, Inc.
Distribution & Logistics	First lien (5)(15)	6.56% (L + 5.50%/M)	2/20/2020	2/20/2026	15,868		15,817		15,868
	First lien (3)(15)(18) - Drawn	6.56% (L + 5.50%/M)	2/20/2020	2/20/2026	297		295		297
							16,112		16,165		1.18	%
Pioneer Topco I, L.P. (39)
Pioneer Buyer I, LLC
Software	First lien (8)(15)	9.25% (L + 7.00% PIK/Q)*	11/1/2021	11/1/2028	14,173		14,048		14,031
	First lien (8)(15)	9.25% (L + 7.00% PIK/Q)*	3/11/2022	11/1/2028	1,942		1,924		1,923
							15,972		15,954		1.17	%

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

Table of Contents

New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

June 30, ~~2021~~2022

(in thousands, except shares)

(unaudited)


Portfolio Company, Location and Industry (1)	Portfolio Company, Location and Industry (1)	Type of Investment	Interest Rate (13)	Acquisition Date	Maturity / Expiration Date	Principal Amount, Par Value or Shares		Cost		Fair Value		Percent of Net Assets		Portfolio Company, Location and Industry (1)	Type of Investment	Interest Rate (19)	Acquisition Date	Maturity / Expiration Date	Principal Amount, Par Value or Shares (17)		Cost		Fair Value		Percent of Net Assets

FS WhiteWater Holdings, LLC (38)														FS WhiteWater Holdings, LLC (38)
FS WhiteWater Borrower, LLC														FS WhiteWater Borrower, LLC
Consumer Services														Consumer Services	First lien (5)(15)	8.00% (L + 5.75%/Q)	12/20/2021	12/21/2027	$	10,448	$	10,351	$	10,343
															First lien (5)(15)	8.00% (L + 5.75%/Q)	12/20/2021	12/21/2027	3,485		3,452		3,450
															First lien (5)(15)(18) - Drawn	6.99% (L + 5.75%/Q)	12/20/2021	12/21/2027	932		948		922
															First lien (3)(15)(18) - Drawn	6.80% (L + 5.75%/Q)	12/20/2021	12/21/2027	357		353		353
																					15,104		15,068		1.10	%
Hill International, Inc.														Hill International, Inc.
Business Services														Business Services	First lien (2)(15)	8.38% (SOFR + 6.85%/M)	6/21/2017	11/5/2023	15,010		14,995		15,010		1.10	%
CFS Management, LLC														CFS Management, LLC
Healthcare Services														Healthcare Services	First lien (2)(15)	8.57% (SOFR + 6.25%/Q)	8/6/2019	7/1/2024	11,439		11,414		11,439
															First lien (3)(15)	8.57% (SOFR + 6.25%/Q)	8/6/2019	7/1/2024	3,407		3,398		3,407
																					14,812		14,846		1.09	%
Daxko Acquisition Corporation														Daxko Acquisition Corporation
Software														Software	First lien (8)(15)	7.75% (L + 5.50%/Q)	10/15/2021	10/16/2028	13,210		13,089		13,045
															First lien (3)(15)	7.17% (L + 5.50%/M)	10/15/2021	10/16/2028	1,113		1,102		1,099
																					14,191		14,144		1.04	%
Castle Management Borrower LLC														Castle Management Borrower LLC
Business Services														Business Services	First lien (2)(15)	3.19% (L + 2.19%/Q)	5/31/2018	2/15/2025	14,590		14,566		13,554		0.99	%
Transcendia Holdings, Inc.														Transcendia Holdings, Inc.
Packaging														Packaging	Second lien (8)(15)	9.67% (L + 8.00%/M)	6/28/2017	5/30/2025	14,500		14,409		13,448		0.99	%
Alegeus Technologies Holding Corp.														Alegeus Technologies Holding Corp.
Healthcare Services														Healthcare Services	First lien (8)(15)	10.95% (L + 8.25%/S)	9/5/2018	9/5/2024	13,444		13,415		13,444		0.98	%
FR Arsenal Holdings II Corp.														FR Arsenal Holdings II Corp.
Business Services														Business Services	First lien (2)(15)	11.25% (L + 7.50% + 2.00% PIK/Q)*	9/29/2016	9/8/2022	14,662		14,656		13,105		0.96	%
IMO Investor Holdings, Inc.														IMO Investor Holdings, Inc.
Healthcare Information Technology														Healthcare Information Technology	First lien (2)(15)	7.65% (SOFR + 6.00%/S)	5/11/2022	5/11/2029	13,007		12,879		12,877
															First lien (3)(15)(18) - Drawn	7.24% (SOFR + 6.00%/M)	5/11/2022	5/11/2028	155		153		153
																					13,032		13,030		0.95	%
USRP Holdings, Inc.														USRP Holdings, Inc.
Federal Services														Federal Services	First lien (2)(15)	7.75% (L + 5.50%/Q)	7/22/2021	7/23/2027	11,368		11,270		11,255
															First lien (3)(15)	7.75% (L + 5.50%/Q)	7/22/2021	7/23/2027	1,480		1,466		1,465
																					12,736		12,720		0.93	%
Calabrio, Inc.														Calabrio, Inc.
Software														Software	First lien (5)(15)	9.25% (L + 7.00%/Q)	4/16/2021	4/16/2027	12,347		12,270		12,347		0.90	%
Apptio, Inc.	Apptio, Inc.													Apptio, Inc.
Software	Software	First lien (8)(11)	8.25% (L + 7.25%/S)	1/10/2019	1/10/2025	$	11,203	$	11,056	$	11,203			Software	First lien (8)(15)	7.25% (L + 6.00%/M)	1/10/2019	1/10/2025	11,203		11,094		11,203
		First lien (3)(11)(12) - Drawn	8.25% (L + 7.25%/S)	1/10/2019	1/10/2025	827		810		827					First lien (3)(15)(18) - Drawn	7.25% (L + 6.00%/M)	1/10/2019	1/10/2025	827		810		827
						12,030		11,866		12,030		0.92	%								11,904		12,030		0.88	%
CHA Holdings, Inc.
Business Services		Second lien (4)(11)	9.75% (L + 8.75%/Q)	4/3/2018	4/10/2026	7,012		6,963		6,934
		Second lien (3)(11)	9.75% (L + 8.75%/Q)	4/3/2018	4/10/2026	4,453		4,422		4,403
						11,465		11,385		11,337		0.86	%
Alert Holding Company, Inc. (16)
Appriss Holdings, Inc.
Business Services		First lien (8)(11)	7.00% (L + 6.00%/Q)	5/24/2019	5/29/2026	10,887		10,817		10,996
		First lien (3)(11)(12) - Drawn	8.25% (P + 5.00%/Q)	5/24/2019	5/30/2025	230		228		230
						11,117		11,045		11,226		0.86	%
Recorded Future, Inc.
Software		First lien (8)(11)	7.00% (L + 6.00%/Q)	8/26/2019	7/3/2025	6,250		6,227		6,263
		First lien (8)(11)	7.00% (L + 6.00%/Q)	3/26/2021	7/3/2025	4,800		4,771		4,810
						11,050		10,998		11,073		0.84	%
Vectra Co.
Business Products		Second lien (8)(11)	7.35% (L + 7.25%/M)	2/23/2018	3/8/2026	10,788		10,761		10,788		0.82	%
Masergy Holdings, Inc.
Business Services		Second lien (2)	8.50% (L + 7.50%/Q)	12/14/2016	12/16/2024	10,500		10,469		10,461		0.80	%
PPVA Black Elk (Equity) LLC
Business Services		Subordinated (3)(11)	—	5/3/2013	—	14,500		14,500		10,354		0.79	%
VT Topco, Inc.
Business Services		Second lien (4)(11)	6.85% (L + 6.75%/M)	8/14/2018	7/31/2026	10,000		9,982		10,000		0.76	%
Quartz Holding Company
Software		Second lien (3)(11)	8.09% (L + 8.00%/M)	4/2/2019	4/2/2027	10,000		9,843		10,000		0.76	%
Stats Intermediate Holdings, LLC**
Business Services		First lien (2)	5.41% (L + 5.25%/Q)	5/22/2019	7/10/2026	9,850		9,756		9,899		0.76	%
Affordable Care Holding Corp.
Healthcare Services		First lien (2)(11)	5.75% (L + 4.75%/Q)	3/18/2019	10/24/2022	9,742		9,667		9,742		0.74	%
AgKnowledge Holdings Company, Inc.
Business Services		First lien (2)(11)	5.75% (L + 4.75%/S)	11/30/2018	7/21/2023	9,182		9,160		9,182		0.70	%
Specialtycare, Inc.
Healthcare Services		First lien (2)	6.75% (L + 5.75%/M)	6/18/2021	6/18/2028	7,224		7,116		7,115
		First lien (3)(12) - Drawn	4.08% (L + 4.00%/M)	6/18/2021	6/18/2026	67		66		66
						7,291		7,182		7,181		0.54	%

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

Table of Contents

New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

June 30, ~~2021~~2022

(in thousands, except shares)

(unaudited)

Portfolio Company, Location and Industry (1) Type of Investment Interest Rate (13) Acquisition Date Maturity / Expiration Date Principal
Amount,
Par Value
or Shares Cost Fair
Value Percent of Net
Assets
AG Parent Holdings, LLC
Healthcare Services First lien (2) 5.10% (L + 5.00%/M) 7/30/2019 7/31/2026 $ 6,888 $ 6,861 $ 6,862 0.52 %
Restaurant Technologies, Inc.
Business Services Second lien (4) 6.60% (L + 6.50%/M) 9/24/2018 10/1/2026 6,722 6,710 6,701 0.51 %
Appriss Health Holdings, Inc. (17)
Appriss Health, LLC
Business Services First lien (8)(11) 8.25% (L + 7.25%/Q) 5/6/2021 5/6/2027 6,250 6,189 6,188 0.47 %
ADG, LLC
Healthcare Services Second lien (3)(11) 11.00% (L + 10.00% PIK/Q)* 10/3/2016 3/28/2024 6,235 6,201 5,778 0.44 %
Sphera Solutions, Inc.
Software First lien (2)(11) 8.75% (L + 7.75%/Q) 9/10/2019 6/14/2023 2,451 2,440 2,476 0.19 %
Education Management Corporation (14)
Education Management II LLC
Education First lien (2) 13.00% (L + 7.50%/M)(30) 1/5/2015 7/2/2020 300 292 —
First lien (3) 13.00% (L + 7.50%/M)(30) 1/5/2015 7/2/2020 169 165 —
First lien (2) 9.75% (L + 6.50%/Q)(30) 1/5/2015 7/2/2020 206 201 —
First lien (3) 9.75% (L + 6.50%/Q)(30) 1/5/2015 7/2/2020 116 113 —
First lien (2) 11.75% (P + 8.50%/M)(30) 1/5/2015 7/2/2020 140 116 —
First lien (3) 11.75% (P + 8.50%/M)(30) 1/5/2015 7/2/2020 79 65 —
First lien (2) 11.75% (P + 8.50%/M)(30) 1/5/2015 7/2/2020 4 3 —
First lien (3) 11.75% (P + 8.50%/M)(30) 1/5/2015 7/2/2020 2 2 —
1,016 957 — — %
PPVA Fund, L.P.
Business Services Collateralized Financing (30)(31) — 11/7/2014 — — — — — %
Total Funded Debt Investments - United States $ 2,150,486 $ 2,130,685 $ 2,099,146 160.11 %
Total Funded Debt Investments $ 2,200,544 $ 2,180,449 $ 2,149,624 163.96 %
Equity - Hong Kong
Bach Special Limited (Bach Preference Limited)**
Education Preferred shares (3)(11)(23) — 9/1/2017 — 90,339 $ 8,954 $ 9,305 0.71 %
Total Shares - Hong Kong $ 8,954 $ 9,305 0.71 %
Equity - United States
Avatar Topco, Inc.(24)
Education Preferred shares (3)(11) — 11/17/2017 — 35,750 $ 55,437 $ 57,639 4.40 %


Portfolio Company, Location and Industry (1)	Type of Investment	Interest Rate (19)	Acquisition Date	Maturity / Expiration Date	Principal Amount, Par Value or Shares (17)		Cost		Fair Value		Percent of Net Assets

CHA Holdings, Inc.
Business Services	Second lien (4)(15)	11.04% (L + 8.75%/Q)	4/3/2018	4/10/2026	$	7,012	$	6,972	$	7,012
	Second lien (3)(15)	11.04% (L + 8.75%/Q)	4/3/2018	4/10/2026	4,453		4,427		4,453
							11,399		11,465		0.84	%
Specialtycare, Inc.
Healthcare Services	First lien (2)(15)	6.75% (L + 5.75%/Q)	6/18/2021	6/18/2028	10,511		10,385		10,282		0.75	%
Quartz Holding Company
Software	Second lien (3)	9.67% (L + 8.00%/M)	4/2/2019	4/2/2027	10,000		9,865		9,750		0.71	%
PPVA Black Elk (Equity) LLC
Business Services	Subordinated (3)(15)	—	5/3/2013	—	14,500		14,500		9,377		0.69	%
CG Group Holdings, LLC
Specialty Chemicals & Materials	First lien (2)(15)	9.50% (L + 5.25% + 2.00% PIK/Q)*	7/19/2021	7/19/2027	8,275		8,195		7,747
	First lien (3)(15)(18) - Drawn	8.92% (L + 5.25% + 2.00% PIK/M)*	7/19/2021	7/19/2026	907		897		849
							9,092		8,596		0.63	%
Vectra Co.
Business Products	Second lien (8)(15)	8.92% (L + 7.25%/M)	2/23/2018	3/8/2026	10,788		10,766		8,179		0.60	%
AgKnowledge Holdings Company, Inc.
Business Services	First lien (2)(15)	6.25% (L + 4.75%/S)	11/30/2018	7/21/2023	8,089		8,079		8,089		0.59	%
Energize Holdco LLC
Business Services	Second lien (2)(15)	9.00% (L + 6.75%/Q)	11/19/2021	12/7/2029	7,950		7,912		7,865		0.58	%
KPSKY Acquisition Inc.
Industrial Services	First lien (8)(15)	7.14% (L + 5.50%/M)	10/19/2021	10/19/2028	7,003		6,939		6,933
	First lien (3)(15)(18) - Drawn	9.25% (P + 4.50%/Q)	10/19/2021	10/19/2028	755		748		748
							7,687		7,681		0.56	%
Community Brands ParentCo, LLC
Software	First lien (2)(15)	7.38% (SOFR + 5.75%/M)	2/24/2022	2/24/2028	7,199		7,130		7,114		0.52	%
ADG, LLC
Healthcare Services	Second lien (3)(15)	11.69% (L + 10.00% PIK/Q)*	10/3/2016	3/28/2024	6,960		6,937		6,417		0.47	%
Appriss Health Holdings, Inc. (23)
Appriss Health, LLC
Healthcare Information Technology	First lien (8)(15)	8.25% (L + 7.25%/Q)	5/6/2021	5/6/2027	6,250		6,197		6,250		0.46	%
Safety Borrower Holdings LLC
Information Services	First lien (2)(15)	7.50% (L + 5.25%/Q)	9/1/2021	9/1/2027	5,728		5,703		5,699
	First lien (3)(15)(18) - Drawn	9.00% (P + 4.25%/Q)	9/1/2021	9/1/2027	128		127		127
							5,830		5,826		0.43	%

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

Table of Contents

New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

June 30, ~~2021~~2022

(in thousands, except shares)

(unaudited)

Portfolio Company, Location and Industry (1) Type of Investment Interest Rate (13) Acquisition Date Maturity / Expiration Date Principal
Amount,
Par Value
or Shares Cost Fair
Value Percent of Net
Assets
Symplr Software Intermediate Holdings, Inc. (25)
Healthcare Information Technology Preferred shares (4)(11) — 11/30/2018 — 7,500 $ 10,058 $ 10,171
Preferred shares (3)(11) — 11/30/2018 — 2,586 3,468 3,506
13,526 13,677 1.04 %
Project Essential Super Parent, Inc.(28)
Software Preferred shares (3)(11) — 4/20/2021 — 10,000 10,054 10,051 0.76 %
Diligent Preferred Issuer, Inc.(29)
Software Preferred shares (3)(11) — 4/6/2021 — 10,000 9,875 9,875 0.75 %
Alert Holding Company, Inc. (16)
Alert Intermediate Holdings I, Inc.
Business Services Preferred shares (3)(11) — 5/31/2019 — 6,111 7,582 7,674 0.59 %
Appriss Health Holdings, Inc. (17)
Appriss Health Intermediate Holdings, Inc.
Business Services Preferred shares (3)(11) — 5/6/2021 — 2,333 2,337 2,336 0.18 %
Ancora Acquisition LLC
Education Preferred shares (9)(11) — 8/12/2013 — 372 83 158 0.01 %
Tenawa Resource Holdings LLC (15)
QID NGL LLC
Specialty Chemicals & Materials Preferred shares (6)(11) — 10/30/2017 — 1,623,385 1,623 —
Preferred shares (6)(11) — 11/24/2020 — 44,668 45 —
Ordinary shares (6)(11) — 5/12/2014 — 5,290,997 5,291 —
6,959 — — %
Education Management Corporation (14)
Education Preferred shares (2) — 1/5/2015 — 3,331 200 —
Preferred shares (3) — 1/5/2015 — 1,879 113 —
Ordinary shares (2) — 1/5/2015 — 2,994,065 100 —
Ordinary shares (3) — 1/5/2015 — 1,688,976 56 —
469 — — %
AAC Lender Holdings, LLC(27)
Education Ordinary shares (3)(11) — 3/16/2021 — 758 — — — %
Total Shares - United States $ 106,322 $ 101,410 7.73 %
Total Shares $ 115,276 $ 110,715 8.44 %


Portfolio Company, Location and Industry (1)	Type of Investment	Interest Rate (19)	Acquisition Date	Maturity / Expiration Date	Principal Amount, Par Value or Shares (17)		Cost		Fair Value		Percent of Net Assets

Sun Acquirer Corp.
Consumer Services	First lien (2)(15)	7.42% (L + 5.75%/M)	9/8/2021	9/8/2028	$	4,005	$	3,973	$	3,965
	First lien (3)(15)(18) - Drawn	7.42% (L + 5.75%/M)	9/8/2021	9/8/2028	1,665		1,649		1,648
	First lien (3)(15)(18) - Drawn	9.50% (P + 4.75%/Q)	9/8/2021	9/8/2027	56		58		55
							5,680		5,668		0.42	%
Pye-Barker Fire & Safety, LLC
Business Services	First lien (3)(15)(18) - Drawn	7.75% (L + 5.50%/Q)	11/26/2021	11/26/2027	3,713		3,678		3,713		0.27	%
Education Management Corporation (20)
Education Management II LLC
Education	First lien (2)	13.00% (L + 7.50%/M)(42)	1/5/2015	7/2/2020	300		292		—
	First lien (3)	13.00% (L + 7.50%/M)(42)	1/5/2015	7/2/2020	169		165		—
	First lien (2)	9.75% (L + 6.50%/Q)(42)	1/5/2015	7/2/2020	206		200		—
	First lien (3)	9.75% (L + 6.50%/Q)(42)	1/5/2015	7/2/2020	116		113		—
	First lien (2)	11.75% (P + 8.50%/M)(42)	1/5/2015	7/2/2020	140		116		—
	First lien (3)	11.75% (P + 8.50%/M)(42)	1/5/2015	7/2/2020	79		65		—
	First lien (2)	11.75% (P + 8.50%/M)(42)	1/5/2015	7/2/2020	4		3		—
	First lien (3)	11.75% (P + 8.50%/M)(42)	1/5/2015	7/2/2020	2		2		—
							956		—		—	%
PPVA Fund, L.P.
Business Services	Collateralized Financing (42)(43)	—	11/7/2014	—	—		—		—		—	%
Total Funded Debt Investments - United States							$	2,165,716	$	2,107,717	154.39	%
Funded Debt Investments - United Kingdom
Integro Parent Inc.**
Insurance Services	First lien (2)(15)	7.85% (SOFR + 2.50% + 3.75% PIK/Q)*	10/9/2015	5/8/2023	$	34,909	$	34,868	$	34,908
	First lien (3)(15)	7.85% (SOFR + 2.50% + 3.75% PIK/Q)*	6/8/2018	5/8/2023	6,892		6,858		6,892
	First lien (2)(15)	13.63% (SOFR + 12.00%/S)	5/10/2022	5/6/2023	1,747		1,747		1,747
	First lien (3)(15)	13.63% (SOFR + 12.00%/S)	5/10/2022	5/6/2023	347		347		347
	First lien (2)(15)(18) - Drawn	13.63% (SOFR + 12.00%/S)	5/10/2022	5/6/2023	159		159		159
	First lien (3)(15)(18) - Drawn	13.63% (SOFR + 12.00%/S)	5/10/2022	5/6/2023	32		32		32
	Second lien (8)(15)	11.43% (SOFR + 10.25% PIK/Q)(42)*	10/9/2015	10/30/2023	10,451		10,392		6,769
							54,403		50,854		3.73	%

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

Table of Contents

New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

June 30, ~~2021~~2022

(in thousands, except shares)

(unaudited)

Portfolio Company, Location and Industry (1) Type of Investment Interest Rate (13) Acquisition Date Maturity / Expiration Date Principal
Amount,
Par Value
or Shares Cost Fair
Value Percent of Net
Assets
Warrants - United States
ASP LCG Holdings, Inc.
Education Warrants (3)(11) — 5/5/2014 5/5/2026 622 $ 37 $ 685 0.05 %
Total Warrants - United States $ 37 $ 685 0.05 %
Total Funded Investments $ 2,295,762 $ 2,261,024 172.45 %
Unfunded Debt Investments - United States
MRI Software LLC
Software First lien (2)(11)(12) - Undrawn — 3/24/2021 3/24/2022 $ 9,684 $ — $ 50
First lien (3)(11)(12) - Undrawn — 1/31/2020 2/10/2022 821 — 4
First lien (3)(11)(12) - Undrawn — 1/31/2020 2/10/2026 2,002 (10) —
12,507 (10) 54 0.00 %
AAC Lender Holdings, LLC (27)
American Achievement Corporation (aka AAC Holding Corp.)
Education First lien (3)(11)(12) - Undrawn — 1/25/2021 9/30/2026 2,652 — — — %
Associations, Inc.
Business Services First lien (2)(12) - Undrawn — 7/30/2018 7/30/2021 152 (1) — — %
AgKnowledge Holdings Company, Inc.
Business Services First lien (3)(11)(12) - Undrawn — 11/30/2018 7/21/2023 526 (3) — — %
Kele Holdco, Inc.
Distribution & Logistics First lien (3)(11)(12) - Undrawn — 2/20/2020 2/20/2026 585 (3) — — %
Recorded Future, Inc.
Software First lien (3)(11)(12) - Undrawn — 8/26/2019 7/3/2025 750 (4) — — %
Community Brands ParentCo, LLC (f.k.a Ministry Brands, LLC)
Software First lien (3)(11)(12) - Undrawn — 12/7/2016 12/2/2022 1,000 (5) — — %
Coyote Buyer, LLC
Specialty Chemicals & Materials First lien (3)(11)(12) - Undrawn — 3/13/2020 2/6/2025 1,013 (5) — — %
Alert Holding Company, Inc. (16)
Appriss Holdings, Inc.
Business Services First lien (3)(11)(12) - Undrawn — 5/24/2019 5/30/2025 700 (7) — — %


Portfolio Company, Location and Industry (1)	Type of Investment	Interest Rate (19)	Acquisition Date	Maturity / Expiration Date	Principal Amount, Par Value or Shares (17)		Cost		Fair Value		Percent of Net Assets

Aston FinCo S.a r.l. / Aston US Finco, LLC**
Software	Second lien (8)(15)	9.92% (L + 8.25%/M)	10/8/2019	10/8/2027	$	34,459	$	34,257	$	34,460	2.52	%
Total Funded Debt Investments - United Kingdom							$	88,660	$	85,314	6.25	%
Funded Debt Investments - Netherlands
Tahoe Finco, LLC**
Information Technology	First lien (2)(15)	7.12% (L + 6.00%/M)	10/1/2021	9/29/2028	$	35,000	$	34,680	$	34,650
	First lien (8)(15)	7.12% (L + 6.00%/M)	10/1/2021	9/29/2028	24,189		23,968		23,947
							58,648		58,597		4.29	%
Total Funded Debt Investments - Netherlands							$	58,648	$	58,597	4.29	%
Funded Debt Investments - Jersey
Tennessee Bidco Limited **
Business Services	First lien (3)(15)(16)	8.47% (SONIA + 7.00%/D)	8/6/2021	8/3/2028	£	12,879	$	17,621	$	15,449
	First lien (3)(15)	7.53% (L + 7.00%/S)	8/6/2021	8/3/2028	$	10,184	10,046		10,032
	First lien (3)(15)(16)(18) - Drawn	8.47% (SONIA + 7.00%/D)	8/6/2021	8/3/2028	£	6,344	8,244		7,590
	First lien (3)(15)(18) - Drawn	9.31% (L + 7.00%/S)	8/6/2021	8/3/2028	$	3,983	3,927		3,923
							39,838		36,994		2.71	%
Total Funded Debt Investments - Jersey							$	39,838	$	36,994	2.71	%
Funded Debt Investments - United Arab Emirates
GEMS Menasa (Cayman) Limited**
Education	First lien (8)	6.57% (L + 5.00%/Q)	7/30/2019	7/31/2026	10,481		$	10,447	$	9,918	0.73	%
Total Funded Debt Investments - United Arab Emirates							$	10,447	$	9,918	0.73	%
Total Funded Debt Investments							$	2,363,309	$	2,298,540	168.37	%
Equity - United States
Dealer Tire Holdings, LLC (30)
Distribution & Logistics	Preferred shares (3)(15)	—	9/13/2021	—	56,271		$	60,360	$	59,793	4.38	%
Knockout Intermediate Holdings I (41)
Software	Preferred shares (3)	—	6/23/2022	—	15,150		14,961		14,961		1.09	%
Symplr Software Intermediate Holdings, Inc. (31)
Healthcare Information Technology	Preferred shares (4)(15)	—	11/30/2018	—	7,500		11,210		10,979
	Preferred shares (3)(15)	—	11/30/2018	—	2,586		3,865		3,785
							15,075		14,764		1.08	%
ACI Parent Inc. (36)
Healthcare Services	Preferred shares (3)(15)	—	8/2/2021	—	12,500		13,769		13,757		1.01	%

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

Table of Contents

New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

June 30, ~~2021~~2022

(in thousands, except shares)

(unaudited)


Portfolio Company, Location and Industry (1)	Portfolio Company, Location and Industry (1)	Type of Investment	Interest Rate (13)	Acquisition Date	Maturity / Expiration Date	Principal Amount, Par Value or Shares		Cost		Fair Value		Percent of Net Assets		Portfolio Company, Location and Industry (1)	Type of Investment	Interest Rate (19)	Acquisition Date	Maturity / Expiration Date	Principal Amount, Par Value or Shares (17)	Cost		Fair Value		Percent of Net Assets

Definitive Healthcare Holdings, LLC
Project Essential Super Parent, Inc. (34)														Project Essential Super Parent, Inc. (34)
Software														Software	Preferred shares (3)(15)	—	4/20/2021	—	10,000	$	11,169	$	11,152	0.82	%
Diamond Parent Holdings Corp. (35)														Diamond Parent Holdings Corp. (35)
Diligent Preferred Issuer, Inc.														Diligent Preferred Issuer, Inc.
Software														Software	Preferred shares (3)(15)	—	4/6/2021	—	10,000	10,937		10,936		0.80	%
OEC Holdco, LLC (22)														OEC Holdco, LLC (22)
Business Services														Business Services	Preferred shares (12)(15)	—	12/17/2021	—	7,214	7,566		7,448		0.54	%
HB Wealth Management, LLC (37)														HB Wealth Management, LLC (37)
Financial Services														Financial Services	Preferred shares (11)(15)	—	9/30/2021	—	48,303	4,804		5,125		0.38	%
FS WhiteWater Holdings, LLC (38)														FS WhiteWater Holdings, LLC (38)
Consumer Services														Consumer Services	Ordinary shares (5)(15)	—	12/20/2021	—	50,000	5,000		5,000		0.37	%
Appriss Health Holdings, Inc. (23)														Appriss Health Holdings, Inc. (23)
Appriss Health Intermediate Holdings, Inc.														Appriss Health Intermediate Holdings, Inc.
Healthcare Information Technology	Healthcare Information Technology	First lien (3)(11)(12) - Undrawn	—	8/7/2019	7/16/2024	$	1,848	$	(9)	$	—			Healthcare Information Technology	Preferred shares (3)(15)	—	5/6/2021	—	2,333	2,608		2,638		0.19	%
OA Topco, L.P. (40)														OA Topco, L.P. (40)
Healthcare Information Technology														Healthcare Information Technology	Ordinary shares (3)(15)	—	12/20/2021	—	2,000,000	2,000		2,000		0.15	%
Pioneer Topco I, L.P. (39)														Pioneer Topco I, L.P. (39)
Software														Software	Ordinary shares (13)(15)	—	11/1/2021	—	199,980	2,000		1,775		0.13	%
Ancora Acquisition LLC														Ancora Acquisition LLC
Education														Education	Preferred shares (9)(15)	—	8/12/2013	—	372	83		158		0.01	%
Education Management Corporation (20)														Education Management Corporation (20)
Education														Education	Preferred shares (2)	—	1/5/2015	—	3,331	200		—
		First lien (3)(11)(12) - Undrawn	—	8/7/2019	7/16/2021	6,061		—		—					Preferred shares (3)	—	1/5/2015	—	1,879	113		—
						7,909		(9)		—		—	%		Ordinary shares (2)	—	1/5/2015	—	2,994,065	100		—
Xactly Corporation
Software		First lien (3)(11)(12) - Undrawn	—	7/31/2017	7/31/2023	992		(10)		—		—	%
Kaseya Inc.
Software		First lien (3)(11)(12) - Undrawn	—	5/9/2019	5/2/2025	1,179		(12)		—		—	%
Bullhorn, Inc.
Software		First lien (3)(11)(12) - Undrawn	—	9/24/2019	10/1/2021	781		(6)		—
		First lien (3)(11)(12) - Undrawn	—	9/24/2019	9/30/2026	852		(6)		—					Ordinary shares (3)	—	1/5/2015	—	1,688,976	56		—
						1,633		(12)		—		—	%							469		—		—	%
Trader Interactive, LLC
Business Services		First lien (3)(11)(12) - Undrawn	—	6/15/2017	6/15/2023	1,673		(13)		—		—	%
Instructure, Inc.
Software		First lien (3)(11)(12) - Undrawn	—	3/24/2020	3/24/2026	2,036		(13)		—		—	%
Finalsite Holdings, Inc.
Software		First lien (3)(11)(12) - Undrawn	—	9/25/2018	9/25/2024	1,765		(13)		—		—	%
Integral Ad Science, Inc.
Software		First lien (3)(11)(12) - Undrawn	—	7/19/2018	7/19/2023	1,807		(18)		—		—	%
Diligent Corporation
Software		First lien (3)(11)(12) - Undrawn	—	3/30/2021	8/4/2025	3,624		(18)		—		—	%
GS Acquisitionco, Inc.
Software		First lien (3)(11)(12) - Undrawn	—	8/7/2019	5/24/2024	2,925		(18)		—		—	%
YLG Holdings, Inc.
Business Services		First lien (3)(11)(12) - Undrawn	—	11/1/2019	10/31/2025	3,968		(20)		—		—	%
Bluefin Holding, LLC
Software		First lien (3)(11)(12) - Undrawn	—	9/6/2019	9/6/2024	1,515		(23)		—		—	%
AAC Lender Holdings, LLC (33)														AAC Lender Holdings, LLC (33)
Education														Education	Ordinary shares (3)(15)	—	3/16/2021	—	758	—		—		—	%
Total Shares - United States														Total Shares - United States						150,801		149,507		10.95	%
Equity - Hong Kong														Equity - Hong Kong
Bach Special Limited (Bach Preference Limited)**														Bach Special Limited (Bach Preference Limited)**
Education														Education	Preferred shares (3)(15)(29)	—	9/1/2017	—	102,227	$	10,143	$	10,223	0.75	%
Total Shares - Hong Kong														Total Shares - Hong Kong						$	10,143	$	10,223	0.75	%
Total Shares														Total Shares						$	160,944	$	159,730	11.70	%
Total Funded Investments														Total Funded Investments						$	2,524,253	$	2,458,270	180.07	%

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

Table of Contents

New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

June 30, ~~2021~~2022

(in thousands, except shares)

(unaudited)


Portfolio Company, Location and Industry (1)	Portfolio Company, Location and Industry (1)	Type of Investment	Interest Rate (13)	Acquisition Date	Maturity / Expiration Date	Principal Amount, Par Value or Shares		Cost		Fair Value		Percent of Net Assets		Portfolio Company, Location and Industry (1)	Type of Investment	Interest Rate (19)	Acquisition Date	Maturity / Expiration Date	Principal Amount, Par Value or Shares (17)	Cost		Fair Value		Percent of Net Assets

Apptio, Inc.
Software		First lien (3)(11)(12) - Undrawn	—	1/10/2019	1/10/2025	$	1,240	$	(25)	$	—	—	%
ConnectWise, LLC
Software		First lien (3)(11)(12) - Undrawn	—	11/26/2019	2/28/2025	3,982		(25)		—		—	%
GC Waves Holdings, Inc.**
Business Services		First lien (3)(11)(12) - Undrawn	—	10/31/2019	10/31/2025	3,951		(30)		—		—	%
CoolSys, Inc.
Industrial Services		First lien (3)(12) - Undrawn	—	11/20/2019	11/19/2021	1,400		—		(4)		(0.00) %
Appriss Health Holdings, Inc. (17)
Appriss Health, LLC
Business Services		First lien (3)(11)(12) - Undrawn	—	5/6/2021	5/6/2027	417		(4)		(4)		(0.00) %
Calabrio, Inc.
Software		First lien (3)(11)(12) - Undrawn	—	4/16/2021	4/16/2027	1,487		(11)		(11)		(0.00) %
Specialtycare, Inc.
Unfunded Debt Investments - United States														Unfunded Debt Investments - United States
DOCS, MSO, LLC														DOCS, MSO, LLC
Healthcare Services	Healthcare Services	First lien (3)(12) - Undrawn	—	6/18/2021	6/18/2023	671		—		(10)				Healthcare Services	First lien (3)(18) - Undrawn	—	6/1/2022	6/3/2024	6,561	$	—	$	—	—	%
		First lien (3)(12) - Undrawn	—	6/18/2021	6/18/2026	492		(7)		(7)					First lien (4)(18) - Undrawn	—	6/1/2022	6/3/2024	2,457	—		—
						1,163		(7)		(17)		(0.00) %			First lien (3)(18) - Undrawn	—	6/1/2022	6/1/2028	2,405	—		—
																				—		—		—	%
AAC Lender Holdings, LLC (33)														AAC Lender Holdings, LLC (33)
DCA Investment Holding, LLC	DCA Investment Holding, LLC													DCA Investment Holding, LLC
Healthcare Services	Healthcare Services	First lien (3)(12) - Undrawn	—	3/12/2021	3/10/2023	4,924		—		(18)		(0.00) %		Healthcare Services	First lien (3)(15)(18) - Undrawn	—	3/12/2021	3/10/2023	2,980	—		—		—	%
Salient CRGT Inc.
Federal Services		First lien (3)(12) - Undrawn	—	6/26/2018	11/29/2021	6,125		(490)		(46)		(0.00) %
Granicus, Inc.
American Achievement Corporation (aka AAC Holding Corp.)														American Achievement Corporation (aka AAC Holding Corp.)
Education														Education	First lien (3)(15)(18) - Undrawn	—	1/25/2021	9/30/2026	2,652	—		—		—	%
AgKnowledge Holdings Company, Inc.														AgKnowledge Holdings Company, Inc.
Business Services														Business Services	First lien (3)(15)(18) - Undrawn	—	11/30/2018	7/21/2023	526	(3)		—		—	%
Coyote Buyer, LLC														Coyote Buyer, LLC
Specialty Chemicals & Materials														Specialty Chemicals & Materials	First lien (3)(15)(18) - Undrawn	—	3/13/2020	2/6/2025	709	(4)		—		—	%
Appriss Health Holdings, Inc. (23)														Appriss Health Holdings, Inc. (23)
Appriss Health, LLC														Appriss Health, LLC
Healthcare Information Technology														Healthcare Information Technology	First lien (3)(15)(18) - Undrawn	—	5/6/2021	5/6/2027	417	(4)		—		—	%
Kele Holdco, Inc.														Kele Holdco, Inc.
Distribution & Logistics														Distribution & Logistics	First lien (3)(15)(18) - Undrawn	—	2/20/2020	2/20/2026	1,502	(8)		—		—	%
Pye-Barker Fire & Safety, LLC														Pye-Barker Fire & Safety, LLC
Business Services														Business Services	First lien (3)(15)(18) - Undrawn	—	11/26/2021	11/26/2023	1,475	—		—
															First lien (3)(15)(18) - Undrawn	—	11/26/2021	11/26/2024	905	(9)		—
																				(9)		—		—	%
Diamond Parent Holdings Corp. (35)														Diamond Parent Holdings Corp. (35)
Diligent Corporation														Diligent Corporation
Software	Software	First lien (3)(11)(12) - Undrawn	—	1/27/2021	1/30/2023	1,062		—		(8)				Software	First lien (3)(15)(18) - Undrawn	—	3/30/2021	8/4/2025	1,812	(9)		—		—	%
		First lien (3)(11)(12) - Undrawn	—	1/27/2021	1/29/2027	2,414		(18)		(18)
		First lien (3)(11)(12) - Undrawn	—	4/23/2021	4/21/2023	4,600		—		(23)
						8,076		(18)		(49)		(0.00) %

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

Table of Contents

New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

June 30, ~~2021~~2022

(in thousands, except shares)

(unaudited)

Portfolio Company, Location and Industry (1) Type of Investment Interest Rate (13) Acquisition Date Maturity / Expiration Date Principal
Amount,
Par Value
or Shares Cost Fair
Value Percent of Net
Assets
Trinity Air Consultants Holdings Corporation
Business Services First lien (3)(12) - Undrawn — 6/30/2021 6/29/2027 $ 1,501 $ (15) $ (15)
First lien (3)(12) - Undrawn — 6/30/2021 6/29/2023 5,252 — (53)
6,753 (15) (68) (0.01) %
NMC Crimson Holdings, Inc.
Healthcare Services First lien (3)(11)(12) - Undrawn — 3/1/2021 3/1/2023 10,664 — (160) (0.01) %
Total Unfunded Debt Investments - United States $ 101,093 $ (842) $ (323) (0.02) %
Total Unfunded Debt Investments $ 101,093 $ (842) $ (323) (0.02) %
Total Non-Controlled/Non-Affiliated Investments $ 2,294,920 $ 2,260,701 172.43 %
Non-Controlled/Affiliated Investments (32)
Funded Debt Investments - United States
TVG-Edmentum Holdings, LLC (18)
Edmentum Ultimate Holdings, LLC
Education Subordinated (3)(11) 11.00% (L + 10.00%/M) 12/11/2020 12/11/2026 $ 15,000 $ 14,860 $ 15,000 1.15 %
Sierra Hamilton Holdings Corporation
Energy Second lien (3)(11) 15.00% PIK/Q* 9/12/2019 9/12/2023 5 5 — — %
Permian Holdco 3, Inc.
Permian Trust
Energy First lien (10)(11) 10.00% PIK/Q(30)* 3/30/2021 — 247 — —
First lien (3)(11) 11.00% (L + 10.00% PIK/M)(30)* 7/23/2020 — 3,409 — —
3,656 — — — %
Total Funded Debt Investments - United States $ 18,661 $ 14,865 $ 15,000 1.15 %
Equity - United States
TVG-Edmentum Holdings, LLC (18)
Education Preferred shares (3)(11) — 12/11/2020 — 37,793 $ 39,926 $ 70,500
Ordinary shares (3)(11) — 12/11/2020 — 36,750 37,999 68,556
77,925 139,056 10.60 %
Sierra Hamilton Holdings Corporation
Energy Ordinary shares (2)(11) — 7/31/2017 — 25,000,000 11,501 3,599
Ordinary shares (3)(11) — 7/31/2017 — 2,786,000 1,282 401
12,783 4,000 — %
Total Shares - United States $ 90,708 $ 143,056 10.91 %
Total Non-Controlled/Affiliated Investments $ 105,573 $ 158,056 12.06 %


Portfolio Company, Location and Industry (1)	Type of Investment	Interest Rate (19)	Acquisition Date	Maturity / Expiration Date	Principal Amount, Par Value or Shares (17)		Cost		Fair Value		Percent of Net Assets

Bullhorn, Inc.
Software	First lien (3)(15)(18) - Undrawn	—	10/5/2021	11/8/2022	$	1,221	$	(3)	$	—
	First lien (3)(15)(18) - Undrawn	—	9/24/2019	9/30/2026	852		(6)		—
							(9)		—		—	%
MRI Software LLC
Software	First lien (3)(15)(18) - Undrawn	—	2/11/2022	8/16/2023	7,754		—		—
	First lien (3)(15)(18) - Undrawn	—	1/31/2020	2/10/2026	2,002		(10)		—
							(10)		—		—	%
Calabrio, Inc.
Software	First lien (3)(15)(18) - Undrawn	—	4/16/2021	4/16/2027	1,487		(11)		—		—	%
Wealth Enhancement Group, LLC
Financial Services	First lien (3)(15)(18) - Undrawn	—	5/2/2022	5/2/2024	15,805		—		—
	First lien (3)(15)(18) - Undrawn	—	8/13/2021	10/4/2027	1,364		(3)		—
	First lien (3)(15)(18) - Undrawn	—	8/13/2021	6/3/2022	3,152		(8)		—
							(11)		—		—	%
Granicus, Inc.
Software	First lien (3)(15)(18) - Undrawn	—	1/27/2021	1/29/2027	2,414		(18)		—
	First lien (3)(15)(18) - Undrawn	—	4/23/2021	4/21/2023	1,822		—		—
							(18)		—		—	%
YLG Holdings, Inc.
Business Services	First lien (5)(15)(18) - Undrawn	—	10/22/2021	10/22/2023	2,078		—		—
	First lien (3)(15)(18) - Undrawn	—	11/1/2019	10/31/2025	3,849		(19)		—
							(19)		—		—	%
Apptio, Inc.
Software	First lien (3)(15)(18) - Undrawn	—	1/10/2019	1/10/2025	1,240		(25)		—		—	%
GS Acquisitionco, Inc.
Software	First lien (3)(15)(18) - Undrawn	—	8/7/2019	5/22/2026	4,438		(27)		—		—	%

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

Table of Contents

New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

June 30, ~~2021~~2022

(in thousands, except shares)

(unaudited)

Portfolio Company, Location and Industry (1) Type of Investment Interest Rate (13) Acquisition Date Maturity / Expiration Date Principal
Amount,
Par Value
or Shares Cost Fair
Value Percent of Net
Assets
Controlled Investments (33)
Funded Debt Investments - United States
New Benevis Topco, LLC (26)
New Benevis Holdco, Inc.
Healthcare Services First lien (2)(11) 10.50% (L + 2.50% + 7.00% PIK/Q)* 10/6/2020 4/7/2025 $ 31,978 $ 31,978 $ 31,978
First lien (8)(11) 10.50% (L + 2.50% + 7.00% PIK/Q)* 10/6/2020 4/7/2025 7,846 7,846 7,846
First lien (3)(11) 10.50% (L + 2.50% + 7.00% PIK/Q)* 10/6/2020 4/7/2025 3,853 3,853 3,853
Subordinated (3)(11) 12.00% PIK/M* 10/6/2020 10/6/2025 15,576 13,013 12,628
59,253 56,690 56,305 4.29 %
UniTek Global Services, Inc.
Business Services First lien (2)(11) 8.50% (L + 5.50% + 2.00% PIK/S)* 6/29/2018 8/20/2024 12,575 12,575 12,194
First lien (3)(11) 8.50% (L + 5.50% + 2.00% PIK/S)* 3/16/2020 8/20/2024 9,318 8,467 9,036
First lien (2)(11) 8.50% (L + 5.50% + 2.00% PIK/S)* 6/29/2018 8/20/2024 2,515 2,515 2,439
First lien (3)(11) 8.50% (L + 5.50% + 2.00% PIK/S)* 6/29/2018 8/20/2024 1,344 1,174 1,303
Second lien (3)(11) 15.00% PIK/Q* 12/16/2020 2/20/2025 9,247 9,247 9,247
34,999 33,978 34,219 2.61 %
NHME Holdings Corp. (22)
National HME, Inc.
Healthcare Services Second lien (3)(11) 12.00% PIK/Q* 11/27/2018 5/27/2024 19,784 17,217 14,344
Second lien (3)(11) 12.00% PIK/Q* 11/27/2018 5/27/2024 10,933 10,314 9,566
30,717 27,531 23,910 1.82 %
New Permian Holdco, Inc.
New Permian Holdco, L.L.C.
Energy First lien (3)(11) 18.00% PIK/M* 10/30/2020 12/31/2024 16,655 16,655 16,655
First lien (3)(11)(12) - Drawn 10.00% (L + 9.00% PIK/M)* 10/30/2020 12/31/2024 5,258 5,258 5,258
21,913 21,913 21,913 1.68 %
Total Funded Debt Investments - United States $ 146,882 $ 140,112 $ 136,347 10.40 %
Equity - Canada
NM APP Canada Corp.**
Net Lease Membership interest (7)(11) — 9/13/2016 — — $ 7,345 $ 14,444 1.10 %
Total Shares - Canada $ 7,345 $ 14,444 1.10 %
Equity - United States
NMFC Senior Loan Program III LLC**
Investment Fund Membership interest (3)(11) — 5/4/2018 — — $ 140,000 $ 140,000 10.68 %


Portfolio Company, Location and Industry (1)	Type of Investment	Interest Rate (19)	Acquisition Date	Maturity / Expiration Date	Principal Amount, Par Value or Shares (17)		Cost		Fair Value		Percent of Net Assets

GC Waves Holdings, Inc.
Financial Services	First lien (3)(15)(18) - Undrawn	—	10/31/2019	8/13/2026	$	3,951	$	(30)	$	—
	First lien (3)(15)(18) - Undrawn	—	4/11/2022	4/11/2024	16,647		—		—
							(30)		—		—	%
Xactly Corporation
Software	First lien (3)(15)(18) - Undrawn	—	7/31/2017	7/31/2023	383		(4)		—		—	%
Safety Borrower Holdings LLC
Information Services	First lien (3)(15)(18) - Undrawn	—	9/1/2021	9/1/2027	384		(2)		(2)
	First lien (3)(15)(18) - Undrawn	—	9/1/2021	9/1/2022	1,279		—		(6)
							(2)		(8)		(0.00)%
USRP Holdings, Inc.
Federal Services	First lien (3)(15)(18) - Undrawn	—	7/22/2021	7/23/2027	893		(9)		(9)		(0.00)%
KPSKY Acquisition Inc.
Industrial Services	First lien (3)(15)(18) - Undrawn	—	10/19/2021	10/19/2023	48		—		—
	First lien (3)(15)(18) - Undrawn	—	6/17/2022	6/17/2024	1,168		—		(12)
							—		(12)		(0.00)%
CG Group Holdings, LLC
Specialty Chemicals & Materials	First lien (3)(15)(18) - Undrawn	—	7/19/2021	7/19/2026	226		(3)		(14)		(0.00)%
Notorious Topco, LLC
Consumer Products	First lien (3)(15)(18) - Undrawn	—	11/23/2021	5/24/2027	499		(4)		(4)
	First lien (3)(15)(18) - Undrawn	—	11/23/2021	11/23/2023	1,467		—		(11)
							(4)		(15)		(0.00)%
Recorded Future, Inc.
Software	First lien (3)(15)(18) - Undrawn	—	8/26/2019	7/3/2025	2,981		(20)		(15)		(0.00)%
Community Brands ParentCo, LLC
Software	First lien (3)(15)(18) - Undrawn	—	2/24/2022	2/24/2028	425		(4)		(5)
	First lien (3)(15)(18) - Undrawn	—	2/24/2022	2/26/2024	849		—		(10)
							(4)		(15)		(0.00)%

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

Table of Contents

New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

June 30, ~~2021~~2022

(in thousands, except shares)

(unaudited)

Portfolio Company, Location and Industry (1) Type of Investment Interest Rate (13) Acquisition Date Maturity / Expiration Date Principal
Amount,
Par Value
or Shares Cost Fair
Value Percent of Net
Assets
NMFC Senior Loan Program IV LLC**
Investment Fund Membership interest (3)(11) — 5/5/2021 — — $ 112,400 $ 112,400 8.58 %
NM NL Holdings, L.P.**
Net Lease Membership interest (7)(11) — 6/20/2018 — — 62,855 80,062 6.11 %
New Benevis Topco, LLC (26)
Healthcare Services Ordinary shares (2)(11) — 10/6/2020 — 269,027 27,154 30,366
Ordinary shares (8)(11) — 10/6/2020 — 66,007 6,662 7,451
Ordinary shares (3)(11) — 10/6/2020 — 60,068 6,105 6,780
39,921 44,597 3.40 %
NM GLCR LP
Net Lease Membership interest (7)(11) — 2/1/2018 — — 14,750 41,679 3.18 %
NM CLFX LP
Net Lease Membership interest (7)(11) — 10/6/2017 — — 12,538 24,670 1.88 %
UniTek Global Services, Inc.
Business Services Preferred shares (3)(11)(21) — 8/17/2018 — 11,517,173 11,517 9,025
Preferred shares (3)(11)(21) — 8/29/2019 — 6,845,196 6,845 6,074
Preferred shares (3)(11)(20)(30) — 6/30/2017 — 19,795,435 19,795 4,739
Preferred shares (2)(11)(19)(30) — 1/13/2015 — 29,326,545 26,946 —
Preferred shares (3)(11)(19)(30) — 1/13/2015 — 8,104,462 7,447 —
Ordinary shares (2)(11) — 1/13/2015 — 2,096,477 1,925 —
Ordinary shares (3)(11) — 1/13/2015 — 1,993,749 532 —
75,007 19,838 1.51 %
New Permian Holdco, Inc.
Energy Ordinary shares (3)(11) — 10/30/2020 — 100 11,155 11,000 0.83 %
NM APP US LLC
Net Lease Membership interest (7)(11) — 9/13/2016 — — 5,080 8,781 0.67 %
NM YI, LLC
Net Lease Membership interest (7)(11) — 9/30/2019 — — 6,272 8,065 0.61 %
NM DRVT LLC
Net Lease Membership interest (7)(11) — 11/18/2016 — — 5,152 7,349 0.56 %


Portfolio Company, Location and Industry (1)	Type of Investment	Interest Rate (19)	Acquisition Date	Maturity / Expiration Date	Principal Amount, Par Value or Shares (17)		Cost		Fair Value		Percent of Net Assets

IG Investments Holdings, LLC
Business Services	First lien (3)(15)(18) - Undrawn	—	9/22/2021	9/22/2027	$	1,666	$	(17)	$	(17)	(0.00)%
Associations, Inc.
Consumer Services	First lien (3)(15)(18) - Undrawn	—	7/2/2021	7/2/2027	3,543		(18)		(18)		(0.00)%
Sun Acquirer Corp.
Consumer Services	First lien (3)(15)(18) - Undrawn	—	9/8/2021	9/8/2027	503		(7)		(5)
	First lien (3)(15)(18) - Undrawn	—	9/8/2021	9/8/2023	1,290		(9)		(13)
							(16)		(18)		(0.00)%
Daxko Acquisition Corporation
Software	First lien (3)(15)(18) - Undrawn	—	10/15/2021	10/15/2027	986		(10)		(12)
	First lien (3)(15)(18) - Undrawn	—	10/15/2021	10/16/2023	524		—		(7)
							(10)		(19)		(0.00)%
Pioneer Topco I, L.P. (39)
Pioneer Buyer I, LLC
Software	First lien (3)(15)(18) - Undrawn	—	11/1/2021	11/1/2027	2,446		(24)		(24)		(0.00)%
Infogain Corporation
Software	First lien (3)(15)(18) - Undrawn	—	7/30/2021	7/30/2026	3,540		(27)		(31)		(0.00)%
Specialtycare, Inc.
Healthcare Services	First lien (3)(15)(18) - Undrawn	—	6/18/2021	6/18/2026	559		(8)		(12)
	First lien (3)(15)(18) - Undrawn	—	6/18/2021	6/18/2023	946		(3)		(21)
							(11)		(33)		(0.00)%
FS WhiteWater Holdings, LLC (38)
FS WhiteWater Borrower, LLC
Consumer Services	First lien (3)(15)(18) - Undrawn	—	12/20/2021	12/21/2027	1,043		(10)		(10)
	First lien (5)(15)(18) - Undrawn	—	12/20/2021	12/21/2023	2,568		(26)		(26)
							(36)		(36)		(0.00)%
Bluefin Holding, LLC
Software	First lien (3)(15)(18) - Undrawn	—	9/6/2019	9/6/2024	1,091		(16)		(37)		(0.00)%

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

Table of Contents

New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

June 30, ~~2021~~2022

(in thousands, except shares)

(unaudited)

Portfolio Company, Location and Industry (1) Type of Investment Interest Rate (13) Acquisition Date Maturity / Expiration Date Principal
Amount,
Par Value
or Shares Cost Fair
Value Percent of Net
Assets
NHME Holdings Corp. (22)
Healthcare Services Ordinary shares (3)(11) — 11/27/2018 — 640,000 $ 4,000 $ 4,000 0.31 %
NM JRA LLC
Net Lease Membership interest (7)(11) — 8/12/2016 — — 2,043 3,881 0.30 %
NM GP Holdco, LLC**
Net Lease Membership interest (7)(11) — 6/20/2018 — — 690 855 0.07 %
NM KRLN LLC
Net Lease Membership interest (7)(11) — 11/15/2016 — — 8,962 575 0.04 %
Total Shares - United States $ 500,825 $ 507,752 38.73 %
Total Shares $ 508,170 $ 522,196 39.83 %
Warrants - United States
UniTek Global Services, Inc.
Business Services Warrants (3)(11) — 12/16/2020 2/20/2025 8,523 $ — $ 10,588 0.80 %
NHME Holdings Corp. (22)
Healthcare Services Warrants (3)(11) — 11/27/2018 — 160,000 1,000 1,000 0.08 %
Total Warrants - United States $ 1,000 $ 11,588 0.88 %
Total Funded Investments $ 649,282 $ 670,131 51.11 %
Unfunded Debt Investments - United States
New Permian Holdco, Inc.
New Permian Holdco, L.L.C.
Energy First lien (3)(11)(12) - Undrawn — 10/30/2020 12/31/2024 $ 4,977 $ — $ — — %
Total Unfunded Debt Investments - United States $ 4,977 $ — $ — — %
Total Controlled Investments $ 649,282 $ 670,131 51.11 %
Total Investments $ 3,049,775 $ 3,088,888 235.60 %


Portfolio Company, Location and Industry (1)	Type of Investment	Interest Rate (19)	Acquisition Date	Maturity / Expiration Date	Principal Amount, Par Value or Shares (17)		Cost		Fair Value		Percent of Net Assets

Trinity Air Consultants Holdings Corporation
Business Services	First lien (3)(15)(18) - Undrawn	—	6/30/2021	6/29/2027	$	1,501	$	(15)	$	(15)
	First lien (3)(15)(18) - Undrawn	—	6/30/2021	6/29/2023	2,364		—		(24)
							(15)		(39)		(0.00)%
IMO Investor Holdings, Inc.
Healthcare Information Technology	First lien (3)(15)(18) - Undrawn	—	5/11/2022	5/11/2028	1,394		(14)		(14)
	First lien (3)(15)(18) - Undrawn	—	5/11/2022	5/13/2024	3,097		—		(31)
							(14)		(45)		(0.00)%
OA Topco, L.P. (40)
OA Buyer, Inc.
Healthcare Information Technology	First lien (3)(15)(18) - Undrawn	—	12/20/2021	12/20/2028	3,600		(36)		(48)		(0.00)%
TigerConnect, Inc.
Healthcare Services	First lien (2)(15)(18) - Undrawn	—	2/16/2022	2/16/2023	1,232		—		(12)
	First lien (3)(15)(18) - Undrawn	—	2/16/2022	2/16/2028	4,267		(43)		(43)
							(43)		(55)		(0.01)	%
Knockout Intermediate Holdings I Inc. (41)
Kaseya Inc.
Software	First lien (3)(18) - Undrawn	—	6/23/2022	6/25/2029	3,851		(29)		(29)
	First lien (3)(18) - Undrawn	—	6/23/2022	6/24/2024	3,851		—		(29)
							(29)		(58)		(0.01)	%
NMC Crimson Holdings, Inc.
Healthcare Services	First lien (3)(15)(18) - Undrawn	—	3/1/2021	3/1/2023	10,664		—		(86)		(0.01)	%
AmeriVet Partners Management, Inc.
Consumer Services	First lien (3)(15)(18) - Undrawn	—	2/25/2022	2/25/2028	1,969		(10)		(10)
	First lien (3)(15)(18) - Undrawn	—	2/25/2022	2/25/2024	15,755		—		(79)
							(10)		(89)		(0.01)	%
Foreside Financial Group, LLC
Business Services	First lien (3)(15)(18) - Undrawn	—	5/26/2022	5/26/2024	6,984		—		(70)
	First lien (3)(15)(18) - Undrawn	—	5/26/2022	9/30/2027	2,095		(21)		(21)
							(21)		(91)		(0.01)	%

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

Table of Contents

New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

June 30, 2022

(in thousands, except shares)

(unaudited)


Portfolio Company, Location and Industry (1)	Type of Investment	Interest Rate (19)	Acquisition Date	Maturity / Expiration Date	Principal Amount, Par Value or Shares (17)		Cost		Fair Value		Percent of Net Assets

ACI Parent Inc. (36)
ACI Group Holdings, Inc.
Healthcare Services	First lien (3)(15)(18) - Undrawn	—	8/2/2021	8/2/2027	$	2,354	$	(24)	$	(24)
	First lien (3)(15)(18) - Undrawn	—	8/2/2021	8/2/2023	7,269		—		(73)
							(24)		(97)		(0.01)	%
Fortis Solutions Group, LLC
Packaging	First lien (3)(15)(18) - Undrawn	—	6/24/2022	6/24/2024	4,886		—		(49)
	First lien (3)(15)(18) - Undrawn	—	10/15/2021	10/15/2027	2,670		(27)		(27)
	First lien (3)(15)(18) - Undrawn	—	10/15/2021	10/13/2023	2,718		—		(27)
							(27)		(103)		(0.01)	%
Deca Dental Holdings LLC
Healthcare Services	First lien (3)(15)(18) - Undrawn	—	8/26/2021	8/26/2027	2,018		(20)		(20)
	First lien (3)(15)(18) - Undrawn	—	8/26/2021	8/28/2023	9,080		—		(91)
							(20)		(111)		(0.01)	%
Paw Midco, Inc.
AAH Topco, LLC
Consumer Services	First lien (3)(15)(18) - Undrawn	—	12/22/2021	12/22/2027	3,659		(37)		(37)
	First lien (4)(15)(18) - Undrawn	—	1/13/2022	12/22/2023	8,247		—		(82)
	First lien (3)(15)(18) - Undrawn	—	12/22/2021	12/22/2023	25,420		—		(254)
							(37)		(373)		(0.03)	%
Total Unfunded Debt Investments - United States							$	(694)	$	(1,516)	(0.11)	%
Unfunded Debt Investments - Jersey
Tennessee Bidco Limited **
Business Services	First lien (3)(15)(16)(18) - Undrawn	—	8/6/2021	7/9/2023	£	6,738	$	—	$	(101)	(0.01)	%
Total Unfunded Debt Investments - Jersey							$	—	$	(101)	(0.01)	%
Unfunded Debt Investments - Netherlands
Tahoe Finco, LLC**
Information Technology	First lien (3)(15)(18) - Undrawn	—	10/1/2021	10/1/2027	$	4,439	$	(44)	$	(44)	(0.00)%
Total Unfunded Debt Investments - Netherlands							$	(44)	$	(44)	(0.00)%

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

Table of Contents

New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

June 30, 2022

(in thousands, except shares)

(unaudited)


Portfolio Company, Location and Industry (1)	Type of Investment	Interest Rate (19)	Acquisition Date	Maturity / Expiration Date	Principal Amount, Par Value or Shares (17)		Cost		Fair Value		Percent of Net Assets

Unfunded Debt Investments - United Kingdom
Integro Parent Inc.**
Insurance Services	First lien (2)(15)(18) - Undrawn	—	5/10/2022	5/6/2023	$	1,588	$	—	$	—
	First lien (3)(15)(18) - Undrawn	—	5/10/2022	5/6/2023	315		—		—
							$	—	$	—	—	%
Total Unfunded Debt Investments - United Kingdom							$	—	$	—	—	%
Total Unfunded Debt Investments							$	(738)	$	(1,661)	(0.12)	%
Total Non-Controlled/Non-Affiliated Investments							$	2,523,515	$	2,456,609	179.95	%
Non-Controlled/Affiliated Investments (44)
Funded Debt Investments - United States
TVG-Edmentum Holdings, LLC (24)
Edmentum Ultimate Holdings, LLC
Education	Subordinated (3)(15)	13.00% (6.50% + 6.50%/PIK)*	12/11/2020	1/26/2027	$	15,942	$	15,820	$	15,942	1.17	%
Sierra Hamilton Holdings Corporation
Energy	Second lien (3)(15)	15.00% PIK/Q(42)*	9/12/2019	9/12/2023	5		5		—		—	%
Permian Holdco 3, Inc.
Permian Trust
Energy	First lien (10)(15)	10.00% PIK/Q(42)*	3/30/2021	—	247		—		—
	First lien (3)(15)	11.00% (L + 10.00% PIK/M)(42)*	7/23/2020	—	3,409		—		—
							—		—		—	%
Total Funded Debt Investments - United States							$	15,825	$	15,942	1.17	%
Equity - United States
TVG-Edmentum Holdings, LLC (24)
Education	Ordinary shares (3)(15)	—	12/11/2020	—	48,899		$	54,705	$	131,103	9.60	%
Sierra Hamilton Holdings Corporation
Energy	Ordinary shares (2)(15)	—	7/31/2017	—	25,000,000		11,501		3,599
	Ordinary shares (3)(15)	—	7/31/2017	—	2,786,000		1,282		401
							12,783		4,000		0.29	%
Total Shares - United States							$	67,488	$	135,103	9.90	%
Total Non-Controlled/Affiliated Investments							$	83,313	$	151,045	11.06	%

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

Table of Contents

New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

June 30, 2022

(in thousands, except shares)

(unaudited)


Portfolio Company, Location and Industry (1)	Type of Investment	Interest Rate (19)	Acquisition Date	Maturity / Expiration Date	Principal Amount, Par Value or Shares (17)		Cost		Fair Value		Percent of Net Assets

Controlled Investments (45)
Funded Debt Investments - United States
New Benevis Topco, LLC (32)
New Benevis Holdco, Inc.
Healthcare Services	First lien (2)(15)	11.75% (L + 2.50% + 7.00% PIK/Q)*	10/6/2020	4/7/2025	$	34,310	$	34,310	$	34,310
	First lien (8)(15)	11.75% (L + 2.50% + 7.00% PIK/Q)*	10/6/2020	4/7/2025	8,418		8,418		8,418
	First lien (3)(15)	11.75% (L + 2.50% + 7.00% PIK/Q)*	10/6/2020	4/7/2025	4,133		4,133		4,133
	Subordinated (3)(15)	12.00% PIK/M*	10/6/2020	10/6/2025	17,581		15,509		14,475
							62,370		61,336		4.49	%
Haven Midstream Holdings LLC (21)
Haven Midstream LLC
Specialty Chemicals & Materials	First lien (3)(15)	14.00% PIK/Q*	12/17/2021	10/30/2026	33,889		21,086		33,889
	First lien (3)(15)	10.50% (L + 8.50%/Q)	12/17/2021	10/30/2026	16,000		16,000		16,000
							37,086		49,889		3.65	%
UniTek Global Services, Inc.
Business Services	First lien (2)(15)	9.07% (L + 5.50% + 2.00% PIK/Q)*	6/29/2018	8/20/2024	12,740		12,740		12,740
	First lien (3)(15)	9.07% (L + 5.50% + 2.00% PIK/Q)*	3/16/2020	8/20/2024	9,432		8,820		9,432
	First lien (2)(15)	9.07% (L + 5.50% + 2.00% PIK/Q)*	6/29/2018	8/20/2024	2,548		2,548		2,548
	First lien (3)(15)	9.07% (L + 5.50% + 2.00% PIK/Q)*	6/29/2018	8/20/2024	1,366		1,244		1,366
	Second lien (3)(15)	15.00% PIK/Q*	12/16/2020	2/20/2025	10,736		10,736		10,244
							36,088		36,330		2.66	%
New Permian Holdco, Inc.
New Permian Holdco, L.L.C.
Energy	First lien (3)(15)	18.00% PIK/M*	10/30/2020	12/31/2024	19,913		19,913		19,913
	First lien (3)(15)(18) - Drawn	10.00% (L + 9.00% PIK/M)*	10/30/2020	12/31/2024	7,860		7,860		7,860
							27,773		27,773		2.03	%
NHME Holdings Corp. (28)
National HME, Inc.
Healthcare Services	Second lien (3)(15)	12.00% PIK/Q* (42)	11/27/2018	5/27/2024	17,102		16,672		8,548
	Second lien (3)(15)	12.00% PIK/Q* (42)	11/27/2018	5/27/2024	21,647		19,840		—
							36,512		8,548		0.63	%
Total Funded Debt Investments - United States							$	199,829	$	183,876	13.47	%
Equity - United States
NMFC Senior Loan Program III LLC**
Investment Fund	Membership interest (3)(15)	—	5/4/2018	—	—		$	140,000	$	140,000	10.25	%
NMFC Senior Loan Program IV LLC**
Investment Fund	Membership interest (3)(15)	—	5/5/2021	—	—		112,400		112,400		8.24	%

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

Table of Contents

New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

June 30, 2022

(in thousands, except shares)

(unaudited)


Portfolio Company, Location and Industry (1)	Type of Investment	Interest Rate (19)	Acquisition Date	Maturity / Expiration Date	Principal Amount, Par Value or Shares (17)	Cost		Fair Value		Percent of Net Assets

NM NL Holdings, L.P.**
Net Lease	Membership interest (7)(15)	—	6/20/2018	—	—	$	76,343	$	97,244	7.12	%
New Benevis Topco, LLC (32)
Healthcare Services	Ordinary shares (2)(15)	—	10/6/2020	—	269,027	27,154		34,400
	Ordinary shares (8)(15)	—	10/6/2020	—	66,007	6,662		8,440
	Ordinary shares (3)(15)	—	10/6/2020	—	60,068	6,105		7,681
						39,921		50,521		3.70	%
UniTek Global Services, Inc.
Business Services	Preferred shares (3)(15)(27)	—	8/17/2018	—	13,999,195	13,999		11,217
	Preferred shares (3)(15)(27)	—	8/29/2019	—	8,320,378	8,320		7,273
	Preferred shares (3)(15)(26)(42)	—	6/30/2017	—	19,795,435	19,795		7,633
	Preferred shares (2)(15)(25)(42)	—	1/13/2015	—	29,326,545	26,946		—
	Preferred shares (3)(15)(25)(42)	—	1/13/2015	—	8,104,462	7,447		—
	Ordinary shares (2)(15)	—	1/13/2015	—	2,096,477	1,925		—
	Ordinary shares (3)(15)	—	1/13/2015	—	1,993,749	532		—
						78,964		26,123		1.91	%
NM CLFX LP
Net Lease	Membership interest (7)(15)	—	10/6/2017	—	—	12,538		21,067		1.54	%
New Permian Holdco, Inc.
Energy	Ordinary shares (3)(15)	—	10/30/2020	—	100	11,155		16,000		1.17	%
NM YI, LLC
Net Lease	Membership interest (7)(15)	—	9/30/2019	—	—	6,272		8,184		0.60	%
NM GP Holdco, LLC**
Net Lease	Membership interest (7)(15)	—	6/20/2018	—	—	861		1,051		0.08	%
NHME Holdings Corp. (28)
Healthcare Services	Ordinary shares (3)(15)	—	11/27/2018	—	640,000	4,000		—		—	%
QID TRH Holdings LLC (21)
Haven Midstream Holdings LLC
Specialty Chemicals & Materials	Ordinary shares (14)(15)	—		—	80	—		—
	Profit Interest (6)(15)	—		—	5	—		—
						—		—		—	%
NM GLCR LP
Net Lease	Membership interest (7)(15)	—	2/1/2018	—	—	—		—		—	%
NM APP US LLC
Net Lease	Membership interest (7)(15)	—	9/13/2016	—	—	—		—		—	%

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

Table of Contents

New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

June 30, 2022

(in thousands, except shares)

(unaudited)


Portfolio Company, Location and Industry (1)	Type of Investment	Interest Rate (19)	Acquisition Date	Maturity / Expiration Date	Principal Amount, Par Value or Shares (17)		Cost		Fair Value		Percent of Net Assets

NM DRVT LLC
Net Lease	Membership interest (7)(15)	—	11/18/2016	—	—		$	—	$	—	—	%
NM JRA LLC
Net Lease	Membership interest (7)(15)	—	8/12/2016	—	—		—		—		—	%
NM KRLN LLC
Net Lease	Membership interest (7)(15)	—	11/15/2016	—	—		—		—		—	%
Total Shares - United States							$	482,454	$	472,590	34.62	%
Equity - Canada
NM APP Canada Corp.**
Net Lease	Membership interest (7)(15)	—	9/13/2016	—	—		$	7,345	$	12,314	0.90	%
Total Shares - Canada							$	7,345	$	12,314	0.90	%
Total Shares							$	489,799	$	484,904	35.52	%
Warrants - United States
UniTek Global Services, Inc.
Business Services	Warrants (3)(15)	—	12/16/2020	2/20/2025	8,523		$	—	$	23,757	1.74	%
NHME Holdings Corp. (28)
Healthcare Services	Warrants (3)(15)	—	11/27/2018	—	160,000		1,000		—		—	%
Total Warrants - United States							$	1,000	$	23,757	1.74	%
Total Funded Investments							$	690,628	$	692,537	50.73	%
Unfunded Debt Investments - United States
New Permian Holdco, Inc.
New Permian Holdco, L.L.C.
Energy	First lien (3)(15)(18) - Undrawn	—	10/30/2020	12/31/2024	$	2,977	$	—	$	—	—	%
Haven Midstream Holdings LLC (21)
Haven Midstream LLC
Specialty Chemicals & Materials	First lien (3)(15)(18) - Undrawn	—	12/17/2021	10/30/2026	8,000		—		—		—	%
Total Unfunded Debt Investments - United States							—		—		—	%
Total Controlled Investments							$	690,628	$	692,537	50.73	%
Total Investments							$	3,297,456	$	3,300,191	241.74	%

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

(2)Investment is pledged as collateral for the Holdings Credit Facility, a revolving credit facility among the Company, as the Collateral Manager, New Mountain Finance Holdings, L.L.C. ("NMF Holdings") as the Borrower and Wells Fargo Bank, National Association as the Administrative Agent and Collateral Custodian. See Note 7. Borrowings, for details.

(3)Investment is pledged as collateral for the NMFC Credit Facility, a revolving credit facility among the Company as the Borrower and Goldman Sachs Bank USA as the Administrative Agent and the Collateral Agent and Goldman Sachs Bank USA, Morgan Stanley Bank, N.A., Stifel Bank & Trust and MUFG Union Bank, N.A. as Lenders. See Note 7. Borrowings, for details.

(4)Investment is held in New Mountain Finance SBIC, L.P.

(5)Investment is held in New Mountain Finance SBIC II, L.P.

(6)Investment is held in NMF QID NGL Holdings, Inc.

(7)Investment is held in New Mountain Net Lease Corporation.

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

Table of Contents

New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

June 30, 2022

(in thousands, except shares)

(unaudited)

(8)Investment is pledged as collateral for the DB Credit Facility, a revolving credit facility among New Mountain Finance DB, L.L.C as the Borrower and Deutsche Bank AG, New York Branch as the Facility Agent. See Note 7. Borrowings, for details.

(9)Investment is held in NMF Ancora Holdings, Inc.

(10)Investment is held in NMF Permian Holdings, LLC.

~~The accompanying notes are an integral part of these consolidated financial statements.~~(11)Investment is held in NMF HB, Inc.

~~Table of Contents~~(12)Investment is held in NMF OEC, Inc.

~~New Mountain Finance Corporation~~(13)Investment is held in NMF Pioneer, Inc.

(14)Investment is held in NMF TRM, LLC

~~Consolidated Schedule of Investments (Continued)~~

~~June 30, 2021~~

~~(in thousands, except shares)~~

~~(unaudited)~~

~~(11)~~(15)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.

~~(12)~~(16)Investment is denominated in foreign currency and is translated into U.S. dollars as of the valuation date. As of June 30, 2022, the par value U.S. dollar equivalent of the first lien term loan, drawn first lien term loan and the undrawn first lien term loan is $15,685, $7,727 and $8,206, respectively. See Note 2. Summary of Significant Accounting Policies, for details.

(17)Par amount is denominated in United States Dollar unless otherwise noted, which may include British Pound ("£").

(18)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.

~~(13)~~(19)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 London Interbank Offered Rate (L), the Prime Rate (P), the Sterling Overnight Interbank Average Rate (SONIA), Secured Overnight Financing Rate (SOFR), and the alternative base rate (Base) and which resets daily (D), weekly (W), 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 June 30, ~~2021.~~2022.

~~(14)~~(20)The Company holds investments in Education Management Corporation and one related entity of Education Management Corporation. The Company holds series A-1 convertible preferred stock and common stock in Education Management Corporation and holds tranche A first lien term loans and a tranche B first lien term loan in Education Management II LLC, which is an indirect subsidiary of Education Management Corporation.

~~(15)~~(21)The Company holds investments in ~~two related~~multiple entities of ~~Tenawa Resource~~Haven Midstream Holdings LLC. The Company holds ~~4.77%~~4.6% of the ~~common units~~Class B profits interest in QID NGL, LLC (which at closing represented ~~98.1%~~97% of the ownership in the ~~common~~class B units in ~~Tenawa Resource~~QID TRH Holdings, LLC), class A ~~and class B preferred~~common units ~~in QID NGL~~of Haven Midstream Holdings LLC, and holds a tranche A first lien ~~investment in Tenawa Resource Management LLC,~~term loan, a ~~wholly-owned subsidiary of Tenawa Resource Holdings LLC.~~

~~(16)The Company holds investments in two wholly-owned subsidiaries of Alert Holding Company, Inc. The Company holds a~~tranche B first lien term loan and a first lien revolver in ~~Appriss Holdings, Inc.~~Haven Midstream LLC. On April 14, 2022, Haven Midstream LLC ceased operations at its Haven KS natural gas processing plant due to a fire that caused extensive damage. Haven Midstream LLC is currently working with its insurance providers to assess coverage amounts and payout timing, and with various experts to assess rebuild options and viability.

(22)The Company holds preferred equity in ~~Alert Intermediate Holdings I, Inc.~~OEC Holdco, LLC, and two second lien term loans in OEConnection LLC, a wholly-owned subsidiary of OEC Holdco, LLC. The preferred equity is entitled to receive ~~preferential~~prefenential dividends ~~at a rate~~ of ~~L + 10.5%~~11.00% per annum.

~~(17)~~(23)The Company holds investments in two wholly-owned subsidiaries of Appriss Health Holdings, Inc. The company holds a first lien term loan and a first lien revolver in Appriss Health, LLC, and preferred equity in Appriss Health Intermediate Holdings, Inc. The preferred equity is entitled to receive preferential dividends at a rate of 11.00% per annum.

~~(18)~~(24)The Company holds ordinary ~~shares and preferred~~ shares in TVG-Edmentum Holdings, LLC, and subordinated notes in Edmentum Ultimate Holdings, LLC, a wholly-owned subsidiary of TVG-Edmentum Holdings, LLC. The ~~preferred shares are entitled to receive cumulative preferential dividends at a rate of 10.0% per annum. The~~ ordinary shares are entitled to receive cumulative preferential dividends at a rate of 12.0% per annum.

~~(19)~~(25)The Company holds preferred equity in UniTek Global Services, Inc. that is entitled to receive cumulative preferential dividends at a rate of 13.5% per annum payable in additional shares.

~~(20)~~(26)The Company holds preferred equity in UniTek Global Services, Inc. that is entitled to receive cumulative preferential dividends at a rate of 19.0% per annum payable in additional shares.

~~(21)~~(27)The Company holds preferred equity in UniTek Global Services, Inc. that is entitled to received cumulative preferential dividends at a rate of 20.0% per annum payable in additional shares.

~~(22)~~(28)The Company holds ordinary shares and warrants in NHME Holdings Corp., as well as second lien term loans in National HME, Inc., a wholly-owned subsidiary of NHME Holdings Corp.

~~(23)~~(29)The Company holds preferred equity in Bach Special Limited (Bach Preference Limited) that is entitled to receive cumulative preferential dividends at a rate of 12.25% per annum payable in additional shares.

~~(24)~~(30)The Company holds preferred equity in ~~Avatar Topco, Inc. and holds a second lien term loan investment in EAB Global, Inc., a wholly-owned subsidiary of Avatar Topco, Inc. The preferred equity~~Dealer Tire Holdings, LLC that is entitled to receive cumulative preferential dividends at a rate of ~~L + 11.00%~~7.00% per annum.

~~(25)~~(31)The Company holds preferred equity in Symplr Software Intermediate Holdings, Inc. that is entitled to receive cumulative preferential dividends at a rate of L + 10.50% per annum.

~~(26)~~(32)The Company holds ordinary shares in New Benevis Topco, LLC, and holds first lien last out term loans and subordinated notes in New Benevis Holdco Inc., a wholly-owned subsidiary of New Benevis Topco, LLC.

~~(27)~~

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

Table of Contents

New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

June 30, 2022

(in thousands, except shares)

(unaudited)

(33)The Company holds ordinary shares in AAC Lender Holdings, LLC and a first lien term loan, first lien revolver and subordinated notes in American Achievement Corporation, a partially-owned subsidiary of AAC Lender Holdings, LLC.

~~(28)~~(34)The ~~company~~Company holds preferred equity in Project Essential Super Parent, ~~LLC~~Inc. that is entitled to receive cumulative preferential dividends at a rate of L + 9.50% per annum.

~~(29)~~(35)The ~~company~~Company holds investments in two wholly-owned subsidiary of Diamond Parent Holdings Corp. The Company holds three first lien term loans and a first lien revolver in Diligent Corporation and preferred equity in Diligent Preferred Issuer Inc. The preferred equity in Diligent Preferred Issuer Inc. is entitled to receive cumulative preferential dividends at a rate 10.50% per annum.

(36)The Company holds investments in ACI Parent Inc. and a wholly-owned subsidiary of ACI Parent Inc. The Company holds a first lien term loan, a first lien delayed draw and a first lien revolver in ACI Group Holdings, Inc. and preferred equity in ACI Parent Inc. The preferred equity in ACI Parent Inc. is entitled to receive cumulative preferential dividends at a rate of 11.75% per annum.

(37)The Company holds preferred equity in HB Wealth Management, LLC that is entitled to receive cumulative preferential dividends at a rate of ~~10.50%~~4.00% per annum.

~~(30)~~(38)The Company holds ordinary shares in FS WhiteWater Holdings, LLC, and a first lien term loan, a first lien revolver, and two first lien delayed draws in FS WhiteWater Borrwer, LLC, a partially-owned subsidiary of FS WhiteWater Holdings, LLC.

(39)The Company holds ordinary shares in Pioneer Topco I, L.P., and a first lien term loan and a first lien revolver in Pioneer Buyer I, LLC, a wholly-owned subsidiary of Pioneer Topco I, L.P.

(40)The Company holds ordinary shares in OA Topco, L.P., and a first lien term loan and a first lien revolver in OA Buyer, Inc., a wholly-owned subsidary of OA Topco, L.P.

(41)The Company holds preferred equity in Knockout Intermediate Holdings I Inc. and a first lien term loan, a first lien revolver and a first lien delayed draw in Kaseya, Inc., a wholly-owned subsidiary of Knockout Intermediate Holdings I, Inc. The preferred equity is entitled to received cumulative preferential dividends at a rate of 11.75% per annum.

(42)Investment or a portion of the investment is on non-accrual status. See Note 3. Investments, for details.

~~(31)~~(43)The Company holds one security purchased under a collateralized agreement to resell on its Consolidated Statement of Assets and Liabilities with a cost basis of $30,000 and a fair value of ~~$21,422~~$19,401 as of June 30, ~~2021.~~2022. See Note 2. Summary of Significant Accounting Policies, for details.

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

~~Table of Contents~~

~~New Mountain Finance Corporation~~

~~Consolidated Schedule of Investments (Continued)~~

~~June 30, 2021~~

~~(in thousands, except shares)~~

~~(unaudited)~~

~~(32)~~(44)Denotes investments in which the Company is an “Affiliated Person”, as defined in the Investment Company Act of 1940, as amended (the "1940 Act"), due to owning or holding the power to vote 5.0% or more of the outstanding voting securities of the investment but not controlling the company. Fair value as of June 30, ~~2021~~2022 and December 31, ~~2020~~2021 along with transactions during the six months ended June 30, ~~2021~~2022 in which the issuer was a non-controlled/affiliated investment is as follows:


Portfolio Company	Portfolio Company	Fair Value at December 31, 2020		Gross Additions (A)		Gross Redemptions (B)		Net Realized Gains (Losses)		Net Change In Unrealized Appreciation (Depreciation)		Fair Value at June 30, 2021		Interest Income		Dividend Income		Other Income		Portfolio Company	Fair Value at December 31, 2021		Gross Additions (A)		Gross Redemptions (B)		Net Change In Unrealized Appreciation (Depreciation)		Fair Value at June 30, 2022		Net Realized Gains (Losses)		Interest Income		Dividend Income		Other Income
Permian Holdco 1, Inc. / Permian Holdco 2, Inc. / Permian Holdco 3, Inc. / Permian Trust		$	—	$	225	$	(12,438)	$	(12,213)	$	12,213	$	—	$	—	$	—	$	—
Permian Holdco 3, Inc. / Permian Trust																				Permian Holdco 3, Inc. / Permian Trust	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Sierra Hamilton Holdings Corporation	Sierra Hamilton Holdings Corporation	4,776		11		(828)		2		41		4,000		188		—		17		Sierra Hamilton Holdings Corporation	4,000		—		—		—		4,000		—		—		—		—
TVG-Edmentum Holdings, LLC / Edmentum Ultimate Holdings, LLC	TVG-Edmentum Holdings, LLC / Edmentum Ultimate Holdings, LLC	98,236		3,060		—		—		52,760		154,056		838		3,050		188		TVG-Edmentum Holdings, LLC / Edmentum Ultimate Holdings, LLC	130,775		2,512		—		13,758		147,045		—		1,027		1,994		125
Total Non-Controlled/Affiliated Investments	Total Non-Controlled/Affiliated Investments	$	103,012	$	3,296	$	(13,266)	$	(12,211)	$	65,014	$	158,056	$	1,026	$	3,050	$	205	Total Non-Controlled/Affiliated Investments	$	134,775	$	2,512	$	—	$	13,758	$	151,045	$	—	$	1,027	$	1,994	$	125

(A)Gross additions include increases in the cost basis of investments resulting from new portfolio investments, payment-in-kind ("PIK") interest or dividends, the amortization of discounts, reorganizations or restructurings and the movement of an existing portfolio company into this category from a different category.

(B)Gross redemptions include decreases in the cost basis of investments resulting from principal collections related to investment repayments or sales, reorganizations or restructurings and the movement of an existing portfolio company out of this category into a different category.

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

2530

Table of Contents

New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

June 30, ~~2021~~2022

(in thousands, except shares)

(unaudited)

~~(33)~~(45) Denotes investments in which the Company is in “Control”, as defined in the 1940 Act, due to owning or holding the power to vote more than 25.0% of the outstanding voting securities of the investment. Fair value as of June 30, ~~2021~~2022 and December 31, ~~2020,~~2021, along with transactions during the six months ended June 30, ~~2021~~2022 in which the issuer was a controlled investment, is as follows:


Portfolio Company(1)	Portfolio Company(1)	Fair Value at December 31, 2020		Gross Additions (A)		Gross Redemptions (B)		Net Realized Gains (Losses)		Net Change In Unrealized Appreciation (Depreciation)		Fair Value at June 30, 2021		Interest Income		Dividend Income		Other Income		Portfolio Company(1)	Fair Value at December 31, 2021		Gross Additions (A)		Gross Redemptions (B)		Net Change In Unrealized Appreciation (Depreciation)		Fair Value at June 30, 2022		Net Realized Gains (Losses)		Interest Income		Dividend Income		Other Income
Edmentum Inc.		$	—	$	—	$	—	$	1,557	$	—	$	—	$	—	$	—	$	1,200
National HME, Inc./NHME Holdings Corp.	National HME, Inc./NHME Holdings Corp.	27,530		2,188		—		—		(808)		28,910		2,188		—		250		National HME, Inc./NHME Holdings Corp.	$	27,347	$	3,075	$	—	$	(21,874)	$	8,548	$	—	$	1,575	$	—	$	—
New Benevis Topco, LLC / New Benevis Holdco, Inc.	New Benevis Topco, LLC / New Benevis Holdco, Inc.	98,442		2,604		—		—		(144)		100,902		3,354		—		750		New Benevis Topco, LLC / New Benevis Holdco, Inc.	109,595		2,867		—		(605)		111,857		—		3,672		—		750
New Permian Holdco, Inc. / New Permian Holdco, L.L.C.	New Permian Holdco, Inc. / New Permian Holdco, L.L.C.	29,336		3,577		—		—		—		32,913		1,650		—		372		New Permian Holdco, Inc. / New Permian Holdco, L.L.C.	34,759		4,014		—		5,000		43,773		—		2,033		—		261
NM APP CANADA CORP	NM APP CANADA CORP	12,302		—		—		—		2,142		14,444		—		505		—		NM APP CANADA CORP	9,422		—		—		2,892		12,314		—		—		500		—
NM APP US LLC	NM APP US LLC	7,410		—		—		—		1,371		8,781		—		297		—		NM APP US LLC	14,891		—		(5,080)		(9,811)		—		4,489		—		236		483
NM CLFX LP	NM CLFX LP	14,885		—		—		—		9,785		24,670		—		788		—		NM CLFX LP	24,676		—		—		(3,609)		21,067		—		—		782		—
NM DRVT LLC	NM DRVT LLC	7,084		—		—		—		265		7,349		—		247		—		NM DRVT LLC	7,984		—		(5,152)		(2,832)		—		3,421		—		131		475
NM JRA LLC	NM JRA LLC	3,830		—		—		—		51		3,881		—		139		—		NM JRA LLC	3,996		—		(2,043)		(1,953)		—		2,049		—		76		188
NM GLCR LP	NM GLCR LP	29,130		—		—		—		12,549		41,679		—		951		—		NM GLCR LP	50,687		—		(14,750)		(35,937)		—		35,713		—		413		2,150
NM KRLN LLC	NM KRLN LLC	1,501		381		—		—		(1,307)		575		—		—		—		NM KRLN LLC	244		97		(9,318)		8,977		—		(9,318)		—		—		—
NM NL Holdings, L.P.	NM NL Holdings, L.P.	67,132		8,409		—		—		4,521		80,062		—		3,526		—		NM NL Holdings, L.P.	107,870		24		(10,885)		235		97,244		—		—		4,355		—
NM GP Holdco, LLC	NM GP Holdco, LLC	703		106		—		—		46		855		—		39		—		NM GP Holdco, LLC	1,197		—		(138)		(8)		1,051		—		—		49		—
NM YI LLC	NM YI LLC	6,852		—		—		—		1,213		8,065		—		509		—		NM YI LLC	8,286		—		—		(102)		8,184		—		—		417		—
NMFC Senior Loan Program I LLC		23,000		10,000		(33,000)		—		—		—		—		741		—
NMFC Senior Loan Program II LLC		79,400		—		(79,400)		—		—		—		—		2,410		—
NMFC Senior Loan Program III LLC	NMFC Senior Loan Program III LLC	120,000		20,000		—		—		—		140,000		—		9,012		—		NMFC Senior Loan Program III LLC	140,000		—		—		—		140,000		—		—		8,998		—
NMFC Senior Loan Program IV LLC	NMFC Senior Loan Program IV LLC	—		112,400		—		—		—		112,400		—		2,428		—		NMFC Senior Loan Program IV LLC	112,400		—		—		—		112,400		—		—		6,359		—
Haven Midstream LLC / Haven Midstream Holdings LLC / QID TRH Holdings LLC																				Haven Midstream LLC / Haven Midstream Holdings LLC / QID TRH Holdings LLC	34,821		2,265		—		12,803		49,889		—		3,111		—		345
UniTek Global Services, Inc.	UniTek Global Services, Inc.	72,338		3,657		(2,582)		—		(8,768)		64,645		1,895		2,615		375		UniTek Global Services, Inc.	67,635		3,250		(65)		15,390		86,210		—		2,035		2,075		362
Total Controlled Investments	Total Controlled Investments	$	600,875	$	163,322	$	(114,982)	$	1,557	$	20,916	$	670,131	$	9,087	$	24,207	$	2,947	Total Controlled Investments	$	755,810	$	15,592	$	(47,431)	$	(31,434)	$	692,537	$	36,354	$	12,426	$	24,391	$	5,014

(A)Gross additions include increases in the cost basis of investments resulting from new portfolio investments, PIK interest or dividends, the amortization of discounts, reorganizations or restructurings and the movement of an existing portfolio company into this category from a different category.

* All or a portion of interest contains PIK interest. See Note 2. Summary of Significant Accounting Policies-Revenue Recognition, for details.

** Indicates assets that the Company deems to be “non-qualifying assets” under Section 55(a) of the 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 June 30, ~~2021, 15.3%~~2022, 17.2% of the Company’s total assets are represented by investments at fair value that are considered non-qualifying assets.

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

2631

Table of Contents

New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

June 30, ~~2021~~2022

(unaudited)


	June 30, ~~2021~~2022
Investment Type	Percent of Total Investments at Fair Value
First lien	~~52.00~~ 56.28	%
Second lien	~~21.25~~ 17.68	%
Subordinated	~~1.23~~ 1.70	%
Equity and other	~~25.52~~ 24.34	%
Total investments	100.00	%


	June 30, ~~2021~~2022
Industry Type	Percent of Total Investments at Fair Value
Software	~~29.31~~ 26.74	%
~~Business~~Healthcare Services	~~21.30~~ 16.20	%
~~Healthcare~~Business Services	~~14.92~~ 15.13	%
Education	~~9.63~~ 8.12	%
Investment Funds (includes investments in joint ventures)	~~8.17~~ 7.65	%
~~Net Lease~~Consumer Services	~~6.16~~ 4.72	%
~~Federal Services~~Net Lease	~~2.07~~ 4.24	%
Distribution & Logistics	~~1.98~~ 3.12	%
Specialty Chemicals & Materials	~~1.57~~ 2.28	%
Financial Services	2.13	%
Healthcare Information Technology	~~1.57~~ 2.06	%
~~Industrial Services~~Information Technology	~~1.34~~ 1.77	%
~~Energy~~Insurance Services	~~1.20~~ 1.54	%
~~Packaging~~Energy	~~0.43~~ 1.45	%
~~Business Products~~Packaging	~~0.35~~ 1.19	%
~~Total investments~~Consumer Products	0.61	%
Federal Services	0.39	%
Business Products	0.25	%
Industrial Services	0.23	%
Information Services	0.18	%
Total investments	100.00	%


	June 30, ~~2021~~2022
Interest Rate Type	Percent of Total Investments at Fair Value
Floating rates	~~91.80~~ 87.56	%
Fixed rates	~~8.20~~ 12.44	%
Total investments	100.00	%

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

~~Table of Contents~~

~~New Mountain Finance Corporation~~

~~Consolidated Schedule of Investments~~

~~December 31, 2020~~

~~(in thousands, except shares)~~

Portfolio Company, Location and Industry(1) Type of
Investment Interest Rate (12) Acquisition Date Maturity/Expiration
Date Principal
Amount,
Par Value
or Shares Cost Fair Value Percent of
Net
Assets
Non-Controlled/Non-Affiliated Investments
Funded Debt Investments - Canada
Dentalcorp Health Services ULC (fka Dentalcorp Perfect Smile ULC)**
Healthcare Services Second lien (3) 8.50% (L + 7.50%/M) 6/1/2018 6/8/2026 $ 28,612 $ 28,417 $ 28,612
Second lien (8) 8.50% (L + 7.50%/M) 6/1/2018 6/8/2026 7,500 7,452 7,500
36,112 35,869 36,112 2.92 %
Total Funded Debt Investments - Canada $ 36,112 $ 35,869 $ 36,112 2.92 %
Funded Debt Investments - United Arab Emirates
GEMS Menasa (Cayman) Limited**
Education First lien (8) 6.00% (L + 5.00%/S) 7/30/2019 7/31/2026 $ 15,678 $ 15,614 $ 15,658 1.27 %
Total Funded Debt Investments - United Arab Emirates $ 15,678 $ 15,614 $ 15,658 1.27 %
Funded Debt Investments - United Kingdom
Shine Acquisition Co. S.à.r.l / Boing US Holdco Inc.**
Consumer Services Second lien (2)(10) 8.50% (L + 7.50%/M) 9/25/2017 10/3/2025 $ 37,853 $ 37,697 $ 37,853
Second lien (8)(10) 8.50% (L + 7.50%/M) 9/25/2017 10/3/2025 6,000 5,975 6,000
43,853 43,672 43,853 3.54 %
Aston FinCo S.a r.l. / Aston US Finco, LLC**
Software Second lien (8)(10) 8.40% (L + 8.25%/M) 10/8/2019 10/8/2027 34,459 34,213 34,459 2.79 %
Total Funded Debt Investments - United Kingdom $ 78,312 $ 77,885 $ 78,312 6.33 %
Funded Debt Investments - United States
GS Acquisitionco, Inc.
Software First lien (2)(10) 6.75% (L + 5.75%/S) 8/7/2019 5/24/2024 $ 26,639 $ 26,517 $ 26,639
First lien (2)(10) 6.75% (L + 5.75%/S) 8/7/2019 5/24/2024 25,950 25,818 25,950
First lien (5)(10) 6.75% (L + 5.75%/S) 8/7/2019 5/24/2024 22,193 22,091 22,193
First lien (2)(10) 6.75% (L + 5.75%/S) 8/7/2019 5/24/2024 12,649 12,578 12,649
87,431 87,004 87,431 7.07 %
PhyNet Dermatology LLC
Healthcare Services First lien (2)(10) 6.50% (L + 5.50%/M) 9/17/2018 8/16/2024 49,857 49,528 48,844
First lien (3)(10) 6.50% (L + 5.50%/M) 9/17/2018 8/16/2024 27,857 27,623 27,291
77,714 77,151 76,135 6.15 %
Associations, Inc.
Business Services First lien (2)(10) 8.00% (L + 4.00% + 3.00% PIK/Q)* 7/30/2018 7/30/2024 45,932 45,751 45,932
First lien (8)(10) 8.00% (L + 4.00% + 3.00% PIK/Q)* 7/30/2018 7/30/2024 5,272 5,252 5,272
First lien (2)(10)(11) - Drawn 8.00% (L + 4.00% + 3.00% PIK/Q)* 7/30/2018 7/30/2024 10,419 10,371 10,419
First lien (2)(10)(11) - Drawn 7.00% (L + 6.00%/Q) 7/30/2018 7/30/2024 2,033 2,020 2,033
63,656 63,394 63,656 5.14 %

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

~~Table of Contents~~

~~New Mountain Finance Corporation~~

~~Consolidated Schedule of Investments (Continued)~~

~~December 31, 2020~~

~~(in thousands, except shares)~~

Portfolio Company, Location and Industry(1) Type of
Investment Interest Rate (12) Acquisition Date Maturity/Expiration
Date Principal
Amount,
Par Value
or Shares Cost Fair Value Percent of
Net
Assets
ConnectWise, LLC
Software First lien (2)(10) 6.25% (L + 5.25%/Q) 11/26/2019 2/28/2025 $ 55,054 $ 54,772 $ 55,054
First lien (3)(10)(11) - Drawn 6.25% (L + 5.25%/M) 11/26/2019 2/28/2025 1,062 1,055 1,062
56,116 55,827 56,116 4.54 %
iCIMS, Inc.
Software First lien (8)(10) 7.50% (L + 6.50%/S) 9/12/2018 9/12/2024 41,636 41,340 41,794
First lien (8)(10) 7.50% (L + 6.50%/S) 6/14/2019 9/12/2024 8,667 8,602 8,700
First lien (3)(10)(11) - Drawn 7.50% (L + 6.50%/Q) 9/12/2018 9/12/2024 2,915 2,886 2,915
53,218 52,828 53,409 4.32 %
CentralSquare Technologies, LLC
Software Second lien (3) 7.75% (L + 7.50%/Q) 8/15/2018 8/31/2026 47,838 47,361 46,164
Second lien (8) 7.75% (L + 7.50%/Q) 8/15/2018 8/31/2026 7,500 7,425 7,237
55,338 54,786 53,401 4.32 %
DCA Investment Holding, LLC
Healthcare Services First lien (8)(10) 6.25% (L + 5.25%/Q) 4/16/2019 7/2/2021 20,316 20,243 19,977
First lien (2)(10) 6.25% (L + 5.25%/Q) 7/2/2015 7/2/2021 16,916 16,900 16,634
First lien (8)(10) 6.25% (L + 5.25%/Q) 12/20/2017 7/2/2021 8,801 8,782 8,654
First lien (2)(10) 6.25% (L + 5.25%/Q) 12/20/2017 7/2/2021 4,142 4,135 4,073
First lien (3)(10)(11) - Drawn 6.25% (L + 5.25%/Q) 7/2/2015 7/2/2021 2,056 2,036 2,022
52,231 52,096 51,360 4.15 %
Salient CRGT Inc.
Federal Services First lien (2)(10) 7.50% (L + 6.50%/S) 1/6/2015 2/28/2022 37,348 37,209 37,348
First lien (8)(10) 7.50% (L + 6.50%/S) 6/6/2019 2/28/2022 12,762 12,528 12,762
50,110 49,737 50,110 4.05 %
Frontline Technologies Group Holdings, LLC
Software First lien (4)(10) 6.75% (L + 5.75%/Q) 9/18/2017 9/18/2023 21,940 21,856 21,940
First lien (2)(10) 6.75% (L + 5.75%/Q) 9/18/2017 9/18/2023 18,490 18,447 18,490
First lien (2)(10) 6.75% (L + 5.75%/Q) 9/18/2017 9/18/2023 7,632 7,594 7,632
48,062 47,897 48,062 3.88 %
NM GRC Holdco, LLC
Business Services First lien (2)(10) 8.50% (L + 6.00% + 1.50% PIK/Q)* 2/9/2018 2/9/2024 38,368 38,258 36,929
First lien (2)(10) 8.50% (L + 6.00% + 1.50% PIK/Q)* 2/9/2018 2/9/2024 10,664 10,631 10,264
49,032 48,889 47,193 3.82 %
Brave Parent Holdings, Inc.
Software Second lien (5)(10) 7.65% (L + 7.50%/M) 4/17/2018 4/17/2026 22,500 22,417 22,500
Second lien (2)(10) 7.65% (L + 7.50%/M) 4/17/2018 4/17/2026 16,624 16,498 16,624
Second lien (8)(10) 7.65% (L + 7.50%/M) 4/17/2018 4/17/2026 6,000 5,955 6,000
45,124 44,870 45,124 3.65 %

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

~~Table of Contents~~

~~New Mountain Finance Corporation~~

~~Consolidated Schedule of Investments (Continued)~~

~~December 31, 2020~~

~~(in thousands, except shares)~~

Portfolio Company, Location and Industry(1) Type of
Investment Interest Rate (12) Acquisition Date Maturity/Expiration
Date Principal
Amount,
Par Value
or Shares Cost Fair Value Percent of
Net
Assets
Integro Parent Inc.
Business Services First lien (2)(10) 6.75% (L + 5.75%/M) 10/9/2015 10/31/2022 $ 34,490 $ 34,405 $ 34,490
Second lien (8)(10) 10.25% (L + 9.25%/M) 10/9/2015 10/30/2023 10,000 9,955 10,000
44,490 44,360 44,490 3.60 %
Quest Software US Holdings Inc.
Software Second lien (2)(10) 8.46% (L + 8.25%/Q) 5/17/2018 5/18/2026 43,697 43,367 43,697 3.53 %
Tenawa Resource Holdings LLC (14)
Tenawa Resource Management LLC
Specialty Chemicals & Materials First lien (3)(10) 10.50% (Base + 8.00%/Q) 5/12/2014 10/30/2024 38,600 38,559 38,600 3.12 %
Trader Interactive, LLC
Business Services First lien (2)(10) 7.25% (L + 6.25%/M) 6/15/2017 6/17/2024 31,605 31,482 31,605
First lien (8)(10) 7.25% (L + 6.25%/M) 6/15/2017 6/17/2024 4,899 4,880 4,899
First lien (3)(10)(11) - Drawn 7.25% (L + 6.25%/M) 6/15/2017 6/15/2023 502 498 502
37,006 36,860 37,006 2.99 %
CoolSys, Inc.
Industrial Services First lien (5) 7.00% (L + 6.00%/Q) 11/20/2019 11/20/2026 22,275 22,177 22,275
First lien (2) 7.00% (L + 6.00%/Q) 11/20/2019 11/20/2026 10,296 10,251 10,296
First lien (3) 7.00% (L + 6.00%/Q) 11/20/2019 11/20/2026 4,173 4,153 4,173
36,744 36,581 36,744 2.97 %
KAMC Holdings, Inc
Business Services Second lien (2)(10) 8.22% (L + 8.00%/Q) 8/14/2019 8/13/2027 18,750 18,627 18,300
Second lien (8)(10) 8.22% (L + 8.00%/Q) 8/14/2019 8/13/2027 18,750 18,627 18,300
37,500 37,254 36,600 2.96 %
Affinity Dental Management, Inc.
Healthcare Services First lien (2)(10) 7.00% (L + 6.00%/Q) 9/15/2017 9/15/2023 26,222 26,182 24,397
First lien (4)(10) 7.00% (L + 6.00%/Q) 9/17/2019 9/15/2023 10,592 10,592 9,854
First lien (3)(10)(11) - Drawn 7.00% (L + 6.00%/Q) 9/15/2017 3/15/2023 1,738 1,720 1,617
38,552 38,494 35,868 2.90 %
GC Waves Holdings, Inc.**
Business Services First lien (5)(10) 6.75% (L + 5.75%/Q) 10/31/2019 10/31/2025 22,331 22,191 22,331
First lien (2)(10) 6.75% (L + 5.75%/Q) 10/31/2019 10/31/2025 3,645 3,622 3,645
First lien (3)(10) 6.75% (L + 5.75%/Q) 10/31/2019 10/31/2025 9,835 9,742 9,835
35,811 35,555 35,811 2.89 %
Definitive Healthcare Holdings, LLC
Healthcare Information Technology First lien (8)(10) 6.50% (L + 5.50%/Q) 8/7/2019 7/16/2026 33,615 33,477 33,615
First lien (3)(10)(11) - Drawn 6.50% (L + 5.50%/Q) 8/7/2019 7/16/2026 1,327 1,321 1,327
34,942 34,798 34,942 2.82 %

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

~~Table of Contents~~

~~New Mountain Finance Corporation~~

~~Consolidated Schedule of Investments (Continued)~~

~~December 31, 2020~~

~~(in thousands, except shares)~~

Portfolio Company, Location and Industry(1) Type of
Investment Interest Rate (12) Acquisition Date Maturity/Expiration
Date Principal
Amount,
Par Value
or Shares Cost Fair Value Percent of
Net
Assets
TDG Group Holding Company
Consumer Services First lien (2)(10) 5.40% (L + 5.25%/M) 5/22/2018 5/31/2024 $ 24,607 $ 24,532 $ 24,607
First lien (8)(10) 5.40% (L + 5.25%/M) 5/22/2018 5/31/2024 4,900 4,884 4,900
First lien (2)(10) 5.40% (L + 5.25%/M) 5/22/2018 5/31/2024 3,287 3,277 3,287
First lien (2)(10)(11) - Drawn 5.40% (L + 5.25%/M) 5/22/2018 5/31/2024 1,891 1,882 1,891
34,685 34,575 34,685 2.80 %
Kaseya Inc.
Software First lien (8)(10) 8.00% (L + 4.00% + 3.00% PIK/S)* 5/9/2019 5/2/2025 28,225 28,014 28,508
First lien (3)(10) 8.00% (L + 4.00% + 3.00% PIK/S)* 5/9/2019 5/2/2025 3,315 3,284 3,348
First lien (3)(10)(11) - Drawn 7.50% (L + 6.50%/S) 5/9/2019 5/2/2025 1,133 1,121 1,133
32,673 32,419 32,989 2.67 %
Finalsite Holdings, Inc.
Software First lien (4)(10) 6.00% (L + 5.00%/Q) 9/28/2018 9/25/2024 21,994 21,883 21,994
First lien (2)(10) 6.00% (L + 5.00%/Q) 9/28/2018 9/25/2024 10,863 10,809 10,863
32,857 32,692 32,857 2.66 %
Integral Ad Science, Inc.
Software First lien (8)(10) 8.25% (L + 6.00% + 1.25% PIK/S)* 7/19/2018 7/19/2024 27,127 26,943 27,127
First lien (3)(10) 8.25% (L + 6.00% + 1.25% PIK/S)* 8/27/2019 7/19/2024 3,544 3,517 3,544
30,671 30,460 30,671 2.48 %
Ansira Holdings, Inc.
Business Services First lien (8)(10) 7.50% (L + 6.50% PIK/S)* 12/19/2016 12/20/2024 29,511 29,451 24,146
First lien (3)(10) 7.50% (L + 6.50% PIK/S)* 12/19/2016 12/20/2024 7,452 7,440 6,097
36,963 36,891 30,243 2.44 %
MRI Software LLC
Software First lien (5)(10) 6.50% (L + 5.50%/Q) 1/31/2020 2/10/2026 22,329 22,232 22,358
First lien (3)(10) 6.50% (L + 5.50%/Q) 1/31/2020 2/10/2026 4,654 4,632 4,660
First lien (2)(10) 6.50% (L + 5.50%/Q) 1/31/2020 2/10/2026 1,615 1,608 1,617
28,598 28,472 28,635 2.31 %
Keystone Acquisition Corp.
Healthcare Services First lien (2) 6.25% (L + 5.25%/Q) 5/10/2017 5/1/2024 24,231 24,143 22,899
Second lien (2)(10) 10.25% (L + 9.25%/Q) 5/10/2017 5/1/2025 4,500 4,471 4,500
28,731 28,614 27,399 2.22 %
Confluent Health, LLC
Healthcare Services First lien (2) 5.15% (L + 5.00%/M) 6/21/2019 6/24/2026 27,088 26,976 26,783 2.17 %
HS Purchaser, LLC / Help/Systems Holdings, Inc.
Software Second lien (5) 9.00% (L + 8.00%/Q) 11/14/2019 11/19/2027 22,500 22,391 22,275
Second lien (2) 9.00% (L + 8.00%/Q) 11/14/2019 11/19/2027 4,208 4,170 4,166
26,708 26,561 26,441 2.14 %
Instructure, Inc.
Software First lien (8)(10) 8.00% (L + 7.00%/Q) 3/24/2020 3/24/2026 24,090 23,955 23,940 1.93 %
Idera, Inc.
Software Second lien (4)(10) 10.00% (L + 9.00%/S) 6/27/2019 6/28/2027 22,500 22,353 22,725 1.84 %

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

~~Table of Contents~~

~~New Mountain Finance Corporation~~

~~Consolidated Schedule of Investments (Continued)~~

~~December 31, 2020~~

~~(in thousands, except shares)~~

Portfolio Company, Location and Industry(1) Type of
Investment Interest Rate (12) Acquisition Date Maturity/Expiration
Date Principal
Amount,
Par Value
or Shares Cost Fair Value Percent of
Net
Assets
Astra Acquisition Corp.
Software First lien (5) 6.50% (L + 5.50%/M) 2/26/2020 3/1/2027 $ 22,331 $ 22,179 $ 22,555 1.82 %
Syndigo LLC
Software Second lien (4) 8.75% (L + 8.00%/S) 12/14/2020 12/15/2028 22,500 22,331 22,331 1.80 %
Convey Health Solutions, Inc.
Healthcare Services First lien (4)(10) 6.25% (L + 5.25%/Q) 9/9/2019 9/4/2026 22,219 22,008 22,219 1.80 %
Cardinal Parent, Inc.
Software First lien (4) 5.25% (L + 4.50%/S) 10/30/2020 11/12/2027 12,188 12,097 12,066
Second lien (4)(10) 8.50% (L + 7.75%/S) 11/12/2020 11/13/2028 9,767 9,670 9,962
21,955 21,767 22,028 1.78 %
CRCI Longhorn Holdings, Inc.
Business Services Second lien (3)(10) 7.40% (L + 7.25%/M) 8/2/2018 8/10/2026 14,349 14,307 14,349
Second lien (8)(10) 7.40% (L + 7.25%/M) 8/2/2018 8/10/2026 7,500 7,478 7,500
21,849 21,785 21,849 1.77 %
Avatar Topco, Inc. (23)
EAB Global, Inc.
Education Second lien (3)(10) 8.50% (L + 7.50%/S) 11/17/2017 11/17/2025 13,950 13,805 13,950
Second lien (8)(10) 8.50% (L + 7.50%/S) 11/17/2017 11/17/2025 7,500 7,422 7,500
21,450 21,227 21,450 1.73 %
MED Parentco, LP
Healthcare Services Second lien (8)(10) 8.40% (L + 8.25%/M) 8/2/2019 8/30/2027 20,857 20,718 21,066 1.70 %
YLG Holdings, Inc.
Business Services First lien (5)(10) 7.25% (L + 6.25%/S) 11/1/2019 10/31/2025 18,229 18,152 18,271
First lien (5)(10) 7.25% (L + 6.25%/S) 11/1/2019 10/31/2025 2,374 2,363 2,379
20,603 20,515 20,650 1.67 %
TMK Hawk Parent, Corp.
Distribution & Logistics First lien (2)(10) 3.65% (L + 3.50%/M) 6/24/2019 8/28/2024 16,735 14,786 10,468
First lien (8)(10) 3.65% (L + 3.50%/M) 10/23/2019 8/28/2024 16,141 13,778 10,096
32,876 28,564 20,564 1.66 %
Institutional Shareholder Services, Inc.
Business Services Second lien (3)(10) 8.75% (L + 8.50%/Q) 3/5/2019 3/5/2027 20,372 20,117 20,372 1.65 %
Spring Education Group, Inc (fka SSH Group Holdings, Inc.)
Education Second lien (2) 8.50% (L + 8.25%/Q) 7/26/2018 7/30/2026 21,959 21,914 20,202 1.63 %
AAC Holding Corp.
Education First lien (2)(10) 9.25% (L + 8.25% PIK/M)* 9/30/2015 9/30/2022 26,343 26,284 19,597 1.58 %
DiversiTech Holdings, Inc.
Distribution & Logistics Second lien (2) 8.50% (L + 7.50%/Q) 5/18/2017 6/2/2025 12,000 11,923 11,940
Second lien (8) 8.50% (L + 7.50%/Q) 5/18/2017 6/2/2025 7,500 7,452 7,463
19,500 19,375 19,403 1.57 %
Xactly Corporation
Software First lien (4)(10) 8.25% (L + 7.25%/S) 7/31/2017 7/29/2022 19,047 18,970 19,047 1.54 %

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

Table of Contents

New Mountain Finance Corporation

Consolidated Schedule of Investments ~~(Continued)~~

December 31, ~~2020~~2021

(in thousands, except shares)

Portfolio Company, Location and Industry(1) Type of
Investment Interest Rate (12) Acquisition Date Maturity/Expiration
Date Principal
Amount,
Par Value
or Shares Cost Fair Value Percent of
Net
Assets
Peraton Holding Corp. (fka MHVC Acquisition Corp.)
Federal Services First lien (2) 6.25% (L + 5.25%/Q) 4/25/2017 4/29/2024 $ 18,575 $ 18,525 $ 18,621 1.50 %
Bluefin Holding, LLC
Software Second lien (8)(10) 7.90% (L + 7.75%/M) 9/6/2019 9/6/2027 18,000 18,000 18,000 1.46 %
Kele Holdco, Inc.
Distribution & Logistics First lien (5)(10) 7.00% (L + 6.00%/M) 2/20/2020 2/20/2026 16,111 16,040 16,292
First lien (3)(10)(11) - Drawn 7.00% (L + 6.00%/M) 2/20/2020 2/20/2026 1,619 1,611 1,619
17,730 17,651 17,911 1.45 %
Bullhorn, Inc.
Software First lien (2)(10) 6.75% (L + 5.75%/Q) 9/24/2019 9/30/2026 17,002 16,896 17,002
First lien (3)(10) 6.75% (L + 5.75%/Q) 9/24/2019 9/30/2026 353 350 353
First lien (3)(10) 6.75% (L + 5.75%/Q) 9/24/2019 9/30/2026 281 279 281
17,636 17,525 17,636 1.43 %
The Kleinfelder Group, Inc.
Business Services First lien (4)(10) 6.25% (L + 5.25%/Q) 12/18/2018 11/29/2024 17,150 17,090 17,150 1.39 %
Coyote Buyer, LLC
Specialty Chemicals & Materials First lien (5)(10) 7.00% (L + 6.00%/Q) 3/13/2020 2/6/2026 14,079 14,016 14,079
First lien (5)(10) 9.00% (L + 8.00%/Q) 10/15/2020 8/6/2026 2,533 2,508 2,558
16,612 16,524 16,637 1.35 %
Hill International, Inc.**
Business Services First lien (2)(10) 6.75% (L + 5.75%/Q) 6/21/2017 6/21/2023 15,247 15,212 15,247 1.23 %
CFS Management, LLC
Healthcare Services First lien (2)(10) 6.50% (L + 5.50%/S) 8/6/2019 7/1/2024 11,615 11,571 11,615
First lien (3)(10) 6.50% (L + 5.50%/S) 8/6/2019 7/1/2024 3,459 3,443 3,459
15,074 15,014 15,074 1.22 %
Bleriot US Bidco Inc.
Federal Services Second lien (2)(10) 8.75% (L + 8.50%/Q) 10/24/2019 10/29/2027 15,000 14,865 15,011 1.21 %
FR Arsenal Holdings II Corp.
Business Services First lien (2)(10) 8.50% (L + 7.50%/Q) 9/29/2016 9/8/2022 15,344 15,286 14,932 1.21 %
BackOffice Associates Holdings, LLC
Business Services First lien (2)(10) 13.50% (L + 9.50% + 3.00% PIK/Q)* 8/25/2017 8/25/2023 13,218 13,162 13,218
First lien (3)(10)(11) - Drawn 13.50% (L + 9.50% + 3.00% PIK/Q)* 8/25/2017 8/25/2023 921 913 921
14,139 14,075 14,139 1.14 %
Alegeus Technologies Holding Corp.
Healthcare Services First lien (8)(10) 9.25% (L + 8.25%/Q) 9/5/2018 9/5/2024 13,444 13,398 13,444 1.09 %
Transcendia Holdings, Inc.
Packaging Second lien (8)(10) 9.00% (L + 8.00%/M) 6/28/2017 5/30/2025 14,500 14,371 13,069 1.06 %
PaySimple, Inc.
Software First lien (2)(10) 5.65% (L + 5.50%/M) 8/19/2019 8/23/2025 9,758 9,679 9,758
First lien (2)(10) 5.65% (L + 5.50%/M) 8/19/2019 8/23/2025 3,195 3,140 3,195
12,953 12,819 12,953 1.05 %
Geo Parent Corporation
Business Services First lien (2)(10) 5.40% (L + 5.25%/M) 12/13/2018 12/19/2025 12,934 12,885 12,934 1.04 %


Portfolio Company, Location and Industry(1)	Type of Investment	Interest Rate (19)	Acquisition Date	Maturity/Expiration Date	Principal Amount, Par Value or Shares (17)		Cost		Fair Value		Percent of Net Assets
Non-Controlled/Non-Affiliated Investments
Funded Debt Investments - United States
GS Acquisitionco, Inc.
Software	First lien (2)(15)	6.75% (L + 5.75%/S)	8/7/2019	5/22/2026	$	67,966	$	67,713	$	67,966
	First lien (5)(15)	6.75% (L + 5.75%/S)	8/7/2019	5/22/2026	21,968		21,891		21,968
	First lien (3)(15)(18) - Drawn	6.75% (L + 5.75%/Q)	8/7/2019	5/22/2026	2,811		2,793		2,811
							92,397		92,745		6.91	%
PhyNet Dermatology LLC
Healthcare Services	First lien (2)(15)	7.00% (L + 5.50% + 0.50% PIK/Q)*	9/17/2018	8/16/2024	49,617		49,374		49,617
	First lien (3)(15)	7.00% (L + 5.50% + 0.50% PIK/Q)*	9/17/2018	8/16/2024	18,966		18,848		18,966
							68,222		68,583		5.11	%
Associations, Inc.
Consumer Services	First lien (2)(15)	7.50% (L + 4.00% + 2.50% PIK/Q)*	7/2/2021	7/2/2027	30,196		30,056		30,045
	First lien (3)(15)	7.50% (L + 4.00% + 2.50% PIK/Q)*	7/2/2021	7/2/2027	8,590		8,547		8,547
	First lien (8)(15)	7.50% (L + 4.00% + 2.50% PIK/Q)*	7/2/2021	7/2/2027	8,590		8,548		8,547
	First lien (8)(15)	7.50% (L + 4.00% + 2.50% PIK/Q)*	7/2/2021	7/2/2027	5,188		5,163		5,162
	First lien (8)(15)	7.50% (L + 4.00% + 2.50% PIK/Q)*	7/2/2021	7/2/2027	4,127		4,107		4,106
							56,421		56,407		4.20	%
iCIMS, Inc.
Software	First lien (8)(15)	7.50% (L + 6.50%/S)	9/12/2018	9/12/2024	41,636		41,413		41,636
	First lien (8)(15)	7.50% (L + 6.50%/S)	6/14/2019	9/12/2024	8,667		8,618		8,666
	First lien (3)(15)(18) - Drawn	7.50% (L + 6.50%/S)	9/12/2018	9/12/2024	2,915		2,886		2,915
							52,917		53,217		3.97	%
Frontline Technologies Group Holdings, LLC
Software	First lien (4)(15)	6.25% (L + 5.25%/Q)	9/18/2017	9/18/2023	21,718		21,664		21,718
	First lien (2)(15)	6.25% (L + 5.25%/Q)	9/18/2017	9/18/2023	18,303		18,275		18,303
	First lien (2)(15)	6.25% (L + 5.25%/Q)	9/18/2017	9/18/2023	7,555		7,530		7,555
	First lien (2)(15)	6.25% (L + 5.25%/Q)	6/15/2021	9/18/2023	5,031		5,031		5,031
							52,500		52,607		3.92	%
CentralSquare Technologies, LLC
Software	Second lien (3)	7.72% (L + 7.50%/Q)	8/15/2018	8/31/2026	47,838		47,431		43,293
	Second lien (8)	7.72% (L + 7.50%/Q)	8/15/2018	8/31/2026	7,500		7,436		6,788
							54,867		50,081		3.73	%
Integro Parent Inc.
Insurance Services	First lien (2)(15)	6.75% (L + 5.75%/S)	10/9/2015	10/31/2022	33,986		33,947		33,239
	First lien (3)(15)(18) - Drawn	4.80% (L + 4.50%/S)	6/8/2018	4/30/2022	6,743		6,709		6,685
	Second lien (8)(15)	10.25% (L + 9.25%/S)	10/9/2015	10/30/2023	10,000		9,969		9,534
							50,625		49,458		3.69	%

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

Table of Contents

New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

December 31, ~~2020~~2021

(in thousands, except shares)


Portfolio Company, Location and Industry(1)	Portfolio Company, Location and Industry(1)	Type of Investment	Interest Rate (12)	Acquisition Date	Maturity/Expiration Date	Principal Amount, Par Value or Shares		Cost		Fair Value		Percent of Net Assets		Portfolio Company, Location and Industry(1)	Type of Investment	Interest Rate (19)	Acquisition Date	Maturity/Expiration Date	Principal Amount, Par Value or Shares (17)		Cost		Fair Value		Percent of Net Assets
NM GRC Holdco, LLC														NM GRC Holdco, LLC
Business Services														Business Services	First lien (2)(15)	8.50% (L + 6.00% + 1.50% PIK/M)*	2/9/2018	2/9/2024	$	38,561	$	38,485	$	38,561
															First lien (2)(15)	8.50% (L + 6.00% + 1.50% PIK/M)*	2/9/2018	2/9/2024	10,718		10,695		10,718
Ministry Brands, LLC
																					49,180		49,279		3.67%
Affinity Dental Management, Inc.														Affinity Dental Management, Inc.
Healthcare Services														Healthcare Services	First lien (2)(15)	7.00% (L + 6.00%/S)	9/15/2017	9/15/2023	33,281		33,256		33,281
															First lien (4)(15)	7.00% (L + 6.00%/S)	9/17/2019	9/15/2023	10,482		10,482		10,482
															First lien (3)(15)(18) - Drawn	7.00% (L + 6.00%/S)	9/15/2017	3/15/2023	1,738		1,720		1,738
																					45,458		45,501		3.39	%
Brave Parent Holdings, Inc.														Brave Parent Holdings, Inc.
Software	Software	First lien (2)(10)	5.00% (L + 4.00%/Q)	12/7/2016	12/2/2022	$	2,902	$	2,897	$	2,888			Software	Second lien (5)	7.60% (L + 7.50%/M)	4/17/2018	4/17/2026	22,500		22,430		22,613
		Second lien (8)(10)	10.25% (L + 9.25%/Q)	12/7/2016	6/2/2023	7,840		7,813		7,840					Second lien (2)	7.60% (L + 7.50%/M)	4/17/2018	4/17/2026	16,624		16,518		16,707
		Second lien (3)(10)	10.25% (L + 9.25%/Q)	12/7/2016	6/2/2023	2,160		2,153		2,160					Second lien (8)	7.60% (L + 7.50%/M)	4/17/2018	4/17/2026	6,000		5,962		6,030
						12,902		12,863		12,888		1.04	%								44,910		45,350		3.38	%
OEConnection LLC
Business Services		Second lien (2)(10)	8.40% (L + 8.25%/M)	9/25/2019	9/25/2027	12,044		11,937		12,044		0.97	%
CHA Holdings, Inc.
Business Services		Second lien (4)(10)	9.75% (L + 8.75%/Q)	4/3/2018	4/10/2026	7,012		6,959		7,012
Deca Dental Holdings LLC														Deca Dental Holdings LLC
Healthcare Services														Healthcare Services	First lien (2)(15)	6.50% (L + 5.75%/Q)	8/26/2021	8/28/2028	38,244		37,877		37,861
		Second lien (3)(10)	9.75% (L + 8.75%/Q)	4/3/2018	4/10/2026	4,452		4,419		4,452					First lien (3)(15)(18) - Drawn	6.50% (L + 5.75%/Q)	8/26/2021	8/28/2028	4,026		3,985		3,985
						11,464		11,378		11,464		0.93	%								41,862		41,846		3.13	%
Castle Management Borrower LLC
Business Services		First lien (2)(10)	7.50% (L + 6.50% PIK/Q)*	5/31/2018	2/15/2024	13,993		13,953		11,320		0.92	%
Apptio, Inc.
Software		First lien (8)(10)	8.25% (L + 7.25%/S)	1/10/2019	1/10/2025	11,203		11,038		11,287		0.91	%
Alert Holding Company, Inc. (15)
Appriss Holdings, Inc.
Business Services		First lien (8)(10)	5.50% (L + 5.25%/Q)	5/24/2019	5/29/2026	10,943		10,866		10,947		0.89	%
Vectra Co.
Business Products		Second lien (8)(10)	7.40% (L + 7.25%/M)	2/23/2018	3/8/2026	10,788		10,759		10,788		0.87	%
Masergy Holdings, Inc.
Business Services		Second lien (2)(10)	8.50% (L + 7.50%/Q)	12/14/2016	12/16/2024	10,500		10,465		10,500		0.85	%
PPVA Black Elk (Equity) LLC
Business Services		Subordinated (3)(10)	—	5/3/2013	—	14,500		14,500		10,354		0.84	%
VT Topco, Inc.
Business Services		Second lien (4)(10)	7.15% (L + 7.00%/M)	8/14/2018	7/31/2026	10,000		9,981		10,000		0.81	%
Quartz Holding Company
Software		Second lien (3)(10)	8.15% (L + 8.00%/M)	4/2/2019	4/2/2027	10,000		9,832		10,000		0.81	%
Stats Intermediate Holdings, LLC**
Business Services		First lien (2)	5.47% (L + 5.25%/Q)	5/22/2019	7/10/2026	9,900		9,798		9,875		0.80	%
Affordable Care Holding Corp.
Healthcare Services		First lien (2)(10)	5.75% (L + 4.75%/Q)	3/18/2019	10/24/2022	9,794		9,690		9,671		0.78	%
AgKnowledge Holdings Company, Inc.
Business Services		First lien (2)(10)	5.75% (L + 4.75%/S)	11/30/2018	7/21/2023	9,261		9,233		9,261		0.75	%
AG Parent Holdings, LLC
Healthcare Services		First lien (2)	5.15% (L + 5.00%/M)	7/30/2019	7/31/2026	6,923		6,894		6,853		0.55	%
Recorded Future, Inc.
Kaseya Inc.														Kaseya Inc.
Software	Software	First lien (8)(10)	7.25% (L + 6.25%/Q)	8/26/2019	7/3/2025	6,250		6,225		6,275				Software	First lien (8)(15)	7.50% (L + 5.50% + 1.00% PIK/Q)*	5/9/2019	5/2/2025	29,094		28,926		29,094
		First lien (3)(10)(11) - Drawn	7.25% (L + 6.25%/Q)	8/26/2019	7/3/2025	500		498		500					First lien (8)(15)	7.50% (L + 5.50% + 1.00% PIK/Q)*	9/8/2021	5/2/2025	7,795		7,733		7,795
						6,750		6,723		6,775		0.55	%		First lien (3)(15)	7.50% (L + 5.50% + 1.00% PIK/Q)*	5/9/2019	5/2/2025	3,405		3,380		3,405
															First lien (3)(15)(18) - Drawn	7.50% (L + 5.50% + 1.00% PIK/Q)*	9/8/2021	5/2/2025	1,541		1,528		1,541
																					41,567		41,835		3.12	%
GC Waves Holdings, Inc.**														GC Waves Holdings, Inc.**
Financial Services														Financial Services	First lien (5)(15)	6.25% (L + 5.50%/Q)	8/13/2021	8/13/2026	22,108		21,993		22,108
															First lien (2)(15)	6.25% (L + 5.50%/Q)	8/13/2021	8/13/2026	13,345		13,250		13,345
															First lien (2)(15)(18) - Drawn	6.25% (L + 5.50%/Q)	8/13/2021	8/13/2026	5,643		5,588		5,643
																					40,831		41,096		3.06	%
Stamps.com Inc.														Stamps.com Inc.
Software														Software	First lien (8)(15)	6.50% (L + 5.75%/Q)	10/5/2021	10/5/2028	37,273		36,911		36,900		2.75	%
OEC Holdco, LLC (22)														OEC Holdco, LLC (22)
OEConnection LLC														OEConnection LLC
Business Services														Business Services	Second lien (2)	7.50% (L + 7.00%/M)	12/17/2021	9/25/2027	23,406		23,173		23,171
															Second lien (2)	7.50% (L + 7.00%/M)	9/25/2019	9/25/2027	12,044		11,950		11,924
																					35,123		35,095		2.62	%

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

Table of Contents

New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

December 31, ~~2020~~2021

(in thousands, except shares)

Portfolio Company, Location and Industry(1) Type of
Investment Interest Rate (12) Acquisition Date Maturity/Expiration
Date Principal
Amount,
Par Value
or Shares Cost Fair Value Percent of
Net
Assets
CP VI Bella Midco, LLC
Healthcare Services Second lien (3) 6.90% (L + 6.75%/M) 1/25/2018 12/29/2025 $ 6,732 $ 6,709 $ 6,660 0.54 %
DealerSocket, Inc.
Software First lien (2)(10) 5.75% (L + 4.75%/S) 4/16/2018 4/26/2023 6,543 6,518 6,543 0.53 %
DG Investment Intermediate Holdings 2, Inc. (aka Convergint Technologies Holdings, LLC)
Business Services Second lien (3) 7.50% (L + 6.75%/M) 1/29/2018 2/2/2026 6,732 6,709 6,530 0.53 %
Restaurant Technologies, Inc.
Business Services Second lien (4) 6.65% (L + 6.50%/M) 9/24/2018 10/1/2026 6,722 6,709 6,420 0.52 %
Diligent Corporation
Software First lien (3)(10) 7.25% (L + 6.25%/S) 12/19/2018 8/4/2025 5,947 5,912 6,057 0.49 %
Wrike, Inc.
Software First lien (8)(10) 7.75% (L + 6.75%/S) 11/20/2020 12/31/2024 4,545 4,514 4,580 0.37 %
ADG, LLC
Healthcare Services Second lien (3)(10) 11.00% (L + 10.00% PIK/Q)* 10/3/2016 3/28/2024 5,904 5,864 4,469 0.36 %
Teneo Holdings, LLC
Business Services First lien (2) 6.25% (L + 5.25%/M) 7/15/2019 7/11/2025 3,012 2,980 2,994 0.24 %
Sphera Solutions, Inc.
Software First lien (2)(10) 8.75% (L + 7.75%/Q) 9/10/2019 6/14/2023 2,464 2,450 2,487 0.20 %
Education Management Corporation (13)
Education Management II LLC
Education First lien (2) 13.00% (L + 7.50%/M)(26) 1/5/2015 7/2/2020 300 292 —
First lien (3) 13.00% (L + 7.50%/M)(26) 1/5/2015 7/2/2020 169 165 —
First lien (2) 9.75% (L + 6.50%/Q)(26) 1/5/2015 7/2/2020 206 201 —
First lien (3) 9.75% (L + 6.50%/Q)(26) 1/5/2015 7/2/2020 116 113 —
First lien (2) 11.75% (P + 8.50%/M)(26) 1/5/2015 7/2/2020 140 116 —
First lien (3) 11.75% (P + 8.50%/M)(26) 1/5/2015 7/2/2020 79 65 —
First lien (2) 11.75% (P + 8.50%/M)(26) 1/5/2015 7/2/2020 4 3 —
First lien (3) 11.75% (P + 8.50%/M)(26) 1/5/2015 7/2/2020 2 2 —
1,016 957 — — %
PPVA Fund, L.P.
Business Services Collateralized Financing (26)(27) — 11/7/2014 — — — — — %
Total Funded Debt Investments - United States $ 2,079,719 $ 2,064,501 $ 2,029,981 164.11 %
Total Funded Debt Investments $ 2,209,821 $ 2,193,869 $ 2,160,063 174.63 %
Equity - Hong Kong
Bach Special Limited (Bach Preference Limited)**
Education Preferred shares (3)(10)(22) — 9/1/2017 — 84,994 $ 8,420 $ 8,754 0.71 %
Total Shares - Hong Kong $ 8,420 $ 8,754 0.71 %


Portfolio Company, Location and Industry(1)	Type of Investment	Interest Rate (19)	Acquisition Date	Maturity/Expiration Date	Principal Amount, Par Value or Shares (17)		Cost		Fair Value		Percent of Net Assets
Diamond Parent Holdings Corp. (35)
Diligent Corporation
Software	First lien (2)(15)	6.75% (L + 5.75%/Q)	3/30/2021	8/4/2025	$	17,762	$	17,687	$	17,673
	First lien (2)(15)	6.75% (L + 5.75%/Q)	3/4/2021	8/4/2025	9,905		9,863		9,855
	First lien (3)(15)	7.25% (L + 6.25%/Q)	12/19/2018	8/4/2025	5,887		5,860		5,945
							33,410		33,473		2.49	%
EAB Global, Inc.
Education	Second lien (2)(15)	7.00% (L + 6.50%/S)	8/16/2021	8/16/2029	33,452		32,969		32,951		2.46	%
KAMC Holdings, Inc
Business Services	Second lien (2)(15)	8.16% (L + 8.00%/Q)	8/14/2019	8/13/2027	18,750		18,642		16,352
	Second lien (8)(15)	8.16% (L + 8.00%/Q)	8/14/2019	8/13/2027	18,750		18,642		16,352
							37,284		32,704		2.44	%
Paw Midco, Inc.
AAH Topco, LLC
Consumer Services	First lien (8)	6.25% (L + 5.50%/Q)	12/22/2021	12/22/2027	20,843		20,635		20,634
	Subordinated (3)	11.50% PIK/Q*	12/22/2021	12/22/2031	11,110		10,944		10,944
							31,579		31,578		2.36	%
IG Investments Holdings, LLC
Business Services	First lien (2)(15)	6.75% (L + 6.00%/Q)	9/22/2021	9/22/2028	29,429		29,144		29,133
	First lien (3)(15)(18) - Drawn	6.75% (L + 6.00%/M)	9/22/2021	9/22/2027	1,149		1,137		1,137
							30,281		30,270		2.25	%
Ansira Holdings, Inc.
Business Services	First lien (8)(15)	7.50% (L + 6.50% PIK/S)*	12/19/2016	12/20/2024	31,793		31,748		24,025
	First lien (3)(15)	7.50% (L + 6.50% PIK/S)*	12/19/2016	12/20/2024	8,033		8,024		6,071
							39,772		30,096		2.24	%
Granicus, Inc.
Software	First lien (4)(15)	7.50% (L + 6.50%/Q)	1/27/2021	1/29/2027	15,522		15,420		15,406
	First lien (3)(15)	7.50% (L + 6.50%/Q)	1/27/2021	1/29/2027	6,004		5,963		5,959
	First lien (2)(15)	7.50% (L + 6.50%/Q)	1/27/2021	1/29/2027	5,922		5,883		5,878
	First lien (3)(15)(18) - Drawn	7.00% (L + 6.00%/Q)	4/23/2021	1/29/2027	2,778		2,752		2,751
							30,018		29,994		2.23	%
MRI Software LLC
Software	First lien (5)(15)	6.50% (L + 5.50%/S)	1/31/2020	2/10/2026	22,104		22,024		22,104
	First lien (2)(15)	6.50% (L + 5.50%/S)	1/31/2020	2/10/2026	6,205		6,182		6,205
	First lien (3)(15)	6.50% (L + 5.50%/S)	1/31/2020	2/10/2026	818		814		818
	First lien (2)(15)	6.50% (L + 5.50%/Q)	3/24/2021	2/10/2026	319		318		319
							29,338		29,446		2.19	%
Keystone Acquisition Corp.
Healthcare Services	First lien (2)	6.25% (L + 5.25%/Q)	5/10/2017	5/1/2024	23,981		23,918		23,861
	Second lien (2)(15)	10.25% (L + 9.25%/Q)	5/10/2017	5/1/2025	4,500		4,476		4,500
							28,394		28,361		2.11	%

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

Table of Contents

New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

December 31, ~~2020~~2021

(in thousands, except shares)

Portfolio Company, Location and Industry(1) Type of
Investment Interest Rate (12) Acquisition Date Maturity/Expiration
Date Principal
Amount,
Par Value
or Shares Cost Fair Value Percent of
Net
Assets
Equity - United States
Avatar Topco, Inc. (23)
Education Preferred shares (3)(10) — 11/17/2017 — 35,750 $ 52,192 $ 53,265 4.31 %
Symplr Software Intermediate Holdings, Inc.(24)
Healthcare Information Technology Preferred shares (4)(10) — 11/30/2018 — 7,500 9,534 9,647
Preferred shares (3)(10) — 11/30/2018 — 2,586 3,287 3,326
12,821 12,973 1.05 %
Alert Holding Company, Inc. (15)
Alert Intermediate Holdings I, Inc.
Business Services Preferred shares (3)(10) — 5/31/2019 — 6,111 7,199 7,290 0.59 %
Tenawa Resource Holdings LLC (14)
QID NGL LLC
Specialty Chemicals & Materials Preferred shares (6)(10) — 10/30/2017 — 1,623,385 1,623 1,988
Preferred shares (6)(10) — 11/24/2020 — 44,668 45 45
Ordinary shares (6)(10) — 5/12/2014 — 5,290,997 5,291 4,381
6,959 6,414 0.52 %
Ancora Acquisition LLC
Education Preferred shares (9)(10) — 8/12/2013 — 372 83 158 0.01 %
Education Management Corporation (13)
Education Preferred shares (2) — 1/5/2015 — 3,331 200 —
Preferred shares (3) — 1/5/2015 — 1,879 113 —
Ordinary shares (2) — 1/5/2015 — 2,994,065 100 —
Ordinary shares (3) — 1/5/2015 — 1,688,976 56 —
469 — — %
Total Shares - United States $ 79,723 $ 80,100 6.48 %
Total Shares $ 88,143 $ 88,854 7.19 %
Warrants - United States
ASP LCG Holdings, Inc.
Education Warrants (3)(10) — 5/5/2014 5/5/2026 622 $ 37 $ 714 0.06 %
Total Warrants - United States $ 37 $ 714 0.06 %
Total Funded Investments $ 2,282,049 $ 2,249,631 181.88 %
Unfunded Debt Investments - United States
Recorded Future, Inc.
Software First lien (3)(10)(11) - Undrawn — 8/26/2019 1/3/2021 $ 500 $ (3) $ 2
First lien (3)(10)(11) - Undrawn — 8/26/2019 7/3/2025 250 (1) —
750 (4) 2 — %


Portfolio Company, Location and Industry(1)	Type of Investment	Interest Rate (19)	Acquisition Date	Maturity/Expiration Date	Principal Amount, Par Value or Shares (17)		Cost		Fair Value		Percent of Net Assets
OA Topco, L.P. (40)
OA Buyer, Inc.
Healthcare Information Technology	First lien (2)	6.75% (L + 6.00%/Q)	12/20/2021	12/20/2028	$	28,201	$	27,920	$	27,919	2.08	%
Foundational Education Group, Inc.
Education	Second lien (5)	7.00% (L + 6.50%/S)	8/19/2021	8/31/2029	22,500		22,391		22,500
	Second lien (2)	7.00% (L + 6.50%/S)	8/19/2021	8/31/2029	5,009		4,985		5,009
							27,376		27,509		2.05	%
TMK Hawk Parent, Corp.
Distribution & Logistics	First lien (2)(15)	3.60% (L + 3.50%/M)	6/24/2019	8/28/2024	16,563		15,121		13,968
	First lien (8)(15)	3.60% (L + 3.50%/M)	10/23/2019	8/28/2024	15,975		14,219		13,473
							29,340		27,441		2.04	%
New Trojan Parent, Inc.
Healthcare Services	Second lien (2)	7.75% (L + 7.25%/Q)	1/22/2021	1/5/2029	26,762		26,640		26,762		1.99	%
HS Purchaser, LLC / Help/Systems Holdings, Inc.
Software	Second lien (5)	7.50% (L + 6.75%/Q)	11/14/2019	11/19/2027	22,500		22,404		22,509
	Second lien (2)	7.50% (L + 6.75%/Q)	11/14/2019	11/19/2027	4,208		4,174		4,210
							26,578		26,719		1.99	%
VT Topco, Inc.
Business Services	Second lien (2)	7.50% (L + 6.75%/M)	7/30/2021	7/31/2026	16,183		16,127		16,224
	Second lien (4)	6.85% (L + 6.75%/M)	8/14/2018	7/31/2026	10,000		9,984		10,025
							26,111		26,249		1.96	%
CRCI Longhorn Holdings, Inc.
Business Services	Second lien (3)(15)	7.35% (L + 7.25%/M)	8/2/2018	8/10/2026	18,266		18,221		18,266
	Second lien (8)(15)	7.35% (L + 7.25%/M)	8/2/2018	8/10/2026	7,500		7,481		7,500
							25,702		25,766		1.92	%
Galway Borrower LLC
Insurance Services	First lien (2)(15)	6.00% (L + 5.25%/Q)	9/30/2021	9/29/2028	24,279		24,043		24,036
	First lien (3)(15)	6.00% (L + 5.25%/Q)	9/30/2021	9/29/2028	1,674		1,658		1,658
							25,701		25,694		1.91	%
Idera, Inc.
Software	Second lien (4)	7.50% (L + 6.75%/S)	6/27/2019	3/2/2029	22,500		22,212		22,613
	Second lien (3)	7.50% (L + 6.75%/S)	4/29/2021	3/2/2029	3,000		2,986		3,015
							25,198		25,628		1.91	%
NMC Crimson Holdings, Inc.
Healthcare Services	First lien (8)(15)	6.75% (L + 6.00%/S)	3/1/2021	3/1/2028	19,259		18,998		18,970
	First lien (2)(15)	6.75% (L + 6.00%/S)	3/2/2021	3/1/2028	4,913		4,846		4,839
							23,844		23,809		1.77	%
Syndigo LLC
Software	Second lien (4)	8.75% (L + 8.00%/S)	12/14/2020	12/15/2028	22,500		22,347		22,528		1.68	%
ACI Parent Inc. (36)
ACI Group Holdings, Inc.
Healthcare Services	First lien (2)(15)	6.25% (L + 5.50%/Q)	8/2/2021	8/2/2028	22,306		22,094		22,083
	First lien (3)(15)(18) - Drawn	6.25% (L + 5.50%/Q)	8/2/2021	8/2/2028	59		58		58
							22,152		22,141		1.65	%

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

Table of Contents

New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

December 31, ~~2020~~2021

(in thousands, except shares)

Portfolio Company, Location and Industry(1) Type of
Investment Interest Rate (12) Acquisition Date Maturity/Expiration
Date Principal
Amount,
Par Value
or Shares Cost Fair Value Percent of
Net
Assets
MRI Software LLC
Software First lien (3)(10)(11) - Undrawn — 1/31/2020 2/10/2022 $ 821 $ — $ 1
First lien (3)(10)(11) - Undrawn — 1/31/2020 2/10/2026 2,002 (10) —
2,823 (10) 1 — %
CoolSys, Inc.
Industrial Services First lien (3)(11) - Undrawn — 11/20/2019 11/19/2021 1,400 — — — %
Kele Holdco, Inc.
Distribution & Logistics First lien (3)(10)(11) - Undrawn — 2/20/2020 2/20/2026 180 (1) — — %
Associations, Inc.
Business Services First lien (2)(10)(11) - Undrawn — 7/30/2018 7/30/2021 152 (1) — — %
AgKnowledge Holdings Company, Inc.
Business Services First lien (3)(10)(11) - Undrawn — 11/30/2018 7/21/2023 526 (3) — — %
DealerSocket, Inc.
Software First lien (3)(10)(11) - Undrawn — 4/16/2018 4/26/2023 560 (4) — — %
Coyote Buyer, LLC
Specialty Chemicals & Materials First lien (3)(10)(11) - Undrawn — 3/13/2020 2/6/2025 1,013 (5) — — %
Trader Interactive, LLC
Business Services First lien (3)(10)(11) - Undrawn — 6/15/2017 6/15/2023 1,171 (9) — — %
Definitive Healthcare Holdings, LLC
Healthcare Information Technology First lien (3)(10)(11) - Undrawn — 8/7/2019 7/16/2024 1,848 (9) —
First lien (3)(10)(11) - Undrawn — 8/7/2019 7/16/2021 6,061 — —
7,909 (9) — — %
Alert Holding Company, Inc. (15)
Appriss Holdings, Inc.
Business Services First lien (3)(10)(11) - Undrawn — 5/24/2019 5/30/2025 930 (9) — — %
Xactly Corporation
Software First lien (3)(10)(11) - Undrawn — 7/31/2017 7/29/2022 992 (10) — — %
Kaseya Inc.
Software First lien (3)(10)(11) - Undrawn — 5/9/2019 5/2/2025 1,179 (12) — — %


Portfolio Company, Location and Industry(1)	Type of Investment	Interest Rate (19)	Acquisition Date	Maturity/Expiration Date	Principal Amount, Par Value or Shares (17)		Cost		Fair Value		Percent of Net Assets
Cardinal Parent, Inc.
Software	First lien (4)	5.25% (L + 4.50%/Q)	10/30/2020	11/12/2027	$	12,096	$	12,017	$	12,083
	Second lien (4)(15)	8.50% (L + 7.75%/Q)	11/12/2020	11/13/2028	9,767		9,679		9,864
							21,696		21,947		1.63%
DCA Investment Holding, LLC
Healthcare Services	First lien (2)	7.00% (L + 6.25%/Q)	3/12/2021	3/12/2027	19,878		19,746		19,803
	First lien (3)(18) - Drawn	7.00% (L + 6.25%/Q)	3/12/2021	3/12/2027	1,919		1,905		1,912
							21,651		21,715		1.62	%
Spring Education Group, Inc (fka SSH Group Holdings, Inc.)
Education	Second lien (2)	8.47% (L + 8.25%/Q)	7/26/2018	7/30/2026	21,959		21,921		21,282		1.59	%
MED Parentco, LP
Healthcare Services	Second lien (8)	8.35% (L + 8.25%/M)	8/2/2019	8/30/2027	20,857		20,735		20,883		1.56	%
DG Investment Intermediate Holdings 2, Inc.
Business Services	Second lien (3)	7.50% (L + 6.75%/M)	3/18/2021	3/30/2029	20,313		20,265		20,465		1.52	%
YLG Holdings, Inc.
Business Services	First lien (5)(15)	6.25% (L + 5.25%/S)	11/1/2019	10/31/2025	18,045		17,983		18,045
	First lien (5)(15)	6.25% (L + 5.25%/S)	11/1/2019	10/31/2025	2,350		2,341		2,350
							20,324		20,395		1.52	%
Fortis Solutions Group, LLC
Packaging	First lien (8)(15)	6.25% (L + 5.50%/Q)	10/15/2021	10/13/2028	10,298		10,198		10,195
	First lien (2)(15)	6.25% (L + 5.50%/Q)	10/15/2021	10/13/2028	10,298		10,198		10,195
							20,396		20,390		1.52	%
Bluefin Holding, LLC
Software	Second lien (8)(15)	7.93% (L + 7.75%/Q)	9/6/2019	9/3/2027	18,000		18,000		18,000
	First lien (3)(15)(18) - Drawn	4.41% (L + 4.25%/Q)	9/6/2019	9/6/2024	1,485		1,463		1,485
							19,463		19,485		1.45	%
Bullhorn, Inc.
Software	First lien (2)(15)	6.75% (L + 5.75%/Q)	9/24/2019	9/30/2026	16,830		16,741		16,830
	First lien (2)(15)	6.75% (L + 5.75%/Q)	10/5/2021	9/30/2026	1,075		1,072		1,075
	First lien (3)(15)	6.75% (L + 5.75%/Q)	9/24/2019	9/30/2026	779		773		779
	First lien (3)(15)	6.75% (L + 5.75%/Q)	9/24/2019	9/30/2026	349		347		349
	First lien (3)(15)	6.75% (L + 5.75%/Q)	9/24/2019	9/30/2026	278		277		278
							19,210		19,311		1.44	%
Convey Health Solutions, Inc.**
Healthcare Services	First lien (4)(15)	5.50% (L + 4.75%/M)	9/9/2019	9/4/2026	19,263		19,108		19,263		1.43	%
Xactly Corporation
Software	First lien (4)(15)	8.25% (L + 7.25%/S)	7/31/2017	7/31/2023	19,047		19,005		19,047		1.42	%
Infogain Corporation
Software	First lien (2)(15)	6.75% (L + 5.75%/S)	7/30/2021	7/28/2028	19,090		18,953		18,946		1.41	%

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

Table of Contents

New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

December 31, ~~2020~~2021

(in thousands, except shares)

Portfolio Company, Location and Industry(1) Type of
Investment Interest Rate (12) Acquisition Date Maturity/Expiration
Date Principal
Amount,
Par Value
or Shares Cost Fair Value Percent of
Net
Assets
Bullhorn, Inc.
Software First lien (3)(10)(11) - Undrawn — 9/24/2019 10/1/2021 $ 781 $ (6) $ —
First lien (3)(10)(11) - Undrawn — 9/24/2019 9/30/2026 852 (6) —
1,633 (12) — — %
Wrike, Inc.
Software First lien (3)(10)(11) - Undrawn — 12/31/2018 12/31/2024 1,388 (13) — — %
TDG Group Holding Company
Consumer Services First lien (2)(10)(11) - Undrawn — 5/22/2018 5/31/2024 3,152 (16) — — %
Integral Ad Science, Inc.
Software First lien (3)(10)(11) - Undrawn — 7/19/2018 7/19/2023 1,807 (18) — — %
Finalsite Holdings, Inc.
Software First lien (3)(10)(11) - Undrawn — 9/25/2018 9/25/2024 2,521 (19) — — %
YLG Holdings, Inc.
Business Services First lien (3)(10)(11) - Undrawn — 11/1/2019 10/31/2025 3,968 (20) — — %
ConnectWise, LLC
Software First lien (3)(10)(11) - Undrawn — 11/26/2019 2/28/2025 3,186 (20) — — %
Bluefin Holding, LLC
Software First lien (3)(10)(11) - Undrawn — 9/6/2019 9/6/2024 1,515 (23) — — %
GC Waves Holdings, Inc.**
Business Services First lien (3)(10)(11) - Undrawn — 10/31/2019 10/31/2025 3,951 (30) — — %
Integro Parent Inc.
Business Services First lien (3)(10)(11) - Undrawn — 6/8/2018 4/30/2022 6,743 (34) — — %
GS Acquisitionco, Inc.
Software First lien (3)(10)(11) - Undrawn — 8/7/2019 5/24/2024 5,485 (34) — — %
Apptio, Inc.
Software First lien (3)(10)(11) - Undrawn — 1/10/2019 1/10/2025 2,066 (41) — — %
Salient CRGT Inc.
Federal Services First lien (3)(10)(11) - Undrawn — 6/26/2018 11/29/2021 6,125 (490) — — %
DCA Investment Holding, LLC
Healthcare Services First lien (3)(10)(11) - Undrawn — 7/2/2015 7/2/2021 44 — (1) (0.00) %


Portfolio Company, Location and Industry(1)	Type of Investment	Interest Rate (19)	Acquisition Date	Maturity/Expiration Date	Principal Amount, Par Value or Shares (17)		Cost		Fair Value		Percent of Net Assets
AAC Lender Holdings, LLC (33)
American Achievement Corporation (aka AAC Holding Corp.)
Education	First lien (2)(15)	7.25% (L + 5.75% PIK + 0.50%/M) (41)*	9/30/2015	9/30/2026	$	27,610	$	27,559	$	17,386
	First lien (3)(15)	15.00% (L + 13.50% PIK + 0.50%/M) (41)*	6/10/2021	9/30/2026	1,527		1,527		—
	Subordinated (3)(15)	2.00% (L + 1.00% PIK/Q) (41)*	3/16/2021	9/30/2026	5,230		—		—
							29,086		17,386		1.29	%
The Kleinfelder Group, Inc.
Business Services	First lien (4)(15)	6.25% (L + 5.25%/Q)	12/18/2018	11/29/2024	16,708		16,663		16,708		1.24	%
Kele Holdco, Inc.
Distribution & Logistics	First lien (5)	7.00% (L + 6.00%/M)	2/20/2020	2/20/2026	15,949		15,890		15,870
	First lien (3)(18) - Drawn	7.00% (L + 6.00%/M)	2/20/2020	2/20/2026	630		627		627
							16,517		16,497		1.23	%
Coyote Buyer, LLC
Specialty Chemicals & Materials	First lien (5)(15)	7.00% (L + 6.00%/S)	3/13/2020	2/6/2026	13,937		13,885		13,937
	First lien (5)(15)	9.00% (L + 8.00%/S)	10/15/2020	8/6/2026	2,507		2,488		2,507
							16,373		16,444		1.22	%
Trinity Air Consultants Holdings Corporation
Business Services	First lien (2)(15)	6.00% (L + 5.25%/S)	6/30/2021	6/29/2027	15,382		15,238		15,228
	First lien (3)(15)(18) - Drawn	6.00% (L + 5.25%/M)	6/30/2021	6/29/2027	1,201		1,189		1,189
							16,427		16,417		1.22	%
Hill International, Inc.
Business Services	First lien (2)(15)	6.75% (L + 5.75%/M)	6/21/2017	6/21/2023	15,089		15,067		15,089		1.12	%
CFS Management, LLC
Healthcare Services	First lien (2)(15)	6.50% (L + 5.50%/S)	8/6/2019	7/1/2024	11,497		11,466		11,497
	First lien (3)(15)	6.50% (L + 5.50%/S)	8/6/2019	7/1/2024	3,425		3,413		3,425
							14,879		14,922		1.11	%
FR Arsenal Holdings II Corp.
Business Services	First lien (2)(15)	8.50% (L + 7.50%/S)	9/29/2016	9/8/2022	14,884		14,861		14,520		1.08	%
Pioneer Topco I, L.P. (39)
Pioneer Buyer I, LLC
Software	First lien (8)(15)	7.75% (L + 7.00% PIK/Q)*	11/1/2021	11/1/2028	13,628		13,496		13,492		1.00	%
Transcendia Holdings, Inc.
Packaging	Second lien (8)(15)	9.00% (L + 8.00%/M)	6/28/2017	5/30/2025	14,500		14,396		13,445		1.00	%
Alegeus Technologies Holding Corp.
Healthcare Services	First lien (8)(15)	9.25% (L + 8.25%/S)	9/5/2018	9/5/2024	13,443		13,409		13,443		1.00	%
Daxko Acquisition Corporation
Software	First lien (8)(15)	6.25% (L + 5.50%/Q)	10/15/2021	10/16/2028	13,277		13,147		13,144		0.98	%

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

Table of Contents

New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

December 31, ~~2020~~2021

(in thousands, except shares)

Portfolio Company, Location and Industry(1) Type of
Investment Interest Rate (12) Acquisition Date Maturity/Expiration
Date Principal
Amount,
Par Value
or Shares Cost Fair Value Percent of
Net
Assets
Ministry Brands, LLC
Software First lien (3)(10)(11) - Undrawn — 12/7/2016 12/2/2022 $ 1,000 $ (5) $ (5) (0.00) %
Instructure, Inc.
Software First lien (3)(10)(11) - Undrawn — 3/24/2020 3/24/2026 2,036 (13) (13) (0.00) %
Total Unfunded Debt Investments - United States $ 66,205 $ (865) $ (16) (0.00) %
Total Unfunded Debt Investments $ 66,205 $ (865) $ (16) (0.00) %
Total Non-Controlled/Non-Affiliated Investments $ 2,281,184 $ 2,249,615 181.88 %
Non-Controlled/Affiliated Investments(28)
Funded Debt Investments - United States
TVG-Edmentum Holdings, LLC (16)
Edmentum Ultimate Holdings, LLC
Education Subordinated (3)(10) 11.00% (L + 10.00%/M) 12/11/2020 12/11/2026 $ 15,000 $ 14,851 $ 14,850 1.20 %
Sierra Hamilton Holdings Corporation
Energy Second lien (3)(10) 15.00%/Q 9/12/2019 9/12/2023 835 821 751 0.06 %
Permian Holdco 1, Inc.
Permian Holdco 2, Inc.
Permian Holdco 3, Inc.
Energy First lien (3)(10) 11.00% (L + 10.00% PIK/M)(26)* 7/23/2020 2/15/2021 2,562 — —
Subordinated (3)(10) 18.00% PIK/Q (26)* 12/26/2018 6/30/2022 2,417 2,417 —
Subordinated (3)(10) 14.00% PIK/Q (26)* 10/31/2016 10/15/2021 1,708 1,708 —
Subordinated (3)(10) 14.00% PIK/Q (26)* 10/31/2016 10/15/2021 1,025 1,025 —
7,712 5,150 — — %
Total Funded Debt Investments - United States $ 23,547 $ 20,822 $ 15,601 1.26 %
Equity - United States
TVG-Edmentum Holdings, LLC (16)
Education Preferred shares (3)(10) — 12/11/2020 — 37,793 $ 38,002 $ 42,276
Ordinary shares (3)(10) — 12/11/2020 — 36,750 36,872 41,110
74,874 83,386 6.74 %
Sierra Hamilton Holdings Corporation
Energy Ordinary shares (2)(10) — 7/31/2017 — 25,000,000 11,501 3,622
Ordinary shares (3)(10) — 7/31/2017 — 2,786,000 1,282 403
12,783 4,025 0.33 %


Portfolio Company, Location and Industry(1)	Type of Investment	Interest Rate (19)	Acquisition Date	Maturity/Expiration Date	Principal Amount, Par Value or Shares (17)		Cost		Fair Value		Percent of Net Assets
FS WhiteWater Holdings, LLC (38)
FS WhiteWater Borrower, LLC
Consumer Services	First lien (5)	6.50% (L + 5.75%/Q)	12/20/2021	12/21/2027	$	10,500	$	10,395	$	10,395
	First lien (5)(18) - Drawn	6.50% (L + 5.75%/Q)	12/20/2021	12/21/2027	2,618		2,592		2,592
							12,987		12,987		0.97	%
Community Brands ParentCo, LLC (f.k.a Ministry Brands, LLC)
Software	First lien (2)(15)	5.00% (L + 4.00%/M)	12/7/2016	12/2/2022	2,872		2,869		2,872
	Second lien (8)(15)	10.25% (L + 9.25%/M)	12/7/2016	6/2/2023	7,840		7,824		7,840
	Second lien (3)(15)	10.25% (L + 9.25%/M)	12/7/2016	6/2/2023	2,160		2,155		2,160
							12,848		12,872		0.96	%
USRP Holdings, Inc.
Federal Services	First lien (2)	6.25% (L + 5.50%/Q)	7/22/2021	7/23/2027	11,426		11,318		11,311
	First lien (3)	6.25% (L + 5.50%/Q)	7/22/2021	7/23/2027	1,488		1,473		1,473
	First lien (3)(18) - Drawn	6.25% (L + 5.50%/Q)	7/22/2021	7/23/2027	15		15		15
							12,806		12,799		0.95	%
Castle Management Borrower LLC
Business Services	First lien (2)(15)	3.19% (L + 2.19%/Q)	5/31/2018	2/15/2025	14,590		14,561		12,794		0.95	%
Calabrio, Inc.
Software	First lien (5)(15)	8.00% (L + 7.00%/Q)	4/16/2021	4/16/2027	12,347		12,263		12,271		0.91	%
Apptio, Inc.
Software	First lien (8)(15)	8.25% (L + 7.25%/S)	1/10/2019	1/10/2025	11,203		11,075		11,203
	First lien (3)(15)(18) - Drawn	8.25% (L + 7.25%/S)	1/10/2019	1/10/2025	827		810		827
							11,885		12,030		0.90	%
CHA Holdings, Inc.
Business Services	Second lien (4)(15)	9.75% (L + 8.75%/Q)	4/3/2018	4/10/2026	7,012		6,967		7,012
	Second lien (3)(15)	9.75% (L + 8.75%/Q)	4/3/2018	4/10/2026	4,453		4,424		4,453
							11,391		11,465		0.85	%
Recorded Future, Inc.
Software	First lien (8)	7.00% (L + 6.00%/Q)	8/26/2019	7/3/2025	6,219		6,199		6,188
	First lien (8)	7.00% (L + 6.00%/Q)	3/26/2021	7/3/2025	4,776		4,750		4,752
							10,949		10,940		0.81	%
Vectra Co.
Business Products	Second lien (8)	7.35% (L + 7.25%/M)	2/23/2018	3/8/2026	10,788		10,764		10,586		0.79	%
PPVA Black Elk (Equity) LLC
Business Services	Subordinated (3)(15)	—	5/3/2013	—	14,500		14,500		10,354		0.77	%
Notorious Topco, LLC
Consumer Products	First lien (8)(15)	7.50% (L + 6.50%/Q)	11/23/2021	11/23/2027	10,153		10,078		10,077
	First lien (3)(15)(18) - Drawn	7.50% (L + 6.50%/Q)	11/23/2021	5/24/2027	147		146		146
							10,224		10,223		0.76	%

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

Table of Contents

New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

December 31, ~~2020~~2021

(in thousands, except shares)

Portfolio Company, Location and Industry(1) Type of
Investment Interest Rate (12) Acquisition Date Maturity/Expiration
Date Principal
Amount,
Par Value
or Shares Cost Fair Value Percent of
Net
Assets
Permian Holdco 1, Inc.
Energy Preferred shares (3)(10)(17)(26) — 10/31/2016 — 1,366,452 $ 5,714 $ —
Ordinary shares (3)(10) — 10/31/2016 — 1,366,452 1,350 —
7,064 — — %
Total Shares - United States $ 94,721 $ 87,411 7.07 %
Total Non-Controlled/Affiliated Investments $ 115,543 $ 103,012 8.33 %
Controlled Investments(29)
Funded Debt Investments - United States
New Benevis Topco, LLC (25)
New Benevis Holdco, Inc.
Healthcare Services First lien (2)(10) 10.50% (L + 2.50% + 7.00% PIK/Q)* 10/6/2020 4/7/2025 $ 30,882 $ 30,882 $ 30,882
First lien (8)(10) 10.50% (L + 2.50% + 7.00% PIK/Q)* 10/6/2020 4/7/2025 7,577 7,577 7,577
First lien (3)(10) 10.50% (L + 2.50% + 7.00% PIK/Q)* 10/6/2020 4/7/2025 3,720 3,720 3,720
Subordinated (3)(10) 12.00% PIK/M* 10/6/2020 10/6/2025 14,669 11,906 11,735
56,848 54,085 53,914 4.37 %
UniTek Global Services, Inc.
Business Services First lien (2)(10) 8.50% (L + 5.50% + 2.00% PIK/S)* 6/29/2018 8/20/2024 12,512 12,512 11,969
First lien (3)(10) 8.50% (L + 5.50% + 2.00% PIK/S)* 3/16/2020 8/20/2024 9,274 8,315 8,872
First lien (2)(10) 8.50% (L + 5.50% + 2.00% PIK/S)* 6/29/2018 8/20/2024 2,502 2,502 2,394
First lien (3)(10) 8.50% (L + 5.50% + 2.00% PIK/S)* 6/29/2018 8/20/2024 1,334 1,143 1,276
Second lien (3)(10) 15.00% PIK/Q* 12/16/2020 2/20/2025 11,045 11,045 11,045
36,667 35,517 35,556 2.87 %
NHME Holdings Corp. (21)
National HME, Inc.
Healthcare Services Second lien (3)(10) 12.00% PIK/Q* 11/27/2018 5/27/2024 18,643 15,745 13,516
Second lien (3)(10) 12.00% PIK/Q* 11/27/2018 5/27/2024 10,302 9,599 9,014
28,945 25,344 22,530 1.82 %
New Permian Holdco, Inc.
New Permian Holdco, L.L.C.
Energy First lien (3)(10) 18.00% PIK/M* 10/30/2020 12/31/2024 15,236 15,236 15,236
First lien (3)(10)(11) - Drawn 10.00% (L + 9.00% PIK/M)* 10/30/2020 12/31/2024 3,100 3,100 3,100
18,336 18,336 18,336 1.48 %
Total Funded Debt Investments - United States $ 140,796 $ 133,282 $ 130,336 10.54 %


Portfolio Company, Location and Industry(1)	Type of Investment	Interest Rate (19)	Acquisition Date	Maturity/Expiration Date	Principal Amount, Par Value or Shares (17)		Cost		Fair Value		Percent of Net Assets
Quartz Holding Company
Software	Second lien (3)(15)	8.10% (L + 8.00%/M)	4/2/2019	4/2/2027	$	10,000	$	9,854	$	10,000	0.74	%
Wealth Enhancement Group, LLC**
Financial Services	First lien (3)(15)(18) - Drawn	6.75% (L + 5.75%/Q)	8/13/2021	10/4/2027	9,390		9,367		9,390
	First lien (3)(15)(18) - Drawn	6.75% (L + 5.75%/Q)	8/13/2021	10/4/2027	425		424		425
							9,791		9,815		0.73	%
Geo Parent Corporation
Business Services	First lien (2)	5.35% (L + 5.25%/M)	12/13/2018	12/19/2025	9,810		9,780		9,761		0.73	%
AgKnowledge Holdings Company, Inc.
Business Services	First lien (2)(15)	5.75% (L + 4.75%/S)	11/30/2018	7/21/2023	9,166		9,149		9,166		0.68	%
CG Group Holdings, LLC
Specialty Chemicals & Materials	First lien (2)(15)	6.25% (L + 5.25%/Q)	7/19/2021	7/19/2027	8,302		8,214		8,209
	First lien (3)(15)(18) - Drawn	6.25% (L + 5.25%/M)	7/19/2021	7/19/2026	906		895		896
							9,109		9,105		0.68	%
Energize Holdco LLC
Business Services	Second lien (2)	7.25% (L + 6.75%/Q)	11/19/2021	12/7/2029	7,950		7,910		7,910		0.59	%
KPSKY Acquisition Inc.
Industrial Services	First lien (8)(15)	6.25% (L + 5.50%/M)	10/19/2021	10/19/2028	7,039		6,970		6,968
	First lien (3)(15)(18) - Drawn	7.75% (P + 4.50%/Q)	10/19/2021	10/19/2028	402		398		398
							7,368		7,366		0.55	%
Specialtycare, Inc.
Healthcare Services	First lien (2)(15)	6.75% (L + 5.75%/Q)	6/18/2021	6/18/2028	7,224		7,122		7,115		0.53	%
Restaurant Technologies, Inc.
Business Services	Second lien (4)	6.60% (L + 6.50%/M)	9/24/2018	10/1/2026	6,722		6,711		6,722		0.50	%
Appriss Health Holdings, Inc. (23)
Appriss Health, LLC
Healthcare Information Technology	First lien (8)(15)	8.25% (L + 7.25%/Q)	5/6/2021	5/6/2027	6,250		6,192		6,187		0.46	%
ADG, LLC
Healthcare Services	Second lien (3)(15)	11.00% (L + 10.00% PIK/Q)*	10/3/2016	3/28/2024	6,591		6,562		6,082		0.45	%
Safety Borrower Holdings LLC
Information Services	First lien (2)(15)	6.75% (L + 5.75%/S)	9/1/2021	9/1/2027	5,756		5,729		5,728		0.43	%
Sun Acquirer Corp.
Consumer Services	First lien (2)(15)	6.50% (L + 5.75%/Q)	9/8/2021	9/8/2028	4,025		3,991		3,985
	First lien (3)(15)(18) - Drawn	6.50% (L + 5.75%/Q)	9/8/2021	9/8/2028	1,585		1,570		1,570
							5,561		5,555		0.41	%

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

Table of Contents

New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

December 31, ~~2020~~2021

(in thousands, except shares)

Portfolio Company, Location and Industry(1) Type of
Investment Interest Rate (12) Acquisition Date Maturity/Expiration
Date Principal
Amount,
Par Value
or Shares Cost Fair Value Percent of
Net
Assets
Equity - Canada
NM APP Canada Corp.**
Net Lease Membership interest (7)(10) — 9/13/2016 — — $ 7,345 $ 12,302 0.99 %
Total Shares - Canada $ 7,345 $ 12,302 0.99 %
Equity - United States
NMFC Senior Loan Program III LLC**
Investment Fund Membership interest (3)(10) — 5/4/2018 — — $ 120,000 $ 120,000 9.70 %
NMFC Senior Loan Program II LLC**
Investment Fund Membership interest (3)(10) — 5/3/2016 — — 79,400 79,400 6.42 %
NM NL Holdings, L.P.**
Net Lease Membership interest (7)(10) — 6/20/2018 — — 54,447 67,132 5.43 %
New Benevis Topco, LLC (25)
Healthcare Services Ordinary shares (2)(10) — 10/6/2020 — 269,027 27,154 30,319
Ordinary shares (8)(10) — 10/6/2020 — 66,007 6,662 7,439
Ordinary shares (3)(10) — 10/6/2020 — 60,068 6,105 6,770
39,921 44,528 3.60 %
NM GLCR LP
Net Lease Membership interest (7)(10) — 2/1/2018 — — 14,750 29,130 2.36 %
NMFC Senior Loan Program I LLC**
Investment Fund Membership interest (3)(10) — 6/13/2014 — — 23,000 23,000 1.86 %
UniTek Global Services, Inc.
Business Services Preferred shares (3)(10)(20) — 8/17/2018 — 10,446,415 10,446 7,794
Preferred shares (3)(10)(20) — 8/29/2019 — 6,208,794 6,209 5,466
Preferred shares (3)(10)(19)(26) — 6/30/2017 — 18,887,620 18,888 7,634
Preferred shares (2)(10)(18)(26) — 1/13/2015 — 29,326,545 26,946 —
Preferred shares (3)(10)(18)(26) — 1/13/2015 — 8,104,462 7,447 —
Ordinary shares (2)(10) — 1/13/2015 — 2,096,477 1,925 —
Ordinary shares (3)(10) — 1/13/2015 — 1,993,749 532 —
72,393 20,894 1.69 %
NM CLFX LP
Net Lease Membership interest (7)(10) — 10/6/2017 — — 12,538 14,885 1.20 %
New Permian Holdco, Inc.
Energy Ordinary shares (3)(10) — 10/30/2020 — — 11,155 11,000 0.89 %
NM APP US LLC
Net Lease Membership interest (7)(10) — 9/13/2016 — — 5,080 7,410 0.60 %
NM DRVT LLC
Net Lease Membership interest (7)(10) — 11/18/2016 — — 5,152 7,084 0.57 %


Portfolio Company, Location and Industry(1)	Type of Investment	Interest Rate (19)	Acquisition Date	Maturity/Expiration Date	Principal Amount, Par Value or Shares (17)		Cost		Fair Value		Percent of Net Assets
Pye-Barker Fire & Safety, LLC
Business Services	First lien (3)(15)(18) - Drawn	6.25% (L + 5.50%/Q)	11/26/2021	11/26/2027	$	2,394	$	2,370	$	2,394	0.18	%
Education Management Corporation (20)
Education Management II LLC
Education	First lien (2)	13.00% (L + 7.50%/M)(41)	1/5/2015	7/2/2020	300		292		—
	First lien (3)	13.00% (L + 7.50%/M)(41)	1/5/2015	7/2/2020	169		165		—
	First lien (2)	9.75% (L + 6.50%/Q)(41)	1/5/2015	7/2/2020	206		201		—
	First lien (3)	9.75% (L + 6.50%/Q)(41)	1/5/2015	7/2/2020	116		113		—
	First lien (2)	11.75% (P + 8.50%/M)(41)	1/5/2015	7/2/2020	140		116		—
	First lien (3)	11.75% (P + 8.50%/M)(41)	1/5/2015	7/2/2020	79		65		—
	First lien (2)	11.75% (P + 8.50%/M)(41)	1/5/2015	7/2/2020	4		3		—
	First lien (3)	11.75% (P + 8.50%/M)(41)	1/5/2015	7/2/2020	2		2		—
							957		—		—	%
PPVA Fund, L.P.
Business Services	Collateralized Financing (41)(42)	—	11/7/2014	—	—		—		—		—	%
Total Funded Debt Investments - United States							$	2,042,136	$	2,003,901	149.25	%
Funded Debt Investments - Netherlands
Tahoe Finco, LLC**
Information Technology	First lien (2)(15)	6.75% (L + 6.00%/Q)	10/1/2021	9/29/2028	$	35,000	$	34,660	$	34,650
	First lien (8)(15)	6.75% (L + 6.00%/Q)	10/1/2021	9/29/2028	24,189		23,954		23,947
							58,614		58,597		4.36	%
Total Funded Debt Investments - Netherlands							$	58,614	$	58,597	4.36	%
Funded Debt Investments - Jersey
Tennessee Bidco Limited **
Business Services	First lien (3)(15)(16)	7.47% (Sonia + 7.00%/D)	8/6/2021	8/3/2028	£	12,879	$	17,608	$	17,167
	First lien (3)(15)	7.15% (L + 7.00%/S)	8/6/2021	8/3/2028	$	10,184	10,037		10,032
	First lien (3)(15)(16)(18) - Drawn	7.47% (Sonia + 7.00%/D)	8/6/2021	8/3/2028	£	3,771	4,943		4,976
	First lien (3)(15)(18) - Drawn	7.29% (L + 7.00%/S)	8/6/2021	8/3/2028	$	3,708	3,652		3,652
							36,240		35,827		2.67	%
Total Funded Debt Investments - Jersey							$	36,240	$	35,827	2.67	%

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

Table of Contents

New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

December 31, ~~2020~~2021

(in thousands, except shares)

Portfolio Company, Location and Industry(1) Type of
Investment Interest Rate (12) Acquisition Date Maturity/Expiration
Date Principal
Amount,
Par Value
or Shares Cost Fair Value Percent of
Net
Assets
NM YI, LLC
Net Lease Membership interest (7)(10) — 9/30/2019 — — $ 6,272 $ 6,852 0.55 %
NHME Holdings Corp. (21)
Healthcare Services Ordinary shares (3)(10) — 11/27/2018 — 640,000 4,000 4,000 0.32 %
NM JRA LLC
Net Lease Membership interest (7)(10) — 8/12/2016 — — 2,043 3,830 0.31 %
NM KRLN LLC
Net Lease Membership interest (7)(10) — 11/15/2016 — — 8,581 1,501 0.12 %
NM GP Holdco, LLC**
Net Lease Membership interest (7)(10) — 6/20/2018 — — 583 703 0.06 %
Total Shares - United States $ 459,315 $ 441,349 35.68 %
Total Shares $ 466,660 $ 453,651 36.67 %
Warrants - United States
UniTek Global Services, Inc.
Business Services Warrants(3)(10) — 12/16/2020 2/20/2025 10,976 $ — $ 15,888 1.29 %
NHME Holdings Corp. (21)
Healthcare Services Warrants (3)(10) — 11/27/2018 — 160,000 1,000 1,000 0.08 %
Total Warrants - United States $ 1,000 $ 16,888 1.37 %
Total Funded Investments $ 600,942 $ 600,875 48.58 %
Unfunded Debt Investments - United States
New Permian Holdco, Inc.
New Permian Holdco, L.L.C.
Energy First lien (3)(10)(11) - Undrawn — 10/30/2020 12/31/2024 $ 6,921 $ — $ — — %
Total Unfunded Debt Investments - United States $ 6,921 $ — $ — — %
Total Controlled Investments $ 600,942 $ 600,875 48.58 %
Total Investments $ 2,997,669 $ 2,953,502 238.79 %


Portfolio Company, Location and Industry(1)	Type of Investment	Interest Rate (19)	Acquisition Date	Maturity/Expiration Date	Principal Amount, Par Value or Shares (17)		Cost		Fair Value		Percent of Net Assets
Funded Debt Investments - United Kingdom
Aston FinCo S.a r.l. / Aston US Finco, LLC**
Software	Second lien (8)(15)	8.35% (L + 8.25%/M)	10/8/2019	10/8/2027	$	34,459	$	34,241	$	34,459	2.57	%
Total Funded Debt Investments - United Kingdom							$	34,241	$	34,459	2.57	%
Funded Debt Investments - United Arab Emirates
GEMS Menasa (Cayman) Limited**
Education	First lien (8)	6.00% (L + 5.00%/S)	7/30/2019	7/31/2026	$	10,534	$	10,496	$	10,589	0.79	%
Total Funded Debt Investments - United Arab Emirates							$	10,496	$	10,589	0.79	%
Total Funded Debt Investments							$	2,181,727	$	2,143,373	159.64	%
Equity - United States
Dealer Tire Holdings, LLC (30)
Distribution & Logistics	Preferred shares (3)(15)	—	9/13/2021	—	56,271		$	60,360	$	60,180	4.48	%
Symplr Software Intermediate Holdings, Inc. (31)
Healthcare Information Technology	Preferred shares (4)(15)	—	11/30/2018	—	7,500		10,607		10,719
	Preferred shares (3)(15)	—	11/30/2018	—	2,586		3,657		3,695
							14,264		14,414		1.08	%
ACI Parent Inc. (36)
Healthcare Services	Preferred shares (3)(15)	—	8/2/2021	—	12,500		12,994		12,989		0.97	%
Project Essential Super Parent, Inc. (34)
Software	Preferred shares (3)(15)	—	4/20/2021	—	10,000		10,597		10,586		0.79	%
Diamond Parent Holdings Corp. (35)
Diligent Preferred Issuer, Inc.
Software	Preferred shares (3)(15)	—	4/6/2021	—	10,000		10,386		10,379		0.77	%
OEC Holdco, LLC (22)
Business Services	Preferred shares (12)	—	12/17/2021	—	7,214		7,142		7,142		0.53	%
FS WhiteWater Holdings, LLC (38)
Consumer Services	Ordinary shares (5)	—	12/20/2021	—	50,000		5,000		5,000		0.37	%
HB Wealth Management, LLC (37)**
Financial Services	Preferred shares (11)(15)	—	9/30/2021	—	48,303		4,834		4,834		0.36	%
Appriss Health Holdings, Inc. (23)
Appriss Health Intermediate Holdings, Inc.
Healthcare Information Technology	Preferred shares (3)(15)	—	5/6/2021	—	2,333		2,468		2,466		0.18	%
OA Topco, L.P. (40)
Healthcare Information Technology	Ordinary shares (3)	—	12/20/2021	—	2,000,000		2,000		2,000		0.15	%

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

Table of Contents

New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

December 31, 2021

(in thousands, except shares)


Portfolio Company, Location and Industry(1)	Type of Investment	Interest Rate (19)	Acquisition Date	Maturity/Expiration Date	Principal Amount, Par Value or Shares (17)		Cost		Fair Value		Percent of Net Assets
Pioneer Topco I, L.P. (39)
Software	Ordinary shares (13)(15)	—	11/1/2021	—	199,980		$	2,000	$	2,000	0.15	%
Ancora Acquisition LLC
Education	Preferred shares (9)(15)	—	8/12/2013	—	372		83		158		0.01	%
Education Management Corporation (20)
Education	Preferred shares (2)	—	1/5/2015	—	3,331		200		—
	Preferred shares (3)	—	1/5/2015	—	1,879		113		—
	Ordinary shares (2)	—	1/5/2015	—	2,994,065		100		—
	Ordinary shares (3)	—	1/5/2015	—	1,688,976		56		—
							469		—		—	%
AAC Lender Holdings, LLC (33)
Education	Ordinary shares (3)(15)	—	3/16/2021	—	758		—		—		—	%
Total Shares - United States							$	132,597	$	132,148	9.84	%
Equity - Hong Kong
Bach Special Limited (Bach Preference Limited)**
Education	Preferred shares (3)(15)(29)	—	9/1/2017	—	96,052		$	9,525	$	9,701	0.72	%
Total Shares - Hong Kong							$	9,525	$	9,701	0.72	%
Total Shares							$	142,122	$	141,849	10.56	%
Total Funded Investments							$	2,323,849	$	2,285,222	170.20	%
Unfunded Debt Investments - United States
AAC Lender Holdings, LLC (33)
American Achievement Corporation (aka AAC Holding Corp.)
Education	First lien (3)(15)(18) - Undrawn	—	1/25/2021	9/30/2026	$	2,652	$	—	$	—	—	%
Bluefin Holding, LLC
Software	First lien (3)(15)(18) - Undrawn	—	9/6/2019	9/6/2024	30		—		—		—	%
Wealth Enhancement Group, LLC**
Financial Services	First lien (3)(15)(18) - Undrawn	—	8/13/2021	10/4/2027	678		(2)		—
	First lien (3)(15)(18) - Undrawn	—	8/13/2021	6/3/2022	8,257		—		—
							(2)		—		—	%
AgKnowledge Holdings Company, Inc.
Business Services	First lien (3)(15)(18) - Undrawn	—	11/30/2018	7/21/2023	526		(3)		—		—	%

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

Table of Contents

New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

December 31, 2021

(in thousands, except shares)


Portfolio Company, Location and Industry(1)	Type of Investment	Interest Rate (19)	Acquisition Date	Maturity/Expiration Date	Principal Amount, Par Value or Shares (17)		Cost		Fair Value		Percent of Net Assets
Community Brands ParentCo, LLC (f.k.a Ministry Brands, LLC)
Software	First lien (3)(15)(18) - Undrawn	—	12/7/2016	12/2/2022	$	1,000	$	(5)	$	—	—	%
Coyote Buyer, LLC
Specialty Chemicals & Materials	First lien (3)(15)(18) - Undrawn	—	3/13/2020	2/6/2025	1,013		(5)		—		—	%
Pye-Barker Fire & Safety, LLC
Business Services	First lien (3)(15)(18) - Undrawn	—	11/26/2021	11/26/2023	2,810		—		—
	First lien (3)(15)(18) - Undrawn	—	11/26/2021	11/26/2024	905		(9)		—
							(9)		—		—	%
Xactly Corporation
Software	First lien (3)(15)(18) - Undrawn	—	7/31/2017	7/31/2023	992		(10)		—		—	%
MRI Software LLC
Software	First lien (2)(15)(18) - Undrawn	—	3/24/2021	3/24/2022	9,364		—		—
	First lien (3)(15)(18) - Undrawn	—	1/31/2020	2/10/2026	2,002		(10)		—
							(10)		—		—	%
Bullhorn, Inc.
Software	First lien (3)(15)(18) - Undrawn	—	10/5/2021	11/8/2022	2,395		(6)		—
	First lien (3)(15)(18) - Undrawn	—	9/24/2019	9/30/2026	852		(6)		—
							(12)		—		—	%
Diamond Parent Holdings Corp. (35)
Diligent Corporation
Software	First lien (3)(15)(18) - Undrawn	—	3/30/2021	8/4/2025	3,624		(18)		—		—	%
GS Acquisitionco, Inc.
Software	First lien (3)(15)(18) - Undrawn	—	8/7/2019	5/22/2026	3,106		(19)		—		—	%
YLG Holdings, Inc.
Business Services	First lien (5)(15)(18) - Undrawn	—	10/22/2021	10/22/2023	2,078		—		—
	First lien (3)(15)(18) - Undrawn	—	11/1/2019	10/31/2025	3,968		(20)		—
							(20)		—		—	%

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

Table of Contents

New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

December 31, 2021

(in thousands, except shares)


Portfolio Company, Location and Industry(1)	Type of Investment	Interest Rate (19)	Acquisition Date	Maturity/Expiration Date	Principal Amount, Par Value or Shares (17)		Cost		Fair Value		Percent of Net Assets
Apptio, Inc.
Software	First lien (3)(15)(18) - Undrawn	—	1/10/2019	1/10/2025	$	1,240	$	(25)	$	—	—	%
GC Waves Holdings, Inc.**
Financial Services	First lien (2)(15)(18) - Undrawn	—	8/13/2021	8/11/2023	4,991		—		—
	First lien (3)(15)(18) - Undrawn	—	10/31/2019	10/31/2025	3,951		(30)		—
							(30)		—		—	%
Kaseya Inc.
Software	First lien (3)(15)(18) - Undrawn	—	9/8/2021	9/8/2023	2,129		(19)		—
	First lien (3)(15)(18) - Undrawn	—	5/9/2019	5/2/2025	2,312		(23)		—
							(42)		—		—	%
CG Group Holdings, LLC
Specialty Chemicals & Materials	First lien (3)(15)(18) - Undrawn	—	7/19/2021	7/19/2026	226		(3)		(3)		(0.00) %
Recorded Future, Inc.
Software	First lien (3)(18) - Undrawn	—	8/26/2019	7/3/2025	750		(4)		(4)		(0.00) %
KPSKY Acquisition Inc.
Industrial Services	First lien (3)(15)(18) - Undrawn	—	10/19/2021	10/19/2023	403		—		(4)		(0.00) %
Appriss Health Holdings, Inc. (23)
Appriss Health, LLC
Healthcare Information Technology	First lien (3)(15)(18) - Undrawn	—	5/6/2021	5/6/2027	417		(4)		(4)		(0.00) %
Kele Holdco, Inc.
Distribution & Logistics	First lien (3)(18) - Undrawn	—	2/20/2020	2/20/2026	1,169		(6)		(6)		(0.00) %
USRP Holdings, Inc.
Federal Services	First lien (3)(18) - Undrawn	—	7/22/2021	7/23/2027	878		(9)		(9)		(0.00) %
Safety Borrower Holdings LLC
Information Services	First lien (3)(15)(18) - Undrawn	—	9/1/2021	9/1/2027	512		(3)		(3)
	First lien (3)(15)(18) - Undrawn	—	9/1/2021	9/1/2022	1,279		—		(6)
							(3)		(9)		(0.00) %
Calabrio, Inc.
Software	First lien (3)(15)(18) - Undrawn	—	4/16/2021	4/16/2027	1,487		(11)		(9)		(0.00) %

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

Table of Contents

New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

December 31, 2021

(in thousands, except shares)


Portfolio Company, Location and Industry(1)	Type of Investment	Interest Rate (19)	Acquisition Date	Maturity/Expiration Date	Principal Amount, Par Value or Shares (17)		Cost		Fair Value		Percent of Net Assets
DCA Investment Holding, LLC
Healthcare Services	First lien (3)(18) - Undrawn	—	3/12/2021	3/10/2023	$	3,005	$	—	$	(11)	(0.00) %
IG Investments Holdings, LLC
Business Services	First lien (3)(15)(18) - Undrawn	—	9/22/2021	9/22/2027	1,149		(11)		(11)		(0.00) %
Notorious Topco, LLC
Consumer Products	First lien (3)(15)(18) - Undrawn	—	11/23/2021	5/24/2027	734		(6)		(6)
	First lien (3)(15)(18) - Undrawn	—	11/23/2021	11/23/2023	1,467		—		(11)
							(6)		(17)		(0.00) %
Associations, Inc.
Consumer Services	First lien (3)(15)(18) - Undrawn	—	7/2/2021	7/2/2027	3,543		(18)		(18)		(0.00) %
Specialtycare, Inc.
Healthcare Services	First lien (3)(15)(18) - Undrawn	—	6/18/2021	6/18/2026	559		(8)		(8)
	First lien (3)(15)(18) - Undrawn	—	6/18/2021	6/18/2023	671		—		(10)
							(8)		(18)		(0.00) %
Sun Acquirer Corp.
Consumer Services	First lien (3)(15)(18) - Undrawn	—	9/8/2021	9/8/2027	559		(5)		(6)
	First lien (3)(15)(18) - Undrawn	—	9/8/2021	9/8/2023	1,378		(10)		(14)
							(15)		(20)		(0.00) %
Pioneer Topco I, L.P. (39)
Pioneer Buyer I, LLC
Software	First lien (3)(15)(18) - Undrawn	—	11/1/2021	11/1/2027	2,446		(24)		(24)		(0.00) %
Daxko Acquisition Corporation
Software	First lien (3)(15)(18) - Undrawn	—	10/15/2021	10/15/2027	986		(10)		(10)
	First lien (3)(15)(18) - Undrawn	—	10/15/2021	10/16/2023	1,638		—		(16)
							(10)		(26)		(0.00) %
Infogain Corporation
Software	First lien (3)(15)(18) - Undrawn	—	7/30/2021	7/30/2026	3,827		(29)		(29)		(0.00) %
OA Topco, L.P. (40)
OA Buyer, Inc.
Healthcare Information Technology	First lien (3)(18) - Undrawn	—	12/20/2021	12/20/2028	3,600		(36)		(36)		(0.00) %

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

Table of Contents

New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

December 31, 2021

(in thousands, except shares)


Portfolio Company, Location and Industry(1)	Type of Investment	Interest Rate (19)	Acquisition Date	Maturity/Expiration Date	Principal Amount, Par Value or Shares (17)		Cost		Fair Value		Percent of Net Assets
Granicus, Inc.
Software	First lien (3)(15)(18) - Undrawn	—	1/27/2021	1/29/2027	$	2,414	$	(18)	$	(18)
	First lien (3)(15)(18) - Undrawn	—	4/23/2021	4/21/2023	1,822		—		(18)
							(18)		(36)		(0.00) %
Trinity Air Consultants Holdings Corporation
Business Services	First lien (3)(15)(18) - Undrawn	—	6/30/2021	6/29/2027	300		(3)		(3)
	First lien (3)(15)(18) - Undrawn	—	6/30/2021	6/29/2023	5,252		—		(53)
							(3)		(56)		(0.01)	%
Galway Borrower LLC
Insurance Services	First lien (3)(15)(18) - Undrawn	—	9/30/2021	9/30/2027	1,865		(19)		(19)
	First lien (3)(15)(18) - Undrawn	—	9/30/2021	9/29/2023	3,917		—		(39)
							(19)		(58)		(0.01)	%
FS WhiteWater Holdings, LLC (38)
FS WhiteWater Borrower, LLC
Consumer Services	First lien (5)(18) - Undrawn	—	12/20/2021	12/21/2022	882		—		(9)
	First lien (3)(18) - Undrawn	—	12/20/2021	12/21/2027	1,400		(14)		(14)
	First lien (5)(18) - Undrawn	—	12/20/2021	12/21/2023	3,500		—		(35)
							(14)		(58)		(0.01)	%
ACI Parent Inc. (36)
ACI Group Holdings, Inc.
Healthcare Services	First lien (3)(15)(18) - Undrawn	—	8/2/2021	8/2/2027	2,354		(24)		(24)
	First lien (3)(15)(18) - Undrawn	—	8/2/2021	8/2/2023	8,180		—		(82)
							(24)		(106)		(0.01)	%
Fortis Solutions Group, LLC
Packaging	First lien (3)(15)(18) - Undrawn	—	10/15/2021	10/15/2027	2,861		(29)		(29)
	First lien (3)(15)(18) - Undrawn	—	10/15/2021	10/13/2023	8,343		—		(83)
							(29)		(112)		(0.01)	%
Deca Dental Holdings LLC
Healthcare Services	First lien (3)(15)(18) - Undrawn	—	8/26/2021	8/26/2027	3,027		(30)		(30)
	First lien (3)(15)(18) - Undrawn	—	8/26/2021	8/28/2023	9,080		—		(91)
							(30)		(121)		(0.01)	%

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

Table of Contents

New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

December 31, 2021

(in thousands, except shares)


Portfolio Company, Location and Industry(1)	Type of Investment	Interest Rate (19)	Acquisition Date	Maturity/Expiration Date	Principal Amount, Par Value or Shares (17)		Cost		Fair Value		Percent of Net Assets
NMC Crimson Holdings, Inc.
Healthcare Services	First lien (3)(15)(18) - Undrawn	—	3/1/2021	3/1/2023	$	10,664	$	—	$	(160)	(0.01)	%
Paw Midco, Inc.
AAH Topco, LLC
Consumer Services	First lien (3)(18) - Undrawn	—	12/22/2021	12/22/2027	3,659		(37)		(37)
	First lien (3)(18) - Undrawn	—	12/22/2021	12/22/2023	25,420		—		(254)
							(37)		(291)		(0.02)	%
Total Unfunded Debt Investments - United States							$	(581)	$	(1,256)	(0.09)	%
Unfunded Debt Investments - Jersey
Tennessee Bidco Limited**
Business Services	First lien (3)(15)(16)(18) - Undrawn	—	8/6/2021	7/9/2023	£	9,521	$	—	$	(143)	(0.01)	%
Total Unfunded Debt Investments - Jersey							$	—	$	(143)	(0.01)	%
Unfunded Debt Investments - Netherlands
Tahoe Finco, LLC**
Information Technology	First lien (3)(15)(18) - Undrawn	—	10/1/2021	10/1/2027	$	4,439	$	(44)	$	(44)	(0.00) %
Total Unfunded Debt Investments - Netherlands							$	(44)	$	(44)	(0.00) %
Total Unfunded Debt Investments							$	(625)	$	(1,443)	(0.10)	%
Total Non-Controlled/Non-Affiliated Investments							$	2,323,224	$	2,283,779	170.10	%
Non-Controlled/Affiliated Investments (43)
Funded Debt Investments - United States
TVG-Edmentum Holdings, LLC (24)
Edmentum Ultimate Holdings, LLC
Education	Subordinated (3)(15)	13.00% (6.50% + 6.50%/PIK)*	12/11/2020	1/26/2027	$	15,434	$	15,302	$	15,841	1.18	%
Sierra Hamilton Holdings Corporation
Energy	Second lien (3)(15)	15.00% PIK/Q(41)*	9/12/2019	9/12/2023	5		5		—		—	%
Permian Holdco 3, Inc.
Permian Trust
Energy	First lien (10)(15)	10.00% PIK/Q(41)*	3/30/2021	—	247		—		—
	First lien (3)(15)	11.00% (L + 10.00% PIK/M)(41)*	7/23/2020	—	3,409		—		—
							—		—		—	%
Total Funded Debt Investments - United States							$	15,307	$	15,841	1.18	%

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

Table of Contents

New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

December 31, 2021

(in thousands, except shares)


Portfolio Company, Location and Industry(1)	Type of Investment	Interest Rate (19)	Acquisition Date	Maturity/Expiration Date	Principal Amount, Par Value or Shares (17)		Cost		Fair Value		Percent of Net Assets
Equity - United States
TVG-Edmentum Holdings, LLC (24)
Education	Ordinary shares (3)(15)	—	12/11/2020	—	48,899		$	52,711	$	114,934	8.56	%
Sierra Hamilton Holdings Corporation
Energy	Ordinary shares (2)(15)	—	7/31/2017	—	25,000,000		11,501		3,599
	Ordinary shares (3)(15)	—	7/31/2017	—	2,786,000		1,282		401
							12,783		4,000		0.30	%
Total Shares - United States							$	65,494	$	118,934	8.86	%
Total Non-Controlled/Affiliated Investments							$	80,801	$	134,775	10.04	%
Controlled Investments (44)
Funded Debt Investments - United States
New Benevis Topco, LLC (32)
New Benevis Holdco, Inc.
Healthcare Services	First lien (2)(15)	10.50% (L + 2.50% + 7.00% PIK/Q)*	10/6/2020	4/7/2025	$	33,133	$	33,133	$	33,133
	First lien (8)(15)	10.50% (L + 2.50% + 7.00% PIK/Q)*	10/6/2020	4/7/2025	8,129		8,129		8,129
	First lien (3)(15)	10.50% (L + 2.50% + 7.00% PIK/Q)*	10/6/2020	4/7/2025	3,992		3,992		3,992
	Subordinated (3)(15)	12.00% PIK/M*	10/6/2020	10/6/2025	16,556		14,250		13,603
							59,504		58,857		4.39	%
UniTek Global Services, Inc.
Business Services	First lien (2)(15)	8.50% (L + 5.50% + 2.00% PIK/Q)*	6/29/2018	8/20/2024	12,643		12,643		12,643
	First lien (3)(15)	8.50% (L + 5.50% + 2.00% PIK/Q)*	3/16/2020	8/20/2024	9,363		8,628		9,363
	First lien (2)(15)	8.50% (L + 5.50% + 2.00% PIK/Q)*	6/29/2018	8/20/2024	2,528		2,528		2,528
	First lien (3)(15)	8.50% (L + 5.50% + 2.00% PIK/Q)*	6/29/2018	8/20/2024	1,354		1,208		1,354
	Second lien (3)(15)	15.00% PIK/Q*	12/16/2020	2/20/2025	9,970		9,970		9,970
							34,977		35,858		2.67	%
Tenawa Resource Holdings LLC (21)
Tenawa Resource Management LLC
Specialty Chemicals & Materials	First lien (3)(15)	14.00% PIK/Q*	12/17/2021	10/30/2026	31,624		18,821		18,821
	First lien (3)(15)	10.50% (L + 8.50%/Q)	12/17/2021	10/30/2026	16,000		16,000		16,000
							34,821		34,821		2.59	%

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

Table of Contents

New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

December 31, 2021

(in thousands, except shares)


Portfolio Company, Location and Industry(1)	Type of Investment	Interest Rate (19)	Acquisition Date	Maturity/Expiration Date	Principal Amount, Par Value or Shares (17)	Cost		Fair Value		Percent of Net Assets
NHME Holdings Corp. (28)
National HME, Inc.
Healthcare Services	Second lien (3)(15)	12.00% PIK/Q*	11/27/2018	5/27/2024	21,016	$	18,816	$	13,030
	Second lien (3)(15)	12.00% PIK/Q*	11/27/2018	5/27/2024	15,148	14,621		11,817
						33,437		24,847		1.85	%
New Permian Holdco, Inc.
New Permian Holdco, L.L.C.
Energy	First lien (3)(15)	18.00% PIK/M*	10/30/2020	12/31/2024	18,216	18,216		18,216
	First lien (3)(15)(18) - Drawn	10.00% (L + 9.00% PIK/M)*	10/30/2020	12/31/2024	5,543	5,543		5,543
						23,759		23,759		1.77	%
Total Funded Debt Investments - United States						$	186,498	$	178,142	13.27	%
Equity - United States
NMFC Senior Loan Program III LLC**
Investment Fund	Membership interest (3)(15)	—	5/4/2018	—	—	$	140,000	$	140,000	10.43	%
NMFC Senior Loan Program IV LLC**
Investment Fund	Membership interest (3)(15)	—	5/5/2021	—	—	112,400		112,400		8.37	%
NM NL Holdings, L.P.**
Net Lease	Membership interest (7)(15)	—	6/20/2018	—	—	87,203		107,870		8.03	%
New Benevis Topco, LLC (32)
Healthcare Services	Ordinary shares (2)(15)	—	10/6/2020	—	269,027	27,154		34,548
	Ordinary shares (8)(15)	—	10/6/2020	—	66,007	6,662		8,476
	Ordinary shares (3)(15)	—	10/6/2020	—	60,068	6,105		7,714
						39,921		50,738		3.78	%
NM GLCR LP
Net Lease	Membership interest (7)(15)	—	2/1/2018	—	—	14,750		50,687		3.77	%
NM CLFX LP
Net Lease	Membership interest (7)(15)	—	10/6/2017	—	—	12,538		24,676		1.84	%

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

Table of Contents

New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

December 31, 2021

(in thousands, except shares)


Portfolio Company, Location and Industry(1)	Type of Investment	Interest Rate (19)	Acquisition Date	Maturity/Expiration Date	Principal Amount, Par Value or Shares (17)	Cost		Fair Value		Percent of Net Assets
UniTek Global Services, Inc.
Business Services	Preferred shares (3)(15)(27)	—	8/17/2018	—	12,697,683	$	12,698	$	11,085
	Preferred shares (3)(15)(27)	—	8/29/2019	—	7,546,829	7,547		7,215
	Preferred shares (3)(15)(26)(41)	—	6/30/2017	—	19,795,435	19,795		396
	Preferred shares (2)(15)(25)(41)	—	1/13/2015	—	29,326,545	26,946		—
	Preferred shares (3)(15)(25)(41)	—	1/13/2015	—	8,104,462	7,447		—
	Ordinary shares (2)(15)	—	1/13/2015	—	2,096,477	1,925		—
	Ordinary shares (3)(15)	—	1/13/2015	—	1,993,749	532		—
						76,890		18,696		1.39	%
NM APP US LLC
Net Lease	Membership interest (7)(15)	—	9/13/2016	—	—	5,080		14,891		1.11	%
New Permian Holdco, Inc.
Energy	Ordinary shares (3)(15)	—	10/30/2020	—	100	11,155		11,000		0.82	%
NM YI, LLC
Net Lease	Membership interest (7)(15)	—	9/30/2019	—	—	6,272		8,286		0.62	%
NM DRVT LLC
Net Lease	Membership interest (7)(15)	—	11/18/2016	—	—	5,152		7,984		0.59	%
NM JRA LLC
Net Lease	Membership interest (7)(15)	—	8/12/2016	—	—	2,043		3,996		0.30	%
NHME Holdings Corp. (28)
Healthcare Services	Ordinary shares (3)(15)	—	11/27/2018	—	640,000	4,000		2,000		0.15	%
NM GP Holdco, LLC**
Net Lease	Membership interest (7)(15)	—	6/20/2018	—	—	998		1,197		0.09	%
NM KRLN LLC
Net Lease	Membership interest (7)(15)	—	11/15/2016	—	—	9,222		244		0.02	%
QID TRH Holdings LLC (21)
Tenawa Resource Holdings LLC
Specialty Chemicals & Materials	Ordinary shares (14)(15)	—	10/1/2021	—	80	—		—
	Profit Interest (6)(15)	—	10/1/2021	—	5	—		—
						—		—		—	%
Total Shares - United States						$	527,624	$	554,665	41.31	%

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

Table of Contents

New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

December 31, 2021

(in thousands, except shares)


Portfolio Company, Location and Industry(1)	Type of Investment	Interest Rate (19)	Acquisition Date	Maturity/Expiration Date	Principal Amount, Par Value or Shares (17)		Cost		Fair Value		Percent of Net Assets
Equity - Canada
NM APP Canada Corp.**
Net Lease	Membership interest (7)(15)	—	9/13/2016	—	—		$	7,345	$	9,422	0.70	%
Total Shares - Canada							$	7,345	$	9,422	0.70	%
Total Shares							$	534,969	$	564,087	42.01	%
Warrants - United States
UniTek Global Services, Inc.
Business Services	Warrants (3)(15)	—	12/16/2020	2/20/2025	8,523		$	—	$	13,081	0.97	%
NHME Holdings Corp. (28)
Healthcare Services	Warrants (3)(15)	—	11/27/2018	—	160,000		1,000		500		0.04	%
Total Warrants - United States							$	1,000	$	13,581	1.01	%
Total Funded Investments							$	722,467	$	755,810	56.29	%
Unfunded Debt Investments - United States
New Permian Holdco, Inc.
New Permian Holdco, L.L.C.
Energy	First lien (3)(15)(18) - Undrawn	—	10/30/2020	12/31/2024	$	4,977	$	—	$	—	—	%
Tenawa Resource Holdings LLC (21)
Tenawa Resource Management LLC
Specialty Chemicals & Materials	First lien (3)(15)(18) - Undrawn	—	12/17/2021	10/30/2026	8,000		—		—		—	%
Total Unfunded Debt Investments - United States							$	—	$	—	—	%
Total Controlled Investments							$	722,467	$	755,810	56.29	%
Total Investments							$	3,126,492	$	3,174,364	236.43	%

(4)Investment is held in New Mountain Finance SBIC, L.P.

(5)Investment is held in New Mountain Finance SBIC II, L.P.

(6)Investment is held in NMF QID NGL Holdings, Inc.

(7)Investment is held in New Mountain Net Lease Corporation.

(9)Investment is held in NMF Ancora Holdings, Inc.

(10)Investment is held in NMF Permian Holdings, LLC

(11)Investment is held in NMF HB, Inc

(12)Investment is held in NMF OEC, Inc.

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

4252

Table of Contents

New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

December 31, ~~2020~~2021

(in thousands, except shares)

~~(9)~~(13)Investment is held in NMF ~~Ancora Holdings, Inc.~~Pioneer, Inc

~~(10)~~(14)Investment is held in NMF TRM, LLC.

(15)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.

~~(11)~~(16)Investment is denominated in foreign currency and is translated into U.S. dollars as of the valuation date. As of December 31, 2021, the par value U.S. dollar equivalent of the first lien term loan, drawn first lien term loan and the undrawn first lien term loan is $17,428, $5,103 and $12,884, respectively. See Note 2. Summary of Significant Accounting Policies, for details

(17)Par amount is denominated in United States Dollar unless otherwise noted, British Pound ("£").

~~(12)~~(19)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 London Interbank Offered Rate (L), the Prime Rate (P), the Sterling Overnight Interbank Average Rate (Sonia), and the alternative base rate (Base) and which resets daily (D), weekly (W), 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, ~~2020.~~2021.

~~(13)~~(20)The Company holds investments in Education Management Corporation and one related entity of Education Management Corporation. The Company holds series A-1 convertible preferred stock and common stock in Education Management Corporation and holds tranche A first lien term loans and a tranche B first lien term loan in Education Management II LLC, which is an indirect subsidiary of Education Management Corporation.

~~(14)~~(21)The Company holds investments in ~~two related~~multiple entities of Tenawa Resource Holdings LLC. The Company holds ~~4.77%~~4.6% of the ~~common units~~Class B profits interest in QID NGL, LLC (which at closing represented ~~98.1%~~97% of the ownership in the ~~common~~class B units in ~~Tenawa Resource~~QID TRH Holdings, LLC), class A common units of Tenawa Resource Holdings LLC, and ~~class~~holds a tranche A first lien term loan, a tranche B ~~preferred units in QID NGL LLC~~first lien term loan and a first lien ~~investment~~revolver in Tenawa Resource Management LLC.

(22)The Company holds preferred equity in OEC Holdco, LLC, and two second lien term loans in OEConnection LLC, a wholly-owned subsidiary of ~~Tenawa Resource Holdings~~OEC Holdco, LLC. The preferred equity is entitled to receive prefenential dividends of 11.00% per annum.

~~(15)~~(23)The Company holds investments in two wholly-owned subsidiaries of ~~Alert Holding Company,~~Appriss Health Holdings, Inc. The Company holds a first lien term loan and a first lien revolver in Appriss ~~Holdings, Inc.~~Health, LLC, and preferred equity in ~~Alert~~Appriss Health Intermediate Holdings, I, Inc. The preferred equity is entitled to receive preferential dividends at a rate of ~~L + 10.0%~~11.00% per annum.

~~(16)~~(24)The Company holds ordinary ~~shares and preferred~~ shares in TVG-Edmentum Holdings, LLC, and subordinated notes in Edmentum Ultimate Holdings, LLC, a wholly-owned subsidiary of TVG-Edmentum Holdings, LLC. The ~~preferred shares are entitled to receive cumulative preferential dividends at a rate of 10.0% per annum. The~~ ordinary shares are entitled to receive cumulative preferential dividends at a rate of 12.0% per annum.

~~(17)The Company holds preferred equity in Permian Holdco 1, Inc. that is entitled to receive cumulative preferential dividends at a rate of 12.0% per annum payable in additional shares.~~

~~(18)~~(25)The Company holds preferred equity in UniTek Global Services, Inc. that is entitled to receive cumulative preferential dividends at a rate of 13.5% per annum payable in additional shares.

~~(19)~~(26)The Company holds preferred equity in UniTek Global Services, Inc. that is entitled to receive cumulative preferential dividends at a rate of 19.0% per annum payable in additional shares.

~~(20)~~(27)The Company holds preferred equity in UniTek Global Services, Inc. that is entitled to received cumulative preferential dividends at a rate of 20.0% per annum payable in additional shares.

~~(21)~~(28)The Company holds ordinary shares and warrants in NHME Holdings Corp., as well as second lien term loans in National HME, Inc., a wholly-owned subsidiary of NHME Holdings Corp.

~~(22)~~(29)The Company holds preferred equity in Bach Special Limited (Bach Preference Limited) that is entitled to receive cumulative preferential dividends at a rate of 12.25% per annum payable in additional shares.

~~(23)~~(30)The Company holds preferred equity in ~~Avatar Topco, Inc. and holds a second lien term loan investment in EAB Global, Inc., a wholly-owned subsidiary of Avatar Topco, Inc. The preferred equity~~Dealer Tire Holdings, LLC that is entitled to receive cumulative preferential dividends at a rate of ~~L + 11.00%~~7.00% per annum.

~~(24)~~(31)The Company holds preferred equity in Symplr Software Intermediate Holdings, Inc. that is entitled to receive cumulative preferential dividends at a rate of L + 10.50% per annum.

~~(25)~~(32)The Company holds ordinary shares in New Benevis Topco, LLC, and holds first lien last out term loans and subordinated notes in New Benevis Holdco Inc., a wholly-owned subsidiary of New Benevis Topco, LLC.

~~(26)~~(33)The Company holds ordinary shares in AAC Lender Holdings, LLC and a first lien term loan, first lien revolver and subordinated notes in American Achievement Corporation, a partially-owned subsidiary of AAC Lender Holdings, LLC.

(34)The Company holds preferred equity in Project Essential Super Parent, LLC that is entitled to receive cumulative preferential dividends at a rate of L + 9.50% per annum.

(35)The Company holds investments in two wholly-owned subsidiary of Diamond Parent Holdings Corp. The Company holds three first lien term loans and a first lien revolver in Diligent Corporation and preferred equity in Diligent Preferred Issuer Inc. The preferred equity in Diligent Preferred Issuer Inc. is entitled to receive cumulative preferential dividends at a rate 10.50% per annum.

(37)The Company holds preferred equity in HB Wealth Management, LLC that is entitled to receive cumulative preferential dividends at a rate of 4.00% per annum.

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

Table of Contents

New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

December 31, 2021

(in thousands, except shares)

(38)The Company holds ordinary shares in FS WhiteWater Holdings, LLC, and a first lien term loan, a first lien revolver, and two first lien delayed draws in FS WhiteWater Borrwer, LLC, a partially-owned subsidiary of FS WhiteWater Holdings, LLC.

(39)The Company holds ordinary shares in Pioneer Topco I, L.P., and a first lien term loan and a first lien revolver in Pioneer Buyer I, LLC, a wholly-owned subsidiary of Pioneer Topco I, L.P.

(40)The Company holds ordinary shares in OA Topco, L.P., and a first lien term loan and a first lien revolver in OA Buyer, Inc., a wholly-owned subsidary of OA Topco, L.P.

(41)Investment or a portion of the investment is on non-accrual status. See Note 3. Investments, for details.

~~(27)~~(42)The Company holds one security purchased under a collateralized agreement to resell on its Consolidated Statement of Assets and Liabilities with a cost basis of $30,000 and a fair value of $21,422 as of December 31, ~~2020.~~2021. See Note 2. Summary of Significant Accounting Policies,, for details.

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

~~Table of Contents~~

~~New Mountain Finance Corporation~~

~~Consolidated Schedule of Investments (Continued)~~

~~December 31, 2020~~

~~(in thousands, except shares)~~

~~(28)~~(43)Denotes investments in which the Company is an “Affiliated Person”, as defined in the Investment Company Act of 1940, as amended (the "1940 Act"), due to owning or holding the power to vote 5.0% or more of the outstanding voting securities of the investment but not controlling the company. Fair value as of December 31, ~~2020~~2021 and December 31, ~~2019~~2020 along with transactions during the year ended December 31, ~~2020~~2021 in which the issuer was a non-controlled/affiliated investment is as follows:


Portfolio Company	Portfolio Company	Fair Value at December 31, 2019		Gross Additions (A)		Gross Redemptions (B)		Net Realized Gains (Losses)		Net Change In Unrealized Appreciation (Depreciation)		Fair Value at December 31, 2020		Interest Income		Dividend Income		Other Income		Portfolio Company	Fair Value at December 31, 2020		Gross Additions (A)		Gross Redemptions (B)		Net Realized Gains (Losses)		Net Change In Unrealized Appreciation (Depreciation)		Fair Value at December 31, 2021		Interest Income		Dividend Income		Other Income
NMFC Senior Loan Program I LLC (C)		$	23,000	$	—	$	(23,000)	$	—	$	—	$	—	$	—	$	2,611	$	898
Permian Holdco 1, Inc. / Permian Holdco 2, Inc. / Permian Holdco 3, Inc.		40,621		(99)		(33,321)		(3,510)		(7,201)		—		532		(3,418)		178
Permian Holdco 1, Inc. / Permian Holdco 2, Inc. / Permian Holdco 3, Inc. / Permian Trust																				Permian Holdco 1, Inc. / Permian Holdco 2, Inc. / Permian Holdco 3, Inc. / Permian Trust	$	—	$	225	$	(12,438)	$	(12,213)	$	12,213	$	—	$	—	$	—	$	—
Sierra Hamilton Holdings Corporation	Sierra Hamilton Holdings Corporation	9,906		178		(766)		13		(4,542)		4,776		329		—		35		Sierra Hamilton Holdings Corporation	4,776		11		(828)		2		41		4,000		188		—		24
TVG-Edmentum Holdings, LLC/Edmentum Ultimate Holdings, LLC		—		89,726		—		—		8,510		98,236		98		333		171
TVG-Edmentum Holdings, LLC / Edmentum Ultimate Holdings, LLC																				TVG-Edmentum Holdings, LLC / Edmentum Ultimate Holdings, LLC	98,236		5,575		(27,287)		20,549		54,251		130,775		1,825		5,123		321
Total Non-Controlled/Affiliated Investments	Total Non-Controlled/Affiliated Investments	$	73,527	$	89,805	$	(57,087)	$	(3,497)	$	(3,233)	$	103,012	$	959	$	(474)	$	1,282	Total Non-Controlled/Affiliated Investments	$	103,012	$	5,811	$	(40,553)	$	8,338	$	66,505	$	134,775	$	2,013	$	5,123	$	345

(A)Gross additions include increases in the cost basis of investments resulting from new portfolio investments, payment-in-kind (“PIK”) interest or dividends, the amortization of discounts, reorganizations or restructurings and the movement at fair value of an existing portfolio company into this category from a different category.

(B)Gross reductions include decreases in the cost basis of investments resulting from principal collections related to investment repayments or sales, reorganizations or restructurings and the movement of an existing portfolio company out of this category into a different category.

~~(C)Portfolio company moved into the controlled category.~~

~~(29)~~

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

Table of Contents

New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

December 31, 2021

(in thousands, except shares)

(44) Denotes investments in which the Company is in “Control”, as defined in the 1940 Act, due to owning or holding the power to vote more than 25.0% of the outstanding voting securities of the investment. Fair value as of December 31, ~~2020~~2021 and December 31, ~~2019~~2020 along with transactions during the year ended December 31, ~~2020~~2021 in which the issuer was a controlled investment, is as follows:


Portfolio Company	Portfolio Company	Fair Value at December 31, 2019		Gross Additions (A)		Gross Redemptions (B)		Net Realized Gains (Losses)		Net Change In Unrealized Appreciation (Depreciation)		Fair Value at December 31, 2020		Interest Income		Dividend Income		Other Income		Portfolio Company	Fair Value at December 31, 2020		Gross Additions (A)		Gross Redemptions (B)		Net Realized Gains (Losses)		Net Change In Unrealized Appreciation (Depreciation)		Fair Value at December 31, 2021		Interest Income		Dividend Income		Other Income
Edmentum Ultimate Holdings, LLC/Edmentum Inc.		$	79,112	$	23,592	$	(83,556)	$	13,924	$	(19,148)	$	—	$	7,522	$	—	$	4,555
Edmentum Inc.																				Edmentum Inc.	$	—	$	—	$	—	$	2,207	$	—	$	—	$	—	$	—	$	1,200
National HME, Inc./NHME Holdings Corp.	National HME, Inc./NHME Holdings Corp.	24,979		4,011		—		—		(1,460)		27,530		4,011		—		1,000		National HME, Inc./NHME Holdings Corp.	27,530		8,094		—		—		(8,277)		27,347		4,594		—		500
New Benevis Topco, LLC / New Benevis Holdco, Inc.	New Benevis Topco, LLC / New Benevis Holdco, Inc.	—		94,007		—		—		4,435		98,442		1,559		—		803		New Benevis Topco, LLC / New Benevis Holdco, Inc.	98,442		5,417		—		—		5,736		109,595		6,956		—		1,500
New LT Smile Holdings, LLC / Benevis Holdings Corp (C)		—		69,886		(91,831)		(9,739)		21,945		—		1,434		—		415
New Permian Holdco, Inc. / New Permian Holdco, L.L.C.	New Permian Holdco, Inc. / New Permian Holdco, L.L.C.	—		29,491		—		—		(155)		29,336		513		—		7		New Permian Holdco, Inc. / New Permian Holdco, L.L.C.	29,336		5,423		—		—		—		34,759		3,522		—		634
NM APP CANADA CORP	NM APP CANADA CORP	10,774		—		—		—		1,528		12,302		—		973		—		NM APP CANADA CORP	12,302		—		—		—		(2,880)		9,422		—		978		—
NM APP US LLC	NM APP US LLC	6,834		—		—		—		576		7,410		—		636		—		NM APP US LLC	7,410		—		—		—		7,481		14,891		—		561		—
NM CLFX LP	NM CLFX LP	12,723		—		—		—		2,162		14,885		—		1,579		—		NM CLFX LP	14,885		—		—		—		9,791		24,676		—		1,521		—
NM DRVT LLC	NM DRVT LLC	6,016		—		—		—		1,068		7,084		—		479		—		NM DRVT LLC	7,084		—		—		—		900		7,984		—		466		—
NM JRA LLC	NM JRA LLC	3,700		—		—		—		130		3,830		—		272		—		NM JRA LLC	3,830		—		—		—		166		3,996		—		268		—
NM GLCR LP	NM GLCR LP	23,800		—		—		—		5,330		29,130		—		1,854		—		NM GLCR LP	29,130		—		—		—		21,557		50,687		—		1,892		—
NM KRLN LLC	NM KRLN LLC	2,379		1,071		—		—		(1,949)		1,501		—		—		—		NM KRLN LLC	1,501		641		—		—		(1,898)		244		—		—		—
NM NL Holdings, L.P.	NM NL Holdings, L.P.	48,308		10,376		—		—		8,448		67,132		—		5,103		—		NM NL Holdings, L.P.	67,132		32,757		—		—		7,981		107,870		—		7,414		—
NM GP Holdco, LLC	NM GP Holdco, LLC	487		131		—		—		85		703		—		53		—		NM GP Holdco, LLC	703		415		—		—		79		1,197		—		52		—
NM YI LLC	NM YI LLC	6,339		—		—		—		513		6,852		—		684		—		NM YI LLC	6,852		—		—		—		1,434		8,286		—		877		—
NMFC Senior Loan Program I LLC (D)		—		23,000		—		—		—		23,000		—		142		—
NMFC Senior Loan Program I LLC																				NMFC Senior Loan Program I LLC	23,000		10,000		(33,000)		—		—		—		—		741		—
NMFC Senior Loan Program II LLC	NMFC Senior Loan Program II LLC	79,400		—		—		—		—		79,400		—		8,708		—		NMFC Senior Loan Program II LLC	79,400		—		(79,400)		—		—		—		—		2,410		—
NMFC Senior Loan Program III LLC	NMFC Senior Loan Program III LLC	100,000		20,000		—		—		—		120,000		—		11,864		—		NMFC Senior Loan Program III LLC	120,000		20,000		—		—		—		140,000		—		16,712		—
NMFC Senior Loan Program IV LLC																				NMFC Senior Loan Program IV LLC	—		112,400		—		—		—		112,400		—		7,767		—
Tenawa Resource Management LLC / Tenawa Resource Holdings LLC / QID TRH Holdings LLC (C)																				Tenawa Resource Management LLC / Tenawa Resource Holdings LLC / QID TRH Holdings LLC (C)	—		64,776		(45,892)		(11,243)		15,937		34,821		845		—		8
UniTek Global Services, Inc.	UniTek Global Services, Inc.	68,101		29,744		(233)		3		(25,274)		72,338		1,792		7,297		559		UniTek Global Services, Inc.	72,338		6,669		(2,712)		1		(8,660)		67,635		3,880		4,497		738
Total Controlled Investments	Total Controlled Investments	$	472,952	$	305,309	$	(175,620)	$	4,188	$	(1,766)	$	600,875	$	16,831	$	39,644	$	7,339	Total Controlled Investments	$	600,875	$	266,592	$	(161,004)	$	(9,035)	$	49,347	$	755,810	$	19,797	$	46,156	$	4,580

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

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~~New Mountain Finance Corporation~~

~~Consolidated Schedule of Investments (Continued)~~

~~December 31, 2020~~

~~(in thousands, except shares)~~

(C)Portfolio company moved into the controlled category from the non-controlled/non-affiliated investment category.

~~(D)Portfolio company moved into the controlled category from the non-controlled/affiliated investment company.~~

* 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 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, ~~2020, 16.2%~~2021, 18.0% of the Company’s total assets are represented by investments ~~were~~at fair value that are considered non-qualifying assets.

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

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New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

December 31, ~~2020~~2021

(in thousands, except shares)


	December 31, ~~2020~~2021
Investment Type	Percent of Total Investments at Fair Value
First lien	~~53.37~~ 52.23	%
Second lien	~~23.46~~ 19.76	%
Subordinated	~~1.25~~ 1.60	%
Equity and other	~~21.92~~ 26.41	%
Total investments	100.00	%


	December 31, ~~2020~~2021
Industry Type	Percent of Total Investments at Fair Value
Software	~~27.60~~ 24.61	%
Business Services	~~21.11~~ 16.19	%
Healthcare Services	~~16.22~~ 16.07	%
~~Education~~	~~8.06~~	%
Investment Funds (includes investments in joint ventures)	~~7.53~~ 7.95	%
~~Net Lease~~Education	~~5.11~~ 7.89	%
~~Federal Services~~Net Lease	~~2.84~~ 7.22	%
Consumer Services	~~2.66~~ 3.50	%
Distribution & Logistics	3.28	%
Insurance Services	2.37	%
Specialty Chemicals & Materials	~~2.09~~ 1.90	%
~~Distribution & Logistics~~Information Technology	~~1.96~~ 1.85	%
Financial Services	1.76	%
Healthcare Information Technology	~~1.62~~ 1.67	%
~~Industrial Services~~Energy	~~1.24~~ 1.22	%
~~Energy~~Packaging	~~1.15~~ 1.06	%
~~Packaging~~Federal Services	~~0.44~~ 0.40	%
Business Products	~~0.37~~ 0.33	%
~~Total investments~~Consumer Products	0.32	%
Industrial Services	0.23	%
Information Services	0.18	%
Total investments	100.00	%


	December 31, ~~2020~~2021
Interest Rate Type	Percent of Total Investments at Fair Value
Floating rates	~~93.75~~ 88.54	%
Fixed rates	~~6.25~~ 11.46	%
Total investments	100.00	%

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

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Notes to the Consolidated Financial Statements of

New Mountain Finance Corporation

June 30, ~~2021~~2022

(in thousands, except share data)

(unaudited)

Note 1. Formation and Business Purpose

New Mountain Finance Corporation (“NMFC” or the “Company”) is a Delaware corporation that was originally incorporated on June 29, 2010 and completed its initial public offering ("IPO") on May 19, 2011. NMFC 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”). NMFC has elected to be treated, and intends to comply with the requirements to continue to qualify annually, as a regulated investment company (“RIC”) under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”). ~~NMFC is also registered as an investment adviser under the Investment Advisers Act of 1940, as amended (the “Advisers Act”).~~ Since NMFC’s IPO, and through June 30, ~~2021,~~2022, NMFC raised approximately ~~$893,183~~$942,661 in net proceeds from additional offerings of its common stock.

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 and related other vehicles. New Mountain Capital is a firm with a track record of investing in the middle market. New Mountain Capital focuses on investing in defensive growth companies across its private equity, ~~public equity~~credit and ~~credit~~net lease investment ~~vehicles.~~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 Company has established the following wholly-owned direct and indirect subsidiaries:

•New Mountain Finance Holdings, L.L.C. ("NMF Holdings" ~~or the "Predecessor Operating Company"~~) and New Mountain Finance DB, L.L.C. ("NMFDB"), whose assets are used to secure NMF Holdings’ credit facility and NMFDB’s credit facility, respectively;

•New Mountain Finance SBIC, L.P. ("SBIC I") and New Mountain Finance SBIC II, L.P. ("SBIC II"), who have received licenses from the ~~United States ("~~U.S.") Small Business Administration ("SBA") to operate as small business investment companies ("SBICs") under Section 301(c) of the Small Business Investment Act of 1958, as amended (the "1958 Act"), and their general partners, New Mountain Finance SBIC G.P., L.L.C. ("SBIC I GP"), and New Mountain Finance SBIC II G.P., L.L.C. ("SBIC II GP"), respectively;

•NMF Ancora Holdings Inc. ("NMF Ancora"), NMF QID Holdings, Inc. ("NMF QID"), NMF YP Holdings Inc. ("NMF YP") ~~and~~, NMF Permian Holdings LLC ("NMF Permian"), NMF HB, Inc. ("NMF HB"), NMF TRM, LLC ("NMF TRM"), NMF Pioneer, Inc. ("NMF Pioneer") and NMF OEC, Inc. ("NMF OEC") which serve as tax blocker corporations by holding equity or equity-like investments in portfolio companies organized as limited liability companies (or other forms of pass-through entities); the Company consolidates its tax blocker corporations for accounting purposes but the tax blocker corporations are not consolidated for U.S. federal income tax purposes and may incur U.S. federal income tax expense as a result of their ownership of the portfolio companies; and

•New Mountain Finance Servicing, L.L.C. ("NMF Servicing"), which serves as the administrative agent on certain investment transactions.

New Mountain Net Lease Corporation ("NMNLC") is a majority-owned consolidated subsidiary of the Company, which acquires commercial real estate properties that are subject to ~~‘‘triple net’’~~"triple net" leases and has elected to be treated, and intends to comply with the requirements to continue to qualify annually, as a real estate investment trust, or REIT, within the meaning of Section 856(a) of the Code.

The Company’s investment objective is to generate current income and capital appreciation through the sourcing and origination of debt securities at all levels of the capital structure, including first and second lien debt, notes, bonds and mezzanine securities. The first lien debt may include traditional first lien senior secured loans or unitranche loans. Unitranche loans combine characteristics of traditional first lien senior secured loans as well as second lien and subordinated loans. Unitranche loans will expose the Company to the risks associated with second lien and subordinated loans to the extent the Company invests in the “last out” tranche. In some cases, the Company’s investments may also include equity interests. The Company's primary focus is in the debt of defensive growth companies, which are defined as generally exhibiting the following characteristics: (i) sustainable secular growth drivers, (ii) high barriers to competitive entry, (iii) high free cash flow after

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capital expenditure and working capital needs, (iv) high returns on assets and (v) niche market dominance. Similar to the

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Company, SBIC I's and SBIC II's investment objectives are to generate current income and capital appreciation under the investment criteria used by the Company. However, SBIC I and SBIC II investments must be in SBA-eligible small businesses. The Company’s portfolio may be concentrated in a limited number of industries. As of June 30, ~~2021,~~2022, the Company’s top five industry concentrations were software, ~~business~~healthcare services, ~~healthcare~~business services, education and investment funds (which includes the Company's investments in its joint ventures).

Note 2. Summary of Significant Accounting Policies

Basis of accounting—The Company’s consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the ~~U.S.~~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”). ~~NMFC~~The Company consolidates its wholly-owned direct and indirect subsidiaries: NMF Holdings, NMFDB, NMF Servicing, SBIC I, SBIC I GP, SBIC II, SBIC II GP, NMF Ancora, NMF QID, NMF YP, NMF Permian, NMF HB, NMF TRM, NMF Pioneer and NMF ~~Permian~~OEC and its majority-owned consolidated subsidiary: NMNLC. For majority-owned consolidated subsidiaries, the third-party equity interest is referred to as non-controlling interest. The net income attributable to non-controlling interests for such subsidiaries is presented as “Net increase (decrease) in net assets resulting from operations related to non-controlling interest” in the Company’s Consolidated Statements of Operations. The portion of shareholders' equity that is attributable to non-controlling interests for such subsidiaries is presented as “Non-controlling interest”, a component of total equity, on the Company’s Consolidated Statements of Assets and Liabilities.

The Company’s consolidated 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 all periods presented. All intercompany transactions have been eliminated. 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 consolidated financial statements are prepared in accordance with GAAP and pursuant to the requirements for reporting on Form 10-Q and Article 6 or 10 of Regulation S-X. Accordingly, the Company’s interim consolidated 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, ~~2021.~~2022.

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 Consolidated Statements of Assets and Liabilities at fair value, with changes in unrealized gains and losses resulting from changes in fair value reflected in the Company’s Consolidated Statements of Operations as “Net change in unrealized appreciation (depreciation) of investments” and realizations on portfolio investments reflected in the Company’s Consolidated Statements 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 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:

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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.~~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.

New Mountain Net Lease Corporation

NMNLC was formed to acquire commercial real estate properties that are subject to "triple net" leases. NMNLC's investments are disclosed on the Company's Consolidated Schedule of Investments as of June 30, ~~2021.~~2022.

On March 30, 2020, an affiliate of the Investment Adviser purchased directly from NMNLC 105,030 shares of NMNLC’s common stock at a price of $107.73 per share, which represented the net asset value per share of NMNLC at the date of purchase, for an aggregate purchase price of approximately $11,315. Immediately thereafter, NMNLC redeemed 105,030 shares of its common stock held by NMFC in exchange for a promissory note with a principal amount of $11,315 and a 7.0% interest rate, which was repaid by NMNLC to NMFC on March 31, 2020.

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Below is certain summarized property information for NMNLC as of June 30, ~~2021:~~2022:

Lease

Total

Fair Value as of

Lease

Total

Fair Value as of

Portfolio Company

Tenant

Expiration Date

Location

Square Feet

June 30, 2021

Portfolio Company

Tenant

Expiration Date

Location

Square Feet

June 30, 2022

NM NL Holdings LP / NM GP Holdco LLC

Various

80,917

NM NL Holdings LP / NM GP Holdco LLC

Various

98,295

NM GLCR LP

Arctic Glacier U.S.A.

2/28/2038

214

41,679

NM CLFX LP

Victor Equipment Company

8/31/2033

423

24,670

NM CLFX LP

Victor Equipment Company

8/31/2033

423

21,067

NM APP Canada, Corp.

A.P. Plasman, Inc.

9/30/2031

Canada

436

14,444

NM APP Canada, Corp.

A.P. Plasman, Inc.

9/30/2031

Canada

436

12,314

NM APP US LLC

Plasman Corp, LLC / A-Brite LP

9/30/2033

AL / OH

261

8,781

NM YI, LLC

Young Innovations, Inc.

10/31/2039

IL / MO

212

8,065

NM YI, LLC

Young Innovations, Inc.

10/31/2039

IL / MO

212

8,184

NM DRVT LLC

FMH Conveyors, LLC

10/31/2031

195

7,349

NM JRA LLC

J.R. Automation Technologies, LLC

1/31/2031

3,881

NM KRLN LLC

None

N/A

575

190,361

139,860

Collateralized agreements or repurchase financings—The Company follows the guidance in Accounting Standards Codification Topic 860, Transfers and Servicing—Secured Borrowing and Collateral (“ASC 860”), when accounting for transactions involving the purchases of securities under collateralized agreements to resell (resale agreements). These transactions are treated as collateralized financing transactions and are recorded at their contracted resale or repurchase amounts, as specified in the respective agreements. Interest on collateralized agreements is accrued and recognized over the life of the transaction and included in interest income. As of June 30, ~~2021~~2022 and December 31, ~~2020,~~2021, the Company held one collateralized agreement to resell with a cost basis of $30,000 and $30,000, respectively, and a fair value of ~~$21,422~~$19,401 and $21,422, respectively. The collateralized agreement to resell is on non-accrual. The collateralized agreement to resell is guaranteed by a private hedge fund, PPVA Fund, L.P. The private hedge fund is currently in liquidation under the laws of the Cayman Islands. Pursuant to the terms of the collateralized agreement, the private hedge fund was obligated to repurchase the collateral from the Company at the par value of the collateralized agreement. The private hedge fund has breached its agreement to repurchase the collateral under the collateralized agreement. The default by the private hedge fund did not release the collateral to the Company, and therefore, the Company does not have full rights and title to the collateral. A claim has been filed with the Cayman Islands joint official liquidators to resolve this matter. The joint official liquidators have recognized the Company’s contractual rights under the collateralized agreement. The Company continues to exercise its rights under the collateralized agreement and continues to monitor the liquidation process of the private hedge fund. The fair value of the collateralized agreement to resell is reflective of the increased risk of the position.

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 June 30, ~~2021~~2022 and December 31, ~~2020.~~2021.

Revenue recognition

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

Interest and dividend 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 and certain preferred equity investments in the portfolio that contain a payment-in-kind (“PIK”) interest or dividend provision. PIK interest and dividends are accrued and recorded as income at the contractual rates, if deemed collectible. The PIK interest and dividends are 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 and six months ended June 30, 2022, the Company recognized PIK and non-cash interest from investments of $7,292 and $15,815, respectively, and PIK and non-cash dividends from investments of $5,304 and $10,383, respectively. For the three and six months ended June 30, 2021, the Company recognized PIK and non-cash interest from investments of $5,530 and $11,368, respectively, and PIK and non-cash dividends from investments of $5,846 and $11,033, respectively. For the three and six months ended June 30, 2020, the Company recognized PIK and non-cash interest from investments of $3,228 and $6,718, respectively, and PIK and non-cash dividends from investments of $3,802 and $5,346, respectively.

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Dividend income on common equity is recorded on the record date for private portfolio companies or on the ex-dividend date for publicly traded portfolio companies. Dividend income on preferred securities is recorded as dividend income on an accrual basis to the extent that such amounts are deemed collectible.

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 or dividends are reversed when an investment is placed on non-accrual status. Previously capitalized PIK interest or dividends are not reversed when an investment is placed on non-accrual status. Interest or dividend payments received on non-accrual investments may be recognized as income or applied to principal depending upon management’s

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judgment of the ultimate collectibility. 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.

Other income: Other income represents delayed compensation, consent or amendment fees, revolver fees, structuring fees, upfront fees ~~management fees from a non-controlled/affiliated investment~~ 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 trade date. Other 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.

Interest and other financing expenses—Interest and other financing fees are recorded on an accrual basis by the Company. See Note 7. Borrowings, for details.

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 7. Borrowings, for details.

Deferred offering costs—The Company's deferred offering costs consist of fees and expenses incurred in connection with equity offerings and the filing of shelf registration statements. Upon the issuance of shares, offering costs are charged as a direct reduction to net assets. Deferred offering costs are included in other assets on the Company's Consolidated Statements of Assets and Liabilities.

Income taxes—The Company has elected to be treated, and intends to comply with the requirements to qualify annually, as a RIC under Subchapter M of the Code. As a RIC, the Company is not subject to U.S. federal income tax on the portion of taxable income and gains timely distributed to its stockholders.

To continue 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 stockholders 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 U.S. 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.

Certain consolidated subsidiaries of the Company are subject to U.S. federal and state income taxes. These taxable entities are not consolidated for U.S. federal income tax purposes and may generate income tax liabilities or assets from permanent and temporary differences in the recognition of items for financial reporting and U.S. federal income tax purposes.

For the three and six months ended June 30, 2022, the Company recognized a total income tax provision of approximately $68 and $165, respectively, for the Company’s consolidated subsidiaries. For the three and six months ended June 30, 2022, the Company recorded current income tax (benefit) expense of approximately $(87) and $8, respectively, and deferred income tax provision of approximately $155 and $157, respectively. For the three and six months ended June 30, 2021, the Company recognized a total income tax provision of approximately $22 and $138, respectively, for the Company’s consolidated subsidiaries. For the three and six months ended June 30, 2021, the Company recorded current income tax expense of approximately $22 and $23, respectively, and deferred income tax provision of approximately $0 and $115, respectively. ~~For the three and six months ended June 30, 2020, the Company recognized a total income tax (provision) benefit of approximately $(370) and $528, respectively, for the Company’s~~

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consolidated subsidiaries. For the three and six months ended June 30, 2020, the Company recorded current income tax benefit of approximately $7 and $7, respectively, and deferred income tax (provision) benefit of approximately $(377) and $521, respectively.

As of June 30, ~~2021~~2022 and December 31, ~~2020,~~2021, the Company had ~~$(13)~~$169 and ~~$101,~~$13, respectively, of deferred tax ~~(liabilities) assets~~liabilities primarily relating to deferred taxes attributable to certain differences between the computation of income for U.S. federal income tax purposes as compared to GAAP.

Based on its analysis, the Company has determined that there were no uncertain income tax positions that do not meet the more likely than not threshold as defined by Accounting Standards Codification Topic 740, ("Income Taxes ("ASC 740")

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through December 31, ~~2020.~~2021. The ~~2017~~2018 through ~~2020~~2021 tax years remain subject to examination by the U.S. federal, state, and local tax authorities.

Distributions—Distributions to common stockholders of the Company are recorded on the record date as set by the board of directors. The Company intends to make distributions to its stockholders that will be sufficient to enable the Company to maintain its status as a RIC. The Company intends to distribute approximately all of its net investment income (see Note 5. Agreements, for details) 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.

The Company has adopted a dividend reinvestment plan that provides for reinvestment of any distributions declared on behalf of its stockholders, unless a stockholder elects to receive cash.

The Company applies the following in implementing the dividend reinvestment plan. If the price at which newly issued shares are to be credited to ~~stockholders’~~stockholders' accounts is equal to or greater than 110.0% of the last determined net asset value of the shares, the Company will use only newly issued shares to implement its dividend reinvestment plan. Under such circumstances, the number of shares to be issued to a stockholder is determined by dividing the total dollar amount of the distribution payable to such stockholder by the market price per share of the ~~Company’s~~Company's common stock on the NASDAQ Global Select Market (the ~~“NASDAQ”~~"NASDAQ") on the distribution payment date. Market price per share on that date will be the closing price for such shares on the NASDAQ or, if no sale is reported for such day, the average of their electronically reported bid and ask prices.

If the price at which newly issued shares are to be credited to ~~stockholders’~~stockholders' accounts is less than 110.0% of the last determined net asset value of the shares, the Company will either issue new shares or instruct the plan administrator to purchase shares in the open market to satisfy the additional shares required. Shares purchased in open market transactions by the plan administrator will be allocated to a stockholder based on the average purchase price, excluding any brokerage charges or other charges, of all shares of common stock purchased in the open market. The number of shares of the ~~Company’s~~Company's common stock to be outstanding after giving effect to payment of the distribution cannot be established until the value per share at which additional shares will be issued has been determined and elections of the ~~Company’s~~Company's stockholders have been tabulated.

Share repurchase program—On February 4, 2016, the Company's board of directors authorized a program for the purpose of repurchasing up to $50,000 worth of the Company's common stock (the "Repurchase Program"). Under the Repurchase Program, the Company was permitted, but was not obligated, to repurchase its outstanding common stock in the open market from time to time provided that it complied with the Company's code of ethics and the guidelines specified in Rule 10b-18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), including certain price, market volume and timing constraints. In addition, any repurchases were conducted in accordance with the 1940 Act. On December ~~31, 2020,~~22, 2021, the Company's board of directors extended the Company's Repurchase Program and the Company expects the Repurchase Program to be in place until the earlier of December 31, ~~2021~~2022 or until $50,000 of its outstanding shares of common stock have been repurchased. During the three and six months ended June 30, ~~2021~~2022 and June 30, ~~2020,~~2021, the Company did not repurchase any shares of the Company's common stock. The Company previously repurchased $2,948 of its common stock under the Repurchase Program.

Earnings per share—The ~~Company’s~~Company's earnings per share ~~(“EPS”~~("EPS") amounts have been computed based on the weighted-average number of shares of common stock outstanding for the period. Basic EPS is computed by dividing net increase (decrease) in net assets resulting from operations by the weighted average number of shares of common stock outstanding during the period of computation. Diluted EPS is computed by dividing net increase (decrease) in net assets resulting from operations by the weighted average number of shares of common stock assuming all potential shares had been issued, and its related net impact to net assets accounted for, and the additional shares of common stock were dilutive. Diluted EPS 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

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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~~isolates 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~~"Net change in unrealized appreciation (depreciation)”" and ~~“Net~~"Net realized gains (losses)”" in the ~~Company’s~~Company's Consolidated Statements of Operations.

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

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Use of estimates—The preparation of the ~~Company’s~~Company's consolidated 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~~Company's consolidated 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.

~~Dividend income recorded related to distributions received from flow-through investments is an accounting estimate based on the most recent estimate of the tax treatment of the distribution.~~

Note 3. Investments

At June 30, 2022, the Company's investments consisted of the following:

Investment Cost and Fair Value by Type


	Cost		Fair Value
First lien	$	1,879,391	$	1,857,335
Second lien	636,810		583,394
Subordinated	62,024		55,968
Equity and other	719,231		803,494
Total investments	$	3,297,456	$	3,300,191

Investment Cost and Fair Value by Industry


	Cost		Fair Value
Software	$	889,044	$	882,086
Healthcare Services	561,209		534,702
Business Services	558,848		499,368
Education	206,554		267,964
Investment Funds (includes investments in joint ventures)	252,400		252,400
Consumer Services	156,397		155,833
Net Lease	103,359		139,860
Distribution & Logistics	106,206		103,089
Specialty Chemicals & Materials	62,770		75,135
Financial Services	69,712		70,432
Healthcare Information Technology	68,483		68,097
Information Technology	58,604		58,553
Insurance Services	54,403		50,854
Energy	51,716		47,773
Packaging	40,434		39,378
Consumer Products	20,309		20,290
Federal Services	12,727		12,711
Business Products	10,766		8,179
Industrial Services	7,687		7,669
Information Services	5,828		5,818
Total investments	$	3,297,456	$	3,300,191

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At December 31, 2021, the Company’s investments consisted of the following:

Investment Cost and Fair Value by Type


		Cost		Fair Value			Cost		Fair Value
First lien	First lien	$	1,631,322	$	1,606,232	First lien	$	1,682,541	$	1,657,815
Second lien	Second lien	660,884		656,434		Second lien	645,370		627,356
Subordinated	Subordinated	42,378		37,982		Subordinated	54,996		50,742
Equity and other	Equity and other	715,191		788,240		Equity and other	743,585		838,451
Total investments	Total investments	$	3,049,775	$	3,088,888	Total investments	$	3,126,492	$	3,174,364

Investment Cost and Fair Value by Industry


		Cost		Fair Value			Cost		Fair Value
Software	Software	$	899,545	$	905,039	Software	$	782,714	$	781,304
Business Services	Business Services	715,166		657,728		Business Services	578,635		514,013
Healthcare Services	Healthcare Services	459,541		460,993		Healthcare Services	510,832		509,941
Investment Funds (includes investments in joint ventures)						Investment Funds (includes investments in joint ventures)	252,400		252,400
Education	Education	245,917		297,599		Education	200,895		250,351
Investment Funds (includes investments in joint ventures)		252,400		252,400
Net Lease	Net Lease	125,687		190,361		Net Lease	150,603		229,253
Federal Services		63,527		64,035
Consumer Services						Consumer Services	111,464		111,140
Distribution & Logistics	Distribution & Logistics	65,498		61,093		Distribution & Logistics	106,211		104,112
Insurance Services						Insurance Services	76,307		75,094
Specialty Chemicals & Materials	Specialty Chemicals & Materials	61,865		48,629		Specialty Chemicals & Materials	60,295		60,367
Information Technology						Information Technology	58,570		58,553
Financial Services						Financial Services	55,424		55,745
Healthcare Information Technology	Healthcare Information Technology	48,154		48,446		Healthcare Information Technology	52,804		52,946
Industrial Services		41,475		41,543
Energy	Energy	45,856		36,913		Energy	47,702		38,759
Packaging	Packaging	14,383		13,321		Packaging	34,763		33,723
Federal Services						Federal Services	12,797		12,790
Business Products	Business Products	10,761		10,788		Business Products	10,764		10,586
Consumer Products						Consumer Products	10,218		10,206
Industrial Services						Industrial Services	7,368		7,362
Information Services						Information Services	5,726		5,719
Total investments	Total investments	$	3,049,775	$	3,088,888	Total investments	$	3,126,492	$	3,174,364

As of June 30, 2022, the Company's aggregate principal amount of its second lien term loan in Integro Parent Inc. ("Integro") was $10,451. During the second quarter of 2022, the Company placed an aggregate principal amount of $3,658 of its second lien position on non-accrual status. As of June 30, 2022, the Company's position in Integro on non-accrual status had an aggregate cost basis of $3,637, an aggregate fair value of $2,369, total unearned interest income of $101 and $101, respectively, for the three and six months then ended and total unearned other income of $36 and $36, respectively, for the three and six months then ended.

During the second quarter of 2022, the Company placed its second lien positions in National HME, Inc. ("National HME") on non-accrual status. As of June 30, 2022, the Company's second lien positions in National HME had an aggregate cost basis of $36,512, an aggregate fair value of $8,548, and total unearned interest income of $1,163 and $1,163, respectively, for the three and six months then ended.

As of June 30, 2022, the Company's aggregate principal amount of its subordinated position and first lien term loans in American Achievement Corporation ("AAC") was $5,230 and $29,678, respectively. During the first quarter of 2021, the Company placed an aggregate principal amount of $5,230 of its subordinated position on non-accrual status. During the third quarter of 2021, the Company placed an aggregate principal amount of $12,787 of its first lien term loans on non-accrual status. As of June 30, 2022, the Company's positions in AAC on non-accrual status had an aggregate cost basis of $12,769, an

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~~At December 31, 2020,~~aggregate fair value of $7,211 and total unearned interest income of $310 and $606, respectively, for the ~~Company’s investments consisted~~three and six months then ended.

During the third quarter of 2021, the ~~following:~~Company placed its second lien position in Sierra Hamilton Holdings Corporation ("Sierra") on non-accrual status. As of June 30, 2022, the Company's second lien position in Sierra had an aggregate cost basis of $5, an aggregate fair value of $0, and total unearned interest income of $0 and $0, respectively, for the three and six months then ended.

~~Investment Cost and Fair Value by Type~~

Cost Fair Value
First lien $ 1,601,438 $ 1,576,217
Second lien 699,263 692,828
Subordinated 46,407 36,939
Equity and other 650,561 647,518
Total investments $ 2,997,669 $ 2,953,502

~~Investment Cost and Fair Value by Industry~~

Cost Fair Value
Software $ 810,907 $ 815,109
Business Services 673,680 623,609
Healthcare Services 483,845 479,084
Education 236,922 238,034
Investment Funds (includes investments in joint ventures) 222,400 222,400
Net Lease 116,791 150,829
Federal Services 82,637 83,742
Consumer Services 78,231 78,538
Specialty Chemicals & Materials 62,037 61,651
Distribution & Logistics 65,589 57,878
Healthcare Information Technology 47,610 47,915
Industrial Services 36,581 36,744
Energy 55,309 34,112
Packaging 14,371 13,069
Business Products 10,759 10,788
Total investments $ 2,997,669 $ 2,953,502

During the first quarter of 2020, the Company placed its junior preferred shares in UniTek Global Services, Inc. ("UniTek") on non-accrual status. As of June 30, ~~2021,~~2022, the Company's junior preferred shares in UniTek had an aggregate cost basis of $34,393, an aggregate fair value of $0 and total unearned dividend income of ~~$1,442~~$1,647 and ~~$2,838~~$3,241, respectively, for the three and six months then ~~ended, respectively.~~ended. During the ~~fourth~~third quarter of ~~2020,~~2021, the Company placed an aggregate principal amount of ~~$9,898~~$19,795 of its investment in the senior preferred shares of UniTek on non-accrual status. As of June 30, ~~2021,~~2022, the Company's senior preferred shares in UniTek ~~which were placed on non-accrual status,~~ had an aggregate cost basis of ~~$9,898,~~$19,795, an aggregate fair value of approximately ~~$2,370~~$7,633 and total unearned dividend income of approximately ~~$484~~$1,136 and ~~$936~~$2,220, respectively, for the three and six months then ~~ended, respectively.~~ended.

During the first quarter of 2018, the Company placed its first lien positions in Education Management II LLC ("EDMC") on non-accrual status as EDMC announced its intention to wind down and liquidate the business. As of June 30, ~~2021,~~2022, the Company's investment in EDMC, which was placed on non-accrual status, represented an aggregate cost basis of ~~$957,~~$956, an aggregate fair value of $0 and total unearned interest income of $9$5 and $9, respectively, for the three and six months then ~~ended, respectively.~~ended.

As of June 30, ~~2021,~~2022, the Company had unfunded commitments on revolving credit facilities and bridge facilities of ~~$59,998~~$98,487 and $0, respectively. As of June 30, ~~2021,~~2022, the Company had unfunded commitments in the form of delayed draws or other future funding commitments of ~~$46,072.~~$182,299. The unfunded commitments on revolving credit facilities and delayed draws are disclosed on the Company’s Consolidated Schedule of Investments as of June 30, ~~2021.~~2022.

As of December 31, ~~2020,~~2021, the Company had unfunded commitments on revolving credit facilities and bridge facilities of ~~$63,411~~$86,989 and $0, respectively. As of December 31, ~~2020,~~2021, the Company had unfunded commitments in the form of delayed draws or other future funding commitments of ~~$9,715.~~$128,446. The unfunded commitments on revolving credit facilities and delayed draws are disclosed on the Company’s Consolidated Schedule of Investments as of December 31, ~~2020.~~

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2021.

PPVA Black Elk (Equity) LLC

On May 3, 2013, the Company entered into a collateralized securities purchase and put agreement (the “SPP Agreement”) with a private hedge fund. Under the SPP Agreement, the Company purchased twenty million Class E Preferred Units of Black Elk Energy Offshore Operations, LLC (“Black Elk”) for $20,000 with a corresponding obligation of the private hedge fund, PPVA Black Elk (Equity) LLC, to repurchase the preferred units for $20,000 plus other amounts due under the SPP Agreement. The majority owner of Black Elk was the private hedge fund. In August 2014, the Company received a payment of $20,540, the full amount due under the SPP Agreement.

In August 2017, a trustee (the “Trustee”) for Black Elk informed the Company that the Trustee intended to assert a fraudulent conveyance claim (the “Claim”) against the Company and one of its affiliates seeking the return of the $20,540 repayment. Black Elk filed a Chapter 11 bankruptcy petition pursuant to the ~~United States~~U.S. Bankruptcy Code in August 2015. The Trustee alleged that individuals affiliated with the private hedge fund conspired with Black Elk and others to improperly use proceeds from the sale of certain Black Elk assets to repay, in August 2014, the private hedge fund’s obligation to the Company under the SPP Agreement. The Company was unaware of these claims at the time the repayment was received. The private hedge fund is currently in liquidation under the laws of the Cayman Islands.

On December 22, 2017, the Company settled the Trustee’s $20,540 Claim for $16,000 and filed a claim with the Cayman Islands joint official liquidators of the private hedge fund for $16,000 that is owed to the Company under the SPP Agreement. The SPP Agreement was restored and is in effect since repayment has not been made. The Company continues to exercise its rights under the SPP Agreement and continues to monitor the liquidation process of the private hedge fund. During the year ended December 31, 2018, the Company received a $1,500 payment from its insurance carrier in respect to the settlement. As of June 30, ~~2021~~2022 and December 31, ~~2020,~~2021, the SPP Agreement has a cost basis of $14,500 and $14,500, respectively, and a fair value of ~~$10,354~~$9,377 and $10,354, respectively, which is reflective of the higher inherent risk in this transaction.

~~NMFC Senior Loan Program I LLC~~

NMFC Senior Loan Program I LLC (“SLP I”) was formed as a Delaware limited liability company on May 27, 2014 and commenced operations on June 10, 2014. SLP I was structured as a private investment fund and was a portfolio company held by the Company. SLP I operated under a limited liability company agreement (the “SLP I Agreement”) and invested in senior secured loans issued by companies within the Company’s core industry verticals. These investments were typically broadly syndicated first lien loans.

Effective May 5, 2021, the Company and SkyKnight Income III, LLC (“SkyKnight Income III”) entered into a Contribution Agreement in which 100% of both of their membership interests in SLP I were transferred and contributed to NMFC Senior Loan Program IV LLC ("SLP IV"), a Delaware limited liability company, structured as a private joint venture investment fund between the Company and SkyKnight Income Alpha, LLC ("SkyKnight Alpha"). On May 5, 2021, SLP I entered into Amendment 1 to the First Amended and Restated Limited Liability Company Agreement (the “Amended Restated SLP I Agreement”), which admitted SLP IV as the sole member of SLP I. As of May 5, 2021, SLP I is a wholly-owned subsidiary of SLP IV.

As of May 4, 2021, SLP I had total investments with an aggregate fair value of approximately $119,642, debt outstanding of $79,467 and capital that had been called and funded of $43,000. As of December 31, 2020, SLP I had total investments with an aggregate fair value of approximately $124,659, debt outstanding of $188,867 and capital that had been called and funded of $43,000. The Company’s investment in SLP I is disclosed on the Company’s Consolidated Schedule of Investments as of December 31, 2020.

Below is a summary of SLP I's portfolio, along with a listing of the individual investments in SLP I's portfolio as of December 31, 2020. As of May 5, 2021 all investments in the SLP I portfolio are included in the consolidated portfolio of SLP IV.


	~~December 31, 2020~~
~~First lien investments (1)~~	$	~~127,660~~
~~Weighted average interest rate on first lien investments (2)~~	~~4.85~~		%
~~Number of portfolio companies in SLP I~~	34
~~Largest portfolio company investment (1)~~	$	~~7,797~~
~~Total of five largest portfolio company investments (1)~~	$	~~34,918~~

~~(1)Reflects principal amount or par value of investment.~~

~~(2)Computed as the all in interest rate in effect on accruing investments divided by the total principal amount of investments.~~

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~~The following table is a listing of the individual investments in SLP I's portfolio as of December 31, 2020:~~

Portfolio Company and Type of Investment Industry Interest Rate (1) Maturity Date Principal Amount or Par Value Cost Fair
Value (2)
Funded Investments - First lien
Access CIG, LLC Business Services 3.98% (L + 3.75%) 2/27/2025 $ 3,678 $ 3,701 $ 3,649
Advisor Group Holdings, Inc. Consumer Services 5.15% (L + 5.00%) 7/31/2026 6,866 6,809 6,836
Affordable Care Holding Corp. Healthcare Services 5.75% (L + 4.75%) 10/24/2022 6,614 6,578 6,531
ASG Technologies Group, Inc. Software 4.50% (L + 3.50%) 7/31/2024 653 651 636
BarBri, Inc. Education 5.00% (L + 4.00%) 12/1/2023 5,980 5,964 5,980
Bearcat Buyer, Inc. Healthcare Services 5.25% (L + 4.25%) 7/9/2026 131 130 131
Bearcat Buyer, Inc. Healthcare Services 5.25% (L + 4.25%) 7/9/2026 631 628 631
Bracket Intermediate Holding Corp. Healthcare Services 4.48% (L + 4.25%) 9/5/2025 4,520 4,504 4,474
Certara Holdco, Inc. Healthcare Information Technology 3.75% (L + 3.50%) 8/15/2024 5,138 5,134 5,145
CHA Holdings, Inc. Business Services 5.50% (L + 4.50%) 4/10/2025 452 452 423
Cvent, Inc. Software 3.90% (L + 3.75%) 11/29/2024 6,745 6,732 6,479
Dealer Tire, LLC Distribution & Logistics 4.40% (L + 4.25%) 12/12/2025 3,433 3,426 3,419
Drilling Info Holdings, Inc. Business Services 4.40% (L + 4.25%) 7/30/2025 6,103 6,084 5,925
Emerald 2 Limited Business Services 3.50% (L + 3.25%) 7/10/2026 449 448 445
eResearchTechnology, Inc. Healthcare Services 5.50% (L + 4.50%) 2/4/2027 1,345 1,333 1,336
Fastlane Parent Company, Inc. Distribution & Logistics 4.65% (L + 4.50%) 2/4/2026 1,363 1,342 1,355
Greenway Health, LLC Software 4.75% (L + 3.75%) 2/16/2024 6,693 6,677 6,141
Heartland Dental, LLC Healthcare Services 3.65% (L + 3.50%) 4/30/2025 3,609 3,597 3,524
HS Purchaser, LLC / Help/Systems Holdings, Inc. Software 5.75% (L + 4.75%) 11/19/2026 138 137 138
LSCS Holdings, Inc. Healthcare Services 4.51% (L + 4.25%) 3/17/2025 1,372 1,367 1,344
LSCS Holdings, Inc. Healthcare Services 4.51% (L + 4.25%) 3/17/2025 5,314 5,297 5,208
Market Track, LLC Business Services 5.25% (L + 4.25%) 6/5/2024 781 783 767
Medical Solutions Holdings, Inc. Healthcare Services 5.50% (L + 4.50%) 6/14/2024 2,249 2,245 2,237
Ministry Brands, LLC Software 5.00% (L + 4.00%) 12/2/2022 4,876 4,868 4,852
National Intergovernmental Purchasing Alliance Company Business Services 4.00% (L + 3.75%) 5/23/2025 1,352 1,354 1,346
Pelican Products, Inc. Business Products 4.50% (L + 3.50%) 5/1/2025 2,254 2,250 2,217
Premise Health Holding Corp. Healthcare Services 3.75% (L + 3.50%) 7/10/2025 628 626 614
Project Accelerate Parent, LLC Business Services 5.25% (L + 4.25%) 1/2/2025 4,175 4,159 3,799
PSC Industrial Holdings Corp. Industrial Services 4.75% (L + 3.75%) 10/11/2024 3,906 3,883 3,799
Salient CRGT Inc. Federal Services 7.50% (L + 6.50%) 2/28/2022 6,731 6,713 6,731
Sierra Enterprises, LLC Food & Beverage 5.00% (L + 4.00%) 11/11/2024 4,260 4,243 4,192
Wirepath LLC Distribution & Logistics 4.25% (L + 4.00%) 8/5/2024 6,779 6,779 6,542
WP CityMD Bidco LLC Healthcare Services 5.50% (L + 4.50%) 8/13/2026 6,148 6,096 6,162
Wrench Group LLC Consumer Services 4.25% (L + 4.00%) 4/30/2026 2,739 2,716 2,712
YI, LLC Healthcare Services 5.00% (L + 4.00%) 11/7/2024 7,797 7,792 7,174
Zelis Cost Management Buyer, Inc. Healthcare Information Technology 4.90% (L + 4.75%) 9/30/2026 1,758 1,743 1,765
Total Funded Investments $ 127,660 $ 127,241 $ 124,659

~~(1)~~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 LIBOR (L), the Prime Rate (P) and the alternative base rate (Base). For each investment, the current interest rate provided reflects the rate in effect as of December 31, 2020.

~~(2)Represents the fair value in accordance with Accounting Standards Codification Topic 820,~~ ~~Fair Value Measurement and Disclosures~~ ~~("ASC 820"). The Company's board of directors does not determine the fair value of the investments held by SLP I.~~

~~Table of Contents~~

Below is certain summarized financial information for SLP I as of May 4, 2021 and December 31, 2020 and for the periods from April 1, 2021 through May 4, 2021 and January 1, 2021 through May 4, 2021 and the three and six months ended June 30, 2020:

Selected Balance Sheet Information: May 4, 2021 December 31, 2020
Investments at fair value (cost of $120,921 and $127,241, respectively) $ 119,642 $ 124,659
Receivable from in-kind distributions — 100,404
Receivable from unsettled securities sold — 1,662
Cash and other assets 2,279 6,461
Total assets $ 121,921 $ 233,186
Credit facility $ 79,467 $ 188,867
Deferred financing costs — (296)
Distribution payable 310 2,538
Other liabilities 388 1,364
Total liabilities 80,165 192,473
Members' capital $ 41,756 $ 40,713
Total liabilities and members' capital $ 121,921 $ 233,186

Selected Statement of Operations Three Months Ended Six Months Ended
Information: May 4, 2021(1) June 30, 2020 May 4, 2021(2) June 30, 2020
Interest income $ 589 $ 4,387 $ 2,555 $ 9,509
Other income 2 13 13 52
Total investment income 591 4,400 2,568 9,561
Interest and other financing expenses 381 1,357 852 3,311
Other expenses 52 388 591 786
Total expenses 433 1,745 1,443 4,097
Less: expenses waived and reimbursed — (49) — (105)
Net expenses 433 1,696 1,443 3,992
Net investment income 158 2,704 1,125 5,569
Net realized (losses) gains on investments — (342) 1 (297)
Net change in unrealized (depreciation) appreciation of investments (163) 22,816 1,302 (16,244)
Net (decrease) increase in members' capital $ (5) $ 25,178 $ 2,428 $ (10,972)

~~(1)Reflects the results of operations for the period from April 1, 2021 through May 4, 2021.~~

~~(2)Reflects the results of operations for the period from January 1, 2021 through May 4, 2021.~~

~~Table of Contents~~

Pursuant to the First Amended and Restated Limited Liability Company Agreement effective December 11, 2020 (the “Restated SLP I Agreement”), the Company was no longer entitled to, and SLP I no longer paid management fees for investment management services provided to SLP I. For the periods from April 1, 2021 through May 4, 2021 and January 1, 2021 through May 4, 2021, the Company did not earn management fees related to SLP I. For the three and six months ended June 30, 2020, the Company earned approximately $260 and $527, respectively, in management fees related to SLP I, which is included in other income. As of May 4, 2021 and December 31, 2020, approximately $0 and $117, respectively, of management fees related to SLP I was included in receivable from affiliates. For the periods from April 1, 2021 through May 4, 2021 and January 1, 2021 through May 4, 2021, the Company earned approximately $166 and $741, respectively, of dividend income related to SLP I, which is included in dividend income. For the three and six months ended June 30, 2020, the Company earned approximately $689 and $1,409, respectively, of dividend income related to SLP I, which is included in dividend income. As of May 4, 2021 and December 31, 2020, approximately $166 and $657, respectively, of dividend income related to SLP I was included in interest and dividend receivable.

~~NMFC Senior Loan Program II LLC~~

NMFC Senior Loan Program II LLC ("SLP II") was formed as a Delaware limited liability company on March 9, 2016 and commenced operations on April 12, 2016. SLP II was structured as a private joint venture investment fund between the Company and SkyKnight Income, LLC (“SkyKnight”) and operated under a limited liability company agreement (the "SLP II Agreement"). The purpose of the joint venture was to invest primarily in senior secured loans issued by portfolio companies within the Company's core industry verticals. These investments were typically broadly syndicated first lien loans. All investment decisions had to be unanimously approved by the board of managers of SLP II, which had equal representation from the Company and SkyKnight.

Effective May 5, 2021, the Company and SkyKnight entered into a Contribution Agreement in which 100% of both of their membership interests in SLP II were transferred and contributed to SLP IV. Effective May 5, 2021, SLP II entered into Amendment 1 to the Limited Liability Company Agreement (the “Amended SLP II Agreement”), which admitted SLP IV as the sole member of SLP II. As of May 5, 2021, SLP II is a wholly-owned subsidiary of SLP IV.

As of May 4, 2021 and December 31, 2020, SLP II had total investments with an aggregate fair value of approximately $250,290 and $271,149, respectively, and debt outstanding under its credit facility of $158,470 and $183,970, respectively. As of May 4, 2021 and December 31, 2020, none of SLP II's investments were on non-accrual.

Below is a summary of SLP II's portfolio, along with a listing of the individual investments in SLP II's portfolio as of December 31, 2020. As of May 5, 2021, all investments in the SLP II portfolio are included in the consolidated portfolio of SLP IV.


	~~December 31, 2020~~
~~First lien investments (1)~~	$	~~279,678~~
~~Weighted average interest rate on first lien investments (2)~~	~~5.07~~		%
~~Number of portfolio companies in SLP II~~	32
~~Largest portfolio company investment (1)~~	$	~~16,481~~
~~Total of five largest portfolio company investments (1)~~	$	~~75,522~~

~~(1)Reflects principal amount or par value of investment.~~

~~(2)Computed as the all in interest rate in effect on accruing investments divided by the total principal amount of investments.~~

~~Table of Contents~~

~~The following table is a listing of the individual investments in SLP II's portfolio as of December 31, 2020:~~

Portfolio Company and Type of Investment Industry Interest Rate (1) Maturity Date Principal Amount or Par Value Cost Fair
Value (2)
Funded Investments - First lien
Access CIG, LLC Business Services 3.98% (L + 3.75%) 2/27/2025 $ 4,613 $ 4,598 $ 4,577
ADG, LLC Healthcare Services 6.25 % (L + 4.75% + 0.50% PIK) 9/28/2023 16,481 16,410 15,612
Advisor Group Holdings, Inc. Consumer Services 5.15% (L + 5.00%) 7/31/2026 4,950 4,909 4,928
Bearcat Buyer, Inc. Healthcare Services 5.25% (L + 4.25%) 7/9/2026 283 282 283
Bearcat Buyer, Inc. Healthcare Services 5.25% (L + 4.25%) 7/9/2026 1,365 1,359 1,365
Bleriot US Bidco Inc. Federal Services 5.00% (L + 4.75%) 10/31/2026 1,341 1,329 1,341
Bleriot US Bidco Inc. Federal Services 5.00% (L + 4.75%) 10/30/2026 8,584 8,509 8,584
Brave Parent Holdings, Inc. Software 4.15% (L + 4.00%) 4/18/2025 3,652 3,643 3,630
CentralSquare Technologies, LLC Software 4.00% (L + 3.75%) 8/29/2025 14,700 14,674 13,745
CHA Holdings, Inc. Business Services 5.50% (L + 4.50%) 4/10/2025 2,026 2,019 1,895
CHA Holdings, Inc. Business Services 5.50% (L + 4.50%) 4/10/2025 10,588 10,556 9,900
Dealer Tire, LLC Distribution & Logistics 4.40% (L + 4.25%) 12/12/2025 7,425 7,409 7,394
Drilling Info Holdings, Inc. Business Services 4.40% (L + 4.25%) 7/30/2025 14,608 14,563 14,182
Edgewood Partners Holdings LLC (EPIC) Business Services 5.25% (L + 4.25%) 9/6/2024 7,356 7,304 7,301
eResearchTechnology, Inc. Healthcare Services 5.50% (L + 4.50%) 2/4/2027 3,129 3,101 3,106
Fastlane Parent Company, Inc. Distribution & Logistics 4.65% (L + 4.50%) 2/4/2026 3,439 3,386 3,419
Greenway Health, LLC Software 4.75% (L + 3.75%) 2/16/2024 14,475 14,439 13,281
HS Purchaser, LLC / Help/Systems Holdings, Inc. Software 5.75% (L + 4.75%) 11/19/2026 4,411 4,373 4,411
Institutional Shareholder Services Inc. Business Services 4.75% (L + 4.50%) 3/5/2026 13,755 13,648 13,600
Keystone Acquisition Corp. Healthcare Services 6.25% (L + 5.25%) 5/1/2024 5,225 5,196 4,937
LSCS Holdings, Inc. Healthcare Services 4.51% (L + 4.25%) 3/17/2025 1,865 1,863 1,828
LSCS Holdings, Inc. Healthcare Services 4.51% (L + 4.25%) 3/17/2025 7,225 7,219 7,080
Market Track, LLC Business Services 5.25% (L + 4.25%) 6/5/2024 11,580 11,549 11,376
Medical Solutions Holdings, Inc. Healthcare Services 5.50% (L + 4.50%) 6/14/2024 2,767 2,760 2,753
Ministry Brands, LLC Software 5.00% (L + 4.00%) 12/2/2022 2,073 2,069 2,063
Ministry Brands, LLC Software 5.00% (L + 4.00%) 12/2/2022 871 869 867
Ministry Brands, LLC Software 5.00% (L + 4.00%) 12/2/2022 12,034 12,011 11,975
Peraton Corp. (fka MHVC Acquisition Corp.) Federal Services 6.25% (L + 5.25%) 4/29/2024 10,133 10,105 10,158
Premise Health Holding Corp. Healthcare Services 3.75% (L + 3.50%) 7/10/2025 1,358 1,354 1,328
Project Accelerate Parent, LLC Business Services 5.25% (L + 4.25%) 1/2/2025 12,418 12,379 11,300
PSC Industrial Holdings Corp. Industrial Services 4.75% (L + 3.75%) 10/11/2024 3,028 3,011 2,945
Quest Software US Holdings Inc. Software 4.46% (L + 4.25%) 5/16/2025 14,700 14,650 14,480
Salient CRGT Inc. Federal Services 7.50% (L + 6.50%) 2/28/2022 12,478 12,445 12,478
Wirepath LLC Distribution & Logistics 4.25% (L + 4.00%) 8/5/2024 14,663 14,663 14,149
WP CityMD Bidco LLC Healthcare Services 5.50% (L + 4.50%) 8/13/2026 5,418 5,372 5,431
Wrench Group LLC Consumer Services 4.25% (L + 4.00%) 4/30/2026 5,924 5,875 5,865
YI, LLC Healthcare Services 5.00% (L + 4.00%) 11/7/2024 14,649 14,641 13,477
Zelis Cost Management Buyer, Inc. Healthcare Information Technology 4.90% (L + 4.75%) 9/30/2026 4,088 4,053 4,105
Total Funded Investments $ 279,678 $ 278,595 $ 271,149

~~(2)Represents the fair value in accordance with ASC 820. The Company's board of directors does not determine the fair value of the investments held by SLP II.~~

~~Table of Contents~~

Below is certain summarized financial information for SLP II as of May 4, 2021 and December 31, 2020 and for the periods from April 1, 2021 through May 4, 2021 and January 1, 2021 through May 4, 2021 and the three and six months ended June 30, 2020:

Selected Balance Sheet Information: May 4, 2021 December 31, 2020
Investments at fair value (cost of $254,139 and $278,595, respectively) $ 250,290 $ 271,149
Cash and other assets 5,691 8,759
Total assets $ 255,981 $ 279,908
Credit facility $ 158,470 $ 183,970
Deferred financing costs — (534)
Distribution payable 535 2,500
Other liabilities 460 1,058
Total liabilities 159,465 186,994
Members' capital $ 96,516 $ 92,914
Total liabilities and members' capital $ 255,981 $ 279,908

Selected Statement of Operations Three Months Ended Six Months Ended
Information: May 4, 2021(1) June 30, 2020 May 4, 2021(2) June 30, 2020
Interest income $ 1,210 $ 4,532 $ 4,744 $ 9,979
Other income — 17 — 70
Total investment income 1,210 4,549 4,744 10,049
Interest and other financing expenses 580 1,361 1,560 3,506
Other expenses 41 130 148 262
Total expenses 621 1,491 1,708 3,768
Net investment income 589 3,058 3,036 6,281
Net realized gains (losses) on investments 1 (862) 3 (806)
Net change in unrealized (depreciation) appreciation of investments (422) 21,752 3,597 (13,049)
Net increase (decrease) in members' capital $ 168 $ 23,948 $ 6,636 $ (7,574)

~~(1)Reflects the results of operations for the period from April 1, 2021 through May 4, 2021.~~

~~(2)Reflects the results of operations for the period from January 1, 2021 through May 4, 2021.~~

For the period from April 1, 2021 through May 4, 2021 and January 1, 2021 through May 4, 2021, the Company earned approximately $425 and $2,410, respectively, of dividend income related to SLP II, which is included in dividend income. For the three and six months ended June 30, 2020, the Company earned approximately $2,117 and $4,698, respectively, of dividend income related to SLP II, which is included in dividend income. As of May 4, 2021 and December 31, 2020, approximately $425 and $1,985, respectively, of dividend income related to SLP II was included in interest and dividend receivable.

~~Table of Contents~~

NMFC Senior Loan Program III LLC

Table of Contents

within the Company's core industry verticals. These investments are typically broadly syndicated first lien loans. All investment decisions must be unanimously approved by the board of managers of SLP III, which has equal representation from the Company and SkyKnight II. SLP III has a five year investment period and will continue in existence until April 25, 2025. The investment period may be extended for up to one year pursuant to certain terms of the SLP III Agreement.

SLP III is capitalized with equity contributions which are called from its members, on a pro-rata basis based on their equity commitments, as transactions are completed. Any decision by SLP III to call down on capital commitments requires approval by the board of managers of SLP III. As of June 30, ~~2021,~~2022, the Company and SkyKnight II have committed and contributed $140,000 and $35,000, respectively, of equity to SLP III. The Company’s investment in SLP III is disclosed on the Company’s Consolidated Schedule of Investments as of June 30, ~~2021~~2022 and December 31, ~~2020.~~2021.

On May 2, 2018, SLP III entered into its revolving credit facility with Citibank, N.A., which matures on ~~May 2, 2023~~January 8, 2026. Effective July 8, 2021, the reinvestment period was extended to July 8, 2024. As of the most recent amendment on July 8, 2021, during the reinvestment period the credit facility bears interest at a rate of the London Interbank Offered Rate ("LIBOR") plus 1.60% and ~~bears~~after the reinvestment period it will bear interest at a rate of LIBOR plus 1.90%. Prior to July 8, 2021, the credit facility bore interest at a rate of LIBOR plus 1.70% ~~per annum.~~. Effective November 23, 2020, SLP III's revolving credit facility has a maximum borrowing capacity of $525,000. As of June 30, ~~2021~~2022 and December 31, ~~2020,~~2021, SLP III had total investments with an aggregate fair value of approximately ~~$680,880~~$654,639 and ~~$609,961,~~$702,148, respectively, and debt outstanding under its credit facility of ~~$518,200~~$514,500 and ~~$424,200,~~$510,900, respectively. As of June 30, ~~2021~~2022 and December 31, ~~2020,~~2021, none of SLP III's investments were on non-accrual. Additionally, as of June 30, ~~2021~~2022 and December 31, ~~2020,~~2021, SLP III had unfunded commitments in the form of delayed draws of ~~$11,046~~$4,479 and ~~$7,838,~~$4,569, respectively.

Below is a summary of SLP III's portfolio, along with a listing of the individual investments in SLP III's portfolio as of June 30, ~~2021~~2022 and December 31, ~~2020:~~2021:


		June 30, 2021			December 31, 2020				June 30, 2022			December 31, 2021
First lien investments (1)	First lien investments (1)	$	695,451		$	626,985		First lien investments (1)	$	697,482		$	709,517
Weighted average interest rate on first lien investments (2)	Weighted average interest rate on first lien investments (2)	4.58		%	4.72		%	Weighted average interest rate on first lien investments (2)	5.75		%	4.50		%
Number of portfolio companies in SLP III	Number of portfolio companies in SLP III	77			69			Number of portfolio companies in SLP III	82			80
Largest portfolio company investment (1)	Largest portfolio company investment (1)	$	23,608		$	23,735		Largest portfolio company investment (1)	$	23,368		$	23,489
Total of five largest portfolio company investments (1)	Total of five largest portfolio company investments (1)	$	96,996		$	99,159		Total of five largest portfolio company investments (1)	$	93,960		$	95,504

(1)Reflects principal amount or par value of investment.

(2)Computed as the all in interest rate in effect on accruing investments divided by the total principal amount of investments.

6166

Table of Contents

The following table is a listing of the individual investments in SLP III's portfolio as of June 30, ~~2021:~~2022:

Portfolio Company and Type of Investment

Industry

Interest Rate (1)

Maturity Date

Principal Amount or Par Value

Cost

Fair
Value (2)

Portfolio Company and Type of Investment

Industry

Interest Rate (1)

Maturity Date

Principal Amount or Par Value

Cost

Fair
Value (2)

Funded Investments - First lien

Access CIG, LLC

Business Services

3.84% (L + 3.75%)

2/27/2025

863

859

ADMI Corp. (aka Aspen Dental)

Healthcare Services

4.25% (L + 3.75%)

12/23/2027

2,431

2,418

2,430

ADMI Corp. (aka Aspen Dental)

Healthcare Services

5.17% (L + 3.50%)

12/23/2027

2,412

2,402

2,215

Advisor Group Holdings, Inc.

Consumer Services

4.60% (L + 4.50%)

7/31/2026

9,850

9,812

9,884

Advisor Group Holdings, Inc.

Financial Services

6.17% (L + 4.50%)

7/31/2026

9,750

9,719

9,299

AG Parent Holdings, LLC

Healthcare Services

5.10% (L + 5.00%)

7/31/2026

12,313

12,265

12,266

AG Parent Holdings, LLC

Healthcare Services

6.67% (L + 5.00%)

7/31/2026

12,188

12,149

11,689

Artera Services, LLC

Distribution & Logistics

4.50% (L + 3.50%)

3/6/2025

6,942

6,890

6,920

Artera Services, LLC

Distribution & Logistics

5.75% (L + 3.50%)

3/6/2025

6,873

6,833

5,460

Aston FinCo S.a.r.l. / Aston US Finco, LLC

Software

4.34% (L + 4.25%)

10/9/2026

5,925

5,878

5,906

Aston FinCo S.a.r.l. / Aston US Finco, LLC

Software

5.92% (L + 4.25%)

10/9/2026

5,865

5,827

5,528

Astra Acquisition Corp.

Software

5.50% (L + 4.75%)

3/1/2027

16,449

16,376

16,470

athenahealth Group Inc.

Healthcare I.T.

5.01% (SOFR + 3.50%)

2/15/2029

3,235

3,220

2,986

BCPE Empire Holdings, Inc.

Distribution & Logistics

5.67% (L + 4.00%)

6/11/2026

4,280

4,254

4,024

BCPE Empire Holdings, Inc.

Distribution & Logistics

4.10% (L + 4.00%)

6/11/2026

6,824

6,783

6,807

BCPE Empire Holdings, Inc.

Distribution & Logistics

6.25% (SOFR + 4.63%)

6/11/2026

3,273

3,159

3,158

Bearcat Buyer, Inc.

Healthcare Services

5.25% (L + 4.25%)

7/9/2026

19,554

19,480

19,554

Bearcat Buyer, Inc.

Healthcare Services

6.50% (L + 4.25%)

7/9/2026

19,355

19,295

19,355

Bearcat Buyer, Inc.

Healthcare Services

5.25% (L + 4.25%)

7/9/2026

4,054

4,036

4,054

Bearcat Buyer, Inc.

Healthcare Services

6.50% (L + 4.25%)

7/9/2026

4,013

3,999

4,013

Bella Holding Company, LLC

Healthcare Services

4.50% (L + 3.75%)

5/10/2028

4,039

4,000

4,046

Bella Holding Company, LLC

Healthcare Services

5.42% (L + 3.75%)

5/10/2028

2,249

2,230

2,110

Bleriot US Bidco Inc.

Federal Services

4.15% (L + 4.00%)

10/31/2026

2,943

2,923

2,947

Bluefin Holding, LLC

Software

6.33% (L + 4.25%)

9/4/2026

9,750

9,657

9,714

Bluefin Holding, LLC

Software

4.10% (L + 4.00%)

9/4/2026

9,850

9,736

9,850

Bluefin Holding, LLC

Software

7.08% (L + 5.00%)

9/4/2026

2,575

2,539

2,566

Bracket Intermediate Holding Corp.

Healthcare Services

4.44% (L + 4.25%)

9/5/2025

14,588

14,541

14,594

Bracket Intermediate Holding Corp.

Healthcare Services

5.22% (L + 4.25%)

9/5/2025

14,438

14,402

13,908

Brave Parent Holdings, Inc.

Software

4.10% (L + 4.00%)

4/18/2025

11,159

11,135

11,161

Brave Parent Holdings, Inc.

Software

5.67% (L + 4.00%)

4/18/2025

4,289

4,282

4,135

Brown Group Holding, LLC

Distribution & Logistics

5.54% (SOFR + 3.75%)

7/2/2029

7,063

6,886

6,815

Cano Health, LLC

Healthcare Services

5.25% (L + 4.50%)

11/23/2027

6,983

6,952

7,004

Cano Health, LLC

Healthcare Services

5.63% (SOFR + 4.00%)

11/23/2027

10,286

10,251

9,482

Cardinal Parent, Inc.

Software

5.25% (L + 4.50%)

11/12/2027

7,020

6,921

7,036

Cardinal Parent, Inc.

Software

6.13% (L + 4.50%)

11/12/2027

6,950

6,865

6,620

CE Intermediate I, LLC

Software

5.40% (L + 4.00%)

11/10/2028

10,975

10,904

10,372

CentralSquare Technologies, LLC

Software

3.90% (L + 3.75%)

8/29/2025

14,625

14,602

13,726

CentralSquare Technologies, LLC

Software

6.00% (L + 3.75%)

8/29/2025

14,475

14,457

13,064

CHA Holdings, Inc.

Business Services

5.50% (L + 4.50%)

4/10/2025

972

924

CHA Holdings, Inc.

Business Services

6.75% (L + 4.50%)

4/10/2025

962

CommerceHub, Inc.

Software

4.75% (L + 4.00%)

12/29/2027

5,804

5,777

5,826

CommerceHub, Inc.

Software

6.25% (L + 4.00%)

12/29/2027

5,746

5,722

5,071

Community Brands ParentCo, LLC (f.k.a Ministry Brands, LLC)

Software

5.00% (L + 4.00%)

12/2/2022

3,000

2,975

3,000

Community Brands ParentCo, LLC (f.k.a Ministry Brands, LLC)

Software

5.00% (L + 4.00%)

12/2/2022

4,478

4,471

4,478

Community Brands ParentCo, LLC (f.k.a Ministry Brands, LLC)

Software

5.00% (L + 4.00%)

12/2/2022

867

865

867

Confluent Health, LLC

Healthcare Services

5.10% (L + 5.00%)

6/24/2026

4,376

4,332

4,414

Confluent Health, LLC

Healthcare Services

5.67% (L + 4.00%)

11/30/2028

12,023

11,966

11,227

CoolSys, Inc.

Industrial Services

7.00% (L + 6.00%)

11/20/2026

5,000

4,975

4,988

Confluent Health, LLC

Healthcare Services

5.67% (L + 4.00%)

11/30/2028

514

511

480

Confluent Medical Technologies, Inc.

Healthcare Products

5.80% (SOFR + 3.75%)

2/16/2029

6,983

6,949

6,511

Cornerstone OnDemand, Inc.

Software

5.42% (L + 3.75%)

10/16/2028

4,534

4,513

4,073

Covenant Surgical Partners, Inc.

Healthcare Services

4.08% (L + 4.00%)

7/1/2026

9,826

9,753

9,765

Covenant Surgical Partners, Inc.

Healthcare Services

5.62% (L + 4.00%)

7/1/2026

9,728

9,669

9,169

Covenant Surgical Partners, Inc.

Healthcare Services

4.10% (L + 4.00%)

7/1/2026

2,000

1,980

1,988

Covenant Surgical Partners, Inc.

Healthcare Services

5.67% (L + 4.00%)

7/1/2026

2,000

1,984

1,885

CRCI Longhorn Holdings, Inc.

Business Services

3.60% (L + 3.50%)

8/8/2025

14,588

14,542

14,526

CRCI Longhorn Holdings, Inc.

Business Services

4.62% (L + 3.50%)

8/8/2025

14,438

14,403

13,138

Dealer Tire, LLC

Distribution & Logistics

4.35% (L + 4.25%)

12/12/2025

9,850

9,831

9,871

Dealer Tire, LLC

Distribution & Logistics

5.92% (L + 4.25%)

12/12/2025

9,750

9,735

9,342

DG Investment Intermediate Holdings 2, Inc.

Business Services

4.50% (L + 3.75%)

3/31/2028

6,201

6,171

6,227

DG Investment Intermediate Holdings 2, Inc.

Business Services

5.42% (L + 3.75%)

3/31/2028

7,425

7,399

6,967

DG Investment Intermediate Holdings 2, Inc.

Business Services

4.50% (L + 3.75%)

3/31/2028

987

990

Dispatch Acquisition Holdings, LLC

Industrial Services

5.00% (L + 4.25%)

3/27/2028

4,179

4,138

4,178

Dispatch Acquisition Holdings, LLC

Industrial Services

6.50% (L + 4.25%)

3/27/2028

14,062

13,912

12,867

Drilling Info Holdings, Inc.

Business Services

4.35% (L + 4.25%)

7/30/2025

18,481

18,423

18,066

Drilling Info Holdings, Inc.

Business Services

5.92% (L + 4.25%)

7/30/2025

18,292

18,247

17,926

EAB Global, Inc.

Education

4.00% (L + 3.50%)

6/28/2028

4,250

4,229

4,234

EAB Global, Inc.

Education

4.74% (L + 3.50%)

8/16/2028

4,229

4,210

3,994

Edgewood Partners Holdings LLC

Business Services

5.25% (L + 4.25%)

9/6/2024

9,812

9,754

9,763

Energize Holdco LLC

Business Services

6.00% (L + 3.75%)

12/8/2028

12,550

12,492

11,923

eResearchTechnology, Inc.

Healthcare Services

5.50% (L + 4.50%)

2/4/2027

7,383

7,350

7,426

eResearchTechnology, Inc.

Healthcare Services

6.17% (L + 4.50%)

2/4/2027

7,308

7,282

6,763

EyeCare Partners, LLC

Healthcare Services

3.85% (L + 3.75%)

2/18/2027

14,834

14,819

14,726

EyeCare Partners, LLC

Healthcare Services

6.00% (L + 3.75%)

2/18/2027

14,685

14,672

13,572

Foundational Education Group, Inc.

Education

6.07% (SOFR + 3.75%)

8/31/2028

9,453

9,367

9,074

Frontline Technologies Intermediate Holdings, LLC

Software

6.75% (L + 5.75%)

9/18/2023

6,481

Frontline Technologies Intermediate Holdings, LLC

Software

6.49% (L + 5.25%)

9/18/2023

6,368

Frontline Technologies Intermediate Holdings, LLC

Software

6.75% (L + 5.75%)

9/18/2023

2,023

Frontline Technologies Intermediate Holdings, LLC

Software

6.49% (L + 5.25%)

9/18/2023

1,987

Greenway Health, LLC

Healthcare I.T.

4.75% (L + 3.75%)

2/16/2024

14,445

14,450

13,686

Greenway Health, LLC

Healthcare I.T.

5.25% (L + 3.75%)

2/16/2024

14,294

14,298

12,954

Heartland Dental, LLC

Healthcare Services

3.60% (L + 3.50%)

4/30/2025

18,445

18,390

18,262

Heartland Dental, LLC

Healthcare Services

5.17% (L + 3.50%)

4/30/2025

18,255

18,214

17,000

Help/Systems Holdings, Inc.

Software

4.75% (L + 4.00%)

11/19/2026

18,347

18,191

18,427

Help/Systems Holdings, Inc.

Software

5.63% (SOFR + 4.00%)

11/19/2026

18,161

18,033

17,077

Higginbotham Insurance Agency, Inc.

Financial Services

6.50% (L + 5.75%)

11/25/2026

7,169

7,120

7,313

Higginbotham Insurance Agency, Inc.

Insurance Services

7.17% (L + 5.50%)

11/25/2026

9,125

9,057

9,125

HighTower Holding, LLC

Business Services

4.75% (L + 4.00%)

4/21/2028

3,862

3,824

3,876

HighTower Holding, LLC

Financial Services

5.10% (L + 4.00%)

4/21/2028

4,802

4,760

4,490

Houghton Mifflin Harcourt Company

Education

6.88% (SOFR + 5.25%)

4/9/2029

5,667

5,497

5,153

Idera, Inc.

Software

4.50% (L + 3.75%)

3/2/2028

16,044

16,030

16,062

Idera, Inc.

Software

4.82% (L + 3.75%)

3/2/2028

15,884

15,871

14,720

IG Investments Holdings, LLC (aka Insight Global)

Business Services

4.75% (L + 3.75%)

5/23/2025

7,232

7,196

7,255

Kestra Advisor Services Holdings A, Inc.

Business Services

4.36% (L + 4.25%)

6/3/2026

12,120

12,055

12,135

Kestra Advisor Services Holdings A, Inc.

Financial Services

6.51% (L + 4.25%)

6/3/2026

11,996

11,944

11,376

LI Group Holdings, Inc.

Software

4.50% (L + 3.75%)

3/11/2028

4,643

4,632

4,655

LI Group Holdings, Inc.

Software

5.25% (L + 3.75%)

3/11/2028

4,597

4,587

4,396

LSCS Holdings, Inc.

Healthcare Services

4.42% (L + 4.25%)

3/17/2025

2,614

2,600

2,588

LSCS Holdings, Inc.

Healthcare Services

6.75% (L + 4.50%)

12/16/2028

7,605

7,570

7,244

LSCS Holdings, Inc.

Healthcare Services

4.42% (L + 4.25%)

3/17/2025

675

671

668

Mamba Purchaser, Inc.

Healthcare Services

5.35% (L + 3.75%)

10/16/2028

5,759

5,732

5,480

Maverick Bidco Inc.

Software

4.99% (L + 3.75%)

5/18/2028

3,980

3,963

3,851

Mavis Tire Express Services Topco Corp.

Retail

5.63% (SOFR + 4.00%)

5/4/2028

4,197

4,179

3,924

6267

Table of Contents


Portfolio Company and Type of Investment	Portfolio Company and Type of Investment	Industry	Interest Rate (1)	Maturity Date	Principal Amount or Par Value		Cost		Fair Value (2)		Portfolio Company and Type of Investment	Industry	Interest Rate (1)	Maturity Date	Principal Amount or Par Value		Cost		Fair Value (2)
Maravai Intermediate Holdings, LLC		Specialty Chemicals & Materials	4.75% (L + 3.75%)	10/19/2027	2,956		2,930		2,969
Market Track, LLC		Business Services	6.50% (P + 3.25%)	6/5/2024	$	6,114	$	6,052	$	6,114
Maverick Bidco Inc.		Software	4.50% (L + 3.75%)	5/18/2028	4,000		3,980		4,007
Mavis Tire Express Services Topco Corp.		Retail	4.75% (L + 4.00%)	5/4/2028	4,237		4,217		4,258
MED ParentCo, LP	MED ParentCo, LP	Healthcare Services	4.35% (L + 4.25%)	8/31/2026	12,783		12,689		12,813		MED ParentCo, LP	Healthcare Services	5.92% (L + 4.25%)	8/31/2026	$	12,653	$	12,576	$	11,435
Mercury Borrower, Inc.											Mercury Borrower, Inc.	Business Services	5.81% (L + 3.50%)	8/2/2028	4,200		4,179		3,927
MH Sub I, LLC (Micro Holding Corp.)											MH Sub I, LLC (Micro Holding Corp.)	Software	5.42% (L + 3.75%)	9/13/2024	10,750		10,727		10,145
Mitnick Corporate Purchaser, Inc.											Mitnick Corporate Purchaser, Inc.	Software	6.05% (SOFR + 4.75%)	5/2/2029	4,667		4,643		4,489
National Intergovernmental Purchasing Alliance Company	National Intergovernmental Purchasing Alliance Company	Business Services	3.65% (L + 3.50%)	5/23/2025	8,540		8,537		8,500		National Intergovernmental Purchasing Alliance Company	Business Services	5.75% (L + 3.50%)	5/23/2025	8,500		8,498		8,097
Navex Topco, Inc.	Navex Topco, Inc.	Software	3.36% (L + 3.25%)	9/5/2025	18,115		17,998		17,982		Navex Topco, Inc.	Software	4.92% (L + 3.25%)	9/5/2025	13,944		13,875		13,349
Newport Group Holdings II, Inc.		Business Services	3.65% (L + 3.50%)	9/12/2025	4,863		4,847		4,840
Netsmart, Inc.											Netsmart, Inc.	Healthcare I.T.	5.67% (L + 4.00%)	10/1/2027	3,960		3,960		3,778
Outcomes Group Holdings, Inc.	Outcomes Group Holdings, Inc.	Healthcare Services	3.40% (L + 3.25%)	10/24/2025	3,383		3,377		3,351		Outcomes Group Holdings, Inc.	Healthcare Services	4.92% (L + 3.25%)	10/24/2025	3,348		3,344		3,182
Pelican Products, Inc.		Business Products	4.50% (L + 3.50%)	5/1/2025	4,850		4,843		4,820
Pearls (Netherlands) Bidco B.V.											Pearls (Netherlands) Bidco B.V.	Specialty Chemicals & Materials	5.16% (SOFR + 4.00%)	2/26/2029	1,736		1,732		1,639
Peraton Corp.	Peraton Corp.	Federal Services	4.50% (L + 3.75%)	2/1/2028	7,481		7,444		7,517		Peraton Corp.	Federal Services	5.42% (L + 3.75%)	2/1/2028	7,272		7,241		6,849
PetVet Care Centers, LLC (fka Pearl Intermediate Parent LLC)	PetVet Care Centers, LLC (fka Pearl Intermediate Parent LLC)	Consumer Services	4.25% (L + 3.50%)	2/14/2025	4,495		4,495		4,512		PetVet Care Centers, LLC (fka Pearl Intermediate Parent LLC)	Consumer Services	5.17% (L + 3.50%)	2/14/2025	5,689		5,687		5,381
Physician Partners, LLC											Physician Partners, LLC	Healthcare Services	5.63% (SOFR + 4.00%)	12/26/2028	8,096		8,017		7,620
Planview Parent, Inc.	Planview Parent, Inc.	Software	4.75% (L + 4.00%)	12/17/2027	7,959		7,884		7,982		Planview Parent, Inc.	Software	5.67% (L + 4.00%)	12/17/2027	7,879		7,815		7,452
Premise Health Holding Corp.	Premise Health Holding Corp.	Healthcare Services	3.65% (L + 3.50%)	7/10/2025	13,515		13,473		13,447		Premise Health Holding Corp.	Healthcare Services	5.75% (L + 3.50%)	7/10/2025	7,444		7,426		7,332
Project Accelerate Parent, LLC		Business Services	5.25% (L + 4.25%)	1/2/2025	9,773		9,740		9,644
Project Boost Purchaser, LLC		Business Services	5.00% (L + 4.25%)	6/1/2026	1,985		1,967		1,988
Project Ruby Ultimate Parent Corp. (Mediware)		Healthcare I.T.	4.00% (L + 3.25%)	3/10/2028	11,471		11,414		11,460
Quest Software US Holdings Inc.		Software	4.44% (L + 4.25%)	5/16/2025	14,625		14,581		14,628
Project Ruby Ultimate Parent Corp.											Project Ruby Ultimate Parent Corp.	Healthcare I.T.	4.92% (L + 3.25%)	3/10/2028	4,374		4,355		4,106
RealPage, Inc.	RealPage, Inc.	Business Services	3.75% (L + 3.25%)	4/24/2028	14,000		13,966		13,977		RealPage, Inc.	Business Services	4.67% (L + 3.00%)	4/24/2028	13,895		13,866		12,860
RLG Holdings, LLC											RLG Holdings, LLC	Packaging	5.92% (L + 4.25%)	7/7/2028	5,814		5,790		5,451
Sierra Enterprises, LLC	Sierra Enterprises, LLC	Food & Beverage	5.00% (L + 4.00%)	11/11/2024	2,419		2,417		2,382		Sierra Enterprises, LLC	Food & Beverage	5.67% (L + 4.00%)	11/11/2024	2,394		2,393		2,277
Snap One Holdings Corp.											Snap One Holdings Corp.	Distribution & Logistics	7.38% (L + 4.50%)	12/8/2028	6,656		6,593		6,090
Sovos Brands Intermediate, Inc.	Sovos Brands Intermediate, Inc.	Food & Beverage	5.00% (L + 4.25%)	6/8/2028	11,375		11,347		11,418		Sovos Brands Intermediate, Inc.	Food & Beverage	4.25% (L + 3.50%)	6/8/2028	9,429		9,409		8,911
Spring Education Group, Inc. (fka SSH Group Holdings, Inc.)	Spring Education Group, Inc. (fka SSH Group Holdings, Inc.)	Education	4.40% (L + 4.25%)	7/30/2025	12,120		12,101		11,711		Spring Education Group, Inc. (fka SSH Group Holdings, Inc.)	Education	6.50% (L + 4.25%)	7/30/2025	11,996		11,981		11,261
Storable, Inc.	Storable, Inc.	Software	3.75% (L + 3.25%)	4/17/2028	3,862		3,853		3,852		Storable, Inc.	Software	5.38% (SOFR + 3.50%)	4/17/2028	3,843		3,835		3,619
Symplr Software, Inc.(fka Caliper Software, Inc.)		Healthcare I.T.	5.25% (L + 4.50%)	12/22/2027	15,960		15,819		15,996
Symplr Software, Inc.											Symplr Software, Inc.	Healthcare I.T.	6.65% (SOFR + 4.50%)	12/22/2027	15,800		15,680		15,010
Syndigo LLC	Syndigo LLC	Software	5.25% (L + 4.50%)	12/15/2027	14,963		14,857		14,850		Syndigo LLC	Software	5.82% (L + 4.50%)	12/15/2027	14,813		14,722		14,536
Therapy Brands Holdings LLC	Therapy Brands Holdings LLC	Healthcare I.T.	4.75% (L + 4.00%)	5/18/2028	3,408		3,392		3,408		Therapy Brands Holdings LLC	Healthcare I.T.	4.79% (L + 4.00%)	5/18/2028	3,383		3,368		3,319
Thermostat Purchaser III, Inc.											Thermostat Purchaser III, Inc.	Business Services	6.07% (L + 4.50%)	8/31/2028	5,923		5,896		5,597
TIBCO Software Inc.	TIBCO Software Inc.	Software	3.86% (L + 3.75%)	6/30/2026	7,615		7,600		7,598		TIBCO Software Inc.	Software	5.42% (L + 3.75%)	6/30/2026	7,539		7,526		7,418
Unified Women's Healthcare, LP		Healthcare Services	5.00% (L + 4.25%)	12/20/2027	9,975		9,902		9,991
Trader Interactive, LLC (fka Dominion Web Solutions LLC)											Trader Interactive, LLC (fka Dominion Web Solutions LLC)	Business Services	5.42% (L + 3.75%)	7/28/2028	4,647		4,625		4,472
Valcour Packaging, LLC											Valcour Packaging, LLC	Packaging	5.22% (L + 3.75%)	10/4/2028	4,527		4,514		4,267
Vetcor Professional Practices LLC											Vetcor Professional Practices LLC	Consumer Services	5.05% (L + 4.25%)	7/2/2025	6,945		6,829		6,511
VT Topco, Inc.											VT Topco, Inc.	Business Services	5.17% (L + 3.50%)	8/1/2025	2,743		2,743		2,613
VT Topco, Inc.											VT Topco, Inc.	Business Services	5.42% (L + 3.75%)	8/1/2025	842		839		806
VT Topco, Inc.											VT Topco, Inc.	Business Services	4.98% (L + 3.75%)	8/1/2025	31		31		30
Waystar Technologies, Inc.	Waystar Technologies, Inc.	Healthcare Services	4.10% (L + 4.00%)	10/22/2026	4,087		4,078		4,099		Waystar Technologies, Inc.	Healthcare Services	5.67% (L + 4.00%)	10/22/2026	4,045		4,038		3,833
Wirepath LLC		Distribution & Logistics	4.15% (L + 4.00%)	8/5/2024	17,039		17,039		16,698
WP CityMD Bidco LLC	WP CityMD Bidco LLC	Healthcare Services	4.50% (L + 3.75%)	8/13/2026	16,616		16,495		16,674		WP CityMD Bidco LLC	Healthcare Services	5.50% (L + 3.25%)	12/22/2028	4,169		4,156		3,934
VT Topco, Inc.		Business Services	3.35% (L + 3.25%)	8/1/2025	2,780		2,780		2,767
Wrench Group LLC											Wrench Group LLC	Consumer Services	6.25% (L + 4.00%)	4/30/2026	7,864		7,847		7,491
YI, LLC	YI, LLC	Healthcare Services	5.00% (L + 4.00%)	11/7/2024	9,641		9,636		9,448		YI, LLC	Healthcare Services	5.67% (L + 4.00%)	11/7/2024	9,540		9,537		9,206

Total Funded Investments	Total Funded Investments				$	684,405	$	681,368	$	680,903	Total Funded Investments				$	693,003	$	689,678	$	654,895

Unfunded Investments - First lien	Unfunded Investments - First lien										Unfunded Investments - First lien
DG Investment Intermediate Holdings 2, Inc.		Business Services	—	3/31/2023	312		—		1
Higginbotham Insurance Agency, Inc.		Financial Services	—	11/25/2022	2,023		(15)		40
HighTower Holding, LLC		Business Services	—	4/21/2022	976		—		3
athenahealth Group Inc.											athenahealth Group Inc.	Healthcare I.T.	—	1/26/2024	$	548	$	—	$	(42)
Confluent Health, LLC											Confluent Health, LLC	Healthcare Services	—	11/30/2023	2,124		(6)		(141)
Therapy Brands Holdings LLC	Therapy Brands Holdings LLC	Healthcare I.T.	—	5/18/2023	735		—		—		Therapy Brands Holdings LLC	Healthcare I.T.	—	5/18/2023	735		—		(14)
VetCor Professional Practices LLC		Consumer Services	—	5/20/2023	7,000		(70)		(67)
Thermostat Purchaser III, Inc.											Thermostat Purchaser III, Inc.	Business Services	—	8/31/2023	1,047		—		(58)
VT Topco, Inc.											VT Topco, Inc.	Business Services	—	8/1/2023	25		—		(1)
Total Unfunded Investments	Total Unfunded Investments				$	11,046	$	(85)	$	(23)	Total Unfunded Investments				$	4,479	$	(6)	$	(256)
Total Investments	Total Investments				$	695,451	$	681,283	$	680,880	Total Investments				$	697,482	$	689,672	$	654,639

(1)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 LIBOR (L), the Prime Rate (P), Secured Overnight Financing Rate (SOFR), and the alternative base rate (Base). For each investment, the current interest rate provided reflects the rate in effect as of June 30, ~~2021.~~2022.

(2)Represents the fair value in accordance with Accounting Standards Codification Topic 820, Fair Value Measurement and Disclosures ("ASC ~~820.~~820"). The Company's board of directors does not determine the fair value of the investments held by SLP III.

6368

Table of Contents

The following table is a listing of the individual investments in SLP III's portfolio as of December 31, ~~2020:~~2021:

Portfolio Company and Type of Investment

Industry

Interest Rate (1)

Maturity Date

Principal Amount or Par Value

Cost

Fair
Value (2)

Portfolio Company and Type of Investment

Industry

Interest Rate (1)

Maturity Date

Principal Amount or Par Value

Cost

Fair
Value (2)

Funded Investments - First lien

Access CIG, LLC

Business Services

3.98% (L + 3.75%)

2/27/2025

868

861

ADMI Corp. (aka Aspen Dental)

Healthcare Services

4.00% (L + 3.50%)

12/23/2027

2,424

2,413

2,424

Advisor Group Holdings, Inc.

Consumer Services

5.15% (L + 5.00%)

7/31/2026

4,950

4,909

4,928

Advisor Group Holdings, Inc.

Financial Services

4.60% (L + 4.50%)

7/31/2026

9,800

9,766

9,832

Affordable Care Holding Corp.

Healthcare Services

5.75% (L + 4.75%)

10/24/2022

5,901

5,850

5,827

AG Parent Holdings, LLC

Healthcare Services

5.15% (L + 5.00%)

7/31/2026

12,375

12,323

12,251

AG Parent Holdings, LLC

Healthcare Services

5.10% (L + 5.00%)

7/31/2026

12,250

12,207

12,227

Ascensus Specialties LLC

Specialty Chemicals & Materials

4.90% (L + 4.75%)

9/24/2026

9,900

9,858

9,931

Artera Services, LLC

Distribution & Logistics

4.50% (L + 3.50%)

3/6/2025

6,907

6,861

6,706

Aston FinCo S.a.r.l. / Aston US Finco, LLC

Software

4.40% (L + 4.25%)

10/9/2026

5,955

5,904

5,900

Aston FinCo S.a.r.l. / Aston US Finco, LLC

Software

4.35% (L + 4.25%)

10/9/2026

5,895

5,853

5,877

Astra Acquisition Corp.

Software

6.50% (L + 5.50%)

3/1/2027

11,490

11,412

11,605

BCPE Empire Holdings, Inc.

Distribution & Logistics

4.15% (L + 4.00%)

6/11/2026

10,869

10,780

10,801

BCPE Empire Holdings, Inc.

Distribution & Logistics

4.10% (L + 4.00%)

6/11/2026

4,302

4,273

4,278

Bearcat Buyer, Inc.

Healthcare Services

5.25% (L + 4.25%)

7/9/2026

19,654

19,573

19,654

Bearcat Buyer, Inc.

Healthcare Services

5.25% (L + 4.25%)

7/9/2026

19,456

19,388

19,455

Bearcat Buyer, Inc.

Healthcare Services

5.25% (L + 4.25%)

7/9/2026

4,081

4,062

4,081

Bearcat Buyer, Inc.

Healthcare Services

5.25% (L + 4.25%)

7/9/2026

4,033

4,018

4,033

Bleriot US Bidco Inc.

Federal Services

5.00% (L + 4.75%)

10/31/2026

4,292

4,254

4,292

Bleriot US Bidco Inc.

Federal Services

5.00% (L + 4.75%)

10/31/2026

671

665

671

Bella Holding Company, LLC

Healthcare Services

4.50% (L + 3.75%)

5/10/2028

2,260

2,240

2,262

Bluefin Holding, LLC

Software

4.15% (L + 4.00%)

9/4/2026

9,900

9,775

9,900

Bluefin Holding, LLC

Software

4.43% (L + 4.25%)

9/4/2026

9,800

9,696

9,800

Bracket Intermediate Holding Corp.

Healthcare Services

4.48% (L + 4.25%)

9/5/2025

14,663

14,610

14,516

Bracket Intermediate Holding Corp.

Healthcare Services

4.38% (L + 4.25%)

9/5/2025

14,513

14,471

14,498

Brave Parent Holdings, Inc.

Software

4.15% (L + 4.00%)

4/18/2025

11,217

11,190

11,147

Brave Parent Holdings, Inc.

Software

4.10% (L + 4.00%)

4/18/2025

4,347

4,339

4,352

Cano Health, LLC

Healthcare Services

5.50% (L + 4.75%)

11/23/2027

6,308

6,244

Cano Health, LLC

Healthcare Services

5.25% (L + 4.50%)

11/23/2027

6,948

6,910

6,961

Cardinal Parent, Inc.

Software

5.25% (L + 4.50%)

11/12/2027

7,038

6,932

6,967

Cardinal Parent, Inc.

Software

5.25% (L + 4.50%)

11/12/2027

6,985

6,893

6,977

CE Intermediate I, LLC

Software

4.50% (L + 4.00%)

11/10/2028

11,004

10,927

10,934

CentralSquare Technologies, LLC

Software

4.00% (L + 3.75%)

8/29/2025

14,700

14,674

13,745

CentralSquare Technologies, LLC

Software

3.97% (L + 3.75%)

8/29/2025

14,550

14,529

13,761

Certara Holdco, Inc.

Healthcare I.T.

3.75% (L + 3.50%)

8/15/2024

1,246

1,248

1,247

CHA Holdings, Inc.

Business Services

5.50% (L + 4.50%)

4/10/2025

977

914

CHA Holdings, Inc.

Business Services

5.50% (L + 4.50%)

4/10/2025

967

CommerceHub, Inc.

Software

4.75% (L + 4.00%)

12/29/2027

5,833

5,804

5,833

CommerceHub, Inc.

Software

4.75% (L + 4.00%)

12/29/2027

5,775

5,750

5,724

Community Brands ParentCo, LLC (f.k.a Ministry Brands, LLC)

Software

5.00% (L + 4.00%)

12/2/2022

2,985

2,969

2,985

Community Brands ParentCo, LLC (f.k.a Ministry Brands, LLC)

Software

5.00% (L + 4.00%)

12/2/2022

4,455

4,450

4,455

Community Brands ParentCo, LLC (f.k.a Ministry Brands, LLC)

Software

5.00% (L + 4.00%)

12/2/2022

862

861

862

Confluent Health, LLC

Healthcare Services

5.15% (L + 5.00%)

6/24/2026

4,398

4,354

4,348

Confluent Health, LLC

Healthcare Services

4.50% (L + 4.00%)

11/30/2028

12,054

11,993

12,053

Cornerstone OnDemand, Inc.

Software

4.25% (L + 3.75%)

10/16/2028

4,545

4,523

4,541

Covenant Surgical Partners, Inc.

Healthcare Services

4.10% (L + 4.00%)

7/1/2026

9,777

9,711

9,655

Covenant Surgical Partners, Inc.

Healthcare Services

4.15% (L + 4.00%)

7/1/2026

9,876

9,795

9,678

Covenant Surgical Partners, Inc.

Healthcare Services

4.10% (L + 4.00%)

7/1/2026

2,000

1,980

1,975

CRCI Longhorn Holdings, Inc.

Business Services

3.65% (L + 3.50%)

8/8/2025

14,663

14,611

14,498

CRCI Longhorn Holdings, Inc.

Business Services

3.60% (L + 3.50%)

8/8/2025

14,513

14,471

14,408

Dealer Tire, LLC

Distribution & Logistics

4.40% (L + 4.25%)

12/12/2025

9,900

9,879

9,859

Dealer Tire, LLC

Distribution & Logistics

4.35% (L + 4.25%)

12/12/2025

9,800

9,783

9,817

Dentalcorp Health Services ULC (fka Dentalcorp Perfect Smile ULC)

Healthcare Services

4.75% (L + 3.75%)

6/6/2025

14,636

14,611

14,421

DG Investment Intermediate Holdings 2, Inc.

Business Services

4.25% (L + 3.50%)

3/31/2028

7,463

7,435

7,471

Dispatch Acquisition Holdings, LLC

Industrial Services

5.00% (L + 4.25%)

3/27/2028

14,133

13,970

14,124

Drilling Info Holdings, Inc.

Business Services

4.40% (L + 4.25%)

7/30/2025

18,576

18,511

18,035

Drilling Info Holdings, Inc.

Business Services

4.35% (L + 4.25%)

7/30/2025

18,387

18,335

18,249

Edgewood Partners Holdings LLC

Business Services

5.25% (L + 4.25%)

9/6/2024

7,356

7,304

7,301

EAB Global, Inc.

Education

4.00% (L + 3.50%)

8/16/2028

4,250

4,230

4,234

Energize Holdco LLC

Business Services

4.25% (L + 3.75%)

12/8/2028

12,582

12,519

12,550

eResearchTechnology, Inc.

Healthcare Services

5.50% (L + 4.50%)

2/4/2027

3,911

3,876

3,883

eResearchTechnology, Inc.

Healthcare Services

5.50% (L + 4.50%)

2/4/2027

7,345

7,316

7,388

EyeCare Partners, LLC

Healthcare Services

3.90% (L + 3.75%)

2/18/2027

12,071

12,057

11,796

EyeCare Partners, LLC

Healthcare Services

3.97% (L + 3.75%)

2/18/2027

14,760

14,745

14,678

EyeCare Partners, LLC

Healthcare Services

3.90% (L + 3.75%)

2/18/2027

2,838

2,834

2,773

Fastlane Parent Company, Inc.

Distribution & Logistics

4.65% (L + 4.50%)

2/4/2026

3,439

3,386

3,419

Foundational Education Group, Inc.

Education

4.75% (L + 4.25%)

8/31/2028

9,500

9,408

9,524

Frontline Technologies Intermediate Holdings, LLC

Software

6.25% (L + 5.25%)

9/18/2023

6,448

Frontline Technologies Intermediate Holdings, LLC

Software

6.75% (L + 5.75%)

9/18/2023

6,513

Frontline Technologies Intermediate Holdings, LLC

Software

6.25% (L + 5.25%)

9/18/2023

2,012

Greenway Health, LLC

Software

4.75% (L + 3.75%)

2/16/2024

14,520

14,527

13,322

Greenway Health, LLC

Healthcare I.T.

4.75% (L + 3.75%)

2/16/2024

14,369

14,374

13,790

Heartland Dental, LLC

Healthcare Services

3.65% (L + 3.50%)

4/30/2025

18,540

18,478

18,104

Heartland Dental, LLC

Healthcare Services

3.60% (L + 3.50%)

4/30/2025

18,350

18,302

18,191

HS Purchaser, LLC / Help/Systems Holdings, Inc.

Software

5.75% (L + 4.75%)

11/19/2026

18,440

18,270

18,440

Help/Systems Holdings, Inc.

Software

4.75% (L + 4.00%)

11/19/2026

18,254

18,112

18,214

Higginbotham Insurance Agency, Inc.

Financial Services

6.50% (L + 5.75%)

11/25/2026

7,187

7,134

7,331

Higginbotham Insurance Agency, Inc.

Insurance Services

6.25% (L + 5.50%)

11/25/2026

9,170

9,096

9,239

HighTower Holding, LLC

Financial Services

4.75% (L + 4.00%)

4/21/2028

4,826

4,781

4,838

Idera, Inc.

Software

5.00% (L + 4.00%)

6/28/2024

9,435

9,406

9,435

Idera, Inc.

Software

4.50% (L + 3.75%)

3/2/2028

15,964

15,951

15,997

Institutional Shareholder Services Inc.

Business Services

4.75% (L + 4.50%)

3/5/2026

983

975

971

Kestra Advisor Services Holdings A, Inc.

Business Services

4.40% (L + 4.25%)

6/3/2026

9,381

9,318

9,241

Kestra Advisor Services Holdings A, Inc.

Financial Services

4.36% (L + 4.25%)

6/3/2026

12,058

12,000

11,998

LI Group Holdings, Inc.

Software

4.50% (L + 3.75%)

3/11/2028

4,620

4,610

4,620

LSCS Holdings, Inc.

Healthcare Services

4.51% (L + 4.25%)

3/17/2025

2,627

2,612

2,575

LSCS Holdings, Inc.

Healthcare Services

5.00% (L + 4.50%)

12/16/2028

7,644

7,605

7,663

LSCS Holdings, Inc.

Healthcare Services

4.51% (L + 4.25%)

3/17/2025

678

674

665

Mamba Purchaser, Inc.

Healthcare Services

4.25% (L + 3.75%)

10/16/2028

5,773

5,745

5,777

Maravai Intermediate Holdings, LLC

Specialty Chemicals & Materials

5.25% (L + 4.25%)

10/19/2027

4,125

4,085

4,148

Maravai Intermediate Holdings, LLC

Specialty Chemicals & Materials

4.75% (L + 3.75%)

10/19/2027

2,939

2,914

2,956

Market Track, LLC

Business Services

5.25% (L + 4.25%)

6/5/2024

4,729

4,725

4,645

Mavis Tire Express Services Corp.

Retail

5.00% (L + 4.00%)

3/20/2025

4,828

4,733

4,846

Maverick Bidco Inc.

Software

4.50% (L + 3.75%)

5/18/2028

4,000

3,982

4,008

Mavis Tire Express Services Topco Corp.

Retail

4.75% (L + 4.00%)

5/4/2028

4,216

4,197

4,224

MED ParentCo, LP

Healthcare Services

4.40% (L + 4.25%)

8/31/2026

10,272

10,191

10,148

MED ParentCo, LP

Healthcare Services

4.35% (L + 4.25%)

8/31/2026

12,718

12,633

12,727

MED ParentCo, LP

Healthcare Services

4.40% (L + 4.25%)

8/31/2026

2,576

2,554

2,545

Ministry Brands, LLC

Software

5.00% (L + 4.00%)

12/2/2022

4,502

4,492

4,480

Ministry Brands, LLC

Software

5.00% (L + 4.00%)

12/2/2022

871

869

867

National Intergovernmental Purchasing Alliance Company

Business Services

4.00% (L + 3.75%)

5/23/2025

8,701

8,698

8,658

National Mentor Holdings, Inc. (aka Civitas Solutions, Inc.)

Healthcare Services

4.43% (L + 4.25%)

3/9/2026

8,887

8,897

6469

Table of Contents


Portfolio Company and Type of Investment	Portfolio Company and Type of Investment	Industry	Interest Rate (1)	Maturity Date	Principal Amount or Par Value		Cost		Fair Value (2)		Portfolio Company and Type of Investment	Industry	Interest Rate (1)	Maturity Date	Principal Amount or Par Value		Cost		Fair Value (2)
National Mentor Holdings, Inc. (aka Civitas Solutions, Inc.)		Healthcare Services	4.51% (L + 4.25%)	3/9/2026	$	398	$	398	$	398
Mercury Borrower, Inc.											Mercury Borrower, Inc.	Business Services	4.00% (L + 3.50%)	8/2/2028	$	4,211	$	4,189	$	4,204
MH Sub I, LLC (Micro Holding Corp.)											MH Sub I, LLC (Micro Holding Corp.)	Software	4.75% (L + 3.75%)	9/13/2024	10,804		10,777		10,842
National Intergovernmental Purchasing Alliance Company											National Intergovernmental Purchasing Alliance Company	Business Services	3.72% (L + 3.50%)	5/23/2025	8,540		8,538		8,526
Navex Topco, Inc.	Navex Topco, Inc.	Software	3.40% (L + 3.25%)	9/5/2025	18,208		18,079		17,929		Navex Topco, Inc.	Software	3.36% (L + 3.25%)	9/5/2025	17,024		16,927		16,946
Navicure, Inc.		Healthcare Services	4.75% (L + 4.00%)	10/22/2026	4,107		4,097		4,110
Netsmart, Inc.											Netsmart, Inc.	Healthcare I.T.	4.75% (L + 4.00%)	10/1/2027	3,980		3,980		3,992
Newport Group Holdings II, Inc.	Newport Group Holdings II, Inc.	Business Services	3.75% (L + 3.50%)	9/12/2025	4,888		4,870		4,851		Newport Group Holdings II, Inc.	Business Services	3.72% (L + 3.50%)	9/12/2025	4,838		4,824		4,835
Orion Advisor Solutions, Inc.		Business Services	5.00% (L + 4.00%)	9/24/2027	5,237		5,186		5,260
Outcomes Group Holdings, Inc.	Outcomes Group Holdings, Inc.	Healthcare Services	3.50% (L + 3.25%)	10/24/2025	3,400		3,394		3,349		Outcomes Group Holdings, Inc.	Healthcare Services	3.47% (L + 3.25%)	10/24/2025	3,366		3,361		3,335
Pelican Products, Inc.		Business Products	4.50% (L + 3.50%)	5/1/2025	4,875		4,867		4,796
Peraton Corp. (fka MHVC Acquisition Corp.)		Federal Services	6.25% (L + 5.25%)	4/29/2024	15,272		15,225		15,310
Peraton Corp.											Peraton Corp.	Federal Services	4.50% (L + 3.75%)	2/1/2028	7,444		7,410		7,460
PetVet Care Centers, LLC (fka Pearl Intermediate Parent LLC)											PetVet Care Centers, LLC (fka Pearl Intermediate Parent LLC)	Consumer Services	4.25% (L + 3.50%)	2/14/2025	5,719		5,716		5,726
Planview Parent, Inc.	Planview Parent, Inc.	Software	4.75% (L + 4.00%)	12/17/2027	6,484		6,419		6,496		Planview Parent, Inc.	Software	4.75% (L + 4.00%)	12/17/2027	7,919		7,850		7,929
Premise Health Holding Corp.	Premise Health Holding Corp.	Healthcare Services	3.75% (L + 3.50%)	7/10/2025	13,583		13,538		13,279		Premise Health Holding Corp.	Healthcare Services	3.72% (L + 3.50%)	7/10/2025	7,483		7,462		7,455
Project Accelerate Parent, LLC		Business Services	5.25% (L + 4.25%)	1/2/2025	9,822		9,786		8,939
Project Boost Purchaser, LLC		Business Services	5.00% (L + 4.25%)	6/1/2026	1,995		1,975		2,002
Project Ruby Ultimate Parent Corp.											Project Ruby Ultimate Parent Corp.	Healthcare I.T.	4.00% (L + 3.25%)	3/10/2028	11,414		11,361		11,407
Quest Software US Holdings Inc.	Quest Software US Holdings Inc.	Software	4.46% (L + 4.25%)	5/16/2025	14,700		14,650		14,480		Quest Software US Holdings Inc.	Software	4.38% (L + 4.25%)	5/16/2025	14,550		14,511		14,555
Ryan Specialty Group, LLC		Business Services	4.00% (L + 3.25%)	9/1/2027	3,491		3,441		3,491
RealPage, Inc.											RealPage, Inc.	Business Services	3.75% (L + 3.25%)	4/24/2028	13,965		13,933		13,941
RLG Holdings, LLC											RLG Holdings, LLC	Packaging	5.00% (L + 4.25%)	7/7/2028	5,844		5,816		5,841
Sierra Enterprises, LLC	Sierra Enterprises, LLC	Food & Beverage	5.00% (L + 4.00%)	11/11/2024	2,431		2,429		2,393		Sierra Enterprises, LLC	Food & Beverage	5.00% (L + 4.00%)	11/11/2024	2,406		2,405		2,406
Snap One Holdings Corp.											Snap One Holdings Corp.	Distribution & Logistics	5.00% (L + 4.50%)	12/8/2028	6,672		6,606		6,664
Sovos Brands Intermediate, Inc.	Sovos Brands Intermediate, Inc.	Food & Beverage	4.96% (L + 4.75%)	11/20/2025	3,591		3,582		3,609		Sovos Brands Intermediate, Inc.	Food & Beverage	4.50% (L + 3.75%)	6/8/2028	9,429		9,407		9,437
Spring Education Group, Inc. (fka SSH Group Holdings, Inc.)	Spring Education Group, Inc. (fka SSH Group Holdings, Inc.)	Education	4.50% (L + 4.25%)	7/30/2025	12,183		12,161		11,665		Spring Education Group, Inc. (fka SSH Group Holdings, Inc.)	Education	4.47% (L + 4.25%)	7/30/2025	12,058		12,041		11,666
Symplr Software, Inc.(fka Caliper Software, Inc.)		Healthcare I.T.	5.25% (L + 4.50%)	12/22/2027	10,000		9,850		9,913
Storable, Inc.											Storable, Inc.	Software	3.75% (L + 3.25%)	4/17/2028	3,862		3,853		3,854
Symplr Software, Inc.											Symplr Software, Inc.	Healthcare I.T.	5.25% (L + 4.50%)	12/22/2027	15,880		15,750		15,938
Syndigo LLC	Syndigo LLC	Software	5.25% (L + 4.50%)	12/15/2027	15,000		14,888		14,888		Syndigo LLC	Software	5.25% (L + 4.50%)	12/15/2027	14,888		14,790		14,925
Therapy Brands Holdings LLC											Therapy Brands Holdings LLC	Healthcare I.T.	4.75% (L + 4.00%)	5/18/2028	3,400		3,384		3,400
Thermostat Purchaser III, Inc.											Thermostat Purchaser III, Inc.	Business Services	5.25% (L + 4.50%)	8/31/2028	5,953		5,924		5,953
TIBCO Software Inc.	TIBCO Software Inc.	Software	3.90% (L + 3.75%)	6/30/2026	7,654		7,637		7,572		TIBCO Software Inc.	Software	3.86% (L + 3.75%)	6/30/2026	7,577		7,563		7,535
Unified Women’s Healthcare, LP		Healthcare Services	5.00% (L + 4.25%)	12/20/2027	10,000		9,923		9,975
Wirepath LLC		Distribution & Logistics	4.25% (L + 4.00%)	8/5/2024	17,127		17,127		16,527
Trader Interactive, LLC (fka Dominion Web Solutions LLC)											Trader Interactive, LLC (fka Dominion Web Solutions LLC)	Business Services	4.50% (L + 4.00%)	7/28/2028	4,910		4,886		4,904
Unified Women's Healthcare, LP											Unified Women's Healthcare, LP	Healthcare Services	5.00% (L + 4.25%)	12/20/2027	9,950		9,883		9,984
Valcour Packaging, LLC											Valcour Packaging, LLC	Packaging	4.25% (L + 3.75%)	10/4/2028	4,538		4,524		4,538
VetCor Professional Practices LLC											VetCor Professional Practices LLC	Consumer Services	5.00% (L + 4.25%)	7/2/2025	6,980		6,846		6,922
VT Topco, Inc.											VT Topco, Inc.	Business Services	3.35% (L + 3.25%)	8/1/2025	2,766		2,766		2,748
VT Topco, Inc.											VT Topco, Inc.	Business Services	4.50% (L + 3.75%)	8/1/2025	849		845		844
Waystar Technologies, Inc.											Waystar Technologies, Inc.	Healthcare Services	4.10% (L + 4.00%)	10/22/2026	4,066		4,058		4,069
WP CityMD Bidco LLC	WP CityMD Bidco LLC	Healthcare Services	5.50% (L + 4.50%)	8/13/2026	19,868		19,701		19,914		WP CityMD Bidco LLC	Healthcare Services	3.75% (L + 3.25%)	12/22/2028	9,180		9,136		9,182
VT Topco, Inc.		Business Services	3.65% (L + 3.50%)	8/1/2025	2,795		2,795		2,763
Wrench Group LLC											Wrench Group LLC	Consumer Services	4.22% (L + 4.00%)	4/30/2026	7,905		7,886		7,905
YI, LLC	YI, LLC	Healthcare Services	5.00% (L + 4.00%)	11/7/2024	9,691		9,685		8,915		YI, LLC	Healthcare Services	5.00% (L + 4.00%)	11/7/2024	9,590		9,586		9,542
Total Funded Investments	Total Funded Investments				$	619,147	$	615,974	$	609,981	Total Funded Investments				704,948		701,756		702,149
Unfunded Investments - First lien	Unfunded Investments - First lien										Unfunded Investments - First lien
Cano Health, LLC		Healthcare Services	—	11/23/2021	$	2,300	$	(23)	$	(23)
Covenant Surgical Partners, Inc.		Healthcare Services	—	7/1/2021	2,000		(20)		(40)
Higginbotham Insurance Agency, Inc.		Financial Services	—	11/25/2022	2,023		(15)		40
Planview Parent, Inc.		Software	—	3/31/2021	1,515		—		3
Confluent Health, LLC											Confluent Health, LLC	Healthcare Services	—	11/30/2023	2,638		(13)		—
Therapy Brands Holdings LLC											Therapy Brands Holdings LLC	Healthcare I.T.	—	5/18/2023	735		—		—
Thermostat Purchaser III, Inc.											Thermostat Purchaser III, Inc.	Business Services	—	8/31/2023	1,047		—		—
VT Topco, Inc.											VT Topco, Inc.	Business Services	—	8/1/2023	149		—		(1)

Total Unfunded Investments	Total Unfunded Investments				$	7,838	$	(58)	$	(20)	Total Unfunded Investments				$	4,569	$	(13)	$	(1)
Total Investments	Total Investments				$	626,985	$	615,916	$	609,961	Total Investments				$	709,517	$	701,743	$	702,148

(1)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 LIBOR (L), the Prime Rate (P) and the alternative base rate (Base). For each investment, the current interest rate provided reflects the rate in effect as of December 31, ~~2020.~~2021.

(2)Represents the fair value in accordance with ASC 820. The Company's board of directors does not determine the fair value of the investments held by SLP III.

6570

Table of Contents

Below is certain summarized financial information for SLP III as of June 30, ~~2021~~2022 and December 31, ~~2020~~2021 and for the three and six months ended June 30, ~~2021~~2022 and June 30, ~~2020:~~2021:


Selected Balance Sheet Information:	Selected Balance Sheet Information:	June 30, 2021		December 31, 2020		Selected Balance Sheet Information:	June 30, 2022		December 31, 2021
Investments at fair value (cost of $681,283 and $615,916)		$	680,880	$	609,961
Investments at fair value (cost of $689,672 and $701,743)						Investments at fair value (cost of $689,672 and $701,743)	$	654,639	$	702,148
Cash and other assets	Cash and other assets	32,018		10,176		Cash and other assets	12,754		16,505
Receivable from unsettled securities sold	Receivable from unsettled securities sold	23,407		—		Receivable from unsettled securities sold	—		7,351
Total assets	Total assets	$	736,305	$	620,137	Total assets	$	667,393	$	726,004

Credit facility	Credit facility	$	518,200	$	424,200	Credit facility	$	514,500	$	510,900
Deferred financing costs		(1,947)		(2,471)
Deferred financing costs (net of accumulated amortization of $4,083 and $3,338, respectively)						Deferred financing costs (net of accumulated amortization of $4,083 and $3,338, respectively)	(2,453)		(3,198)
Payable for unsettled securities purchased	Payable for unsettled securities purchased	37,296		47,192		Payable for unsettled securities purchased	6,886		34,552
Distribution payable	Distribution payable	5,607		3,800		Distribution payable	5,450		5,031
Other liabilities	Other liabilities	2,517		2,501		Other liabilities	3,206		2,378
Total liabilities	Total liabilities	561,673		475,222		Total liabilities	527,589		549,663

Members' capital	Members' capital	$	174,632	$	144,915	Members' capital	$	139,804	$	176,341
Total liabilities and members' capital	Total liabilities and members' capital	$	736,305	$	620,137	Total liabilities and members' capital	$	667,393	$	726,004


Selected Statement of Operations Information:	Selected Statement of Operations Information:	Three Months Ended				Six Months Ended				Selected Statement of Operations Information:	Three Months Ended				Six Months Ended
		June 30, 2021		June 30, 2020		June 30, 2021		June 30, 2020			June 30, 2022		June 30, 2021		June 30, 2022		June 30, 2021
Interest income	Interest income	$	7,826	$	6,929	$	15,197	$	14,336	Interest income	$	8,724	$	7,826	$	16,654	$	15,197
Other income	Other income	203		64		306		245		Other income	223		203		353		306
Total investment income	Total investment income	8,029		6,993		15,503		14,581		Total investment income	8,947		8,029		17,007		15,503

Interest and other financing expenses	Interest and other financing expenses	2,691		3,381		5,275		7,077		Interest and other financing expenses	3,656		2,691		6,406		5,275
Other expenses	Other expenses	197		164		368		321		Other expenses	217		197		436		368
Total expenses	Total expenses	2,888		3,545		5,643		7,398		Total expenses	3,873		2,888		6,842		5,643

Net investment income	Net investment income	5,141		3,448		9,860		7,183		Net investment income	5,074		5,141		10,165		9,860

Net realized gains on investments		359		6		571		4
Net change in unrealized appreciation (depreciation) of investments		743		38,194		5,552		(25,154)
Net increase (decrease) in members' capital		$	6,243	$	41,648	$	15,983	$	(17,967)
Net realized (losses) gains on investments										Net realized (losses) gains on investments	(4)		359		(17)		571
Net change in unrealized (depreciation) appreciation of investments										Net change in unrealized (depreciation) appreciation of investments	(29,943)		743		(35,438)		5,552
Net (decrease) increase in members' capital										Net (decrease) increase in members' capital	$	(24,873)	$	6,243	$	(25,290)	$	15,983

For the three and six months ended June 30, 2022, the Company earned approximately $4,360 and $8,998, respectively, of dividend income related to SLP III, which is included in dividend income. For the three and six months ended June 30, 2021, the Company earned approximately $4,485 and $9,012, respectively, of dividend income related to SLP III, which is included in dividend income. ~~For the three and six months ended June 30, 2020, the Company earned approximately $2,750 and $5,624, respectively, of dividend income related to SLP III, which is included in dividend income.~~ As of June 30, ~~2021~~2022 and December 31, ~~2020,~~2021, approximately ~~$4,485~~$4,360 and ~~$3,040,~~$4,025, respectively, of dividend income related to SLP III was included in interest and dividend receivable.

The Company has determined that SLP III is an investment company under ASC 946; however, in accordance with such guidance the Company will generally not consolidate its investment in a company other than a wholly-owned investment company subsidiary. Furthermore, ASC 810 concludes that in a joint venture where both members have equal decision making authority, it is not appropriate for one member to consolidate the joint venture since neither has control. Accordingly, the Company does not consolidate SLP III.

6671

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NMFC Senior Loan Program IV LLC

NMFC Senior Loan Program IV LLC ("SLP IVIV") was formed as a Delaware limited liability company on April 6, 2021, and commenced operations on May 5, 2021. SLP IV is structured as a private joint venture investment fund between the Company and SkyKnight Income Alpha, LLC ("SkyKnight Alpha") and operates under the First Amended and Restated Limited Liability Company Agreement of NMFC Senior Loan Program IV LLC (the "SLP IV Agreement"). Upon the effectiveness of the SLP IV Agreement dated May 5, 2021, the members contributed their respective membership interests in NMFC Senior Loan Program I LLC ("SLP II") and NMFC Senior Loan Program II LLC ("SLP IIII") to SLP IV. Immediately following the contribution of their membership interests, SLP I and SLP II became wholly-owned subsidiaries of SLP IV.The purpose of the joint venture is to invest primarily in senior secured loans issued by portfolio companies within the Company's core industry verticals. These investments are typically broadly syndicated first lien loans. All investment decisions must be unanimously approved by the board of managers of SLP IV, which has equal representation from the Company and SkyKnight Alpha. SLP IV has a five year investment period and will continue in existence until May 5, ~~2026.~~2028. The investment period may be extended for up to one year pursuant to certain terms of the SLP IV Agreement.

SLP IV is capitalized with equity contributions which were transferred and contributed from its members. As of June 30, ~~2021,~~2022, the Company and SkyKnight Alpha have transferred and contributed $112,400 and $30,600, respectively, of their membership interests in SLP I and SLP II to SLP IV. The Company’s investment in SLP IV is disclosed on the Company’s Consolidated Schedule of Investments as of June 30, 2022 and December 31, 2021.

On May 5, 2021, SLP IV entered into a $370,000 revolving credit facility with Wells Fargo Bank, National Association which matures on May 5, 2026 and bears interest at a rate of LIBOR plus 1.60% per annum. As of June 30, 2022 and December 31, 2021, SLP IV had total investments with an aggregate fair value of approximately ~~$477,299~~$489,753 and $504,948, respectively, and debt outstanding under its credit facility of ~~$310,137.~~$364,937 and $360,137, respectively. As of June 30, 2022 and December 31, 2021, none of SLP IV’s investments were on non-accrual. Additionally, as of June 30, 2022 and December 31, 2021, SLP IV had unfunded commitments in the form of delayed draws of ~~$11,470.~~$4,277 and $6,103, respectively.

Below is a summary of SLP IV's consolidated portfolio, along with a listing of the individual investments in SLP IV's consolidated portfolio as of June 30, 2022 and December 31, 2021:


	~~June 30, 2021~~
~~First lien investments (1)~~	$	~~493,512~~
~~Weighted average interest rate on first lien investments (2)~~	~~4.82~~		%
~~Number of portfolio companies in SLP IV~~	57
~~Largest portfolio company investment (1)~~	$	~~22,331~~
~~Total of five largest portfolio company investments (1)~~	$	~~105,078~~


	June 30, 2022			December 31, 2021
First lien investments (1)	$	521,079		513,298
Weighted average interest rate on first lien investments (2)	5.77		%	4.64	%
Number of portfolio companies in SLP IV	74			68
Largest portfolio company investment (1)	$	22,099		22,215
Total of five largest portfolio company investments (1)	$	94,413		99,875

(1)Reflects principal amount or par value of investment.

(2)Computed as the all in interest rate in effect on accruing investments divided by the total principal amount of investments.

6772

Table of Contents

The following table is a listing of the individual investments in SLP IV's consolidated portfolio as of June 30, ~~2021:~~2022:

Portfolio Company and Type of Investment

Industry

Interest Rate (1)

Maturity Date

Principal Amount or Par Value

Cost

Fair
Value (2)

Portfolio Company and Type of Investment

Industry

Interest Rate (1)

Maturity Date

Principal Amount or Par Value

Cost

Fair
Value (2)

Funded Investments - First lien

Access CIG, LLC

Business Services

3.84% (L + 3.75%)

2/27/2025

8,249

8,260

8,209

ADG, LLC

Healthcare Services

6.25% (L + 4.75% + 0.50% PIK)

9/28/2023

16,522

16,463

16,522

ADG, LLC

Healthcare Services

6.94% (L + 4.75% + 0.50% PIK)

9/28/2023

16,606

16,573

16,606

ADMI Corp. (aka Aspen Dental)

Healthcare Services

4.25% (L + 3.75%)

12/23/2027

1,875

1,866

1,875

ADMI Corp. (aka Aspen Dental)

Healthcare Services

5.17% (L + 3.50%)

12/23/2027

1,861

1,853

1,708

Advisor Group Holdings, Inc.

Consumer Services

4.60% (L + 4.50%)

7/31/2026

11,757

11,666

11,797

Advisor Group Holdings, Inc.

Financial Services

6.17% (L + 4.50%)

7/31/2026

11,637

11,564

11,099

AqGen Island Holdings, Inc

Financial Services

4.00% (L + 3.50%)

5/19/2028

6,250

6,219

6,254

Artera Services, LLC

Distribution & Logistics

4.50% (L + 3.50%)

3/6/2025

5,355

5,315

5,339

Artera Services, LLC

Distribution & Logistics

5.75% (L + 3.50%)

3/6/2025

5,302

5,272

4,212

athenahealth Group Inc.

Healthcare Information Technology

5.01% (SOFR + 3.50%)

2/15/2029

2,311

2,300

2,133

Barracuda Networks, Inc.

Software

6.29% (SOFR + 4.50%)

5/17/2029

5,000

4,850

4,750

Bayou Intermediate II, LLC

Healthcare Products

5.25% (L + 4.50%)

5/13/2028

8,693

8,650

8,737

Bayou Intermediate II, LLC

Healthcare Services

5.79% (L + 4.50%)

8/2/2028

8,650

8,611

8,239

Bearcat Buyer, Inc.

Healthcare Services

5.25% (L + 4.25%)

7/9/2026

1,986

1,978

1,986

Bearcat Buyer, Inc.

Healthcare Services

6.50% (L + 4.25%)

7/9/2026

1,966

1,959

1,966

Bearcat Buyer, Inc.

Healthcare Services

5.25% (L + 4.25%)

7/9/2026

412

410

412

Bearcat Buyer, Inc.

Healthcare Services

6.50% (L + 4.25%)

7/9/2026

408

406

408

Bella Holding Company, LLC

Healthcare Services

4.50% (L + 3.75%)

5/10/2028

3,000

2,989

3,005

Bella Holding Company, LLC

Healthcare Services

5.42% (L + 3.75%)

5/10/2028

1,760

1,754

1,651

Bleriot US Bidco Inc.

Federal Services

4.15% (L + 4.00%)

10/30/2026

3,890

3,871

3,896

Bleriot US Bidco Inc.

Federal Services

6.25% (L + 4.00%)

10/30/2026

3,960

3,853

Bracket Intermediate Holding Corp.

Healthcare Services

4.44% (L + 4.25%)

9/5/2025

4,497

4,482

4,498

Bracket Intermediate Holding Corp.

Healthcare Services

5.22% (L + 4.25%)

9/5/2025

4,450

4,439

4,287

Brave Parent Holdings, Inc.

Software

4.10% (L + 4.00%)

4/18/2025

3,633

3,625

3,634

Brave Parent Holdings, Inc.

Software

5.67% (L + 4.00%)

4/18/2025

2,358

2,354

2,273

Brown Group Holding, LLC

Distribution & Logistics

5.54% (SOFR + 3.75%)

7/2/2029

5,438

5,302

5,247

Cano Health, LLC

Healthcare Services

5.25% (L + 4.50%)

11/23/2027

2,820

2,813

2,829

Cano Health, LLC

Healthcare Services

5.63% (SOFR + 4.00%)

11/23/2027

8,090

8,084

7,458

CE Intermediate I, LLC

Software

5.40% (L + 4.00%)

11/10/2028

8,219

8,165

7,767

CentralSquare Technologies, LLC

Software

3.90% (L + 3.75%)

8/29/2025

14,625

14,602

13,726

CentralSquare Technologies, LLC

Software

6.00% (L + 3.75%)

8/29/2025

14,475

14,457

13,064

Certara Holdco, Inc.

Healthcare Information Technology

3.60% (L + 3.50%)

8/15/2026

3,959

3,950

3,969

Certara Holdco, Inc.

Healthcare Information Technology

5.17% (L + 3.50%)

8/15/2026

3,920

3,912

3,832

CHA Holdings, Inc.

Business Services

5.50% (L + 4.50%)

4/10/2025

10,984

10,955

10,434

CHA Holdings, Inc.

Business Services

6.75% (L + 4.50%)

4/10/2025

10,862

10,841

10,862

CHA Holdings, Inc.

Business Services

5.50% (L + 4.50%)

4/10/2025

2,016

2,009

1,915

CHA Holdings, Inc.

Business Services

6.75% (L + 4.50%)

4/10/2025

1,994

1,989

1,994

Cvent, Inc.

Software

3.85% (L + 3.75%)

11/29/2024

6,710

6,699

6,635

Confluent Health, LLC

Healthcare Services

5.67% (L + 4.00%)

11/30/2028

343

341

320

Confluent Health, LLC

Healthcare Services

5.67% (L + 4.00%)

11/30/2028

8,055

8,017

7,522

Confluent Medical Technologies, Inc.

Healthcare Products

5.80% (SOFR + 3.75%)

2/16/2029

6,983

6,949

6,511

Cornerstone OnDemand, Inc.

Software

5.42% (L + 3.75%)

10/16/2028

3,239

3,224

2,909

Dealer Tire, LLC

Distribution & Logistics

4.35% (L + 4.25%)

12/12/2025

10,803

10,782

10,826

Dealer Tire, LLC

Distribution & Logistics

5.92% (L + 4.25%)

12/12/2025

10,694

10,677

10,246

Dispatch Acquisition Holdings, LLC

Industrial Services

6.50% (L + 4.25%)

3/27/2028

9,925

9,810

9,081

Drilling Info Holdings, Inc.

Business Services

4.35% (L + 4.25%)

7/30/2025

20,606

20,548

20,142

Drilling Info Holdings, Inc.

Business Services

5.92% (L + 4.25%)

7/30/2025

20,394

20,350

19,986

EAB Global, Inc.

Education

4.00% (L + 3.50%)

6/28/2028

10,000

9,950

9,963

EAB Global, Inc.

Education

4.74% (L + 3.50%)

8/16/2028

8,454

8,416

7,984

Edgewood Partners Holdings LLC (EPIC)

Business Services

5.25% (L + 4.25%)

9/6/2024

9,812

9,754

9,763

Emerald 2 Limited

Business Services

3.65% (L + 3.50%)

7/10/2026

446

445

446

Emerald 2 Limited

Business Services

5.17% (L + 3.50%)

7/12/2028

443

442

423

Energize Holdco LLC

Business Services

6.00% (L + 3.75%)

12/8/2028

9,045

9,003

8,593

eResearchTechnology, Inc.

Healthcare Services

5.50% (L + 4.50%)

2/4/2027

4,452

4,415

4,478

eResearchTechnology, Inc.

Healthcare Services

6.17% (L + 4.50%)

2/4/2027

4,407

4,376

4,078

EyeCare Partners, LLC

Healthcare Services

6.00% (L + 3.75%)

11/15/2028

9,975

9,952

9,208

Foundational Education Group, Inc.

Education

6.07% (S + 3.75%)

8/31/2028

6,468

6,409

6,209

Geo Parent Corporation

Business Services

6.92% (L + 5.25%)

12/19/2025

9,760

9,517

9,516

Greenway Health, LLC

Healthcare Information Technology

4.75% (L + 3.75%)

2/16/2024

21,058

21,014

19,953

Greenway Health, LLC

Healthcare Information Technology

5.25% (L + 3.75%)

2/16/2024

20,839

20,811

18,885

Heartland Dental, LLC

Healthcare Services

3.60% (L + 3.50%)

4/30/2025

3,591

3,580

3,555

Heartland Dental, LLC

Healthcare Services

5.17% (L + 3.50%)

4/30/2025

3,554

3,546

3,310

Heartland Dental, LLC

Healthcare Services

4.07% (L + 4.00%)

4/30/2025

6,300

6,269

6,295

Heartland Dental, LLC

Healthcare Services

5.64% (L + 4.00%)

4/30/2025

6,237

6,214

5,863

Help/Systems Holdings, Inc.

Software

4.75% (L + 4.00%)

11/19/2026

9,969

9,934

10,013

Help/Systems Holdings, Inc.

Software

5.63% (SOFR + 4.00%)

11/19/2026

9,859

9,829

9,270

Houghton Mifflin Harcourt Company

Education

6.88% (SOFR + 5.25%)

4/9/2029

4,048

3,929

3,681

Hunter Holdco 3 Limited

Healthcare Services

6.50% (L + 4.25%)

8/19/2028

3,949

3,914

3,762

Idera, Inc.

Software

4.50% (L + 3.75%)

3/2/2028

9,365

9,286

9,376

Idera, Inc.

Software

4.82% (L + 3.75%)

3/2/2028

9,271

9,204

8,592

IG Investments Holdings, LLC (aka Insight Global)

Business Services

4.75% (L + 3.75%)

5/23/2025

9,975

9,926

10,007

Keystone Acquisition Corp.

Healthcare Services

6.25% (L + 5.25%)

5/1/2024

5,198

5,173

5,132

Kestra Advisor Services Holdings A, Inc.

Financial Services

6.51% (L + 4.25%)

6/3/2026

5,458

5,411

5,176

LSCS Holdings, Inc.

Healthcare Services

4.42% (L + 4.25%)

3/17/2025

12,476

12,455

12,351

LSCS Holdings, Inc.

Healthcare Services

6.73% (L + 4.50%)

12/16/2028

8,713

8,675

8,300

LSCS Holdings, Inc.

Healthcare Services

4.42% (L + 4.25%)

3/17/2025

3,220

3,215

3,188

Market Track, LLC

Business Services

6.50% (P + 3.25%)

6/5/2024

12,297

12,272

12,297

Mamba Purchaser, Inc.

Healthcare Services

5.35% (L + 3.75%)

10/16/2028

4,113

4,095

3,915

Mandolin Technology Intermediate Holdings, Inc.

Software

4.99% (L + 3.75%)

7/31/2028

9,950

9,906

9,627

Maverick Bidco Inc.

Software

4.50% (L + 3.75%)

5/18/2028

8,000

7,961

8,014

Maverick Bidco Inc.

Software

4.99% (L + 3.75%)

5/18/2028

7,960

7,926

7,701

Mavis Tire Express Services Topco Corp.

Retail

4.75% (L + 4.00%)

5/4/2028

8,475

8,433

8,516

Mavis Tire Express Services Topco Corp.

Retail

5.63% (SOFR + 4.00%)

5/4/2028

8,393

8,357

7,847

Medical Solutions Holdings, Inc.

Healthcare Services

5.50% (L + 4.50%)

6/14/2024

4,990

4,981

5,011

Ministry Brands, LLC

Software

5.00% (L + 4.00%)

12/2/2022

16,822

16,798

16,822

Ministry Brands, LLC

Software

5.00% (L + 4.00%)

12/2/2022

2,062

2,059

2,062

Ministry Brands, LLC

Software

5.00% (L + 4.00%)

12/2/2022

867

865

867

Mercury Borrower, Inc.

Business Services

5.81% (L + 3.50%)

8/2/2028

6,219

6,191

5,815

MH Sub I, LLC (Micro Holding Corp.)

Software

5.42% (L + 3.75%)

9/13/2024

7,858

7,842

7,416

National Intergovernmental Purchasing Alliance Company

Business Services

3.65% (L + 3.50%)

5/23/2025

1,327

1,329

1,321

National Intergovernmental Purchasing Alliance Company

Business Services

5.75% (L + 3.50%)

5/23/2025

1,321

1,322

1,258

Pelican Products, Inc.

Business Products

4.50% (L + 3.50%)

5/1/2025

2,242

2,239

2,228

Premise Health Holding Corp.

Healthcare Services

3.65% (L + 3.50%)

7/10/2025

1,976

1,970

1,966

Project Accelerate Parent, LLC

Business Services

5.25% (L + 4.25%)

1/2/2025

16,507

16,459

16,290

Project Boost Purchaser, LLC

Business Services

4.25% (L + 3.75%)

5/30/2026

2,500

2,494

2,500

PSC Industrial Holdings Corp.

Industrial Services

4.75% (L + 3.75%)

10/11/2024

6,899

6,864

6,850

Quest Software US Holdings Inc.

Software

4.44% (L + 4.25%)

5/16/2025

14,625

14,581

14,628

RealPage, Inc.

Business Services

3.75% (L + 3.25%)

4/24/2028

5,000

4,981

4,992

Salient CRGT Inc.

Federal Services

7.50% (L + 6.50%)

2/28/2022

18,920

18,891

18,778

Sierra Enterprises, LLC

Food & Beverage

5.00% (L + 4.00%)

11/11/2024

4,238

4,223

4,174

Sovos Brands Intermediate, Inc.

Food & Beverage

5.00% (L + 4.25%)

6/8/2028

10,000

9,975

10,037

Netsmart, Inc.

Healthcare Information Technology

5.67% (L + 4.00%)

10/1/2027

6,930

6,612

6873

Table of Contents


Portfolio Company and Type of Investment	Portfolio Company and Type of Investment	Industry	Interest Rate (1)	Maturity Date	Principal Amount or Par Value		Cost		Fair Value (2)		Portfolio Company and Type of Investment	Industry	Interest Rate (1)	Maturity Date	Principal Amount or Par Value		Cost		Fair Value (2)
OEConnection LLC											OEConnection LLC	Business Services	5.60% (L + 4.00%)	9/25/2026	$	4,102	$	4,074	$	3,815
Pearls (Netherlands) Bidco B.V.											Pearls (Netherlands) Bidco B.V.	Specialty Chemicals & Materials	4.83% (SOFR + 4.00%)	2/26/2029	1,339		1,336		1,264
PetVet Care Centers, LLC (fka Pearl Intermediate Parent LLC)											PetVet Care Centers, LLC (fka Pearl Intermediate Parent LLC)	Consumer Services	5.17% (L + 3.50%)	2/14/2025	9,923		9,903		9,386
Physician Partners, LLC											Physician Partners, LLC	Healthcare Services	5.63% (SOFR + 4.00%)	12/26/2028	6,118		6,060		5,759
Premise Health Holding Corp.											Premise Health Holding Corp.	Healthcare Services	5.75% (L + 3.50%)	7/10/2025	1,956		1,951		1,927
Project Boost Purchaser, LLC											Project Boost Purchaser, LLC	Business Services	5.17% (L + 3.50%)	5/30/2026	2,475		2,470		2,305
RealPage, Inc.											RealPage, Inc.	Business Services	4.67% (L + 3.00%)	4/24/2028	4,963		4,946		4,593
RLG Holdings, LLC											RLG Holdings, LLC	Packaging	5.92% (L + 4.25%)	7/7/2028	4,743		4,722		4,447
Sierra Enterprises, LLC											Sierra Enterprises, LLC	Food & Beverage	5.67% (L + 4.00%)	11/11/2024	4,194		4,184		3,989
Snap One Holdings Corp.											Snap One Holdings Corp.	Distribution & Logistics	7.38% (L + 4.50%)	12/8/2028	8,628		8,547		7,894
Sovos Brands Intermediate, Inc.											Sovos Brands Intermediate, Inc.	Food & Beverage	4.25% (L + 3.50%)	6/8/2028	8,290		8,272		7,834
Storable, Inc.	Storable, Inc.	Software	3.75% (L + 3.25%)	4/17/2028	$	4,000	$	3,975	$	3,990	Storable, Inc.	Software	5.03% (SOFR + 3.50%)	4/17/2028	3,980		3,959		3,748
Symplr Software, Inc.											Symplr Software, Inc.	Healthcare Information Technology	6.65% (SOFR + 4.50%)	12/22/2027	3,784		3,775		3,594
Syndigo LLC	Syndigo LLC	Software	5.25% (L + 4.50%)	12/15/2027	7,878		7,873		7,819		Syndigo LLC	Software	5.82% (L + 4.50%)	12/15/2027	9,809		9,792		9,626
Therapy Brands Holdings LLC	Therapy Brands Holdings LLC	Healthcare Information Technology	4.75% (L + 4.00%)	5/18/2028	4,621		4,598		4,621		Therapy Brands Holdings LLC	Healthcare Information Technology	4.79% (L + 4.00%)	5/18/2028	4,586		4,567		4,500
Thermostat Purchaser III, Inc.											Thermostat Purchaser III, Inc.	Business Services	6.07% (L + 4.50%)	8/31/2028	4,231		4,211		3,998
TIBCO Software Inc.	TIBCO Software Inc.	Software	3.86% (L + 3.75%)	6/30/2026	2,993		2,974		2,986		TIBCO Software Inc.	Software	5.42% (L + 3.75%)	6/30/2026	2,962		2,947		2,915
Unified Women's Healthcare, LP		Healthcare Services	5.00% (L + 4.25%)	12/20/2027	4,500		4,478		4,507
Trader Interactive, LLC (fka Dominion Web Solutions LLC)											Trader Interactive, LLC (fka Dominion Web Solutions LLC)	Business Services	5.42% (L + 3.75%)	7/28/2028	5,018		4,996		4,830
USIC Holdings, Inc.	USIC Holdings, Inc.	Consumer Services	4.25% (L + 3.50%)	5/12/2028	3,849		3,833		3,848		USIC Holdings, Inc.	Business Services	5.17% (L + 3.50%)	5/12/2028	3,819		3,807		3,498
Wirepath LLC		Distribution & Logistics	4.15% (L + 4.00%)	8/5/2024	21,332		21,332		20,906
Valcour Packaging, LLC											Valcour Packaging, LLC	Packaging	5.22% (L + 3.75%)	10/4/2028	3,293		3,284		3,104
Vetcor Professional Practices LLC											Vetcor Professional Practices LLC	Consumer Services	5.05% (L + 4.25%)	7/2/2025	9,921		9,756		9,302
Virtusa Corporation											Virtusa Corporation	Information Technology	5.38% (SOFR + 3.75%)	2/15/2029	2,291		2,270		2,169
VT Topco, Inc.											VT Topco, Inc.	Business Services	5.97% (L + 3.75%)	8/1/2025	309		307		296
VT Topco, Inc.											VT Topco, Inc.	Business Services	5.42% (L + 3.75%)	8/1/2025	8,419		8,386		8,061
WP CityMD Bidco LLC	WP CityMD Bidco LLC	Healthcare Services	4.50% (L + 3.75%)	8/13/2026	9,673		9,602		9,707		WP CityMD Bidco LLC	Healthcare Services	5.50% (L + 3.25%)	12/22/2028	1,740		1,744		1,641
Wrench Group LLC	Wrench Group LLC	Consumer Services	4.15% (L + 4.00%)	4/30/2026	8,614		8,549		8,613		Wrench Group LLC	Consumer Services	6.25% (L + 4.00%)	4/30/2026	9,518		9,464		9,066
YI, LLC	YI, LLC	Healthcare Services	5.00% (L + 4.00%)	11/7/2024	22,331		22,318		21,885		YI, LLC	Healthcare Services	5.67% (L + 4.00%)	11/7/2024	22,099		22,089		21,325

Zone Climate Services, Inc.											Zone Climate Services, Inc.	Consumer Services	6.40% (SOFR + 4.75%)	3/9/2028	9,975		9,784		9,875
Zone Climate Services, Inc.											Zone Climate Services, Inc.	Consumer Services	6.03% (SOFR + 4.75%)	3/9/2028	2,193		2,151		2,171

Total Funded Investments	Total Funded Investments				$	482,042	$	480,475	$	477,395	Total Funded Investments				$	516,802	$	513,984	$	489,957

Unfunded Investments - First lien	Unfunded Investments - First lien										Unfunded Investments - First lien
athenahealth Group Inc.											athenahealth Group Inc.	Healthcare Information Technology	—	8/28/2023	$	392	$	—	$	(30)
Confluent Health, LLC											Confluent Health, LLC	Healthcare Services	—	11/30/2028	1,416		(7)		(94)
Thermostat Purchaser III, Inc.											Thermostat Purchaser III, Inc.	Business Services	—	8/31/2023	748		—		(41)
Therapy Brands Holdings LLC	Therapy Brands Holdings LLC	Healthcare Information Technology	—	5/18/2023	$	1,470	$	—	$	—	Therapy Brands Holdings LLC	Healthcare Information Technology	—	5/18/2023	1,470		—		(28)
VetCor Professional Practices LLC		Consumer Services	—	5/20/2023	10,000		(100)		(96)

VT Topco, Inc.											VT Topco, Inc.	Business Services	—	8/1/2025	251		—		(11)
Total Unfunded Investments	Total Unfunded Investments				$	11,470	$	(100)	$	(96)	Total Unfunded Investments				$	4,277	$	(7)	$	(204)
Total Investments	Total Investments				$	493,512	$	480,375	$	477,299	Total Investments				$	521,079	$	513,977	$	489,753

(2)Represents the fair value in accordance with ASC 820. The Company's board of directors does not determine the fair value of the investments held by SLP IV.

Table of Contents

The following table is a listing of the individual investments in SLP IV's consolidated portfolio as of December 31, 2021:


Portfolio Company and Type of Investment	Industry	Interest Rate (1)	Maturity Date	Principal Amount or Par Value		Cost		Fair Value (2)
Funded Investments - First lien
ADG, LLC	Healthcare Services	6.25% (L + 4.75% + 0.50% PIK)	9/28/2023	$	16,565	$	16,518	$	16,565
ADMI Corp. (aka Aspen Dental)	Healthcare Services	4.00% (L + 3.50%)	12/23/2027	1,870		1,862		1,870
Advisor Group Holdings, Inc.	Financial Services	4.60% (L + 4.50%)	7/31/2026	11,697		11,615		11,735
Artera Services, LLC	Distribution & Logistics	4.50% (L + 3.50%)	3/6/2025	5,329		5,293		5,173
Bayou Intermediate II, LLC	Healthcare Services	5.25% (L + 4.50%)	8/2/2028	8,693		8,652		8,704
Bearcat Buyer, Inc.	Healthcare Services	5.25% (L + 4.25%)	7/9/2026	1,976		1,969		1,976
Bearcat Buyer, Inc.	Healthcare Services	5.25% (L + 4.25%)	7/9/2026	410		408		410
Bella Holding Company, LLC	Healthcare Services	4.50% (L + 3.75%)	5/10/2028	1,769		1,763		1,770
Bleriot US Bidco Inc.	Federal Services	4.22% (L + 4.00%)	10/30/2026	3,980		3,980		3,983
Bracket Intermediate Holding Corp.	Healthcare Services	4.38% (L + 4.25%)	9/5/2025	4,473		4,461		4,469
Brave Parent Holdings, Inc.	Software	4.10% (L + 4.00%)	4/18/2025	2,390		2,385		2,392
Cano Health, LLC	Healthcare Services	5.25% (L + 4.50%)	11/23/2027	5,737		5,731		5,748
CE Intermediate I, LLC	Software	4.50% (L + 4.00%)	11/10/2028	8,239		8,182		8,188
CentralSquare Technologies, LLC	Software	3.97% (L + 3.75%)	8/29/2025	14,550		14,530		13,761
Certara Holdco, Inc.	Healthcare Information Technology	3.60% (L + 3.50%)	8/15/2026	3,940		3,931		3,932
CHA Holdings, Inc.	Business Services	5.50% (L + 4.50%)	4/10/2025	10,919		10,894		10,919
CHA Holdings, Inc.	Business Services	5.50% (L + 4.50%)	4/10/2025	2,004		1,998		2,004
Confluent Health, LLC	Healthcare Services	4.50% (L + 4.00%)	11/30/2028	8,076		8,035		8,076
Cornerstone OnDemand, Inc.	Software	4.25% (L + 3.75%)	10/16/2028	3,247		3,231		3,244
Cvent, Inc.	Software	3.85% (L + 3.75%)	11/29/2024	2,322		2,319		2,322
Dealer Tire, LLC	Distribution & Logistics	4.35% (L + 4.25%)	12/12/2025	10,748		10,729		10,767
Dispatch Acquisition Holdings, LLC	Industrial Services	5.00% (L + 4.25%)	3/27/2028	9,975		9,851		9,969
Drilling Info Holdings, Inc.	Business Services	4.35% (L + 4.25%)	7/30/2025	20,500		20,449		20,346
EAB Global, Inc.	Education	4.00% (L + 3.50%)	8/16/2028	10,000		9,952		9,961
Emerald 2 Limited	Business Services	3.47% (L + 3.25%)	7/12/2028	445		444		443
Energize Holdco LLC	Business Services	4.25% (L + 3.75%)	12/8/2028	9,068		9,023		9,045
eResearchTechnology, Inc.	Healthcare Services	5.50% (L + 4.50%)	2/4/2027	4,429		4,396		4,455
EyeCare Partners, LLC	Healthcare Services	4.25% (L + 3.75%)	11/15/2028	8,000		7,980		7,982
EyeCare Partners, LLC	Healthcare Services	6.00% (P + 2.75%)	11/15/2028	1,364		1,360		1,360
Foundational Education Group, Inc.	Education	4.75% (L + 4.25%)	8/31/2028	6,500		6,438		6,516
Greenway Health, LLC	Healthcare Information Technology	4.75% (L + 3.75%)	2/16/2024	20,948		20,912		20,104
Heartland Dental, LLC	Healthcare Services	3.60% (L + 3.50%)	4/30/2025	3,572		3,563		3,541
Heartland Dental, LLC	Healthcare Services	4.10% (L + 4.00%)	4/30/2025	6,269		6,241		6,261
Help/Systems Holdings, Inc.	Software	4.75% (L + 4.00%)	11/19/2026	9,909		9,876		9,888
Hunter Holdco 3 Limited	Healthcare Services	4.75% (L + 4.25%)	8/19/2028	3,949		3,911		3,959
Idera, Inc.	Software	4.50% (L + 3.75%)	3/2/2028	9,318		9,245		9,338
Kestra Advisor Services Holdings A, Inc.	Financial Services	4.36% (L + 4.25%)	6/3/2026	5,486		5,434		5,459
Keystone Acquisition Corp.	Healthcare Services	6.25% (L + 5.25%)	5/1/2024	5,171		5,150		5,146
LSCS Holdings, Inc.	Healthcare Services	5.00% (L + 4.50%)	12/16/2028	5,897		5,867		5,911
Mamba Purchaser, Inc.	Healthcare Services	4.25% (L + 3.75%)	10/16/2028	4,124		4,104		4,126
Mandolin Technology Intermediate Holdings, Inc.	Software	4.25% (L + 3.75%)	7/31/2028	10,000		9,953		9,975
Maverick Bidco Inc.	Software	4.50% (L + 3.75%)	5/18/2028	8,000		7,963		8,015
Mavis Tire Express Services Topco Corp.	Retail	4.75% (L + 4.00%)	5/4/2028	8,432		8,394		8,447
Mercury Borrower, Inc.	Business Services	4.00% (L + 3.50%)	8/2/2028	6,250		6,220		6,240
MH Sub I, LLC (Micro Holding Corp.)	Software	4.75% (L + 3.75%)	9/13/2024	7,898		7,878		7,925
Ministry Brands, LLC	Software	5.00% (L + 4.00%)	12/2/2022	16,734		16,719		16,734
Ministry Brands, LLC	Software	5.00% (L + 4.00%)	12/2/2022	2,051		2,050		2,051
Ministry Brands, LLC	Software	5.00% (L + 4.00%)	12/2/2022	862		861		862
National Intergovernmental Purchasing Alliance Company	Business Services	3.72% (L + 3.50%)	5/23/2025	1,327		1,329		1,325
Netsmart, Inc.	Healthcare Information Technology	4.75% (L + 4.00%)	10/1/2027	6,965		6,965		6,987

Table of Contents


Portfolio Company and Type of Investment	Industry	Interest Rate (1)	Maturity Date	Principal Amount or Par Value		Cost		Fair Value (2)
OEConnection LLC	Business Services	4.10% (L + 4.00%)	9/25/2026	$	4,123	$	4,092	$	4,118
PetVet Care Centers, LLC	Consumer Services	4.25% (L + 3.50%)	2/14/2025	9,974		9,950		9,987
Premise Health Holding Corp.	Healthcare Services	3.72% (L + 3.50%)	7/10/2025	1,966		1,961		1,959
Project Boost Purchaser, LLC	Business Services	4.00% (L + 3.50%)	5/30/2026	2,488		2,482		2,491
Quest Software US Holdings Inc.	Software	4.38% (L + 4.25%)	5/16/2025	14,550		14,512		14,555
RealPage, Inc.	Business Services	3.75% (L + 3.25%)	4/24/2028	4,988		4,970		4,979
RLG Holdings, LLC	Packaging	5.00% (L + 4.25%)	7/7/2028	4,767		4,744		4,765
Sierra Enterprises, LLC	Food & Beverage	5.00% (L + 4.00%)	11/11/2024	4,216		4,204		4,216
Snap One Holdings Corp.	Distribution & Logistics	5.00% (L + 4.50%)	12/8/2028	8,649		8,563		8,639
Sovos Brands Intermediate, Inc.	Food & Beverage	4.50% (L + 3.75%)	6/8/2028	8,290		8,270		8,296
Storable, Inc.	Software	3.75% (L + 3.25%)	4/17/2028	4,000		3,977		3,991
Syndigo LLC	Software	5.25% (L + 4.50%)	12/15/2027	7,839		7,834		7,858
Therapy Brands Holdings LLC	Healthcare Information Technology	4.75% (L + 4.00%)	5/18/2028	4,609		4,588		4,609
Thermostat Purchaser III, Inc.	Business Services	5.25% (L + 4.50%)	8/31/2028	4,252		4,231		4,252
TIBCO Software Inc.	Software	3.86% (L + 3.75%)	6/30/2026	2,977		2,961		2,961
Trader Interactive, LLC (fka Dominion Web Solutions LLC)	Business Services	4.50% (L + 4.00%)	7/28/2028	5,303		5,277		5,296
Unified Women's Healthcare, LP	Healthcare Services	5.00% (L + 4.25%)	12/20/2027	7,400		7,365		7,426
USIC Holdings, Inc.	Business Services	4.25% (L + 3.50%)	5/12/2028	3,839		3,825		3,839
Valcour Packaging, LLC	Packaging	4.25% (L + 3.75%)	10/4/2028	3,301		3,291		3,301
VetCor Professional Practices LLC	Consumer Services	5.00% (L + 4.25%)	7/2/2025	9,972		9,779		9,889
VT Topco, Inc.	Business Services	4.50% (L + 3.75%)	8/1/2025	8,489		8,451		8,436
WP CityMD Bidco LLC	Healthcare Services	3.75% (L + 3.25%)	12/22/2028	7,044		7,002		7,045
Wrench Group LLC	Consumer Services	4.22% (L + 4.00%)	4/30/2026	9,567		9,506		9,567
YI, LLC	Healthcare Services	5.00% (L + 4.00%)	11/7/2024	22,215		22,203		22,104



Total Funded Investments				$	507,195	$	505,052	$	504,958

Unfunded Investments - First lien
Confluent Health, LLC	Healthcare Services	—	11/30/2023	$	1,759	$	(9)	$	—
EyeCare Partners, LLC	Healthcare Services	—	11/15/2028	636		—		(1)
Therapy Brands Holdings LLC	Healthcare Information Technology	—	5/18/2023	1,470		—		—
Thermostat Purchaser III, Inc.	Business Services	—	8/31/2023	748		—		—
VT Topco, Inc.	Business Services	—	8/4/2023	1,490		—		(9)
Total Unfunded Investments				$	6,103	$	(9)	$	(10)
Total Investments				$	513,298	$	505,043	$	504,948

(1)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 LIBOR (L), the Prime Rate (P) and the alternative base rate (Base). For each investment, the current interest rate provided reflects the rate in effect as of June 30, ~~2021.~~2022.

(2)Represents the fair value in accordance with ASC 820. The Company's board of directors does not determine the fair value of the investments held by SLP IV.

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Below is certain summarized consolidated financial information for SLP IV as of June 30, 2022 and December 31, 2021 and for the three and six months ended June 30, ~~2021:~~2022:


~~Selected Consolidated Balance Sheet Information:~~	~~June 30, 2021~~
~~Investments at fair value (cost of $480,375)~~	$	~~477,299~~
~~Receivable from unsettled securities sold~~	~~24,991~~
~~Cash and other assets~~	~~19,039~~
~~Total assets~~	$	~~521,329~~

~~Credit facility~~	$	~~310,137~~
~~Deferred financing costs~~	~~(2,912)~~
~~Payable for unsettled securities purchased~~	~~68,871~~
~~Distribution payable~~	~~3,933~~
~~Other liabilities~~	~~1,742~~
~~Total liabilities~~	~~381,771~~

~~Members' capital~~	$	~~139,558~~
~~Total liabilities and members' capital~~	$	~~521,329~~


Selected Consolidated Balance Sheet Information:	June 30, 2022		December 31, 2021
Investments at fair value (cost of $513,977 and $505,043, respectively)	$	489,753	$	504,948
Receivable from unsettled securities sold	—		2,595
Cash and other assets	8,896		12,912
Total assets	$	498,649	$	520,455

Credit facility	$	364,937	$	360,137
Deferred financing costs (net of accumulated amortization of $544 and $396, respectively)	(2,311)		(2,609)
Distribution payable	3,800		3,396
Payable for unsettled securities purchased	10,152		13,893
Other liabilities	2,738		1,910
Total liabilities	379,316		376,727

Members' capital	$	119,333	$	143,728
Total liabilities and members' capital	$	498,649	$	520,455


Selected Consolidated Statement of Operations Information:	Selected Consolidated Statement of Operations Information:	Three Months Ended		Six Months Ended		Selected Consolidated Statement of Operations Information:	Three Months Ended				Six Months Ended
		June 30, 2021(1)		June 30, 2021(1)			June 30, 2022		June 30, 2021(1)		June 30, 2022		June 30, 2021(1)
Interest income	Interest income	$	3,227	$	3,227	Interest income	$	6,481	$	3,227	$	12,416	$	3,227
Other income	Other income	14		14		Other income	52		14		155		14
Total investment income	Total investment income	3,241		3,241		Total investment income	6,533		3,241		12,571		3,241

Interest and other financing expenses	Interest and other financing expenses	874		874		Interest and other financing expenses	2,545		874		4,348		874
Other expenses	Other expenses	269		269		Other expenses	187		269		408		269
Total expenses	Total expenses	1,143		1,143		Total expenses	2,732		1,143		4,756		1,143

Net investment income	Net investment income	2,098		2,098		Net investment income	3,801		2,098		7,815		2,098

Net realized gains on investments	Net realized gains on investments	224		224		Net realized gains on investments	10		224		8		224
Net change in unrealized appreciation of investments		2,052		2,052
Net increase in members' capital		$	4,374	$	4,374
Net change in unrealized (depreciation) appreciation of investments						Net change in unrealized (depreciation) appreciation of investments	(20,419)		2,052		(24,129)		2,052
Net (decrease) increase in members' capital						Net (decrease) increase in members' capital	$	(16,608)	$	4,374	$	(16,306)	$	4,374

(1)Reflects the results of operations for the period from May 5, 2021 through June 30, 2021.

For the three and six months ended June 30, 2022, the Company earned approximately $2,987 and $6,359, respectively, of dividend income related to SLP IV, which is included in dividend income. For the period from May 5, 2021 through June 30, 2021, the Company earned approximately $2,428 of dividend income related to SLP IV, which is included in dividend income. As of June 30, 2022 and December 31, 2021, approximately ~~$2,428~~$2,987 and $2,670, respectively, of dividend income related to SLP IV was included in interest and dividend receivable.

The Company has determined that SLP IV is an investment company under ASC 946; however, in accordance with such guidance the Company will generally not consolidate its investment in a company other than a wholly-owned investment company subsidiary. Furthermore, ASC 810 concludes that in a joint venture where both members have equal decision making authority, it is not appropriate for one member to consolidate the joint venture since neither has control. Accordingly, the Company does not consolidate SLP IV.

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Unconsolidated Significant Subsidiaries

In accordance with Regulation S-X Rule 10-01(b)(1), the Company evaluates its unconsolidated controlled portfolio companies to determine if any are as ~~significant subsidiaries~~“significant subsidiaries.” This determination is made based upon an analysis performed under Rules 3-09 and 4-08(g) of Regulation S-X, pursuant to which the Company must determine if any of its portfolio companies are considered a “significant subsidiary" as defined by Rule 1-02(w) of Regulation S-X under this rule. As of June 30, ~~2021,~~2022, the Company did not have any ~~significant unconsolidated subsidiaries under Regulation S-X Rule 10-01(b)(1).~~portfolio companies that were deemed to be a "significant subsidiary."

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”~~"leveraged loans", ~~“high yield”~~"high yield" or ~~“junk”~~"junk" debt investments, and may be considered ~~“high risk”~~"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 net asset value and income distributions of the Company. In addition, some of the ~~Company’s~~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.

The Company’s operating results and portfolio companies may be negatively impacted by the COVID-19 pandemic. ~~While several countries, as well as certain states, counties and cities in~~At the time of this Quarterly Report on Form 10-Q, public health restrictions have been partially or fully lifted throughout most of the United States ~~have relaxed initial public health~~and globally. However, new variants of COVID-19, challenges regarding distribution, hesitancy and efficacy of COVID-19 vaccines and treatments, and the reintroduction of related advisories and restrictions ~~with~~may prolong the ~~view to partially or fully reopening their economies, many cities have since experienced a surge in the reported number~~effects of ~~cases, hospitalizations and deaths related to~~ the COVID-19 pandemic. ~~These surges~~To the extent its portfolio companies are adversely impacted by the effects of the COVID-19 pandemic, the Company may have ~~led~~a material adverse impact on future net investment income, the fair value of its portfolio investments and its financial condition.

While general economic conditions have improved since the beginning of the COVID-19 pandemic, the Company continues to ~~the re-introduction of such restrictions~~see reductions in business activity and ~~business shutdowns in certain states~~financial transactions, supply chain interruptions and overall economic and financial market instability both in the United States and globally and could continue to lead to the re-introduction of such restrictions elsewhere. Health advisors warn that recurring COVID-19 outbreaks will continue if reopening is pursued too soon or in the wrong manner, which may lead to the re-introduction or continuation of certain public health restrictions (such as instituting quarantines, prohibitions on travel and the closure of offices, businesses, schools, retail stores and other public venues). Additionally, travelers from the United States are restricted from visiting many countries including countries in Europe, Asia, Africa and South America. These continued travel restrictions may prolong the global economic downturn. In addition, although the Federal Food and Drug Administration authorized vaccines beginning in December 2020 and a significant portion of the U.S. population have been vaccinated, and it remains unclear how quickly the vaccines will continue to be distributed nationwide and globally, or when “herd immunity” will be achieved and the restrictions that were imposed to slow the spread of the virus will be lifted entirely. Any delay in distributing the vaccines could lead people to continue to self-isolate and not participate in the economy at pre-pandemic levels for a prolonged period of time. Even after theglobally. The COVID-19 pandemic ~~subsides, the U.S. economy~~has and ~~most other major global economies may continue~~continues to ~~experience a recession, and we anticipate our business and operations could be materially adversely affected by a prolonged recession in the United States and other major markets.~~

~~This outbreak is having, and any future outbreaks could~~ have an adverse impact on the markets and the economy in general, which could have a material adverse impact on, among other things, the ability of lenders to originate loans, the volume and type of loans originated, and the volume and type of amendments and waivers granted to borrowers and remedial actions taken in the event of a borrower default, each of which could negatively impact the amount and quality of loans available for investment by the Company and returns to the Company, among other things. As of the date of this quarterly report on Form 10-Q, it is impossible to determine the scope of this outbreak, or any future outbreaks, how long any such outbreak, market disruption or uncertainties may last, the effect any governmental actions will have or the full potential impact on the Company and our portfolio companies. Any potential impact to ~~our~~the Company's results of operations will depend to a large extent on future developments and new information that could emerge regarding the duration and severity of COVID-19 and the actions taken by authorities and other entities to contain COVID-19 or treat its impact, all of which are beyond ~~our~~the Company's control. These potential impacts, while uncertain, could adversely affect ~~our~~the Company's and ~~our~~its portfolio companies’ operating results.

Even after the COVID-19 pandemic subsides, the U.S. economy and most other major global economies may continue to experience downturns, and the Company anticipates its business and operations could be materially adversely affected by a prolonged recession in the United States and other major markets.

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Note 4. Fair Value

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. 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 June 30, ~~2021:~~2022:


		Total		Level I		Level II		Level III			Total		Level I		Level II		Level III
First lien	First lien	$	1,606,232	$	—	$	162,336	$	1,443,896	First lien	$	1,857,335	$	—	$	21,381	$	1,835,954
Second lien	Second lien	656,434		—		343,663		312,771		Second lien	583,394		—		149,325		434,069
Subordinated	Subordinated	37,982		—		—		37,982		Subordinated	55,968		—		—		55,968
Equity and other	Equity and other	788,240		—		—		788,240		Equity and other	803,494		—		—		803,494
Total investments	Total investments	$	3,088,888	$	—	$	505,999	$	2,582,889	Total investments	$	3,300,191	$	—	$	170,706	$	3,129,485

The following table summarizes the levels in the fair value hierarchy that the Company’s portfolio investments fall into as of December 31, ~~2020:~~2021:


		Total		Level I		Level II		Level III			Total		Level I		Level II		Level III
First lien	First lien	$	1,576,217	$	—	$	92,850	$	1,483,367	First lien	$	1,657,815	$	—	$	22,672	$	1,635,143
Second lien	Second lien	692,828		—		122,795		570,033		Second lien	627,356		—		308,236		319,120
Subordinated	Subordinated	36,939		—		—		36,939		Subordinated	50,742		—		—		50,742
Equity and other	Equity and other	647,518		—		—		647,518		Equity and other	838,451		—		—		838,451
Total investments	Total investments	$	2,953,502	$	—	$	215,645	$	2,737,857	Total investments	$	3,174,364	$	—	$	330,908	$	2,843,456

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The following table summarizes the changes in fair value of Level III portfolio investments for the three months ended June 30, 2022, as well as the portion of appreciation (depreciation) included in income attributable to unrealized appreciation (depreciation) related to those assets and liabilities still held by the Company at June 30, 2022:


	Total		First Lien		Second Lien		Subordinated		Equity and other
Fair Value, March 31, 2022	$	3,046,993	$	1,711,500	$	446,914	$	54,867	$	833,712
Total gains or losses included in earnings:
Net realized gains (losses) on investments	16,518		(595)		—		—		17,113
Net change in unrealized (depreciation) appreciation	(27,799)		3,926		(15,042)		(143)		(16,540)
Purchases, including capitalized PIK and revolver fundings	266,387		243,696		2,495		1,244		18,952
Proceeds from sales and paydowns of investments	(206,787)		(150,322)		(6,722)		—		(49,743)
Transfers into Level III(1)	109,609		27,749		81,860		—		—
Transfers out of Level III(1)	(75,436)		—		(75,436)		—		—
Fair Value, June 30, 2022	$	3,129,485	$	1,835,954	$	434,069	$	55,968	$	803,494
Unrealized (depreciation) appreciation for the period relating to those Level III assets that were still held by the Company at the end of the period:	$	(1,298)	$	3,991	$	(15,042)	$	(144)	$	9,897

(1)As of June 30, 2022, 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.

The following table summarizes the changes in fair value of Level III portfolio investments for the three months ended June 30, 2021, as well as the portion of appreciation (depreciation) included in income attributable to unrealized appreciation (depreciation) related to those assets and liabilities still held by the Company at June 30, 2021:


		Total		First Lien		Second Lien		Subordinated		Equity and other			Total		First Lien		Second Lien		Subordinated		Equity and other
Fair value, March 31, 2021		$	2,640,571	$	1,499,850	$	394,918	$	37,295	$	708,508
Fair Value, March 31, 2021												Fair Value, March 31, 2021	$	2,640,571	$	1,499,850	$	394,918	$	37,295	$	708,508
Total gains or losses included in earnings:	Total gains or losses included in earnings:											Total gains or losses included in earnings:
Net realized gains on investments		79		79		—		—		—
Net realized gains (losses) on investments												Net realized gains (losses) on investments	79		79		—		—		—
Net change in unrealized appreciation (depreciation)	Net change in unrealized appreciation (depreciation)	50,787		(5,916)		(1,160)		219		57,644		Net change in unrealized appreciation (depreciation)	50,787		(5,916)		(1,160)		219		57,644
Purchases, including capitalized PIK and revolver fundings	Purchases, including capitalized PIK and revolver fundings	88,862		64,896		1,410		468		22,088		Purchases, including capitalized PIK and revolver fundings	88,862		64,896		1,410		468		22,088
Proceeds from sales and paydowns of investments	Proceeds from sales and paydowns of investments	(40,734)		(33,353)		(7,381)		—		—		Proceeds from sales and paydowns of investments	(40,734)		(33,353)		(7,381)		—		—
Transfers into Level III(1)	Transfers into Level III(1)	52,570		32,120		20,450		—		—		Transfers into Level III(1)	52,570		32,120		20,450		—		—
Transfers out of Level III(1)	Transfers out of Level III(1)	(209,246)		(113,780)		(95,466)		—		—		Transfers out of Level III(1)	(209,246)		(113,780)		(95,466)		—		—
Fair Value, June 30, 2021	Fair Value, June 30, 2021	$	2,582,889	$	1,443,896	$	312,771	$	37,982	$	788,240	Fair Value, June 30, 2021	$	2,582,889	$	1,443,896	$	312,771	$	37,982	$	788,240
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:	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:	$	50,898	$	(5,878)	$	(1,087)	$	219	$	57,644	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:	$	50,898	$	(5,878)	$	(1,087)	$	219	$	57,644

(1)As of June 30, 2021, 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.

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The following table summarizes the changes in fair value of Level III portfolio investments for the ~~three~~six months ended June 30, ~~2020,~~2022, as well as the portion of appreciation (depreciation) included in income attributable to unrealized appreciation (depreciation) related to those assets and liabilities still held by the Company at June 30, ~~2020:~~2022:


		Total		First Lien		Second Lien		Subordinated		Equity and other			Total		First Lien		Second Lien		Subordinated		Equity and other
Fair value, March 31, 2020		$	2,868,149	$	1,739,055	$	629,198	$	42,052	$	457,844
Fair Value, December 31, 2021												Fair Value, December 31, 2021	$	2,843,456	$	1,635,143	$	319,120	$	50,742	$	838,451
Total gains or losses included in earnings:	Total gains or losses included in earnings:											Total gains or losses included in earnings:
Net realized losses on investments		(2,834)		(2,834)		—		—		—
Net change in unrealized appreciation		45,023		26,916		16,974		538		595
Net realized gains (losses) on investments												Net realized gains (losses) on investments	35,690		(664)		—		—		36,354
Net change in unrealized (depreciation) appreciation												Net change in unrealized (depreciation) appreciation	(37,591)		5,861		(31,296)		(1,551)		(10,605)
Purchases, including capitalized PIK and revolver fundings	Purchases, including capitalized PIK and revolver fundings	61,880		50,154		8,975		(1,228)		3,979		Purchases, including capitalized PIK and revolver fundings	440,759		399,092		11,846		6,777		23,044
Proceeds from sales and paydowns of investments	Proceeds from sales and paydowns of investments	(226,830)		(226,830)		—		—		—		Proceeds from sales and paydowns of investments	(301,728)		(203,478)		(14,500)		—		(83,750)
Transfers into Level III(1)	Transfers into Level III(1)	32,373		—		32,373		—		—		Transfers into Level III(1)	158,899		—		158,899		—		—
Transfers out of Level III(1)	Transfers out of Level III(1)	(75,069)		(53,443)		(21,626)		—		—		Transfers out of Level III(1)	(10,000)		—		(10,000)		—		—
Fair Value, June 30, 2020		$	2,702,692	$	1,533,018	$	665,894	$	41,362	$	462,418
Unrealized appreciation for the period relating to those Level III assets that were still held by the Company at the end of the period:		$	41,902	$	23,795	$	16,974	$	538	$	595
Fair Value, June 30, 2022												Fair Value, June 30, 2022	$	3,129,485	$	1,835,954	$	434,069	$	55,968	$	803,494
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:												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:	$	1,878	$	3,775	$	(31,296)	$	(1,551)	$	30,950

(1)As of June 30, ~~2020,~~2022, 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.

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The following table summarizes the changes in fair value of Level III portfolio investments for the six months ended June 30, 2021, as well as the portion of appreciation (depreciation) included in income attributable to unrealized appreciation (depreciation) related to those assets and liabilities still held by the Company at June 30, 2021:

Total First Lien Second Lien Subordinated Equity and
other
Fair value, December 31, 2020 $ 2,737,857 $ 1,483,367 $ 570,033 $ 36,939 $ 647,518
Total gains or losses included in earnings:
Net realized (losses) gains on investments (11,991) 221 2 (5,150) (7,064)
Net change in unrealized appreciation 84,009 1,728 909 5,280 76,092
Purchases, including capitalized PIK and revolver fundings 265,432 190,066 2,759 913 71,694
Proceeds from sales and paydowns of investments (218,872) (144,632) (74,240) — —
Transfers into Level III(1) 20,203 — 20,203 — —
Transfers out of Level III(1) (293,749) (86,854) (206,895) — —
Fair Value, June 30, 2021 $ 2,582,889 $ 1,443,896 $ 312,771 $ 37,982 $ 788,240
Unrealized appreciation for the period relating to those Level III assets that were still held by the Company at the end of the period: $ 71,178 $ 1,312 $ 707 $ 130 $ 69,029


	Total		First Lien		Second Lien		Subordinated		Equity and other
Fair Value, December 31, 2020	$	2,737,857	$	1,483,367	$	570,033	$	36,939	$	647,518
Total gains or losses included in earnings:
Net realized (losses) gains on investments	(11,991)		221		2		(5,150)		(7,064)
Net change in unrealized apppreciation	84,009		1,728		909		5,280		76,092
Purchases, including capitalized PIK and revolver fundings	265,432		190,066		2,759		913		71,694
Proceeds from sales and paydowns of investments	(218,872)		(144,632)		(74,240)		—		—
Transfers into Level III(1)	20,203		—		20,203		—		—
Transfers out of Level III(1)	(293,749)		(86,854)		(206,895)		—		—
Fair Value, June 30, 2021	$	2,582,889	$	1,443,896	$	312,771	$	37,982	$	788,240
Unrealized appreciation for the period relating to those Level III assets that were still held by the Company at the end of the period:	$	71,178	$	1,312	$	707	$	130	$	69,029

The following table summarizes the changes in fair value of Level III portfolio investments for the six months ended June 30, 2020, as well as the portion of appreciation (depreciation) included in income attributable to unrealized appreciation (depreciation) related to those assets and liabilities still held by the Company at June 30, 2020:

Total First Lien Second Lien Subordinated Equity and
other
Fair value, December 31, 2019 $ 2,506,741 $ 1,538,423 $ 419,391 $ 45,904 $ 503,023
Total gains or losses included in earnings:
Net realized (losses) gains on investments (2,936) (3,019) — — 83
Net change in unrealized depreciation (134,620) (56,462) (15,852) (4,350) (57,956)
Purchases, including capitalized PIK and revolver fundings 282,356 245,807 19,473 (192) 17,268
Proceeds from sales and paydowns of investments (324,246) (284,155) (40,091) — —
Transfers into Level III(1) 375,397 92,424 282,973 — —
Fair Value, June 30, 2020 $ 2,702,692 $ 1,533,018 $ 665,894 $ 41,362 $ 462,418
Unrealized depreciation for the period relating to those Level III assets that were still held by the Company at the end of the period: $ (134,892) $ (56,464) $ (16,122) $ (4,350) $ (57,956)

~~(1)As of June 30, 2020, portfolio investments were transferred into Level III from Level II at fair value as of the beginning of the period in which the reclassification occurred.~~

Except as noted in the tables above, there were no other transfers in or out of Level I, II, or III during the three and six months ended June 30, ~~2021~~2022 and June 30, ~~2020.~~2021. 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.

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.

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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

~~Table of Contents~~

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~~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~~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 earnings before interest, taxes, depreciation, and amortization ~~(“EBITDA”~~("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 ~~market value cash flow (EBITDA)~~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~~company's latest twelve month ~~(“LTM”~~("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 multiple 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 June 30, ~~2021~~2022 and December 31, ~~2020,~~2021, 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~~security's contractual interest, fee and principal payments plus the assumption of full principal recovery at the ~~investment’s~~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 June 30, ~~2021~~2022 and December 31, ~~2020,~~2021, the Company used the discount ranges set forth in the table below to value investments in its portfolio companies.

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The unobservable inputs used in the fair value measurement of the Company's Level III investments as of June 30, ~~2021~~2022 were as follows:

Range

Type

Fair Value as of June 30, 2021

Approach

Unobservable Input

Low

High

Weighted
Average

Type

Fair Value as of June 30, 2022

Approach

Unobservable Input

Low

High

Weighted
Average

First lien

1,271,431

Market & income approach

EBITDA multiple

4.5x

32.0x

14.8x

First lien

1,651,266

Market & income approach

EBITDA multiple

5.0x

38.0x

15.0x

Revenue multiple

4.0x

19.5x

7.3x

Revenue multiple

6.0x

19.5x

9.0x

Discount rate

4.6

17.6

7.6

Discount rate

7.6

16.0

10.0

78,815

Market quote

Broker quote

N/A

93,650

Other

N/A(1)

N/A

184,688

Other

N/A(1)

N/A

Second lien

272,233

Market & income approach

EBITDA multiple

7.5x

32.0x

14.7x

Second lien

427,300

Market & income approach

EBITDA multiple

8.8x

32.0x

15.6x

Discount rate

6.3

26.8

10.6

Discount rate

10.4

44.2

12.5

40,538

Market quote

Broker quote

N/A

6,769

Other

N/A(1)

N/A

Subordinated

37,982

Market & income approach

EBITDA multiple

8.0x

16.5x

12.0x

Subordinated

55,968

Market & income approach

EBITDA multiple

8.0x

20.3x

13.8x

Discount rate

11.0

18.0

15.1

Discount rate

12.4

21.7

17.0

Equity and other

788,082

Market & income approach

EBITDA multiple

5.0x

26.5x

13.8x

Equity and other

788,375

Market & income approach

EBITDA multiple

5.0x

26.5x

13.2x

Revenue multiple

5.0x

19.5x

16.5x

Revenue multiple

5.0x

19.5x

15.1x

Discount rate

4.4

33.8

11.3

Discount rate

5.8

38.6

12.7

158

Other

N/A(1)

N/A

15,119

Other

N/A(1)

N/A

2,582,889

3,129,485

(1)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, ~~2020~~2021 were as follows:

Range

Type

Fair Value as of December 31, 2020

Approach

Unobservable Input

Low

High

Weighted
Average

Type

Fair Value as of December 31, 2021

Approach

Unobservable Input

Low

High

Weighted
Average

First lien

1,401,169

Market & income approach

EBITDA multiple

5.0x

35.0x

14.5x

First lien

1,478,445

Market & income approach

EBITDA multiple

4.5x

32.5x

14.7x

Revenue multiple

4.0x

11.0x

6.2x

Revenue multiple

4.0x

19.5x

7.0x

Discount rate

4.4

18.6

7.6

Discount rate

4.8

17.0

7.6

82,198

Market quote

Broker quote

N/A

55,326

Market quote

Broker quote

N/A

101,372

Other

N/A(1)

N/A

Second lien

474,956

Market & income approach

EBITDA multiple

6.5x

32.0x

14.9x

Second lien

253,587

Market & income approach

EBITDA multiple

7.5x

32.0x

15.2x

Discount rate

6.9

22.6

9.5

52,374

Market quote

Broker quote

N/A

Discount rate

7.5

28.2

11.3

42,703

Other

N/A(1)

N/A

22,528

Market quote

Broker quote

N/A

43,005

Other

N/A(1)

N/A

Subordinated

36,939

Market & income approach

EBITDA multiple

8.0x

13.5x

10.0x

Subordinated

39,798

Market & income approach

EBITDA multiple

8.0x

14.5x

11.5x

Discount rate

11.1

18.4

16.0

Discount rate

11.7

13.6

12.5

10,944

Other

N/A(1)

N/A

Equity and other

647,360

Market & income approach(2)

EBITDA multiple

5.0x

19.5x

11.9x

Equity and other

824,151

Market & income approach

EBITDA multiple

5.0x

26.5x

12.7x

Revenue multiple

5.0x

19.5x

14.3x

Discount rate

5.8

40.9

11.6

Discount rate

4.0

31.3

10.0

158

Other

N/A(1)

N/A

14,300

Other

N/A(1)

N/A

2,737,857

2,843,456

~~(2)~~Since December 31, 2019, there were changes in valuation techniques within Level III that did not have a material impact on the valuation of these investments. Certain investments that were previously valued using Black Scholes analysis are now valued based on Market & income approach as these methods are better indicators of the fair value measurement.

Based on a comparison to similar BDC credit facilities, the terms and conditions of the Holdings Credit Facility, the NMFC Credit Facility and the DB Credit Facility (each defined below) are representative of market. The carrying values of the Holdings Credit Facility, NMFC Credit Facility and DB Credit Facility approximate fair value as of June 30, ~~2021,~~2022, as the facilities are continually monitored and examined by both the borrower and the lender and are considered Level III. See Note 7. Borrowings, for details. The carrying value of the SBA-guaranteed debentures, the 2017A Unsecured Notes, the 2018A Unsecured Notes, the 2018B Unsecured Notes, the 2019A Unsecured Notes, ~~and~~ the 2021A Unsecured Notes and the 2022A Unsecured Notes (each defined below) approximate fair value as of June 30, ~~2021~~2022 based on a comparison of market interest rates for the Company’s borrowings and similar entities and are considered Level III. The fair value of the Convertible Notes (defined below) as of June 30, ~~2021~~2022 was ~~$215,348~~$201,451 which was based on quoted prices and considered Level II. See Note 7. Borrowings, for details. The carrying value of the collateralized agreement approximates fair value as of June 30, ~~2021~~2022 and is considered Level III. The fair value of other financial assets and liabilities approximates their carrying value based on the short-term nature of these items.

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~~Company's portfolio companies conduct their operations, as well as general economic, political and public health conditions (including the COVID-19 pandemic), may have a significant negative impact on the operations and profitability of the ~~Company’s~~Company's investments and/or on the fair value of the ~~Company’s~~Company's investments. The ~~Company’s~~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

The Company entered into an investment advisory and management agreement (the “Investment Management Agreement”) with the Investment Adviser which was most recently re-approved by the Company's board of directors on February ~~17, 2021~~23, 2022 at a virtual ~~meeting. Our~~meeting, for a period of 12 months commencing on May 5, 2022. The Company's board of directors held such meeting by virtual means in reliance on relief provided by the U.S. Securities and Exchange Commission ~~(the~~

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(the "SEC") in response to the COVID-19 ~~pandemic.~~pandemic (the "COVID Relief"). As a condition of the COVID Relief, the Company's board of directors will ratify the approval of the Investment Management Agreement at its next in-person meeting. Under the Investment

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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 a fee from the Company, consisting of two components—a base management fee and an incentive fee.

~~Pursuant~~ On November 1, 2021, the Company entered into Amendment No. 1 to the Investment Management Agreement ("Amendment No. 1"). As described below, the sole purpose of Amendment No. 1 was to reduce the base management fee from 1.75% of the Company's gross assets to 1.4% of the Company's gross assets.

Pursuant to Amendment No. 1, the base management fee is calculated at an annual rate of ~~1.75%~~1.4% of the ~~Company’s~~Company's gross assets, which equals the ~~Company’s~~Company's total assets on the Consolidated Statements of Assets and Liabilities, less cash and cash equivalents. Prior to Amendment No. 1, pursuant to the Investment Management Agreement, the base management fee was calculated at an annual rate of 1.75% of the Company's gross assets, which equaled the Company's total assets on the Consolidated Statements of Assets and Liabilities, less (i) the borrowings under the New Mountain Finance SPV Funding, L.L.C. Loan and Security Agreement, as amended and restated, dated October 27, 2010 (the "SLF Credit Facility") and (ii) cash and cash equivalents. The base management fee is payable quarterly in arrears, and is calculated based on the average value of the ~~Company’s~~Company's gross assets, which equals the ~~Company’s~~Company's total assets, as determined in accordance with GAAP, less ~~the borrowings under the SLF Credit Facility and~~ cash and cash equivalents at the end of each of the two most recently completed calendar quarters, and appropriately adjusted on a pro rata basis for any equity capital raises or repurchases during the current calendar quarter. The Company has not invested, and currently is not invested, in derivatives. To the extent the Company invests in derivatives in the future, the Company will use the actual value of the derivatives, as reported on the Consolidated Statements of Assets and Liabilities, for purposes of calculating its base management fee.

Since the IPO, the base management fee calculation has deducted the borrowings under the SLF Credit Facility. The SLF Credit Facility had historically consisted of primarily lower yielding assets at higher advance rates. As part of an amendment to the Company’s existing credit facilities with Wells Fargo Bank, National Association, the SLF Credit Facility merged with the NMF Holdings Loan and Security Agreement, as amended and restated, dated May 19, 2011, and formed the Holdings Credit Facility on December 18, 2014, as amended and restated on October 25, 2017. See Note 7. ~~Borrowings~~ for details. The amendment merged the credit facilities and combined the amount of borrowings previously available. Post credit facility merger and to be consistent with the methodology since the IPO, the Investment Adviser continued to waive management fees on the leverage associated with those assets held under revolving credit facilities that share the same underlying yield characteristics with investments leveraged under the legacy SLF Credit Facility. Effective as of and for the quarter ended March 31, 2021 through the quarter ending December 31, ~~2022,~~2023, the Investment Adviser ~~has~~ entered into a fee waiver agreement (the "Fee Waiver Agreement") pursuant to which the Investment Adviser will waive base management fees in order to reach a target base management fee of 1.25% on gross assets (the “Reduced Base Management Fee”) ~~as opposed to the Company’s current base management fee of 1.75% on gross assets less the borrowings under the SLF Credit Facility and less cash and cash equivalents (the “Base Management Fee”)~~. If, for any quarterly period during the term of the fee waiver agreement, the Reduced Base Management Fee would be greater than the Base Management Fee calculated under the terms of the Investment Management Agreement, the Investment Adviser shall only be entitled to the lesser of those two amounts. The Investment Adviser cannot recoup management fees that the Investment Adviser has previously waived. For the three and six months ended June 30, 2022, management fees waived were approximately $1,142 and $2,234, respectively. For the three and six months ended June 30, 2021, management fees waived were approximately $3,804 and $7,441, respectively. ~~For the three and six months ended June 30, 2020, management fees waived were approximately $3,183 and $6,726, respectively.~~

The incentive fee consists of two parts. The first part is calculated and payable quarterly in arrears and equals 20.0% of the Company’s “Pre-Incentive Fee Net Investment Income” for the immediately preceding quarter, subject to a “preferred return”, or “hurdle”, and a “catch-up” feature. “Pre-Incentive Fee Net Investment Income” means interest income, dividend income and any other 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 base management fee, expenses payable under an administration agreement, as amended and restated (the “Administration Agreement”), with the Administrator, and any interest expense and distributions paid on any issued and outstanding preferred stock (of which there ~~are~~were none as of June 30, ~~2021)~~2022), 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 the Company has 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~~Company's net assets at the end of the immediately preceding calendar quarter, will be compared to a ~~“hurdle rate”~~"hurdle rate" of 2.0% per quarter (8.0% annualized), subject to a ~~“catch-up”~~"catch-up" provision measured as of the end of each calendar quarter. The hurdle rate is appropriately pro-rated for any partial periods. The calculation of the ~~Company’s~~Company's incentive fee with respect to the Pre-Incentive Fee Net Investment Income for each quarter is as follows:

•No incentive fee is payable to the Investment Adviser in any calendar quarter in which the ~~Company’s~~Company's Pre-Incentive Fee Net Investment Income does not exceed the hurdle rate of 2.0% (the ~~“preferred return”~~"preferred return" or ~~“hurdle”~~"hurdle").

•100.0% of the Company’s 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 2.5% in any calendar quarter (10.0% annualized) is payable to the Investment Adviser. This portion of the Company’s ~~Pre-~~

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~~Incentive~~Pre-Incentive Fee Net Investment Income (which exceeds the hurdle rate but is less than or equal to 2.5%) is referred to as the ~~“catch-up”~~"catch-up". The catch-up provision is intended to provide the Investment Adviser with an incentive fee of 20.0% on all of the Company’s Pre-Incentive Fee Net Investment Income as if a hurdle rate did not apply when the ~~Company’s~~Company's Pre-Incentive Fee Net Investment Income exceeds 2.5% in any calendar quarter.

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•20.0% of the amount of the Company’s Pre-Incentive Fee Net Investment Income, if any, that exceeds 2.5% in any calendar quarter (10.0% annualized) is payable to the Investment Adviser once the hurdle is reached and the catch-up is achieved.

The second part of the incentive fee will be determined and payable in arrears as of the end of each calendar year (or upon termination of the Investment Management Agreement) and will equal 20.0% of the ~~Company’s~~Company's realized capital gains, if any, on a cumulative basis from inception through the end of each calendar year, computed net of all realized capital losses and unrealized capital depreciation on a cumulative basis, less the aggregate amount of any previously paid capital gain incentive fee.

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. Actual amounts paid to the Investment Adviser are consistent with the Investment Management Agreement and are based only on actual 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 as if the entire portfolio was sold at fair value.

The following table summarizes the management fees and incentive fees incurred by the Company for the three and six months ended June 30, ~~2021~~2022 and June 30, ~~2020:~~2021:


		Three Months Ended				Six Months Ended					Three Months Ended				Six Months Ended
		June 30, 2021		June 30, 2020		June 30, 2021		June 30, 2020			June 30, 2022		June 30, 2021		June 30, 2022		June 30, 2021
Management fee	Management fee	$	13,725	$	13,134	$	27,145	$	26,992	Management fee	$	11,770	$	13,725	$	23,323	$	27,145
Less: management fee waiver	Less: management fee waiver	(3,804)		(3,183)		(7,441)		(6,726)		Less: management fee waiver	(1,142)		(3,804)		(2,234)		(7,441)
Total management fee	Total management fee	9,921		9,951		19,704		20,266		Total management fee	10,628		9,921		21,089		19,704
Incentive fee, excluding accrued capital gains incentive fees	Incentive fee, excluding accrued capital gains incentive fees	$	7,298	$	6,896	$	14,546	$	14,722	Incentive fee, excluding accrued capital gains incentive fees	$	7,926	$	7,298	$	15,403	$	14,546

Accrued capital gains incentive fees(1)	Accrued capital gains incentive fees(1)	$	—	$	—	$	—	$	—	Accrued capital gains incentive fees(1)	$	—	$	—	$	—	$	—

(1)As of June 30, ~~2021~~2022 and June 30, ~~2020,~~2021, no actual capital gains incentive fee was owed under the Investment Management Agreement by the Company, as cumulative net realized capital gains did not exceed cumulative unrealized capital depreciation.

The Company has entered into the Administration Agreement with the Administrator under which the Administrator provides administrative services. The Administration Agreement was most recently re-approved by the board of directors on February 23, 2022, for a period of 12 months commencing on May 5, 2022. The Administrator maintains, or oversees the maintenance of, the ~~Company’s~~Company's consolidated financial records, prepares reports filed with the SEC, generally monitors the payment of the ~~Company’s~~Company's expenses and oversees the performance of administrative and professional services rendered by others. The Company ~~will reimburse~~reimburses the Administrator for the ~~Company’s~~Company's allocable portion of overhead and other expenses incurred by the Administrator in performing its obligations to the Company under the Administration Agreement. 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. However, it is expected that the Administrator will continue to support part of the expense burden of the Company in the near future and may decide to not calculate and charge through certain overhead related amounts as well as continue to cover some of the indirect costs. The Administrator cannot recoup any expenses that the Administrator has previously waived. For the three and six months ended June 30, 2022, approximately $567 and $1,358, respectively, of indirect administrative expenses were included in administrative expenses of which $0 and $238, respectively, were waived by the Administrator. For the three and six months ended June 30, 2021, approximately $667 and $1,421, respectively, of indirect administrative expenses were included in administrative expenses of which $0 and $0, respectively, were waived by the Administrator. For the three and six months ended June 30, 2020, approximately $737 and $1,392, respectively, of indirect administrative expenses were included in administrative expenses of which $335 and $335, respectively, were waived by the Administrator. As of June 30, ~~2021~~2022 and December 31, ~~2020,~~2021, approximately ~~$667~~$644 and ~~$738,~~$545, respectively, of indirect administrative expenses were included in payable to affiliates. For the three and six months ended June 30, 2022, the reimbursement to the Administrator represented approximately 0.02% and 0.03%, respectively, of the Company's gross assets. For the three and six months ended June 30, 2021, the reimbursement to the Administrator represented approximately 0.02% and 0.04%, respectively, of the Company's gross assets.

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Company's gross assets. For the three and six months ended June 30, 2020, the reimbursement to the Administrator represented approximately 0.01% and 0.04%, respectively, of the Company's gross assets.

The Company, the Investment Adviser and the Administrator have also entered into a Trademark License Agreement, as amended, 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”~~"New Mountain" and the ~~“New~~"New Mountain ~~Finance” names.~~Finance" names, as well as the NMF logo. Under the Trademark License Agreement, as amended, subject to certain conditions, the Company, the Investment Adviser and the Administrator will have a right to use the ~~“New Mountain”~~"New Mountain" and ~~“New~~"New Mountain ~~Finance”~~Finance" names, as well as the NMF logo, 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”~~"New Mountain" or the ~~“New~~"New Mountain ~~Finance” names.~~Finance" names, as well as the NMF logo.

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), the Company was permitted, subject to the satisfaction of certain conditions, to co-invest in our existing portfolio companies with certain affiliates that are private funds if such private funds did not have an investment in such existing portfolio company. Without the Temporary Relief, such private funds would not be able to participate in such co-investments with the Company unless the private funds had previously acquired securities of the portfolio company in a co-investment transaction with 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 continues 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, the Company filed an application to amend its existing Exemptive Order on May 24, 2022, as amended on June 22, 2022, to permit the Company to continue to co-invest in its existing portfolio companies with certain affiliates that are private funds if such private funds did not have an investment in such existing portfolio company, subject to certain conditions. There can be no assurance if and when the Company will receive the exemptive order.

Note 6. Related Parties

The Company has entered into a number of business relationships with affiliated or related parties.

The Company has 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.

The Company has entered into the Fee Waiver Agreement with the Investment Adviser, pursuant to which the Investment Adviser agreed to voluntarily reduce the base management fees payable to the Investment Adviser by the Company under the Investment Management Agreement beginning with the quarter ended March 31, 2021 through the quarter ending December 31, 2022. Subsequently, the Company and the Investment Adviser extended the term of the Fee Waiver Agreement to be effective through the quarter ending December 31, 2023. See Note 5. Agreements, for details.

The Company has entered into the Administration Agreement with the Administrator, a wholly-owned subsidiary of New Mountain Capital. The Administrator arranges office space for the Company and provides office equipment and administrative services necessary to conduct their respective day-to-day operations pursuant to the Administration Agreement. The Company reimburses the Administrator for the allocable portion of overhead and other expenses incurred by it in performing its obligations to the Company under the Administration Agreement, which includes the fees and expenses associated with performing administrative, finance and compliance functions, and the compensation of the ~~Company’s~~Company's chief financial officer and chief compliance officer and their respective staffs.

The Company, the Investment Adviser and the Administrator have entered into a royalty-free Trademark License Agreement, as amended, 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 name ~~“New Mountain”~~"New Mountain" and ~~“New~~"New Mountain ~~Finance”.~~Finance", as well as the NMF logo.

The Company has adopted a formal code of ethics that governs the conduct of its officers and directors. These officers and directors also remain subject to the duties imposed by the 1940 Act and the Delaware General Corporation Law.

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 mandates. 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”), which

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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 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 stockholders and do not involve overreaching in respect of the Company or its stockholders on the part of any person concerned, and (2) the potential co-investment transaction is consistent with the interests of the Company's stockholders and is consistent with its then-current investment objective and strategies.

On March 30, 2020, an affiliate of the Investment Adviser purchased directly from NMNLC 105,030 shares of NMNLC’s common stock at a price of ~~$107.63~~$107.73 per share, which represented the net asset value per share of NMNLC at the date of purchase, for an aggregate purchase price of approximately $11,315. Immediately thereafter, NMNLC redeemed

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105,030 shares of its common stock held by the Company in exchange for a promissory note with a principal amount of $11,315 and a 7.0% interest rate, which was repaid by NMNLC to the Company on March 31, 2020.

On March 30, 2020, the Company entered into an unsecured revolving credit facility with NMF Investments III, L.L.C., an affiliate of the Investment Adviser, with a $30,000 maximum amount of revolver borrowings available and a maturity date of December 31, 2022. On May 4, 2020, the Company entered into an Amended and Restated Uncommitted Revolving Loan Agreement with NMF Investments III, L.L.C., which increased the maximum amounts of revolving borrowings available thereunder from $30,000 to $50,000. On December 17, 2021, the Company entered into Amendment No. 1 to the Amended and Restated Uncommitted Revolving Loan Agreement with NMF Investments III, L.L.C., which lowered the interest rate and extended the maturity date from December 31, 2022 to December 31, 2024. Refer to Note 7. Borrowings for discussion of the Unsecured Management Company Revolver (defined below).

Note 7. Borrowings

On June 8, 2018 the Company's shareholders approved the application of the modified asset coverage requirements set forth in Section 61(a) of the 1940 Act, which resulted in the reduction from 200.0% to 150.0% of the minimum asset coverage ratio applicable to the Company as of June 9, 2018 (which means the Company can borrow $2 for every $1 of its equity). As a result of the Company's exemptive relief received on November 5, 2014, the Company is permitted to exclude its SBA-guaranteed debentures from the 150.0% asset coverage ratio that the Company is required to maintain under the 1940 Act. The agreements governing the NMFC Credit Facility, the Convertible Notes and the Unsecured Notes (each defined below) contain certain covenants and terms, including a requirement that the Company not exceed a debt-to-equity ratio of 1.65 to 1.00 at the time of incurring additional indebtedness and a requirement that the Company not exceed a secured debt ratio of 0.70 to 1.00 at any time. As of June 30, ~~2021,~~2022, the Company’s asset coverage ratio was ~~183.9%~~178.8%.

Holdings Credit Facility—On October 24, 2017, the Company entered into the Third Amended and Restated Loan and Security Agreement among the Company, as the Collateral Manager, NMF Holdings, as the Borrower, Wells Fargo Securities, LLC, as the Administrative Agent and Wells Fargo Bank, National Association, as the Lender and Collateral Custodian (as amended from time to time, the "Holdings Credit Facility"). As of the most recent amendment on April 20, 2021, the maturity date of the Holdings Credit Facility is April 20, 2026, and the maximum facility amount is the lesser of $800,000 and the actual commitments of the lenders to make advances as of such date.

As of June 30, ~~2021,~~2022, the maximum amount of revolving borrowings available under the Holdings Credit Facility is $730,000. Under the Holdings Credit Facility, NMF Holdings is permitted to borrow up to 25.0%, 45.0%, 67.5% or 70.0% of the purchase price of pledged assets, subject to approval by Wells Fargo Bank, National Association. The Holdings Credit Facility is non-recourse to the Company and is collateralized by all of the investments of NMF Holdings on an investment by investment basis. All fees associated with the origination, amending or upsizing of the Holdings Credit Facility are capitalized on the ~~Company’s~~Company's Consolidated Statement of Assets and Liabilities and charged against income as other financing expenses over the life of the Holdings Credit Facility. The Holdings Credit Facility contains certain customary affirmative and negative covenants and events of default. In addition, the Holdings Credit Facility requires the Company to maintain a minimum asset coverage ratio of 150.0%. The covenants are generally not tied to mark to market fluctuations in the prices of NMF Holdings investments, but rather to the performance of the underlying portfolio companies.

As of the most recent amendment on April 20, 2021, the Holdings Credit Facility bears interest at a rate of LIBOR plus 1.60% per annum for Broadly Syndicated Loans (as defined in the Fifth Amendment to the Loan and Security Agreement) and LIBOR plus 2.10% per annum for all other investments. From September 30, 2020 to April 19, 2021 the Holdings Credit Facility bore interest at a rate of LIBOR plus 2.00% per annum for Broadly Syndicated Loans (as defined in the Fourth Amendment Loan and Security Agreement) and LIBOR plus 2.50% per annum for all other investments. Prior to September 30, 2020 the Holdings Credit Facility bore interest at a rate of LIBOR plus 1.75% per annum for Broadly Syndicated Loans (as defined in the Second Amendment to the Loan and Security Agreement) and LIBOR plus 2.25% per annum for all other investments. The Holdings Credit

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Facility also charges a non-usage fee, based on the unused facility amount multiplied by the Non-Usage Fee Rate (as defined in the Third Amended and Restated Loan and Security Agreement).

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The following table summarizes the interest expense, non-usage fees and amortization of financing costs incurred on the Holdings Credit Facility for the three and six months ended June 30, ~~2021~~2022 and June 30, ~~2020:~~2021:


		Three Months Ended						Six Months Ended							Three Months Ended						Six Months Ended
		June 30, 2021			June 30, 2020			June 30, 2021			June 30, 2020				June 30, 2022			June 30, 2021			June 30, 2022			June 30, 2021
Interest expense	Interest expense	$	2,446		$	3,208		$	5,160		$	8,629		Interest expense	$	4,269		$	2,446		$	7,203		$	5,160
Non-usage fee	Non-usage fee	$	330		$	330		$	693		$	542		Non-usage fee	$	182		$	330		$	404		$	693
Amortization of financing costs	Amortization of financing costs	$	737		$	329		$	1,240		$	658		Amortization of financing costs	$	799		$	737		$	1,588		$	1,240
Weighted average interest rate	Weighted average interest rate	2.1		%	2.4		%	2.3		%	3.0		%	Weighted average interest rate	2.9		%	2.1		%	2.6		%	2.3		%
Effective interest rate	Effective interest rate	3.0		%	2.9		%	3.1		%	3.4		%	Effective interest rate	3.6		%	3.0		%	3.3		%	3.1		%
Average debt outstanding	Average debt outstanding	$	469,053		$	535,503		$	459,660		$	582,523		Average debt outstanding	$	583,817		$	469,053		$	567,033		$	459,660

As of June 30, ~~2021~~2022 and December 31, ~~2020,~~2021, the outstanding balance on the Holdings Credit Facility was ~~$505,163~~$615,463 and ~~$450,163,~~$545,263, respectively, and NMF Holdings was in compliance with the applicable covenants in the Holdings Credit Facility on such dates.

NMFC Credit Facility—The Amended and Restated Senior Secured Revolving Credit Agreement, (as amended from time to time, and together with the related guarantee and security agreement, the ~~"NMFC Credit Facility"~~"RCA"), dated June 4, 2021, among the Company, as the Borrower, Goldman Sachs Bank USA, as the Administrative Agent and Collateral Agent, and Goldman Sachs Bank USA, Morgan Stanley Bank, N.A., Stifel Bank & Trust and MUFG Union Bank, N.A., as Lenders (the "NMFC Credit Facility"), is structured as a senior secured revolving credit facility. The NMFC Credit Facility is guaranteed by certain of the Company's domestic subsidiaries and proceeds from the NMFC Credit Facility may be used for general corporate purposes, including the funding of portfolio investments. As of the most recent amendment on June 4, 2021, the maturity date of the NMFC Credit Facility is June 4, 2026.

As of June 30, ~~2021,~~2022, the maximum amount of revolving borrowings available under the NMFC Credit Facility was ~~$188,500.~~$198,500. The Company is permitted to borrow at various advance rates depending on the type of portfolio investment, as outlined in the ~~Senior Secured Revolving Credit Agreement.~~RCA. All fees associated with the origination and amending of the NMFC Credit Facility are capitalized on the Company’s Consolidated Statement of Assets and Liabilities and charged against income as other financing expenses over the life of the NMFC Credit Facility. The NMFC Credit Facility contains certain customary affirmative and negative covenants and events of default, including certain financial covenants related to asset coverage and liquidity and other maintenance covenants.

As of the most recent amendment on June 4, 2021, the NMFC Credit Facility generally bears interest at a rate of LIBOR or Sterling Overnight Interbank Average Rate ("SONIA") plus 2.10% per annum or the prime rate plus 1.10% per annum, and charges a commitment fee, based on the unused facility amount multiplied by 0.375% per annum (as defined in the ~~Amended and Restated Senior Secured Revolving Credit Agreement)~~RCA). Prior to June 4, 2021, the NMFC Credit Facility bore interest at a rate of LIBOR plus 2.50% per annum or the prime rate plus 1.50% per annum, and charged a commitment fee, based on the unused facility amount multiplied by 0.375% per annum (as defined in the ~~Senior Secured Revolving Credit Agreement)~~RCA).

The following table summarizes the interest expense, non-usage fees and amortization of financing costs incurred on the NMFC Credit Facility for the three and six months ended June 30, ~~2021~~2022 and June 30, ~~2020:~~2021:


		Three Months Ended						Six Months Ended							Three Months Ended						Six Months Ended
		June 30, 2021			June 30, 2020			June 30, 2021			June 30, 2020				June 30, 2022			June 30, 2021			June 30, 2022			June 30, 2021
Interest expense	Interest expense	$	922		$	1,121		$	1,607		$	3,061		Interest expense	$	1,055		$	922		$	1,926		$	1,607
Non-usage fee	Non-usage fee	$	40		$	41		$	119		$	41		Non-usage fee	$	50		$	40		$	93		$	119
Amortization of financing costs	Amortization of financing costs	$	42		$	34		$	76		$	68		Amortization of financing costs	$	53		$	42		$	115		$	76
Weighted average interest rate	Weighted average interest rate	2.5		%	3.1		%	2.6		%	3.7		%	Weighted average interest rate	2.9		%	2.5		%	2.6		%	2.6		%
Effective interest rate	Effective interest rate	2.8		%	3.3		%	2.9		%	3.8		%	Effective interest rate	3.2		%	2.8		%	2.9		%	2.9		%
Average debt outstanding	Average debt outstanding	$	145,868		$	144,874		$	125,276		$	166,687		Average debt outstanding	$	144,278		$	145,868		$	148,401		$	125,276

As of June 30, ~~2021~~2022 and December 31, ~~2020,~~2021, the outstanding balance on the NMFC Credit Facility was ~~$98,000~~$120,895 and ~~$165,500,~~$127,192, which included £18,800 and £16,400, respectively, denominated in British Pound Sterling ("GBP") that has been converted to U.S. dollars, and NMFC was in compliance with the applicable covenants in the NMFC Credit Facility on such dates.

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Unsecured Management Company Revolver—The Uncommitted Revolving Loan Agreement, ~~(the "Unsecured Management Company Revolver"),~~ dated March 30, 2020, by and between the Company, as the Borrower, and NMF Investments III, L.L.C., as Lender, an affiliate of the Investment Adviser (the "Unsecured Management Company Revolver"), is structured as a discretionary unsecured revolving

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credit facility. The proceeds from the Unsecured Management Company Revolver may be used for general corporate purposes, including the funding of portfolio investments. ~~The~~As of the most recent amendment on December 17, 2021, the maturity date of the Unsecured Management Company Revolver is December 31, ~~2022. The~~2024.

As of the most recent amendment on December 17, 2021, the Unsecured Management Company Revolver ~~generally~~ bears interest at a rate of 4.00% per annum. Prior to December 17, 2021, the Unsecured Management Company Revolver bore interest at a rate of 7.00% per annum (as defined in the Uncommitted Revolving Loan Agreement). On May 4, 2020, the Company entered into an Amended and Restated Uncommitted Revolving Loan Agreement with NMF Investments III, L.L.C., which increased the maximum amounts of revolving borrowings available thereunder from $30,000 to $50,000. As of June 30, ~~2021,~~2022, the maximum amount of revolving borrowings available under the Unsecured Management Company Revolver was $50,000 and no borrowings were outstanding. For the three and six months ended June 30, ~~2021,~~2022, amortization of financing costs were $3 and ~~$6,~~$7, respectively. For the three and six months ended June 30, ~~2020,~~2021, amortization of financing costs were $3 and ~~$3,~~$6, respectively.

DB Credit Facility—The Loan Financing and Servicing Agreement (the ~~"DB Credit Facility"~~"LFSA") dated December 14, 2018 and as amended from time to time, among NMFDB as the borrower, Deutsche Bank AG, New York Branch ("Deutsche Bank") as the facility agent, Lender and other agent from time to time party thereto and U.S. Bank National Association, as collateral agent and collateral custodian (the "DB Credit Facility"), is structured as a secured revolving credit facility and the maturity date is March 25, 2026.

As of June 30, ~~2021,~~2022, the maximum amount of revolving borrowings available under the DB Credit Facility was $280,000. The Company is permitted to borrow at various advance rates depending on the type of portfolio investment, as outlined in the ~~Loan Financing and Servicing Agreement.~~LFSA. The DB Credit Facility is non-recourse to the Company and is collateralized by all of the investments of NMFDB on an investment by investment basis. All fees associated with the origination and amending of the DB Credit Facility are capitalized on the Company's Consolidated Statement of Assets and Liabilities and charged against income as other financing expenses over the life of the DB Credit Facility. The DB Credit Facility contains certain customary affirmative and negative covenants and events of default. The covenants are generally not tied to mark to market fluctuations in the prices of NMFDB investments, but rather to the performance of the underlying portfolio companies.

The advances under the DB Credit Facility accrue interest at a per annum rate equal to the Applicable Margin plus the lender's Cost of Funds Rate. Prior to March 25, 2021, the Applicable Margin was equal to 2.60% during the Revolving Period and then increases by 0.20% during an Event of Default. Effective March 25, 2021, the Applicable Margin is equal to 2.35% during the Revolving Period and then increases by 0.20% during an Event of Default. The "Cost of Funds Rate" for a conduit lender is the lower of its commercial paper rate and the Base Rate plus 0.50%, and for any other lender is the Base Rate. The "Base Rate" is the three-months LIBOR Rate but may become an alternative base rate based on Deutsche Bank's base lending rate if certain LIBOR disruption events occur. The Company is also charged a non-usage fee, based on the unused facility amount multiplied by the Undrawn Fee Rate (as defined in the ~~Loan Financing and Servicing Agreement)~~LFSA) and a facility agent fee of 0.25% per annum on the total facility amount.

The following table summarizes the interest expense, non-usage fees and amortization of financing costs incurred on the DB Credit Facility for the three and six months ended June 30, ~~2021~~2022 and June 30, ~~2020:~~2021:


		Three Months Ended						Six Months Ended							Three Months Ended						Six Months Ended
		June 30, 2021			June 30, 2020			June 30, 2021			June 30, 2020				June 30, 2022			June 30, 2021			June 30, 2022			June 30, 2021
Interest expense(1)	Interest expense(1)	$	1,474		$	2,296		$	3,133		$	4,937		Interest expense(1)	$	2,107		$	1,474		$	3,873		$	3,133
Non-usage fee(1)	Non-usage fee(1)	$	87		$	40		$	164		$	97		Non-usage fee(1)	$	80		$	87		$	133		$	164
Amortization of financing costs	Amortization of financing costs	$	270		$	160		$	436		$	319		Amortization of financing costs	$	270		$	270		$	537		$	436
Weighted average interest rate	Weighted average interest rate	2.8		%	3.7		%	2.9		%	4.1		%	Weighted average interest rate	3.9		%	2.8		%	3.4		%	2.9		%
Effective interest rate	Effective interest rate	3.5		%	4.0		%	3.5		%	4.5		%	Effective interest rate	4.5		%	3.5		%	4.0		%	3.5		%
Average debt outstanding	Average debt outstanding	$	210,973		$	248,571		$	214,743		$	241,813		Average debt outstanding	$	217,157		$	210,973		$	227,156		$	214,743

(1)Interest expense includes the portion of the facility agent fee applicable to the drawn portion of the DB Credit Facility and non-usage fee includes the portion of the facility agent fee applicable to the undrawn portion of the DB Credit Facility.

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As of June 30, ~~2021~~2022 and December 31, ~~2020,~~2021, the outstanding balance on the DB Credit Facility was ~~$223,500~~$189,300 and ~~$244,000,~~$226,300, respectively, and NMFDB was in compliance with the applicable covenants in the DB Credit Facility on such dates.

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facility and matured on September 23, 2020. The NMNLC Credit Facility was guaranteed by the Company and proceeds from the NMNLC Credit Facility were able to be used for funding of additional acquisition properties.

The NMNLC Credit Facility bore interest at a rate of LIBOR plus 2.50% per annum or the prime rate plus 1.50% per annum, and charged a commitment fee, based on the unused facility amount multiplied by 0.15% per annum (as defined in the Revolving Credit Agreement). For the three and six months ended June 30, 2020, interest expense, non-usage fees and amortization of financing costs were $0 and $0, $12 and $23, and $28 and $56, respectively.

~~The Credit Agreement (together with the related guarantee and security agreement, "the NMNLC Credit Facility II"~~"NMNLC CA"), dated February 26, 2021, by and between NMNLC, as the Borrower, and City National Bank, as the Lender (the "NMNLC Credit Facility II"), is structured as a senior secured revolving credit ~~facility and~~facility. As of the most recent amendment on March 16, 2022, the NMNLC CA matures on February 25, ~~2022.~~2023. The NMNLC Credit Facility II is guaranteed by the Company and proceeds from the NMNLC Credit Facility II are able to be used for funding of additional acquisition properties. As of June 30, ~~2021,~~2022, the maximum amount of revolving borrowings available under the NMNLC Credit Facility II is $10,000.

~~The~~Prior to the amendment on December 7, 2021, the NMNLC Credit Facility II bore interest at a rate of LIBOR plus 2.75% per annum, and charged a commitment fee, based on the unused facility amount multiplied by 0.05% per annum (as defined in the NMNLC CA). As of December 7, 2021, the NMNLC Credit Facility II bears interest at a rate of ~~LIBOR~~the Secured Overnight Financing Rate ("SOFR") plus 2.75% per annum with a 0.35% floor and charges a commitment fee, based on the unused facility amount multiplied by 0.05% per annum (as defined in the NMNLC CA). Prior to the amendment on March 16, 2022, the maximum amount of revolving borrowings available under the NMNLC Credit ~~Agreement).~~Facility II was $20,000. As of the March 16, 2022 amendment and effective May 1, 2022, the maximum amount of revolving borrowings available under the NMNLC Credit Facility II was $10,000. For the three and six months ended June 30, 2022, interest expense, non-usage fees and amortization of financing costs were $82 and $200, $0 and $1, and $8 and $35, respectively and the weighted average interest rate and effective interest rate was 3.4% and 3.2% and 3.7% and 3.8%, respectively. For the three and six months ended June 30, 2021, interest expense, non-usage fees and amortization of financing costs were $0 and $0, $2 and $2, and $23 and $31, respectively. As of June 30, 2022 and December 31, 2021, the outstanding balance on the NMNLC Credit Facility II was $0$2,900 and $15,200, respectively, and NMNLC was in compliance with the applicable covenants in the NMNLC Credit Facility II on such date.

Convertible Notes—On August 20, 2018, the Company closed a registered public offering of $100,000 aggregate principal amount of unsecured convertible notes (the “Convertible Notes”), pursuant to an indenture, dated August 20, 2018, as supplemented by a first supplemental indenture thereto, dated August 20, 2018 (together the “2018A Indenture”). On August 30, 2018, in connection with the registered public offering, the Company issued an additional $15,000 aggregate principal amount of the Convertible Notes pursuant to the exercise of an overallotment option by the underwriter of the Convertible Notes. On June 7, 2019, the Company closed a registered public offering of an additional $86,250 aggregate principal amount of the Convertible Notes. These additional Convertible Notes constitute a further issuance of, rank equally in right of payment with, and form a single series with the $115,000 aggregate principal amount of Convertible Notes that the Company issued in August 2018.

The Convertible Notes bear interest at an annual rate of 5.75%, payable semi-annually in arrears on February 15 and August 15 of each year, which commenced on February 15, 2019. The Convertible Notes will mature on August 15, 2023 unless earlier converted, repurchased or redeemed pursuant to the terms of the 2018A Indenture. The Company may not redeem the Convertible Notes prior to May 15, 2023. On or after May 15, 2023, the Company may redeem the Convertible Notes for cash, in whole or from time to time in part, at its option at a redemption price, subject to an exception for redemption dates occurring after a record date but on or prior to the interest payment date, equal to the sum of (i) 100% of the principal amount of the Convertible Notes to be redeemed, (ii) accrued and unpaid interest thereon to, but excluding, the redemption date and (iii) a make-whole premium.

No sinking fund is provided for the Convertible Notes. Holders of Convertible Notes may, at their option, convert their Convertible Notes into shares of the Company’s common stock at any time on or prior to the close of business on the business day immediately preceding the maturity date of the Convertible Notes. In addition, if certain corporate events occur, holders of the Convertible Notes may require the Company to repurchase for cash all or part of their Convertible Notes at a repurchase price equal to ~~100.0%~~100% of the principal amount of the Convertible Notes to be repurchased, plus accrued and unpaid interest through, but excluding, the repurchase date.

The 2018A Indenture contains certain covenants, including covenants requiring the Company to provide certain financial information to the holders of the Convertible Notes and the trustee if the Company ceases to be subject to the reporting requirements of the Exchange Act. The 2018A Indenture also includes additional financial covenants related to asset coverage. These covenants are subject to limitations and exceptions that are described in the 2018A Indenture.

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The following table summarizes certain key terms related to the convertible features of the Company’s Convertible Notes as of June 30, ~~2021:~~2022:


	Convertible Notes
Initial conversion premium	10.0		%
Initial conversion rate(1)	65.8762
Initial conversion price	$	15.18
Conversion premium at June 30, ~~2021~~2022	10.0		%
Conversion rate at June 30, ~~2021(1)~~2022(1)(2)	65.8762
Conversion price at June 30, ~~2021(2)~~2022(2)(3)	$	15.18
Last conversion price calculation date	August 20, ~~2020~~2021

(1)Conversion rates denominated in shares of common stock per $1 principal amount of the Convertible Notes converted.

(2)Represents conversion rate and conversion price, as applicable, taking into account certain de minimis adjustments that will be made on the conversion date.

(3)The conversion price in effect at June 30, ~~2021~~2022 was calculated on the last anniversary of the issuance and will be calculated again on the next anniversary, unless the exercise price shall have changed by more than 1.0% before the anniversary.

The conversion rate will be subject to adjustment upon certain events, such as stock splits and combinations, mergers, spin-offs, increases in dividends in excess of $0.34 per share per quarter and certain changes in control. Certain of these adjustments, including adjustments for increases in dividends, are subject to a conversion price floor of $13.80 per share. In no event will the total number of shares of common stock issuable upon conversion exceed 72.4637 per $1 principal amount. The Company has determined that the embedded conversion option in the Convertible Notes is not required to be separately accounted for as a derivative under GAAP.

The Convertible Notes are unsecured obligations and rank senior in right of payment to the Company’s existing and future indebtedness, if any, that is expressly subordinated in right of payment to the Convertible Notes; equal in right of payment to the Company’s existing and future unsecured indebtedness that is not so subordinated; effectively junior in right of payment to any of the Company’s secured indebtedness (including existing unsecured indebtedness that the Company later secures) to the extent of the value of the assets securing such indebtedness; and structurally junior to all existing and future indebtedness (including trade payables) incurred by the Company’s subsidiaries and financing vehicles. As reflected in Note 11. Earnings Per Share, the issuance is considered part of the if-converted method for calculation of diluted earnings per share.

The following table summarizes the interest expense, amortization of financing costs and amortization of premium incurred on the Convertible Notes for the three and six months ended June 30, ~~2021~~2022 and June 30, ~~2020:~~2021:


		Three Months Ended						Six Months Ended							Three Months Ended						Six Months Ended
		June 30, 2021			June 30, 2020			June 30, 2021			June 30, 2020				June 30, 2022			June 30, 2021			June 30, 2022			June 30, 2021
Interest expense	Interest expense	$	2,893		$	2,893		$	5,786		$	5,786		Interest expense	$	2,893		$	2,893		$	5,786		$	5,786
Amortization of financing costs	Amortization of financing costs	$	99		$	98		$	196		$	197		Amortization of financing costs	$	99		$	99		$	196		$	196
Amortization of premium	Amortization of premium	$	(25)		$	(25)		$	(51)		$	(51)		Amortization of premium	$	(25)		$	(25)		$	(51)		$	(51)
Weighted average interest rate	Weighted average interest rate	5.8		%	5.8		%	5.8		%	5.8		%	Weighted average interest rate	5.8		%	5.8		%	5.8		%	5.8		%
Effective interest rate	Effective interest rate	5.9		%	5.9		%	5.9		%	5.9		%	Effective interest rate	5.9		%	5.9		%	5.9		%	5.9		%
Average debt outstanding	Average debt outstanding	$	201,250		$	201,250		$	201,250		$	201,250		Average debt outstanding	$	201,250		$	201,250		$	201,250		$	201,250

As of June 30, ~~2021~~2022 and December 31, ~~2020,~~2021, the outstanding balance on the Convertible Notes was $201,250 and $201,250, respectively, and NMFC was in compliance with the terms of the 2018A Indenture on such date.

Unsecured Notes—On May 6, 2016, the Company issued $50,000 in aggregate principal amount of five-year unsecured notes (the “2016 Unsecured Notes”), pursuant to a note purchase agreement, dated May 4, 2016, to an institutional investor in a private placement. On September 30, 2016, the Company entered into an amended and restated note purchase agreement (the "NPA") and issued an additional $40,000 in aggregate principal amount of 2016 Unsecured Notes to institutional investors in a private placement. On February 16, 2021, the Company repaid all $90,000 in aggregate principal amount of the issued and outstanding 2016 Unsecured Notes. On June 30, 2017, the Company issued $55,000 in aggregate principal amount of five-year unsecured notes that mature on July 15, 2022 (the "2017A Unsecured Notes"), pursuant to the NPA and a supplement to the NPA. On January 30, 2018, the Company issued $90,000 in aggregate principal amount of five

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year unsecured notes that mature on January 30, 2023 (the "2018A Unsecured Notes") pursuant to the NPA and a second supplement to the NPA. On July 5, 2018, the Company issued $50,000 in aggregate principal amount of five year unsecured notes that mature on June 28, 2023 (the "2018B Unsecured Notes") pursuant to the NPA and a third supplement to the NPA (the "Third Supplement"). On April 30, 2019, the Company issued $116,500 in aggregate principal amount of five year unsecured notes that mature on April 30, 2024 (the "2019A Unsecured Notes") pursuant to the NPA and a fourth supplement to the ~~NPA.~~NPA (the "Fourth Supplement"). On January 29, 2021, the Company issued $200,000 in aggregate principal amount of five year unsecured notes that mature on January 29, 2026 (the "2021A Unsecured Notes") pursuant to the NPA and a fifth supplement to the ~~NPA.~~NPA (the "Fifth Supplement"). On June 15, 2022, the Company issued $75,000 in aggregate principal amount of five year unsecured notes that mature on June 15, 2027 (the "2022A Unsecured Notes") pursuant to the NPA and a sixth supplement to the NPA (the "Sixth Supplement"). The NPA provides for future issuances of unsecured notes in separate series or tranches.

The 2016 Unsecured Notes bore interest at an annual rate of 5.313%, payable semi-annually on May 15 and November 15 of each year, which commenced on November 15, 2016. The 2017A Unsecured Notes bear interest at an annual rate of 4.760%, payable semi-annually on January 15 and July 15 of each year, which commenced on January 15, 2018. The 2018A Unsecured Notes bear interest at an annual rate of 4.870%, payable semi-annually on February 15 and August 15 of each year, which commenced on August 15, 2018. The 2018B Unsecured Notes bear interest at an annual rate of 5.360%, payable semi-annually on January 15 and July 15 of each year, which commenced on January 15, 2019. The 2019A Unsecured Notes bear interest at an annual rate of 5.494%, payable semi-annually on April 15 and October 15 of each year, which commenced on October 15, 2019. The 2021A Unsecured Notes bear interest at an annual rate of 3.875%, payable semi-annually in arrears on January 29 and July 29 of each year, ~~commencing~~which commenced on July 29, 2021. The 2022A Unsecured Notes bear interest at an annual rate of 5.900%, payable semi-annually in arrears on June 15 and December 15 of each year. These interest rates are subject to increase in the event that: (i) subject to certain exceptions, the underlying unsecured notes or the Company ceases to have an investment grade rating or (ii) the aggregate amount of the Company’s unsecured debt falls below $150,000. In each such event, the Company has the option to offer to prepay the underlying unsecured notes at par, in which case holders of the underlying unsecured notes who accept the offer would not receive the increased interest rate. In addition, the Company is obligated to offer to prepay the underlying unsecured notes at par if the Investment Adviser, or an affiliate thereof, ceases to be the Company’s investment adviser or if certain change in control events occur with respect to the Investment Adviser.

The NPA contains customary terms and conditions for unsecured notes issued in a private placement, including, without limitation, an option to offer to prepay all or a portion of the unsecured notes under its governance at par (plus a make-whole amount, if applicable), affirmative and negative covenants such as information reporting, maintenance of the Company’s status as a BDC under the 1940 Act and a RIC under the Code, minimum stockholders’ equity, minimum asset coverage ratio, and prohibitions on certain fundamental changes at the Company or any subsidiary guarantor, as well as customary events of default with customary cure and notice, including, without limitation, nonpayment, misrepresentation in a material respect, breach of covenant, cross-default under other indebtedness of the Company or certain significant subsidiaries, certain judgments and orders, and certain events of bankruptcy. The Third Supplement, ~~includes~~Fourth Supplement, Fifth Supplement and Sixth Supplement all include additional financial covenants related to asset coverage as well as other terms.

On September 25, 2018, the Company closed a registered public offering of $50,000 in aggregate principal amount of five-year unsecured notes that mature on October 1, 2023 (the "5.75% Unsecured Notes" and together with the 2016 Unsecured Notes, 2017A Unsecured Notes, 2018A Unsecured Notes, 2018B Unsecured Notes, 2019A Unsecured Notes, the 2021A Unsecured Notes and the ~~2021A~~2022A Unsecured Notes, the "Unsecured Notes") pursuant to an indenture, dated August 20, 2018, as supplemented by a second supplemental indenture thereto, dated September 25, 2018 (together, the "2018B Indenture"). On October 17, 2018, in connection with the registered public offering, the Company issued an additional $1,750 aggregate principal amount of the 5.75% Unsecured Notes pursuant to the exercise of an overallotment option by the underwriters of the 5.75% Unsecured Notes.

On March 8, 2021, the Company redeemed $51,750 in aggregate principal amount of the 5.75% Unsecured Notes at a redemption price of 100% plus accrued and unpaid interest.

The 5.75% Unsecured Notes bore interest at an annual rate of 5.75%, payable quarterly on January 1, April 1, July 1 and October 1 of each year, which commenced on January 1, 2019. The 5.75% Unsecured Notes were listed on the New York Stock Exchange and traded under the trading symbol “NMFX” until September 13, 2020. On September 14, 2020, the 5.75% Unsecured Notes began trading on the NASDAQ under the ticker symbol "NMFCL", until redeemed on March 8, 2021.

The Unsecured Notes are unsecured obligations and rank senior in right of payment to the Company’s existing and future indebtedness, if any, that is expressly subordinated in right of payment to the Unsecured Notes; equal in right of payment to the Company’s existing and future unsecured indebtedness that is not so subordinated; effectively junior in right of payment to any of the Company’s secured indebtedness (including existing unsecured indebtedness that the Company later secures) to the extent of the value of the assets securing such indebtedness; and structurally junior to all existing and future indebtedness (including trade payables) incurred by the Company’s subsidiaries and financing vehicles.

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The following table summarizes the interest expense and amortization of financing costs incurred on the Unsecured Notes for the three and six months ended June 30, ~~2021~~2022 and June 30, ~~2020:~~2021:


		Three Months Ended						Six Months Ended							Three Months Ended						Six Months Ended
		June 30, 2021			June 30, 2020			June 30, 2021			June 30, 2020				June 30, 2022			June 30, 2021			June 30, 2022			June 30, 2021
Interest expense	Interest expense	$	5,958		$	5,959		$	12,485		$	11,919		Interest expense	$	6,154		$	5,958		$	12,112		$	12,485
Amortization of financing costs	Amortization of financing costs	$	201		$	318		$	1,457		$	635		Amortization of financing costs	$	206		$	201		$	405		$	1,457
Weighted average interest rate	Weighted average interest rate	4.7		%	5.3		%	4.8		%	5.3		%	Weighted average interest rate	4.7		%	4.7		%	4.7		%	4.8		%
Effective interest rate	Effective interest rate	4.8		%	5.6		%	5.3		%	5.6		%	Effective interest rate	4.8		%	4.8		%	4.8		%	5.3		%
Average debt outstanding	Average debt outstanding	$	511,500		$	453,250		$	521,807		$	453,250		Average debt outstanding	$	524,687		$	511,500		$	518,130		$	521,807

As of June 30, ~~2021~~2022 and December 31, ~~2020,~~2021, the outstanding balance on the Unsecured Notes was ~~$511,500~~$586,500 and ~~$453,250,~~$511,500, respectively, and the Company was in compliance with the terms of the NPA ~~and the 2018B Indenture~~ as of such dates, as applicable.

SBA-guaranteed debentures—On August 1, 2014 and August 25, 2017, respectively, SBIC I and SBIC II received licenses from the SBA to operate as SBICs.

The SBIC licenses allow SBICs to obtain leverage by issuing SBA-guaranteed debentures, subject to the issuance of a capital commitment by the SBA and other customary procedures. SBA-guaranteed debentures are non-recourse to the Company, interest only debentures with interest payable semi-annually and have a ten year maturity. The principal amount of SBA-guaranteed debentures is not required to be paid prior to maturity but may be prepaid at any time without penalty. The interest rate of SBA-guaranteed debentures is fixed on a semi-annual basis at a market-driven spread over U.S. Treasury Notes with ten year maturities. The SBA, as a creditor, will have a superior claim to the assets of SBIC I and SBIC II over the ~~Company’s~~Company's stockholders in the event SBIC I and SBIC II are liquidated or the SBA exercises remedies upon an event of default.

The maximum amount of borrowings available under current SBA regulations for a single licensee is $150,000 as long as the licensee has at least $75,000 in regulatory capital, receives a capital commitment from the SBA and has been through an examination by the SBA subsequent to licensing. In June 2018, legislation amended the 1958 Act by increasing the individual leverage limit from $150,000 to $175,000, subject to SBA approvals.

As of June 30, ~~2021~~2022 and December 31, ~~2020,~~2021, SBIC I had regulatory capital of $75,000 and $75,000, respectively, and SBA-guaranteed debentures outstanding of $150,000 and $150,000, respectively. As of June 30, ~~2021~~2022 and December 31, ~~2020,~~2021, SBIC II had regulatory capital of $75,000 and $75,000, respectively, and $150,000 and $150,000, respectively, of SBA-guaranteed debentures outstanding. The SBA-guaranteed debentures incur upfront fees of 3.435%, which consists of a 1.00% commitment fee and a 2.435% issuance discount, which are amortized over the life of the SBA-guaranteed debentures.

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The following table summarizes the Company’s SBA-guaranteed debentures as of June 30, ~~2021:~~2022:


Issuance Date	Maturity Date	Debenture Amount		Interest Rate		SBA Annual Charge
Fixed SBA-guaranteed debentures(1):
March 25, 2015	March 1, 2025	$	37,500	2.517	%	0.355	%
September 23, 2015	September 1, 2025	37,500		2.829	%	0.355	%
September 23, 2015	September 1, 2025	28,795		2.829	%	0.742	%
March 23, 2016	March 1, 2026	13,950		2.507	%	0.742	%
September 21, 2016	September 1, 2026	4,000		2.051	%	0.742	%
September 20, 2017	September 1, 2027	13,000		2.518	%	0.742	%
March 21, 2018	March 1, 2028	15,255		3.187	%	0.742	%
Fixed SBA-guaranteed debentures(2):
September 19, 2018	September 1, 2028	15,000		3.548	%	0.222	%
September 25, 2019	September 1, 2029	19,000		2.283	%	0.222	%
March 25, 2020	March 1, 2030	41,000		2.078	%	0.222	%
March 25, 2020	March 1, 2030	24,000		2.078	%	0.275	%
September 23, 2020	September 1, 2030	51,000		1.034	%	0.275	%
Total SBA-guaranteed debentures		$	300,000

(1)SBA-guaranteed debentures are held in SBIC I.

(2)SBA-guaranteed debentures are held in SBIC II.

Prior to pooling, the SBA-guaranteed debentures bear interest at an interim floating rate of LIBOR plus 0.30%. Once pooled, which occurs in March and September each year, the SBA-guaranteed debentures bear interest at a fixed rate that is set to the current 10-year treasury rate plus a spread at each pooling date.

The following table summarizes the interest expense and amortization of financing costs incurred on the SBA-guaranteed debentures for the three and six months ended June 30, ~~2021~~2022 and June 30, ~~2020:~~2021:


		Three Months Ended						Six Months Ended							Three Months Ended						Six Months Ended
		June 30, 2021			June 30, 2020			June 30, 2021			June 30, 2020				June 30, 2022			June 30, 2021			June 30, 2022			June 30, 2021
Interest expense	Interest expense	$	2,021		$	2,060		$	4,019		$	3,883		Interest expense	$	2,021		$	2,021		$	4,019		$	4,019
Amortization of financing costs	Amortization of financing costs	$	250		$	251		$	497		$	453		Amortization of financing costs	$	250		$	250		$	497		$	497
Weighted average interest rate	Weighted average interest rate	2.7		%	2.8		%	2.7		%	2.9		%	Weighted average interest rate	2.7		%	2.7		%	2.7		%	2.7		%
Effective interest rate	Effective interest rate	3.0		%	3.1		%	3.0		%	3.2		%	Effective interest rate	3.0		%	3.0		%	3.0		%	3.0		%
Average debt outstanding	Average debt outstanding	$	300,000		$	300,000		$	300,000		$	271,549		Average debt outstanding	$	300,000		$	300,000		$	300,000		$	300,000

The SBIC program is designed to stimulate the flow of private investor capital into eligible ~~smaller~~small businesses, as defined by the SBA. Under SBA regulations, SBICs are subject to regulatory requirements, including making investments in SBA-eligible small businesses, investing at least 25.0% of its investment capital in eligible smaller ~~businesses, as~~enterprises (as defined under the 1958 ~~Act,~~Act), placing certain limitations on the financing terms of investments, regulating the types of financing, prohibiting investments in smaller businesses with certain characteristics or in certain industries and requiring capitalization thresholds that limit distributions to the Company. SBICs are subject to an annual periodic examination by an SBA examiner to determine the ~~SBIC’s~~SBIC's compliance with the relevant SBA regulations and an annual financial audit of its financial statements that are prepared on a basis of accounting other than GAAP (such as ASC 820) by an independent auditor. As of June 30, ~~2021~~2022 and December 31, ~~2020,~~2021, SBIC I and SBIC II were in compliance with SBA regulatory requirements.

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Leverage risk factors—The Company utilizes and may utilize leverage to the maximum extent permitted by the law for investment and other general business purposes. The Company's lenders will have fixed dollar claims on certain assets that are superior to the claims of the Company's common stockholders, 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 net asset value. 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 stockholders. 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 8. Regulation

The Company has elected to be treated, and intends to comply with the requirements to continue to qualify annually, as a RIC under Subchapter M of the Code. In order to continue to qualify and be subject to tax treatment as a RIC, among other things, the Company is required to timely distribute to its stockholders 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 distributions to its stockholders, which will generally relieve the Company 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” specified~~"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 9. 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 June 30, 2022, the Company had unfunded commitments on revolving credit facilities of $98,487, no outstanding bridge financing commitments and other future funding commitments of $182,299. As of December 31, 2021, the Company had unfunded commitments on revolving credit facilities of ~~$59,998,~~$86,989, no outstanding bridge financing commitments and other future funding commitments of $46,072. As of December 31, 2020, the Company had unfunded commitments on revolving credit facilities of $63,411, no outstanding bridge financing commitments and other future funding commitments of $9,715.$128,446. The unfunded commitments on revolving credit facilities and delayed draws are disclosed on the Company’s Consolidated Schedules of Investments.

The Company also had revolving borrowings available under the Holdings Credit Facility, the DB Credit Facility, the NMFC Credit Facility, the Unsecured Management Company Revolver and the NMNLC Credit Facility II as of June 30, ~~2021~~2022 and ~~revolver borrowings available under the Holdings Credit Facility, the DB Credit Facility, the NMFC Credit Facility and the Unsecured Management Company Revolver as of~~ December 31, ~~2020.~~2021. See Note 7. Borrowings, for details.

The Company may from time to time enter into financing commitment letters. As of June 30, ~~2021~~2022 and December 31, ~~2020,~~2021, the Company had commitment letters to purchase investments in the aggregate par amount of ~~$33,452~~$62,086 and ~~$44,918,~~$6,800, respectively, which could require funding in the future.

COVID-19 Developments

~~On March 11, 2020~~The Company's operating results and portfolio companies may be negatively impacted by the ~~World Health Organization declared~~ongoing COVID-19 ~~a global pandemic~~pandemic. The Company has been closely monitoring, and recommended containment and mitigation measures worldwide. The net asset value of the Company experienced a significant reduction from the period of March 31, 2020 through December 31, 2020 as comparedwill continue to its net asset value as of December 31, 2019, due to an increase in unrealized depreciation of its investment portfolio resulting from decreases in fair value of investments. These decreases were attributable tomonitor, the impact of the COVID-19 pandemic, including new variants of COVID-19, on all aspects of its business, including how it will impact the Company's portfolio companies, employees, due diligence, and the financial markets. ~~As of June 30, 2021, the net asset value~~Any effects of the ~~Company has experienced a recovery from that~~COVID-19 pandemic will likely continue for the duration of ~~March 31, 2020.~~the pandemic, which is uncertain, and for some period thereafter.

The extent of the impact of the COVID-19 pandemic on the financial performance of ~~our~~the Company's current and future investments will depend on future developments, including the duration and spread of the ~~outbreak, how quickly vaccines will continue to be distributed nationwide~~virus, related advisories and ~~globally, whether a "herd immunity" will be achieved, whether the~~ restrictions, ~~that were imposed to slow the spread of the virus will be lifted entirely~~ and the ~~impact~~health of ~~the COVID-19 pandemic on~~ the financial markets and ~~the overall~~ economy, all of which are highly uncertain and cannot be predicted. To the extent the ~~Company’s~~Company's portfolio companies are adversely impacted by the effects of the COVID-19 pandemic, ~~the Company~~it may ~~experience~~have a material adverse impact on the ~~its~~Company's future net investment income, the fair value of ~~its~~the Company's portfolio investments ~~its financial condition~~ and the ~~results~~Company's financial condition.

While general economic conditions have improved since the beginning of ~~operations~~the COVID-19 pandemic, the Company continues to see reductions in business activity and financial ~~condition of~~transactions, supply chain interruptions and overall economic and financial market instability both in the United States and globally. Even after the COVID-19 pandemic subsides, the U.S. economy and most other major global economies may continue to experience downturns, and the Company anticipates its ~~portfolio companies.~~

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business and operations could be materially adversely affected by a prolonged recession in the United States and other major markets.

Note 10. Net Assets

The table below illustrates the effect of certain transactions on the net asset accounts of the Company during the three and six months ended June 30, ~~2021:~~2022:


							Accumulated Undistributed (Overdistributed) Earnings																		Accumulated Overdistributed Earnings
		Common Stock			Paid in Capital in Excess		Accumulated Net Investment		Accumulated Net Realized		Net Unrealized Appreciation		Total Net Assets		Non- Controlling Interest in		Total			Common Stock			Paid in Capital in Excess		Accumulated Net Investment		Accumulated Net Realized		Net Unrealized Appreciation		Total Net Assets		Non- Controlling Interest in		Total
		Shares	Par Amount		of Par		Income		(Losses) Gains		(Depreciation)		of NMFC		NMNLC		Net Assets			Shares	Par Amount		of Par		Income		(Losses) Gains		(Depreciation)		of NMFC		NMNLC		Net Assets
Net assets at December 31, 2020		96,827,342	$	968	$	1,269,671	$	105,981	$	(88,250)	$	(66,495)	$	1,221,875	$	15,014	$	1,236,889

Distributions declared		—	—		—		(29,048)		—		—		(29,048)		(301)		(29,349)
Contributions related to non-controlling interest in NMNLC		—	—		—		—		—		—		—		3,403		3,403
Net increase (decrease) in net assets resulting from operations		—	—		—		28,668		(10,496)		33,318		51,490		365		51,855
Net assets at March 31, 2021		96,827,342	$	968	$	1,269,671	$	105,601	$	(98,746)	$	(33,177)	$	1,244,317	$	18,481	$	1,262,798
Net assets at December 31, 2021																			Net assets at December 31, 2021	97,907,441	$	979	$	1,272,796	$	118,330	$	(92,099)	$	21,239	$	1,321,245	$	21,367	$	1,342,612
Issuances of common stock	Issuances of common stock	79,646	1		1,048		—		—		—		1,049		—		1,049		Issuances of common stock	1,591,121	16		21,556		—		—		—		21,572		—		21,572

Offering costs																			Offering costs	—	—		(52)		—		—		—		(52)		—		(52)
Distributions declared																			Distributions declared	—	—		—		(29,589)		—		—		(29,589)		(3,750)		(33,339)

Net increase (decrease) in net assets resulting from operations																			Net increase (decrease) in net assets resulting from operations	—	—		—		29,573		17,596		(10,977)		36,192		855		37,047
Net assets at March 31, 2022																			Net assets at March 31, 2022	99,498,562	$	995	$	1,294,300	$	118,314	$	(74,503)	$	10,262	$	1,349,368	$	18,472	$	1,367,840
Issuances of common stock																			Issuances of common stock	1,218,366	12		16,565		—		—		—		16,577		—		16,577

Offering costs																			Offering costs	—	—		(74)		—		—		—		(74)				(74)
Distributions declared	Distributions declared	—	—		—		(29,048)		—		—		(29,048)		(330)		(29,378)		Distributions declared	—	—		—		(30,215)		—		—		(30,215)		(4,190)		(34,405)
Distributions related to non-controlling interest in NMNLC		—	—		—		—		—		—		—		(2,561)		(2,561)
Net increase in net assets resulting from operations		—	—		—		28,845		180		46,787		75,812		3,366		79,178
Contributions related to non-controlling interest in NMNLC																			Contributions related to non-controlling interest in NMNLC	—	—		—		—		—		—		—		123		123
Net increase (decrease) in net assets resulting from operations																			Net increase (decrease) in net assets resulting from operations	—	—		—		31,396		14,849		(30,291)		15,954		(814)		15,140
Net assets at June 30, 2022																			Net assets at June 30, 2022	100,716,928	$	1,007	$	1,310,791	$	119,495	$	(59,654)	$	(20,029)	$	1,351,610	$	13,591	$	1,365,201

Net assets at June 30, 2021		96,906,988	$	969	$	1,270,719	$	105,398	$	(98,566)	$	13,610	$	1,292,130	$	18,956	$	1,311,086

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The table below illustrates the effect of certain transactions on the net asset accounts of the Company during the three and six months ended June 30, ~~2020:~~2021:


							Accumulated Overdistributed Earnings																		Accumulated Undistributed (Overdistributed) Earnings
		Common Stock			Paid in Capital in Excess		Accumulated Net Investment		Accumulated Net Realized (Losses)		Net Unrealized (Depreciation)		Total Net Assets		Non-Controlling Interest in		Total			Common Stock			Paid in Capital in Excess		Accumulated Net Investment		Accumulated Net Realized (Losses)		Net Unrealized Appreciation		Total Net Assets		Non-Controlling Interest in		Total
		Shares	Par Amount		of Par		Income		Gains		Appreciation		of NMFC		NMNLC		Net Assets			Shares	Par Amount		of Par		Income		Gains		(Depreciation)		of NMFC		NMNLC		Net Assets
Net assets at December 31, 2019		96,827,342	$	968	$	1,287,853	$	91,333	$	(85,448)	$	(11,238)	$	1,283,468	$	—	$	1,283,468
Net assets at December 31, 2020																			Net assets at December 31, 2020	96,827,342	$	968	$	1,269,671	$	105,981	$	(88,250)	$	(66,495)	$	1,221,875	$	15,014	$	1,236,889

Distributions declared	Distributions declared	—	—		—		(32,921)		—		—		(32,921)		—		(32,921)		Distributions declared	—	—		—		(29,048)		—		—		(29,048)		(301)		(29,349)
Purchase of non-controlling interest in NMNLC		—	—		—		—		—		—		—		11,315		11,315
Contributions related to non-controlling interest in NMNLC																			Contributions related to non-controlling interest in NMNLC	—	—		—		—		—		—		—		3,403		3,403
Net increase (decrease) in net assets resulting from operations	Net increase (decrease) in net assets resulting from operations	—	—		—		31,305		114		(203,776)		(172,357)		(65)		(172,422)		Net increase (decrease) in net assets resulting from operations	—	—		—		28,668		(10,496)		33,318		51,490		365		51,855
Net assets at March 31, 2020		96,827,342	$	968	$	1,287,853	$	89,717	$	(85,334)	$	(215,014)	$	1,078,190	$	11,250	$	1,089,440

Net assets at March 31, 2021																			Net assets at March 31, 2021	96,827,342	$	968	$	1,269,671	$	105,601	$	(98,746)	$	(33,177)	$	1,244,317	$	18,481	$	1,262,798
Issuances of common stock																			Issuances of common stock	79,646	1		1,048		—		—		—		1,049		—		1,049

Distributions declared	Distributions declared	—	—		—		(29,048)		—		—		(29,048)		(258)		(29,306)		Distributions declared	—	—		—		(29,048)		—		—		(29,048)		(330)		(29,378)
Net increase (decrease) in net assets resulting from operations		—	—		—		27,327		(3,755)		52,909		76,481		251		76,732
Net assets at June 30, 2020		96,827,342	$	968	$	1,287,853	$	87,996	$	(89,089)	$	(162,105)	$	1,125,623	$	11,243	$	1,136,866
Distributions related to non-controlling interest in NMNLC																			Distributions related to non-controlling interest in NMNLC	—	—		—		—		—		—		—		(2,561)		(2,561)
Net increase in net assets resulting from operations																			Net increase in net assets resulting from operations	—	—		—		28,845		180		46,787		75,812		3,366		79,178
Net assets at June 30, 2021																			Net assets at June 30, 2021	96,906,988	$	969	$	1,270,719	$	105,398	$	(98,566)	$	13,610	$	1,292,130	$	18,956	$	1,311,086

On November 3, 2021, the Company entered into an equity distribution agreement (the “Distribution Agreement”) with B. Riley Securities, Inc. and Raymond James & Associates, Inc. (collectively, the “Agents”). The Distribution Agreement provides that the Company may issue and sell its shares from time to time through the Agents, up to $250,000 worth of its common stock by means of at-the-market ("ATM") offerings.

For the three and six months ended June 30, 2022, the Company sold 1,218,366 and 2,730,202, respectively, shares of common stock under the Distribution Agreement. For the same period, the Company received total accumulated net proceeds of approximately $16,577 and $37,051, respectively, including $132 and $427, respectively, of offering expenses, from these sales.

The Company generally uses net proceeds from these ATM offerings to make investments, to pay down liabilities and for general corporate purposes. As of June 30, 2022, shares representing approximately $199,906 of its common stock remain available for issuance and sale under the Distribution Agreement.

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Note 11. Earnings Per Share

The following information sets forth the computation of basic and diluted net increase ~~(decrease)~~ in the Company’s net assets per share resulting from operations for the three and six months ended June 30, ~~2021~~2022 and June 30, ~~2020:~~2021:

Three Months Ended Six Months Ended
June 30, 2021 June 30, 2020 June 30, 2021 June 30, 2020
Earnings (loss) per share—basic
Numerator for basic earnings (loss) per share: $ 75,812 $ 76,481 $ 127,302 $ (95,876)
Denominator for basic weighted average share: 96,828,217 96,827,342 96,827,782 96,827,342
Basic earnings (loss) per share: $ 0.78 $ 0.79 $ 1.31 $ (0.99)
Earnings (loss) per share—diluted(1)
Numerator for increase (decrease) in net assets per share $ 75,812 $ 76,481 $ 127,302 $ (95,876)
Adjustment for interest on Convertible Notes and incentive fees, net 2,314 2,314 4,629 4,629
Numerator for diluted earnings (loss) per share: $ 78,126 $ 78,795 $ 131,931 $ (91,247)
Denominator for basic weighted average share 96,828,217 96,827,342 96,827,782 96,827,342
Adjustment for dilutive effect of Convertible Notes 13,257,585 13,257,585 13,257,585 13,257,585
Denominator for diluted weighted average share 110,085,802 110,084,927 110,085,367 110,084,927
Diluted earnings (loss) per share: $ 0.71 $ 0.72 $ 1.20 $ (0.99)


	Three Months Ended				Six Months Ended
	June 30, 2022		June 30, 2021		June 30, 2022		June 30, 2021
Earnings per share—basic
Numerator for basic earnings per share:	$	15,954	$	75,812	$	52,146	$	127,302
Denominator for basic weighted average share:	100,596,188		96,828,217		99,510,862		96,827,782
Basic earnings per share:	$	0.16	$	0.78	$	0.52	$	1.31
Earnings per share—diluted(1)
Numerator for increase in net assets per share	$	15,954	$	75,812	$	52,146	$	127,302
Adjustment for interest on Convertible Notes and incentive fees, net	2,314		2,314		4,629		4,629
Numerator for diluted earnings per share:	$	18,268	$	78,126	$	56,775	$	131,931
Denominator for basic weighted average share	100,596,188		96,828,217		99,510,862		96,827,782
Adjustment for dilutive effect of Convertible Notes	13,257,585		13,257,585		13,257,585		13,257,585
Denominator for diluted weighted average share	113,853,773		110,085,802		112,768,447		110,085,367
Diluted earnings per share:	$	0.16	$	0.71	$	0.50	$	1.20

(1)In applying the if-converted method, conversion is not assumed for purposes of computing diluted earnings per share if the effect would be anti-dilutive. For the ~~six months ended June 30, 2020, there was anti-dilution. For the~~ three and six months ended June 30, ~~2021~~2022 and ~~the three months ended~~ June 30, ~~2020,~~2021, there was no anti-dilution.

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Note 12. Financial Highlights

The following information sets forth the Company's financial highlights for the six months ended June 30, ~~2021~~2022 and June 30, ~~2020:~~2021:


		Six Months Ended							Six Months Ended
		June 30, 2021			June 30, 2020				June 30, 2022			June 30, 2021
Per share data(1):	Per share data(1):							Per share data(1):
Net asset value, January 1, 2021 and January 1, 2020, respectively		$	12.62		$	13.26
Net asset value, January 1, 2022 and January 1, 2021, respectively								Net asset value, January 1, 2022 and January 1, 2021, respectively	$	13.49		$	12.62
Net investment income	Net investment income	0.59			0.61			Net investment income	0.61			0.59
Net realized and unrealized gains (losses)		0.72			(1.60)
Total net increase (decrease)		1.31			(0.99)
Net realized and unrealized (losses) gains								Net realized and unrealized (losses) gains	(0.08)			0.72
Total net increase								Total net increase	0.53			1.31
Distributions declared to stockholders from net investment income	Distributions declared to stockholders from net investment income	(0.60)			(0.64)			Distributions declared to stockholders from net investment income	(0.60)			(0.60)
Net asset value, June 30, 2021 and June 30, 2020, respectively		$	13.33		$	11.63
Per share market value, June 30, 2021 and June 30, 2020, respectively		$	13.17		$	9.29
Net asset value, June 30, 2022 and June 30, 2021, respectively								Net asset value, June 30, 2022 and June 30, 2021, respectively	$	13.42		$	13.33
Per share market value, June 30, 2022 and June 30, 2021, respectively								Per share market value, June 30, 2022 and June 30, 2021, respectively	$	11.91		$	13.17
Total return based on market value(2)	Total return based on market value(2)	21.38		%	(26.75)		%	Total return based on market value(2)	(9.00)		%	21.38		%
Total return based on net asset value(3)	Total return based on net asset value(3)	10.55		%	(7.32)		%	Total return based on net asset value(3)	3.95		%	10.55		%
Shares outstanding at end of period	Shares outstanding at end of period	96,906,988			96,827,342			Shares outstanding at end of period	100,716,928			96,906,988
Average weighted shares outstanding for the period	Average weighted shares outstanding for the period	96,827,782			96,827,342			Average weighted shares outstanding for the period	99,510,862			96,827,782
Average net assets for the period	Average net assets for the period	$	1,233,423		$	1,181,090		Average net assets for the period	$	1,346,043		$	1,233,423
Ratio to average net assets:	Ratio to average net assets:							Ratio to average net assets:
Net investment income	Net investment income	9.51		%	10.03		%	Net investment income	9.13		%	9.51		%
Total expenses, before waivers/reimbursements	Total expenses, before waivers/reimbursements	13.66		%	15.02		%	Total expenses, before waivers/reimbursements	12.42		%	13.66		%
Total expenses, net of waivers/reimbursements	Total expenses, net of waivers/reimbursements	12.44		%	13.82		%	Total expenses, net of waivers/reimbursements	12.05		%	12.44		%
Average debt outstanding—Holdings Credit Facility								Average debt outstanding—Holdings Credit Facility	$	567,033		$	459,660
Average debt outstanding—Unsecured Notes	Average debt outstanding—Unsecured Notes	$	521,807		$	453,250		Average debt outstanding—Unsecured Notes	518,130			521,807
Average debt outstanding—Holdings Credit Facility		459,660			582,523
Average debt outstanding—SBA-guaranteed debentures	Average debt outstanding—SBA-guaranteed debentures	300,000			271,549			Average debt outstanding—SBA-guaranteed debentures	300,000			300,000
Average debt outstanding—DB Credit Facility	Average debt outstanding—DB Credit Facility	214,743			241,813			Average debt outstanding—DB Credit Facility	227,156			214,743
Average debt outstanding—Convertible Notes	Average debt outstanding—Convertible Notes	201,250			201,250			Average debt outstanding—Convertible Notes	201,250			201,250
Average debt outstanding—NMFC Credit Facility(4)	Average debt outstanding—NMFC Credit Facility(4)	125,276			166,687			Average debt outstanding—NMFC Credit Facility(4)	148,401			125,276

Average debt outstanding—NMNLC Credit Facility II								Average debt outstanding—NMNLC Credit Facility II	12,459			—
Asset coverage ratio~~(4)~~(5)	Asset coverage ratio~~(4)~~(5)	183.92		%	177.71		%	Asset coverage ratio~~(4)~~(5)	178.75		%	183.92		%
Portfolio turnover	Portfolio turnover	9.02		%	7.45		%	Portfolio turnover	9.10		%	9.02		%

(1)Per share data is based on weighted average shares outstanding for the respective period (except for distributions declared to stockholders, which is based on actual rate per share).

(2)Total return is calculated assuming a purchase of common stock at the opening of the first day of the year and a sale on the closing of the last business day of the period. Dividends and distributions, if any, are assumed for purposes of this calculation, to be reinvested at prices obtained under the Company’s dividend reinvestment plan. Total return does not reflect sales load.

(3)Total return is calculated assuming a purchase at net asset value on the opening of the first day of the year and a sale at net asset value on the last day of the period. Dividends and distributions, if any, are assumed for purposes of this calculation, to be reinvested at the net asset value on the last day of the respective quarter. Total return does not reflect sales load.

(4)Under the NMFC Credit Facility, the Company may borrow in U.S. dollars or certain other permitted currencies. As of June 30, 2022, the Company had borrowings denominated in GBP of £18,800 that has been converted to U.S. dollars.

(5)On November 5, 2014, the Company received exemptive relief from the SEC allowing the Company to modify the asset coverage requirement to exclude the SBA-guaranteed debentures from this calculation.

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Note 13. Recent Accounting Standards Updates

In March 2020, the Financial Accounting Standards Board (the "FASB") issued ASU 2020-04, Reference Rate Reform. 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 is effective as of March 12, 2020 through December 31, 2022. Management is currently evaluating the impact of the optional guidance on the Company's consolidated financial statements and disclosures. The Company did not utilize the optional expedients and exceptions provided by ASU 2020-04 during the quarter ended June 30, ~~2021.~~

In August 2020, the FASB issued ASU 2020-06, Accounting for Convertible Instruments and Contracts in an Entity's Own Equity, which simplifies the accounting for convertible instruments by removing the separation models for (1) convertible debt with a cash conversion feature and (2) convertible instruments with a beneficial conversion feature. As a result, after adoption, a convertible debt instrument will be accounted for as a single liability measured at its amortized cost. Additionally, ASU 2020-06 requires the application of the if-converted method to calculate the impact of convertible instruments on diluted earnings per share. ASU 2020-06 is effective for fiscal years beginning after December 15, 2021, with early adoption permitted for fiscal years beginning after December 15, 2020, and can be adopted on either a fully retrospective or modified retrospective basis. The Company is in the process of evaluating the impact that this guidance will have on its consolidated financial statements.2022.

Rule 2a-5 under the 1940 Act was recently adopted by the SEC and establishes requirements for determining fair value in good faith for purposes of the 1940 Act. The Company is evaluating the impact of adopting Rule 2a-5 on the consolidated financial statements and intends to comply with the new rule’s requirements on or before the compliance date in September 2022.

Note 14. Subsequent Events

On July ~~29, 2021,~~15, 2022, the Company caused notices to be issued to holders of the Company's 2017A Unsecured Notes regarding the exercise of the Company's option to repay all of the Company's $55,000 in aggregate principal amount of issued and outstanding 2017A Unsecured Notes, which was repaid on July 14, 2022.

On August 3, 2022, the Company’s board of directors declared a third quarter ~~2021~~2022 distribution of $0.30 per share payable on September 30, ~~2021~~2022 to holders of record as of September 16, ~~2021.~~2022.

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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 shareholders and the board of directors of New Mountain Finance Corporation

Results of Review of Interim Financial Information

We have reviewed the accompanying consolidated statement of assets and liabilities of New Mountain Finance Corporation and subsidiaries (the “Company”), including the consolidated schedule of investments, as of June 30, ~~2021,~~2022, and the related consolidated statements of operations, and changes in net assets for the three-month and six-month periods ended June 30, ~~2021~~2022 and ~~2020,~~2021, the consolidated statement of cash flows for the six-month periods ended June 30, ~~2021~~2022 and ~~2020,~~2021, and the related notes (collectively referred to as the "interim financial information"). Based on our reviews, 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 consolidated statement of assets and liabilities of the Company, including the consolidated schedule of investments, as of December 31, ~~2020,~~2021, and the related consolidated statements of operations, changes in net assets and cash flows for the year then ended (not presented herein); and in our report dated February ~~24, 2021,~~28, 2022, we expressed an unqualified opinion on those consolidated financial statements. In our opinion, the information set forth in the accompanying consolidated statement of assets and liabilities as of December 31, ~~2020,~~2021, is fairly stated, in all material respects, in relation to the consolidated statement of assets and liabilities 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 reviews 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 LLP

August 8, 2022

~~August 4, 2021~~

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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 Finance Corporation, including its wholly-owned direct and indirect subsidiaries (collectively, "we", "us", "our", "NMFC" or the "Company").

Forward-Looking Statements

The information contained in this section should be read in conjunction with the financial data and consolidated 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 interest and inflation rates, and the COVID-19 pandemic on the industries in which we invest;

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

•our future operating results, our business prospects, the adequacy of our cash resources and working capital, and the impact of the COVID-19 pandemic thereon;

•the ability of our portfolio companies to achieve their objectives and the impact of the COVID-19 pandemic thereon;

•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 and related and other vehicles; and

•the risk factors set forth in Item 1A.—Risk Factors contained in our ~~annual report~~Annual Report on Form 10-K for the year ended December 31, ~~2020~~2021 and in this ~~quarterly report~~Quarterly Report on Form 10-Q.

Forward-looking statements are identified by their use of such terms and phrases such as ~~“anticipate”~~"anticipate", ~~“believe”~~"believe", ~~“continue”~~"continue", ~~“could”~~"could", ~~“estimate”~~"estimate", ~~“expect”~~"expect", ~~“intend”~~"intend", ~~“may”~~"may", ~~“plan”~~"plan", ~~“potential”~~"potential", ~~“project”~~"project", ~~“seek”~~"seek", ~~“should”~~"should", ~~“target”~~"target", ~~“will”~~"will", ~~“would”~~"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~~Annual Report on Form 10-K for the year ended December 31, ~~2020~~2021 and in this ~~quarterly report~~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 ~~United States ("~~U.S.") Securities and Exchange Commission (the "SEC"), including annual reports on Form 10-K, registration statements on Form N-2, quarterly reports on Form 10-Q and current reports on Form 8-K.

Overview

We are a Delaware corporation that was originally incorporated on June 29, 2010 and completed our initial public offering ("IPO") on May 19, 2011. 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 have elected to be treated, and intend to comply with the requirements to continue to qualify annually, as a regulated investment company ("RIC") under Subchapter M of the Internal Revenue Code of 1986, as amended (the "Code"). ~~NMFC is also registered as an investment adviser under the Investment Advisers Act of 1940, as amended (the "Advisers Act").~~ Since our IPO, and through June 30, ~~2021,~~2022, we raised approximately ~~$893.2~~$942.7 million in net proceeds from additional offerings of our common stock.

The Investment Adviser is a wholly-owned subsidiary of New Mountain Capital. New Mountain Capital is a firm with a track record of investing in the middle market. New Mountain Capital focuses on investing in defensive growth companies

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across its private equity, ~~public equity~~credit and ~~credit~~net lease investment ~~vehicles.~~strategies. The Investment Adviser manages our day-to-day

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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 subsidiary of New Mountain Capital, provides the administrative services necessary to conduct our day-to-day operations.

We have established the following wholly-owned direct and indirect subsidiaries:

•New Mountain Finance SBIC, L.P. ("SBIC I") and New Mountain Finance SBIC II, L.P. ("SBIC II"), who have received licenses from the ~~United States ("~~U.S.") Small Business Administration ("SBA") to operate as small business investment companies ("SBICs") under Section 301(c) of the Small Business Investment Act of 1958, as amended (the "1958 Act") and their general partners, New Mountain Finance SBIC G.P., L.L.C. ("SBIC I GP") and New Mountain Finance SBIC II G.P., L.L.C. ("SBIC II GP"), respectively;

•NMF Ancora Holdings Inc. ("NMF Ancora"), NMF QID Holdings, Inc. ("NMF QID") NMF YP Holdings Inc. ("NMF YP") ~~and~~, NMF Permian Holdings LLC ("NMF Permian"), NMF HB, Inc. ("NMF HB"), NMF TRM, LLC ("NMF TRM"), NMF Pioneer, Inc. ("NMF Pioneer") and NMF OEC, Inc. ("NMF OEC"), which serve as tax blocker corporations by holding equity or equity-like investments in portfolio companies organized as limited liability companies (or other forms of pass-through entities); we consolidate our tax blocker corporations for accounting purposes but the tax blocker corporations are not consolidated for income tax purposes and may incur income tax expense as a result of their ownership of the portfolio companies; and

•New Mountain Finance Servicing, L.L.C. ("NMF Servicing"), which serves as the administrative agent on certain investment transactions.

New Mountain Net Lease Corporation ("NMNLC") is a majority-owned consolidated subsidiary of ours, which acquires commercial real estate properties that are subject to ~~‘‘triple net’’~~"triple net" leases has elected to be treated, and intends to comply with the requirements to continue to qualify annually, as a real estate investment trust, or REIT, within the meaning of Section 856(a) of the Code.

Our investment objective is to generate current income and capital appreciation through the sourcing and origination of debt securities at all levels of the capital structure, including first and second lien debt, notes, bonds and mezzanine securities. The first lien debt may include traditional first lien senior secured loans or unitranche loans. Unitranche loans combine characteristics of traditional first lien senior secured loans as well as second lien and subordinated loans. Unitranche loans will expose us to the risks associated with second lien and subordinated loans to the extent we invest in the “last out” tranche. In some cases, our investments may also include equity interests.

Our primary focus is in the debt of defensive growth companies, which are defined as generally exhibiting the following characteristics: (i) sustainable secular growth drivers, (ii) high barriers to competitive entry, (iii) high free cash flow after capital expenditure and working capital needs, (iv) high returns on assets and (v) niche market dominance. Similar to us, SBIC I's and SBIC II's investment objectives are to generate current income and capital appreciation under our investment criteria. However, SBIC I's and SBIC II's investments must be in SBA-eligible small businesses. Our portfolio may be concentrated in a limited number of industries. As of June 30, ~~2021,~~2022, our top five industry concentrations were software, ~~business~~healthcare services, ~~healthcare~~business services, education and investment funds (which includes our investments in our joint ventures).

As of June 30, ~~2021,~~2022, our net asset value was approximately ~~$1,292.1~~$1,351.6 million and our portfolio had a fair value, as determined in good faith by the board of directors, of approximately ~~$3,088.9~~$3,300.2 million in ~~102~~107 portfolio companies, with a weighted average yield to maturity at cost for income producing investments ("YTM at Cost") of approximately ~~8.8%~~10.3% and a weighted average yield to maturity at cost for all investments ("YTM at Cost for Investments") of approximately ~~8.2%~~9.1%. The YTM at Cost calculation assumes that all investments, including secured collateralized agreements, not on non-accrual are purchased at cost on the quarter end date and held until their respective maturities with no prepayments or losses and exited at par at maturity. The YTM at Cost for Investments calculation assumes that all investments, including secured collateralized agreements, are purchased at cost on the quarter end date and held until their respective maturities with no prepayments or losses and exited at par at maturity. YTM at Cost and YTM at Cost for Investments calculations exclude the impact of existing leverage. YTM at Cost and YTM at Cost for Investments use the London Interbank Offered Rate ("LIBOR"), Sterling Overnight Interbank Average Rate ("SONIA") and Secured Overnight Financing Rate ("SOFR") curves at each quarter's end date. The actual yield to maturity may be higher or lower due to the future selection of the LIBOR, SONIA and SOFR contracts by the individual companies in our portfolio or other factors.

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Recent Developments

On July ~~29, 2021,~~15, 2022, we caused notices to be issued to holders of the 2017A Unsecured Notes regarding the exercise of our option to repay all of the $55.0 million in aggregate principal amount of issued and outstanding 2017A Unsecured Notes, which was repaid on July 14, 2022.

On August 3, 2022, our board of directors declared a third quarter ~~2021~~2022 distribution of $0.30 per share payable on September 30, ~~2021~~2022 to holders of record as of September 16, ~~2021.~~2022.

COVID-19 Developments

Our operating results and portfolio companies may be negatively impacted by the ongoing COVID-19 pandemic. ~~While several countries, as well as certain states, counties~~We have been closely monitoring, and ~~cities in~~will continue to monitor, the ~~United States, have relaxed initial public health restrictions with the view to partially or fully reopening their economies, many cities have since experienced a surge in the reported number~~impact of ~~cases, hospitalizations and deaths related to~~ the COVID-19 ~~pandemic. These surges have led to~~pandemic, including new variants of COVID-19, on all aspects of our business, including how it will impact our portfolio companies, employees, due diligence, and the ~~re-introduction~~financial markets. Any effects of ~~such~~the COVID-19 pandemic will likely continue for the duration of the pandemic, which is uncertain, and for some period thereafter.

The extent of the impact of the COVID-19 pandemic on the financial performance of our current and future investments will depend on future developments, including the duration and spread of the virus, related advisories and restrictions, and the health of the financial markets and economy, all of which are highly uncertain and cannot be predicted. To the extent our portfolio companies are adversely impacted by the effects of the COVID-19 pandemic, it may have a material adverse impact on our future net investment income, the fair value of our portfolio investments and our financial condition.

While general economic conditions have improved since the beginning of the COVID-19 pandemic, we continue to see reductions in business ~~shutdowns in certain states~~activity and financial transactions, supply chain interruptions and overall economic and financial market instability both in the United States and globally and could continue to lead to the re-introduction of such restrictions elsewhere. Health advisors warn that recurring COVID-19 outbreaks will continue if reopening is pursued too soon or in the wrong manner, which may lead to the re-introduction or continuation of certain public health restrictions (such as instituting quarantines, prohibitions on travel and the closure of offices, businesses, schools, retail stores and other public venues). Additionally, travelers from the United States are restricted from visiting many countries including countries in Europe, Asia, Africa and South America. These continued travel restrictions may prolong the global economic downturn. In addition, although the Federal Food and Drug Administration authorized vaccines beginning in December 2020 and a significant portion of the U.S. population have been vaccinated, and it remains unclear how quickly the vaccines will continue to be distributed nationwide and globally, or when “herd immunity” will be achieved and the restrictions that were imposed to slow the spread of the virus will be lifted entirely. Any delay in distributing the vaccines could lead people to continue to self-isolate and not participate in the economy at pre-pandemic levels for a prolonged period of time.globally. Even after the COVID-19 pandemic subsides, the U.S. economy and most other major global economies may continue to experience ~~a recession,~~downturns, and we anticipate our business and operations could be materially adversely affected by a prolonged recession in the United States and other major markets.

This outbreak is having, and any future outbreaks could have, an adverse impact on the markets and the economy in general, which could have a material adverse impact on, among other things, the ability of lenders to originate loans, the volume and type of loans originated, and the volume and type of amendments and waivers granted to borrowers and remedial actions taken in the event of a borrower default, each of which could negatively impact the amount and quality of loans available for investment by us and returns to us, among other things. As of the date of this quarterly report on Form 10-Q, it is impossible to determine the scope of this outbreak, or any future outbreaks, how long any such outbreak, market disruption or uncertainties may last, the effect any governmental actions will have or the full potential impact on us and our portfolio companies. Any potential impact to our results of operations will depend to a large extent on future developments and new information that could emerge regarding the duration and severity of COVID-19 and the actions taken by authorities and other entities to contain COVID-19 or treat its impact, all of which are beyond our control. These potential impacts, while uncertain, could adversely affect our and our portfolio companies’ operating results.

An increase in unrealized depreciation of our investment portfolio due to decreases in fair value of investments attributable to the COVID-19 pandemic had resulted in a significant reduction in our net asset value from the period of March 31, 2020 through December 31, 2020 as compared to our net asset value as of December 31, 2019. As of the three and six months ended June 30, 2021, our net asset value has experienced a recovery from that of the three and six months ended June 30, 2020. As of June 30, 2021, we were in compliance with our asset coverage requirements under the 1940 Act. In addition, we are not in default of any of the asset coverage requirements under any of our credit facilities as of June 30, 2021. For additional discussion ~~on the impact of COVID-19~~ on our portfolio companies, see “Monitoring of Portfolio Investments”.

Critical Accounting ~~Policies~~Estimates

The preparation of financial statements and related disclosures in conformity with accounting principles generally accepted in the United States ~~of America~~ ("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 ~~policies.~~policies

Basis of Accounting

We consolidate our wholly-owned direct and indirect subsidiaries: NMF Holdings, NMF Servicing, NMFDB, SBIC I, SBIC I GP, SBIC II, SBIC II GP, NMF Ancora, NMF QID, NMF YP, NMF Permian, NMF HB, NMF TRM, NMF Pioneer and NMF ~~Permian~~OEC and our majority-owned consolidated subsidiary, NMNLC. We are an investment company following accounting and reporting guidance as described in Accounting Standards Codification Topic 946, Financial Services—Investment Companies, ("ASC 946").

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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 net asset value.

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.

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

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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;

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.

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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.

•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);

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•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 following table summarizes the levels~~ See Item 1.—Financial Statements and Supplementary Data—Note 4. Fair Value in ~~the~~this Quarterly Report on Form 10-Q for additional information on fair value hierarchy ~~that our portfolio investments fall into~~ as of June 30, ~~2021:~~2022.

(in thousands) Total Level I Level II Level III
First lien $ 1,606,232 $ — $ 162,336 $ 1,443,896
Second lien 656,434 — 343,663 312,771
Subordinated 37,982 — — 37,982
Equity and other 788,240 — — 788,240
Total investments $ 3,088,888 $ — $ 505,999 $ 2,582,889

We generally use the following framework when determining the fair value of investments where there are 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 earnings before interest, taxes, depreciation, and amortization ("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

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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.

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 ~~market value cash flow (EBITDA)~~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 ~~multiple~~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 June 30, 2021, we used the relevant EBITDA multiple ranges set forth in the table below to determine the enterprise value of our portfolio companies. We believe these were reasonable ranges in light of current comparable company trading levels and the specific portfolio companies involved.

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

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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 June 30, 2021, we used the discount ranges set forth~~

See Item 1.—Financial Statements and Supplementary Data—Note 4. Fair Value in ~~the table below to value investments in our portfolio companies.~~

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~~The~~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 June 30, ~~2021 were as follows:~~

(in thousands) Range
Type Fair Value as of June 30, 2021 Approach Unobservable Input Low High Weighted
Average
First lien $ 1,271,431 Market & income approach EBITDA multiple 4.5x 32.0x 14.8x
Revenue multiple 4.0x 19.5x 7.3x
Discount rate 4.6 % 17.6 % 7.6 %
78,815 Market quote Broker quote N/A N/A N/A
93,650 Other N/A(1) N/A N/A N/A
Second lien 272,233 Market & income approach EBITDA multiple 7.5x 32.0x 14.7x
Discount rate 6.3 % 26.8 % 10.6 %
40,538 Market quote Broker quote N/A N/A N/A
Subordinated 37,982 Market & income approach EBITDA multiple 8.0x 16.5x 12.0x
Discount rate 11.0 % 18.0 % 15.1 %
Equity and other 788,082 Market & income approach EBITDA multiple 5.0x 26.5x 13.8x
Revenue multiple 5.0x 19.5x 16.5x
Discount rate 4.4 % 33.8 % 11.3 %
158 Other N/A(1) N/A N/A N/A
$ 2,582,889

~~(1)~~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.

~~NMFC Senior Loan Program I LLC~~

NMFC Senior Loan Program I LLC (“SLP I”) was formed as a Delaware limited liability company on May 27, 2014 and commenced operations on June 10, 2014. SLP I was structured as a private investment fund and was a portfolio company held by the Company. SLP I operated under a limited liability company agreement (the “SLP I Agreement”) and invested in senior secured loans issued by companies within our core industry verticals. These investments were typically broadly syndicated first lien loans.

Effective May 5, 2021, us and SkyKnight Income III, LLC (“SkyKnight Income III”) entered into a Contribution Agreement in which 100% of both of our respective membership interests in SLP I were transferred and contributed to NMFC Senior Loan Program IV LLC ("SLP IV"), a Delaware limited liability company, structured as a private joint venture investment fund between the Company and SkyKnight Income Alpha, LLC ("SkyKnight Alpha"). On May 5, 2021, SLP I entered into Amendment 1 to the First Amended and Restated Limited Liability Company Agreement (the “Amended Restated SLP I Agreement”), which admitted SLP IV as the sole member of SLP I. As of May 5, 2021, SLP I is a wholly-owned subsidiary of SLP IV.

As of May 4, 2021, SLP I had total investments with an aggregate fair value of approximately $119.6 million, debt outstanding of $79.5 million and capital that had been called and funded of $43.0 million. As of December 31, 2020, SLP I had total investments with an aggregate fair value of approximately $124.7 million, debt outstanding of $188.9 million and capital that had been called and funded of $43.0 million. Our investment in SLP I is disclosed on our Consolidated Schedule of Investments as of December 31, 2020.

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~~(in thousands)~~	~~December 31, 2020~~
~~First lien investments (1)~~	$	~~127,660~~
~~Weighted average interest rate on first lien investments (2)~~	~~4.85~~		%
~~Number of portfolio companies in SLP I~~	34
~~Largest portfolio company investment (1)~~	$	~~7,797~~
~~Total of five largest portfolio company investments (1)~~	$	~~34,918~~

~~(1)Reflects principal amount or par value of investment.~~

~~(2)Computed as the all in interest rate in effect on accruing investments divided by the total principal amount of investments.~~

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~~The following table is a listing of the individual investments in SLP I's portfolio as of December 31, 2020:~~

Portfolio Company and Type of Investment Industry Interest Rate (1) Maturity Date Principal Amount or Par Value Cost Fair
Value (2)
Funded Investments - First lien (in thousands) (in thousands) (in thousands)
Access CIG, LLC Business Services 3.98% (L + 3.75%) 2/27/2025 $ 3,678 $ 3,701 $ 3,649
Advisor Group Holdings, Inc. Consumer Services 5.15% (L + 5.00%) 7/31/2026 6,866 6,809 6,836
Affordable Care Holding Corp. Healthcare Services 5.75% (L + 4.75%) 10/24/2022 6,614 6,578 6,531
ASG Technologies Group, Inc. Software 4.50% (L + 3.50%) 7/31/2024 653 651 636
BarBri, Inc. Education 5.00% (L + 4.00%) 12/1/2023 5,980 5,964 5,980
Bearcat Buyer, Inc. Healthcare Services 5.25% (L + 4.25%) 7/9/2026 131 130 131
Bearcat Buyer, Inc. Healthcare Services 5.25% (L + 4.25%) 7/9/2026 631 628 631
Bracket Intermediate Holding Corp. Healthcare Services 4.48% (L + 4.25%) 9/5/2025 4,520 4,504 4,474
Certara Holdco, Inc. Healthcare Information Technology 3.75% (L + 3.50%) 8/15/2024 5,138 5,134 5,145
CHA Holdings, Inc. Business Services 5.50% (L + 4.50%) 4/10/2025 452 452 423
Cvent, Inc. Software 3.90% (L + 3.75%) 11/29/2024 6,745 6,732 6,479
Dealer Tire, LLC Distribution & Logistics 4.40% (L + 4.25%) 12/12/2025 3,433 3,426 3,419
Drilling Info Holdings, Inc. Business Services 4.40% (L + 4.25%) 7/30/2025 6,103 6,084 5,925
Emerald 2 Limited Business Services 3.50% (L + 3.25%) 7/10/2026 449 448 445
eResearchTechnology, Inc. Healthcare Services 5.50% (L + 4.50%) 2/4/2027 1,345 1,333 1,336
Fastlane Parent Company, Inc. Distribution & Logistics 4.65% (L + 4.50%) 2/4/2026 1,363 1,342 1,355
Greenway Health, LLC Software 4.75% (L + 3.75%) 2/16/2024 6,693 6,677 6,141
Heartland Dental, LLC Healthcare Services 3.65% (L + 3.50%) 4/30/2025 3,609 3,597 3,524
HS Purchaser, LLC / Help/Systems Holdings, Inc. Software 5.75% (L + 4.75%) 11/19/2026 138 137 138
LSCS Holdings, Inc. Healthcare Services 4.51% (L + 4.25%) 3/17/2025 1,372 1,367 1,344
LSCS Holdings, Inc. Healthcare Services 4.51% (L + 4.25%) 3/17/2025 5,314 5,297 5,208
Market Track, LLC Business Services 5.25% (L + 4.25%) 6/5/2024 781 783 767
Medical Solutions Holdings, Inc. Healthcare Services 5.50% (L + 4.50%) 6/14/2024 2,249 2,245 2,237
Ministry Brands, LLC Software 5.00% (L + 4.00%) 12/2/2022 4,876 4,868 4,852
National Intergovernmental Purchasing Alliance Company Business Services 4.00% (L + 3.75%) 5/23/2025 1,352 1,354 1,346
Pelican Products, Inc. Business Products 4.50% (L + 3.50%) 5/1/2025 2,254 2,250 2,217
Premise Health Holding Corp. Healthcare Services 3.75% (L + 3.50%) 7/10/2025 628 626 614
Project Accelerate Parent, LLC Business Services 5.25% (L + 4.25%) 1/2/2025 4,175 4,159 3,799
PSC Industrial Holdings Corp. Industrial Services 4.75% (L + 3.75%) 10/11/2024 3,906 3,883 3,799
Salient CRGT Inc. Federal Services 7.50% (L + 6.50%) 2/28/2022 6,731 6,713 6,731
Sierra Enterprises, LLC Food & Beverage 5.00% (L + 4.00%) 11/11/2024 4,260 4,243 4,192
Wirepath LLC Distribution & Logistics 4.25% (L + 4.00%) 8/5/2024 6,779 6,779 6,542
WP CityMD Bidco LLC Healthcare Services 5.50% (L + 4.50%) 8/13/2026 6,148 6,096 6,162
Wrench Group LLC Consumer Services 4.25% (L + 4.00%) 4/30/2026 2,739 2,716 2,712
YI, LLC Healthcare Services 5.00% (L + 4.00%) 11/7/2024 7,797 7,792 7,174
Zelis Cost Management Buyer, Inc. Healthcare Information Technology 4.90% (L + 4.75%) 9/30/2026 1,758 1,743 1,765
Total Funded Investments $ 127,660 $ 127,241 $ 124,659

~~(2)Represents the fair value in accordance with Accounting Standards Codification Topic 820,~~ ~~Fair Value Measurement and Disclosures~~ ~~("ASC 820"). Our board of directors does not determine the fair value of the investments held by SLP I.~~

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Selected Balance Sheet Information: May 4, 2021 December 31, 2020
(in thousands) (in thousands)
Investments at fair value (cost of $120,921 and $127,241, respectively) $ 119,642 $ 124,659
Receivable from in-kind distributions — 100,404
Receivable from unsettled securities sold — 1,662
Cash and other assets 2,279 6,461
Total assets $ 121,921 $ 233,186
Credit facility $ 79,467 $ 188,867
Deferred financing costs — (296)
Distribution payable 310 2,538
Other liabilities 388 1,364
Total liabilities 80,165 192,473
Members' capital $ 41,756 $ 40,713
Total liabilities and members' capital $ 121,921 $ 233,186

Three Months Ended Six Months Ended
Selected Statement of Operations Information: May 4, 2021(1) June 30, 2020 May 4, 2021(2) June 30, 2020
(in thousands) (in thousands) (in thousands) (in thousands)
Interest income $ 589 $ 4,387 $ 2,555 $ 9,509
Other income 2 13 13 52
Total investment income 591 4,400 2,568 9,561
Interest and other financing expenses 381 1,357 852 3,311
Other expenses 52 388 591 786
Total expenses 433 1,745 1,443 4,097
Less: expenses waived and reimbursed — (49) — (105)
Net expenses 433 1,696 1,443 3,992
Net investment income 158 2,704 1,125 5,569
Net realized (losses) gains on investments — (342) 1 (297)
Net change in unrealized (depreciation) appreciation of investments (163) 22,816 1,302 (16,244)
Net (decrease) increase in members' capital $ (5) $ 25,178 $ 2,428 $ (10,972)

~~(1)Reflects the results of operations for the period from April 1, 2021 through May 4, 2021.~~

~~(2)Reflects the results of operations for the period from January 1, 2021 through May 4, 2021.~~

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Pursuant to the First Amended and Restated Limited Liability Company Agreement effective December 11, 2020 (the “Restated SLP I Agreement”), we are no longer entitled to, and SLP I no longer paid management fees for investment management services provided to SLP I. For the periods from April 1, 2021 through May 4, 2021 and January 1, 2021 through May 4, 2021, we did not earn management fees related to SLP I. For the three and six months ended June 30, 2020, we earned approximately $0.2 million and $0.5 million, respectively, in management fees related to SLP I, which is included in other income. As of May 4, 2021 and December 31, 2020, approximately $0.0 million and $0.1 million, respectively, of management fees related to SLP I was included in receivable from affiliates. For the periods from April 1, 2021 through May 4, 2021 and January 1, 2021 through May 4, 2021, we earned approximately $0.1 million and $0.7 million, respectively, of dividend income related to SLP I, which is included in dividend income. For the three and six months ended June 30, 2020, we earned approximately $0.7 million and $1.4 million, respectively, of dividend income related to SLP I, which is included in dividend income. As of May 4, 2021 and December 31, 2020, approximately $0.1 million and $0.7 million, respectively, of dividend income related to SLP I was included in interest and dividend receivable.

~~NMFC Senior Loan Program II LLC~~

NMFC Senior Loan Program II LLC ("SLP II") was formed as a Delaware limited liability company on March 9, 2016 and commenced operations on April 12, 2016. SLP II was structured as a private joint venture investment fund between us and SkyKnight Income, LLC (“SkyKnight”) and operated under a limited liability company agreement (the "SLP II Agreement"). The purpose of the joint venture was to invest primarily in senior secured loans issued by portfolio companies within our core industry verticals. These investments were typically broadly syndicated first lien loans. All investment decisions had to be unanimously approved by the board of managers of SLP II, which had equal representation from us and SkyKnight.

Effective May 5, 2021, us and SkyKnight entered into a Contribution Agreement in which 100% of both of our membership interests in SLP II were transferred and contributed to SLP IV. Effective May 5, 2021, SLP II entered into Amendment 1 to the Limited Liability Company Agreement (the “Amended SLP II Agreement”), which admitted SLP IV as the sole member of SLP II. As of May 5, 2021, SLP II is a wholly-owned subsidiary of SLP IV.

As of May 4, 2021 and December 31, 2020, SLP II had total investments with an aggregate fair value of approximately $250.3 million and $271.1 million, respectively, and debt outstanding under its credit facility of $158.5 million and $184.0 million, respectively. As of May 4, 2021 and December 31, 2020, none of SLP II's investments were on non-accrual.


~~(in thousands)~~	~~December 31, 2020~~
~~First lien investments (1)~~	$	~~279,678~~
~~Weighted average interest rate on first lien investments (2)~~	~~5.07~~		%
~~Number of portfolio companies in SLP II~~	32
~~Largest portfolio company investment (1)~~	$	~~16,481~~
~~Total of five largest portfolio company investments (1)~~	$	~~75,522~~

~~(1)Reflects principal amount or par value of investments.~~

~~(2)Computed as the all in interest rate in effect on accruing investments divided by the total principal amount of investments.~~

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~~The following table is a listing of the individual investments in SLP II's portfolio as of December 31, 2020:~~

Portfolio Company and Type of Investment Industry Interest Rate (1) Maturity Date Principal Amount or Par Value Cost Fair
Value (2)
Funded Investments - First lien (in thousands) (in thousands) (in thousands)
Access CIG, LLC Business Services 3.98% (L + 3.75%) 2/27/2025 $ 4,613 $ 4,598 $ 4,577
ADG, LLC Healthcare Services 6.25 % (L + 4.75% + 0.50% PIK) 9/28/2023 16,481 16,410 15,612
Advisor Group Holdings, Inc. Consumer Services 5.15% (L + 5.00%) 7/31/2026 4,950 4,909 4,928
Bearcat Buyer, Inc. Healthcare Services 5.25% (L + 4.25%) 7/9/2026 283 282 283
Bearcat Buyer, Inc. Healthcare Services 5.25% (L + 4.25%) 7/9/2026 1,365 1,359 1,365
Bleriot US Bidco Inc. Federal Services 5.00% (L + 4.75%) 10/31/2026 1,341 1,329 1,341
Bleriot US Bidco Inc. Federal Services 5.00% (L + 4.75%) 10/30/2026 8,584 8,509 8,584
Brave Parent Holdings, Inc. Software 4.15% (L + 4.00%) 4/18/2025 3,652 3,643 3,630
CentralSquare Technologies, LLC Software 4.00% (L + 3.75%) 8/29/2025 14,700 14,674 13,745
CHA Holdings, Inc. Business Services 5.50% (L + 4.50%) 4/10/2025 2,026 2,019 1,895
CHA Holdings, Inc. Business Services 5.50% (L + 4.50%) 4/10/2025 10,588 10,556 9,900
Dealer Tire, LLC Distribution & Logistics 4.40% (L + 4.25%) 12/12/2025 7,425 7,409 7,394
Drilling Info Holdings, Inc. Business Services 4.40% (L + 4.25%) 7/30/2025 14,608 14,563 14,182
Edgewood Partners Holdings LLC (EPIC) Business Services 5.25% (L + 4.25%) 9/6/2024 7,356 7,304 7,301
eResearchTechnology, Inc. Healthcare Services 5.50% (L + 4.50%) 2/4/2027 3,129 3,101 3,106
Fastlane Parent Company, Inc. Distribution & Logistics 4.65% (L + 4.50%) 2/4/2026 3,439 3,386 3,419
Greenway Health, LLC Software 4.75% (L + 3.75%) 2/16/2024 14,475 14,439 13,281
HS Purchaser, LLC / Help/Systems Holdings, Inc. Software 5.75% (L + 4.75%) 11/19/2026 4,411 4,373 4,411
Institutional Shareholder Services Inc. Business Services 4.75% (L + 4.50%) 3/5/2026 13,755 13,648 13,600
Keystone Acquisition Corp. Healthcare Services 6.25% (L + 5.25%) 5/1/2024 5,225 5,196 4,937
LSCS Holdings, Inc. Healthcare Services 4.51% (L + 4.25%) 3/17/2025 1,865 1,863 1,828
LSCS Holdings, Inc. Healthcare Services 4.51% (L + 4.25%) 3/17/2025 7,225 7,219 7,080
Market Track, LLC Business Services 5.25% (L + 4.25%) 6/5/2024 11,580 11,549 11,376
Medical Solutions Holdings, Inc. Healthcare Services 5.50% (L + 4.50%) 6/14/2024 2,767 2,760 2,753
Ministry Brands, LLC Software 5.00% (L + 4.00%) 12/2/2022 2,073 2,069 2,063
Ministry Brands, LLC Software 5.00% (L + 4.00%) 12/2/2022 871 869 867
Ministry Brands, LLC Software 5.00% (L + 4.00%) 12/2/2022 12,034 12,011 11,975
Peraton Corp. (fka MHVC Acquisition Corp.) Federal Services 6.25% (L + 5.25%) 4/29/2024 10,133 10,105 10,158
Premise Health Holding Corp. Healthcare Services 3.75% (L + 3.50%) 7/10/2025 1,358 1,354 1,328
Project Accelerate Parent, LLC Business Services 5.25% (L + 4.25%) 1/2/2025 12,418 12,379 11,300
PSC Industrial Holdings Corp. Industrial Services 4.75% (L + 3.75%) 10/11/2024 3,028 3,011 2,945
Quest Software US Holdings Inc. Software 4.46% (L + 4.25%) 5/16/2025 14,700 14,650 14,480
Salient CRGT Inc. Federal Services 7.50% (L + 6.50%) 2/28/2022 12,478 12,445 12,478
Wirepath LLC Distribution & Logistics 4.25% (L + 4.00%) 8/5/2024 14,663 14,663 14,149
WP CityMD Bidco LLC Healthcare Services 5.50% (L + 4.50%) 8/13/2026 5,418 5,372 5,431
Wrench Group LLC Consumer Services 4.25% (L + 4.00%) 4/30/2026 5,924 5,875 5,865
YI, LLC Healthcare Services 5.00% (L + 4.00%) 11/7/2024 14,649 14,641 13,477
Zelis Cost Management Buyer, Inc. Healthcare Information Technology 4.90% (L + 4.75%) 9/30/2026 4,088 4,053 4,105
Total Funded Investments $ 279,678 $ 278,595 $ 271,149

~~(2)Represents the fair value in accordance with ASC 820. Our board of directors does not determine the fair value of the investments held by SLP II.~~

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Selected Balance Sheet Information: May 4, 2021 December 31, 2020
(in thousands) (in thousands)
Investments at fair value (cost of $254,139 and $278,595, respectively) $ 250,290 $ 271,149
Cash and other assets 5,691 8,759
Total assets $ 255,981 $ 279,908
Credit facility $ 158,470 $ 183,970
Deferred financing costs — (534)
Distribution payable 535 2,500
Other liabilities 460 1,058
Total liabilities 159,465 186,994
Members' capital $ 96,516 $ 92,914
Total liabilities and members' capital $ 255,981 $ 279,908

Three Months Ended Six Months Ended
Selected Statement of Operations Information: May 4, 2021(1) June 30, 2020 May 4, 2021(2) June 30, 2020
(in thousands) (in thousands) (in thousands) (in thousands)
Interest income $ 1,210 $ 4,532 $ 4,744 $ 9,979
Other income — 17 — 70
Total investment income 1,210 4,549 4,744 10,049
Interest and other financing expenses 580 1,361 1,560 3,506
Other expenses 41 130 148 262
Total expenses 621 1,491 1,708 3,768
Less: expenses waived and reimbursed — — — —
Net expenses 621 1,491 1,708 3,768
Net investment income 589 3,058 3,036 6,281
Net realized gains (losses) on investments 1 (862) 3 (806)
Net change in unrealized (depreciation) appreciation of investments (422) 21,752 3,597 (13,049)
Net increase (decrease) in members' capital $ 168 $ 23,948 $ 6,636 $ (7,574)

~~(1)Reflects the results of operations for the period from April 1, 2021 through May 4, 2021.~~

~~(2)Reflects the results of operations for the period from January 1, 2021 through May 4, 2021.~~

For the period from April 1, 2021 through May 4, 2021 and January 1, 2021 through May 4, 2021, we earned approximately $0.4 million and $2.4 million, respectively, of dividend income related to SLP II, which is included in dividend income. For the three and six months ended June 30, 2020, we earned approximately $2.1 million and $4.7 million, respectively, of dividend income related to SLP II, which is included in dividend income. As of May 4, 2021 and December 31, 2020, approximately $0.4 million and $2.0 million, respectively, of dividend income related to SLP II was included in interest and dividend receivable.

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2022.

NMFC Senior Loan Program III LLC

NMFC Senior Loan Program III LLC ("SLP III") was formed as a Delaware limited liability company and commenced operations on April 25, 2018. SLP III is structured as a private joint venture investment fund between us and SkyKnight Income II, LLC (“SkyKnight II”) and operates under a limited liability company agreement (the "SLP III Agreement"). The purpose of the joint venture is to invest primarily in senior secured loans issued by portfolio companies within our core industry verticals. These investments are typically broadly syndicated first lien loans. All investment decisions must be unanimously approved by the board of managers of SLP III, which has equal representation from us and SkyKnight II. SLP III has a five year investment period and will continue in existence until April 25, 2025. The investment period may be extended for up to one year pursuant to certain terms of the SLP III Agreement.

SLP III is capitalized with equity contributions which are called from its members, on a pro-rata basis based on their equity commitments, as transactions are completed. Any decision by SLP III to call down on capital commitments requires approval by the board of managers of SLP III. As of June 30, ~~2021,~~2022, we and SkyKnight II have committed ~~$140.0 million~~ and ~~$35.0 million, respectively, of equity to SLP III. As of June 30, 2021, we and SkyKnight II have~~ contributed $140.0 million and $35.0 million, respectively, of equity to SLP III. Our investment in SLP III is disclosed on our Consolidated Schedule of Investments as of June 30, ~~2021~~2022 and December 31, ~~2020.~~2021.

On May 2, 2018, SLP III entered into its revolving credit facility with Citibank, N.A., which matures on ~~May 2, 2023 and~~January 8, 2026. Effective July 8, 2021, the reinvestment period was extended to July 8, 2024. As of the most recent amendment on July 8, 2021, during the reinvestment period the credit facility bears interest at a rate of LIBOR plus 1.60% and after the reinvestment period it will bear interest at a rate of LIBOR plus 1.90%. Prior to July 8, 2021, the credit facility bore interest at a rate of LIBOR plus 1.70% ~~per annum.~~. Effective ~~February 13,~~November 23, 2020, SLP III's revolving credit facility has a maximum borrowing capacity of $525.0 million. As of June 30, ~~2021~~2022 and December 31, ~~2020,~~2021, SLP III had total investments with an aggregate fair value of approximately ~~$680.9~~$654.6 million and ~~$610.0~~$702.1 million, respectively, and debt outstanding under its credit facility of ~~$518.2~~$514.5 million and ~~$424.2~~$510.9 million, respectively. As of June 30, ~~2021~~2022 and December 31, ~~2020,~~2021, none of SLP III's investments were on non-accrual. Additionally, as of June 30, ~~2021~~2022 and December 31, ~~2020,~~2021, SLP III had unfunded commitments in the form of delayed draws of ~~$11.0~~$4.5 million and ~~$7.8~~$4.6 million, respectively.

Below is a summary of SLP III's portfolio ~~along with a listing of the individual investments in SLP III's portfolio~~ as of June 30, ~~2021~~2022 and December 31, ~~2020:~~2021:


(in thousands)	(in thousands)	June 30, 2021			December 31, 2020			(in thousands)	June 30, 2022			December 31, 2021
First lien investments (1)	First lien investments (1)	$	695,451		$	626,985		First lien investments (1)	$	697,482		$	709,517
Weighted average interest rate on first lien investments (2)	Weighted average interest rate on first lien investments (2)	4.58		%	4.72		%	Weighted average interest rate on first lien investments (2)	5.75		%	4.50		%
Number of portfolio companies in SLP III	Number of portfolio companies in SLP III	77			69			Number of portfolio companies in SLP III	82			80
Largest portfolio company investment (1)	Largest portfolio company investment (1)	$	23,608		$	23,735		Largest portfolio company investment (1)	$	23,368		$	23,489
Total of five largest portfolio company investments (1)	Total of five largest portfolio company investments (1)	$	96,996		$	99,159		Total of five largest portfolio company investments (1)	$	93,960		$	95,504

(1)Reflects principal amount or par value of investment.

(2)Computed as the all in interest rate in effect on accruing investments divided by the total principal amount of investments.

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~~The following table is~~See Item 1.—Financial Statements and Supplementary Data—Note 3. Investments in this Quarterly Report on Form 10-Q for a listing of the individual investments in SLP III's portfolio as of June 30, ~~2021:~~

Portfolio Company and Type of Investment Industry Interest Rate (1) Maturity Date Principal Amount or Par Value Cost Fair
Value (2)
Funded Investments - First lien ( in thousands) ( in thousands) ( in thousands)
Access CIG, LLC Business Services 3.84% (L + 3.75%) 2/27/2025 $ 863 $ 863 $ 859
ADMI Corp. (aka Aspen Dental) Healthcare Services 4.25% (L + 3.75%) 12/23/2027 2,431 2,418 2,430
Advisor Group Holdings, Inc. Consumer Services 4.60% (L + 4.50%) 7/31/2026 9,850 9,812 9,884
AG Parent Holdings, LLC Healthcare Services 5.10% (L + 5.00%) 7/31/2026 12,313 12,265 12,266
Artera Services, LLC Distribution & Logistics 4.50% (L + 3.50%) 3/6/2025 6,942 6,890 6,920
Aston FinCo S.a.r.l. / Aston US Finco, LLC Software 4.34% (L + 4.25%) 10/9/2026 5,925 5,878 5,906
Astra Acquisition Corp. Software 5.50% (L + 4.75%) 3/1/2027 16,449 16,376 16,470
BCPE Empire Holdings, Inc. Distribution & Logistics 4.10% (L + 4.00%) 6/11/2026 6,824 6,783 6,807
Bearcat Buyer, Inc. Healthcare Services 5.25% (L + 4.25%) 7/9/2026 19,554 19,480 19,554
Bearcat Buyer, Inc. Healthcare Services 5.25% (L + 4.25%) 7/9/2026 4,054 4,036 4,054
Bella Holding Company, LLC Healthcare Services 4.50% (L + 3.75%) 5/10/2028 4,039 4,000 4,046
Bleriot US Bidco Inc. Federal Services 4.15% (L + 4.00%) 10/31/2026 2,943 2,923 2,947
Bluefin Holding, LLC Software 4.10% (L + 4.00%) 9/4/2026 9,850 9,736 9,850
Bracket Intermediate Holding Corp. Healthcare Services 4.44% (L + 4.25%) 9/5/2025 14,588 14,541 14,594
Brave Parent Holdings, Inc. Software 4.10% (L + 4.00%) 4/18/2025 11,159 11,135 11,161
Cano Health, LLC Healthcare Services 5.25% (L + 4.50%) 11/23/2027 6,983 6,952 7,004
Cardinal Parent, Inc. Software 5.25% (L + 4.50%) 11/12/2027 7,020 6,921 7,036
CentralSquare Technologies, LLC Software 3.90% (L + 3.75%) 8/29/2025 14,625 14,602 13,726
CHA Holdings, Inc. Business Services 5.50% (L + 4.50%) 4/10/2025 972 972 924
CommerceHub, Inc. Software 4.75% (L + 4.00%) 12/29/2027 5,804 5,777 5,826
Community Brands ParentCo, LLC (f.k.a Ministry Brands, LLC) Software 5.00% (L + 4.00%) 12/2/2022 3,000 2,975 3,000
Community Brands ParentCo, LLC (f.k.a Ministry Brands, LLC) Software 5.00% (L + 4.00%) 12/2/2022 4,478 4,471 4,478
Community Brands ParentCo, LLC (f.k.a Ministry Brands, LLC) Software 5.00% (L + 4.00%) 12/2/2022 867 865 867
Confluent Health, LLC Healthcare Services 5.10% (L + 5.00%) 6/24/2026 4,376 4,332 4,414
CoolSys, Inc. Industrial Services 7.00% (L + 6.00%) 11/20/2026 5,000 4,975 4,988
Covenant Surgical Partners, Inc. Healthcare Services 4.08% (L + 4.00%) 7/1/2026 9,826 9,753 9,765
Covenant Surgical Partners, Inc. Healthcare Services 4.10% (L + 4.00%) 7/1/2026 2,000 1,980 1,988
CRCI Longhorn Holdings, Inc. Business Services 3.60% (L + 3.50%) 8/8/2025 14,588 14,542 14,526
Dealer Tire, LLC Distribution & Logistics 4.35% (L + 4.25%) 12/12/2025 9,850 9,831 9,871
DG Investment Intermediate Holdings 2, Inc. Business Services 4.50% (L + 3.75%) 3/31/2028 6,201 6,171 6,227
DG Investment Intermediate Holdings 2, Inc. Business Services 4.50% (L + 3.75%) 3/31/2028 987 987 990
Dispatch Acquisition Holdings, LLC Industrial Services 5.00% (L + 4.25%) 3/27/2028 4,179 4,138 4,178
Drilling Info Holdings, Inc. Business Services 4.35% (L + 4.25%) 7/30/2025 18,481 18,423 18,066
EAB Global, Inc. Education 4.00% (L + 3.50%) 6/28/2028 4,250 4,229 4,234
Edgewood Partners Holdings LLC Business Services 5.25% (L + 4.25%) 9/6/2024 9,812 9,754 9,763
eResearchTechnology, Inc. Healthcare Services 5.50% (L + 4.50%) 2/4/2027 7,383 7,350 7,426
EyeCare Partners, LLC Healthcare Services 3.85% (L + 3.75%) 2/18/2027 14,834 14,819 14,726
Frontline Technologies Intermediate Holdings, LLC Software 6.75% (L + 5.75%) 9/18/2023 6,481 6,481 6,481
Frontline Technologies Intermediate Holdings, LLC Software 6.75% (L + 5.75%) 9/18/2023 2,023 2,023 2,023
Greenway Health, LLC Healthcare I.T. 4.75% (L + 3.75%) 2/16/2024 14,445 14,450 13,686
Heartland Dental, LLC Healthcare Services 3.60% (L + 3.50%) 4/30/2025 18,445 18,390 18,262
Help/Systems Holdings, Inc. Software 4.75% (L + 4.00%) 11/19/2026 18,347 18,191 18,427
Higginbotham Insurance Agency, Inc. Financial Services 6.50% (L + 5.75%) 11/25/2026 7,169 7,120 7,313
HighTower Holding, LLC Business Services 4.75% (L + 4.00%) 4/21/2028 3,862 3,824 3,876
Idera, Inc. Software 4.50% (L + 3.75%) 3/2/2028 16,044 16,030 16,062
IG Investments Holdings, LLC (aka Insight Global) Business Services 4.75% (L + 3.75%) 5/23/2025 7,232 7,196 7,255
Kestra Advisor Services Holdings A, Inc. Business Services 4.36% (L + 4.25%) 6/3/2026 12,120 12,055 12,135
LI Group Holdings, Inc. Software 4.50% (L + 3.75%) 3/11/2028 4,643 4,632 4,655
LSCS Holdings, Inc. Healthcare Services 4.42% (L + 4.25%) 3/17/2025 2,614 2,600 2,588
LSCS Holdings, Inc. Healthcare Services 4.42% (L + 4.25%) 3/17/2025 675 671 668

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Portfolio Company and Type of Investment Industry Interest Rate (1) Maturity Date Principal Amount or Par Value Cost Fair
Value (2)
Maravai Intermediate Holdings, LLC Specialty Chemicals & Materials 4.75% (L + 3.75%) 10/19/2027 $ 2,956 $ 2,930 $ 2,969
Market Track, LLC Business Services 6.50% (P + 3.25%) 6/5/2024 6,114 6,052 6,114
Maverick Bidco Inc. Software 4.50% (L + 3.75%) 5/18/2028 4,000 3,980 4,007
Mavis Tire Express Services Topco Corp. Retail 4.75% (L + 4.00%) 5/4/2028 4,237 4,217 4,258
MED ParentCo, LP Healthcare Services 4.35% (L + 4.25%) 8/31/2026 12,783 12,689 12,813
National Intergovernmental Purchasing Alliance Company Business Services 3.65% (L + 3.50%) 5/23/2025 8,540 8,537 8,500
Navex Topco, Inc. Software 3.36% (L + 3.25%) 9/5/2025 18,115 17,998 17,982
Newport Group Holdings II, Inc. Business Services 3.65% (L + 3.50%) 9/12/2025 4,863 4,847 4,840
Outcomes Group Holdings, Inc. Healthcare Services 3.40% (L + 3.25%) 10/24/2025 3,383 3,377 3,351
Pelican Products, Inc. Business Products 4.50% (L + 3.50%) 5/1/2025 4,850 4,843 4,820
Peraton Corp. Federal Services 4.50% (L + 3.75%) 2/1/2028 7,481 7,444 7,517
PetVet Care Centers, LLC (fka Pearl Intermediate Parent LLC) Consumer Services 4.25% (L + 3.50%) 2/14/2025 4,495 4,495 4,512
Planview Parent, Inc. Software 4.75% (L + 4.00%) 12/17/2027 7,959 7,884 7,982
Premise Health Holding Corp. Healthcare Services 3.65% (L + 3.50%) 7/10/2025 13,515 13,473 13,447
Project Accelerate Parent, LLC Business Services 5.25% (L + 4.25%) 1/2/2025 9,773 9,740 9,644
Project Boost Purchaser, LLC Business Services 5.00% (L + 4.25%) 6/1/2026 1,985 1,967 1,988
Project Ruby Ultimate Parent Corp. (Mediware) Healthcare I.T. 4.00% (L + 3.25%) 3/10/2028 11,471 11,414 11,460
Quest Software US Holdings Inc. Software 4.44% (L + 4.25%) 5/16/2025 14,625 14,581 14,628
RealPage, Inc. Business Services 3.75% (L + 3.25%) 4/24/2028 14,000 13,966 13,977
Sierra Enterprises, LLC Food & Beverage 5.00% (L + 4.00%) 11/11/2024 2,419 2,417 2,382
Sovos Brands Intermediate, Inc. Food & Beverage 5.00% (L + 4.25%) 6/8/2028 11,375 11,347 11,418
Spring Education Group, Inc. (fka SSH Group Holdings, Inc.) Education 4.40% (L + 4.25%) 7/30/2025 12,120 12,101 11,711
Storable, Inc. Software 3.75% (L + 3.25%) 4/17/2028 3,862 3,853 3,852
Symplr Software, Inc.(fka Caliper Software, Inc.) Healthcare I.T. 5.25% (L + 4.50%) 12/22/2027 15,960 15,819 15,996
Syndigo LLC Software 5.25% (L + 4.50%) 12/15/2027 14,963 14,857 14,850
Therapy Brands Holdings LLC Healthcare I.T. 4.75% (L + 4.00%) 5/18/2028 3,408 3,392 3,408
TIBCO Software Inc. Software 3.86% (L + 3.75%) 6/30/2026 7,615 7,600 7,598
Unified Women's Healthcare, LP Healthcare Services 5.00% (L + 4.25%) 12/20/2027 9,975 9,902 9,991
Waystar Technologies, Inc. Healthcare Services 4.10% (L + 4.00%) 10/22/2026 4,087 4,078 4,099
Wirepath LLC Distribution & Logistics 4.15% (L + 4.00%) 8/5/2024 17,039 17,039 16,698
WP CityMD Bidco LLC Healthcare Services 4.50% (L + 3.75%) 8/13/2026 16,616 16,495 16,674
VT Topco, Inc. Business Services 3.35% (L + 3.25%) 8/1/2025 2,780 2,780 2,767
YI, LLC Healthcare Services 5.00% (L + 4.00%) 11/7/2024 9,641 9,636 9,448
Total Funded Investments $ 684,405 $ 681,368 $ 680,903
Unfunded Investments - First lien
DG Investment Intermediate Holdings 2, Inc. Business Services — 3/31/2023 312 — 1
Higginbotham Insurance Agency, Inc. Financial Services — 11/25/2022 2,023 (15) 40
HighTower Holding, LLC Business Services — 4/21/2022 976 — 3
Therapy Brands Holdings LLC Healthcare I.T. — 5/18/2023 735 — —
VetCor Professional Practices LLC Consumer Services — 5/20/2023 7,000 (70) (67)
Total Unfunded Investments $ 11,046 $ (85) $ (23)
Total Investments $ 695,451 $ 681,283 $ 680,880

~~(1)~~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 LIBOR (L), the Prime Rate (P)2022 and ~~the alternative base rate (Base). For each investment, the current interest rate provided reflects the rate in effect as of June 30, 2021.~~

~~(2)Represents the fair value in accordance with ASC 820. Our board of directors does not determine the fair value of the investments held by SLP III.~~

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~~The following table is a listing of the individual investments in SLP III's portfolio as of~~ December 31, ~~2020:~~

Portfolio Company and Type of Investment Industry Interest Rate (1) Maturity Date Principal Amount or Par Value Cost Fair
Value (2)
Funded Investments - First lien (in thousands) (in thousands) (in thousands)
Access CIG, LLC Business Services 3.98% (L + 3.75%) 2/27/2025 $ 868 $ 868 $ 861
Advisor Group Holdings, Inc. Consumer Services 5.15% (L + 5.00%) 7/31/2026 4,950 4,909 4,928
Affordable Care Holding Corp. Healthcare Services 5.75% (L + 4.75%) 10/24/2022 5,901 5,850 5,827
AG Parent Holdings, LLC Healthcare Services 5.15% (L + 5.00%) 7/31/2026 12,375 12,323 12,251
Ascensus Specialties LLC Specialty Chemicals & Materials 4.90% (L + 4.75%) 9/24/2026 9,900 9,858 9,931
Aston FinCo S.a.r.l. / Aston US Finco, LLC Software 4.40% (L + 4.25%) 10/9/2026 5,955 5,904 5,900
Astra Acquisition Corp. Software 6.50% (L + 5.50%) 3/1/2027 11,490 11,412 11,605
BCPE Empire Holdings, Inc. Distribution & Logistics 4.15% (L + 4.00%) 6/11/2026 10,869 10,780 10,801
Bearcat Buyer, Inc. Healthcare Services 5.25% (L + 4.25%) 7/9/2026 19,654 19,573 19,654
Bearcat Buyer, Inc. Healthcare Services 5.25% (L + 4.25%) 7/9/2026 4,081 4,062 4,081
Bleriot US Bidco Inc. Federal Services 5.00% (L + 4.75%) 10/31/2026 4,292 4,254 4,292
Bleriot US Bidco Inc. Federal Services 5.00% (L + 4.75%) 10/31/2026 671 665 671
Bluefin Holding, LLC Software 4.15% (L + 4.00%) 9/4/2026 9,900 9,775 9,900
Bracket Intermediate Holding Corp. Healthcare Services 4.48% (L + 4.25%) 9/5/2025 14,663 14,610 14,516
Brave Parent Holdings, Inc. Software 4.15% (L + 4.00%) 4/18/2025 11,217 11,190 11,147
Cano Health, LLC Healthcare Services 5.50% (L + 4.75%) 11/23/2027 6,308 6,244 6,244
Cardinal Parent, Inc. Software 5.25% (L + 4.50%) 11/12/2027 7,038 6,932 6,967
CentralSquare Technologies, LLC Software 4.00% (L + 3.75%) 8/29/2025 14,700 14,674 13,745
Certara Holdco, Inc. Healthcare I.T. 3.75% (L + 3.50%) 8/15/2024 1,246 1,248 1,247
CHA Holdings, Inc. Business Services 5.50% (L + 4.50%) 4/10/2025 977 977 914
CommerceHub, Inc. Software 4.75% (L + 4.00%) 12/29/2027 5,833 5,804 5,833
Confluent Health, LLC Healthcare Services 5.15% (L + 5.00%) 6/24/2026 4,398 4,354 4,348
Covenant Surgical Partners, Inc. Healthcare Services 4.15% (L + 4.00%) 7/1/2026 9,876 9,795 9,678
CRCI Longhorn Holdings, Inc. Business Services 3.65% (L + 3.50%) 8/8/2025 14,663 14,611 14,498
Dealer Tire, LLC Distribution & Logistics 4.40% (L + 4.25%) 12/12/2025 9,900 9,879 9,859
Dentalcorp Health Services ULC (fka Dentalcorp Perfect Smile ULC) Healthcare Services 4.75% (L + 3.75%) 6/6/2025 14,636 14,611 14,421
Drilling Info Holdings, Inc. Business Services 4.40% (L + 4.25%) 7/30/2025 18,576 18,511 18,035
Edgewood Partners Holdings LLC Business Services 5.25% (L + 4.25%) 9/6/2024 7,356 7,304 7,301
eResearchTechnology, Inc. Healthcare Services 5.50% (L + 4.50%) 2/4/2027 3,911 3,876 3,883
EyeCare Partners, LLC Healthcare Services 3.90% (L + 3.75%) 2/18/2027 12,071 12,057 11,796
EyeCare Partners, LLC Healthcare Services 3.90% (L + 3.75%) 2/18/2027 2,838 2,834 2,773
Fastlane Parent Company, Inc. Distribution & Logistics 4.65% (L + 4.50%) 2/4/2026 3,439 3,386 3,419
Frontline Technologies Intermediate Holdings, LLC Software 6.75% (L + 5.75%) 9/18/2023 6,513 6,513 6,513
Greenway Health, LLC Software 4.75% (L + 3.75%) 2/16/2024 14,520 14,527 13,322
Heartland Dental, LLC Healthcare Services 3.65% (L + 3.50%) 4/30/2025 18,540 18,478 18,104
HS Purchaser, LLC / Help/Systems Holdings, Inc. Software 5.75% (L + 4.75%) 11/19/2026 18,440 18,270 18,440
Higginbotham Insurance Agency, Inc. Financial Services 6.50% (L + 5.75%) 11/25/2026 7,187 7,134 7,331
Idera, Inc. Software 5.00% (L + 4.00%) 6/28/2024 9,435 9,406 9,435
Institutional Shareholder Services Inc. Business Services 4.75% (L + 4.50%) 3/5/2026 983 975 971
Kestra Advisor Services Holdings A, Inc. Business Services 4.40% (L + 4.25%) 6/3/2026 9,381 9,318 9,241
LSCS Holdings, Inc. Healthcare Services 4.51% (L + 4.25%) 3/17/2025 2,627 2,612 2,575
LSCS Holdings, Inc. Healthcare Services 4.51% (L + 4.25%) 3/17/2025 678 674 665
Maravai Intermediate Holdings, LLC Specialty Chemicals & Materials 5.25% (L + 4.25%) 10/19/2027 4,125 4,085 4,148
Market Track, LLC Business Services 5.25% (L + 4.25%) 6/5/2024 4,729 4,725 4,645
Mavis Tire Express Services Corp. Retail 5.00% (L + 4.00%) 3/20/2025 4,828 4,733 4,846
MED ParentCo, LP Healthcare Services 4.40% (L + 4.25%) 8/31/2026 10,272 10,191 10,148
MED ParentCo, LP Healthcare Services 4.40% (L + 4.25%) 8/31/2026 2,576 2,554 2,545
Ministry Brands, LLC Software 5.00% (L + 4.00%) 12/2/2022 4,502 4,492 4,480
Ministry Brands, LLC Software 5.00% (L + 4.00%) 12/2/2022 871 869 867
National Intergovernmental Purchasing Alliance Company Business Services 4.00% (L + 3.75%) 5/23/2025 8,701 8,698 8,658

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Portfolio Company and Type of Investment Industry Interest Rate (1) Maturity Date Principal Amount or Par Value Cost Fair
Value (2)
National Mentor Holdings, Inc. (aka Civitas Solutions, Inc.) Healthcare Services 4.43% (L + 4.25%) 3/9/2026 $ 8,887 $ 8,887 $ 8,897
National Mentor Holdings, Inc. (aka Civitas Solutions, Inc.) Healthcare Services 4.51% (L + 4.25%) 3/9/2026 398 398 398
Navex Topco, Inc. Software 3.40% (L + 3.25%) 9/5/2025 18,208 18,079 17,929
Navicure, Inc. Healthcare Services 4.75% (L + 4.00%) 10/22/2026 4,107 4,097 4,110
Newport Group Holdings II, Inc. Business Services 3.75% (L + 3.50%) 9/12/2025 4,888 4,870 4,851
Orion Advisor Solutions, Inc. Business Services 5.00% (L + 4.00%) 9/24/2027 5,237 5,186 5,260
Outcomes Group Holdings, Inc. Healthcare Services 3.50% (L + 3.25%) 10/24/2025 3,400 3,394 3,349
Pelican Products, Inc. Business Products 4.50% (L + 3.50%) 5/1/2025 4,875 4,867 4,796
Peraton Corp. (fka MHVC Acquisition Corp.) Federal Services 6.25% (L + 5.25%) 4/29/2024 15,272 15,225 15,310
Planview Parent, Inc. Software 4.75% (L + 4.00%) 12/17/2027 6,484 6,419 6,496
Premise Health Holding Corp. Healthcare Services 3.75% (L + 3.50%) 7/10/2025 13,583 13,538 13,279
Project Accelerate Parent, LLC Business Services 5.25% (L + 4.25%) 1/2/2025 9,822 9,786 8,939
Project Boost Purchaser, LLC Business Services 5.00% (L + 4.25%) 6/1/2026 1,995 1,975 2,002
Quest Software US Holdings Inc. Software 4.46% (L + 4.25%) 5/16/2025 14,700 14,650 14,480
Ryan Specialty Group, LLC Business Services 4.00% (L + 3.25%) 9/1/2027 3,491 3,441 3,491
Sierra Enterprises, LLC Food & Beverage 5.00% (L + 4.00%) 11/11/2024 2,431 2,429 2,393
Sovos Brands Intermediate, Inc. Food & Beverage 4.96% (L + 4.75%) 11/20/2025 3,591 3,582 3,609
Spring Education Group, Inc. (fka SSH Group Holdings, Inc.) Education 4.50% (L + 4.25%) 7/30/2025 12,183 12,161 11,665
Symplr Software, Inc.(fka Caliper Software, Inc.) Healthcare I.T. 5.25% (L + 4.50%) 12/22/2027 10,000 9,850 9,913
Syndigo LLC Software 5.25% (L + 4.50%) 12/15/2027 15,000 14,888 14,888
TIBCO Software Inc. Software 3.90% (L + 3.75%) 6/30/2026 7,654 7,637 7,572
Unified Women’s Healthcare, LP Healthcare Services 5.00% (L + 4.25%) 12/20/2027 10,000 9,923 9,975
Wirepath LLC Distribution & Logistics 4.25% (L + 4.00%) 8/5/2024 17,127 17,127 16,527
WP CityMD Bidco LLC Healthcare Services 5.50% (L + 4.50%) 8/13/2026 19,868 19,701 19,914
VT Topco, Inc. Business Services 3.65% (L + 3.50%) 8/1/2025 2,795 2,795 2,763
YI, LLC Healthcare Services 5.00% (L + 4.00%) 11/7/2024 9,691 9,685 8,915
Total Funded Investments $ 619,147 $ 615,974 $ 609,981
Unfunded Investments - First lien
Cano Health, LLC Healthcare Services — 11/23/2021 $ 2,300 $ (23) $ (23)
Covenant Surgical Partners, Inc. Healthcare Services — 7/1/2021 2,000 (20) (40)
Higginbotham Insurance Agency, Inc. Financial Services — 11/25/2022 2,023 (15) 40
Planview Parent, Inc. Software — 3/31/2021 1,515 — 3
Total Unfunded Investments $ 7,838 $ (58) $ (20)
Total Investments $ 626,985 $ 615,916 $ 609,961

~~(1)~~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 LIBOR (L), the Prime Rate (P)2021 and ~~the alternative base rate (Base). For each investment, the current interest rate provided reflects the rate in effect as of December 31, 2020.~~

~~(2)Represents the fair value in accordance with ASC 820. Our board of directors does not determine the fair value of the investments held by SLP III.~~

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~~Below is~~additional information on certain summarized financial information for SLP III as of June 30, ~~2021~~2022 and December 31, ~~2020~~2021 and for the three and six months ended June 30, ~~2021~~2022 and June 30, ~~2020:~~2021.

Selected Balance Sheet Information: June 30, 2021 December 31, 2020
(in thousands) (in thousands)
Investments at fair value (cost of $681,283 and $615,916) $ 680,880 $ 609,961
Cash and other assets 32,018 10,176
Receivable from unsettled securities sold 23,407 —
Total assets $ 736,305 $ 620,137
Credit facility $ 518,200 $ 424,200
Deferred financing costs (1,947) (2,471)
Payable for unsettled securities purchased 37,296 47,192
Distribution payable 5,607 3,800
Other liabilities 2,517 2,501
Total liabilities 561,673 475,222
Members' capital $ 174,632 $ 144,915
Total liabilities and members' capital $ 736,305 $ 620,137

Three Months Ended Six Months Ended
Selected Statement of Operations Information: June 30, 2021 June 30, 2020 June 30, 2021 June 30, 2020
(in thousands) (in thousands) (in thousands) (in thousands)
Interest income $ 7,826 $ 6,929 $ 15,197 $ 14,336
Other income 203 64 306 245
Total investment income 8,029 6,993 15,503 14,581
Interest and other financing expenses 2,691 3,381 5,275 7,077
Other expenses 197 164 368 321
Total expenses 2,888 3,545 5,643 7,398
Less: expenses waived and reimbursed — — — —
Net expenses 2,888 3,545 5,643 7,398
Net investment income 5,141 3,448 9,860 7,183
Net realized gains on investments 359 6 571 4
Net change in unrealized appreciation (depreciation) of investments 743 38,194 5,552 (25,154)
Net increase (decrease) in members' capital $ 6,243 $ 41,648 $ 15,983 $ (17,967)

For the three and six months ended June 30, 2021, we earned approximately $4.5 million and $9.0 million, respectively, of dividend income related to SLP III, which is included in dividend income. For the three and six months ended June 30, 2020, we earned approximately $2.7 million and $5.6 million, respectively, of dividend income related to SLP III, which is included in dividend income. As of June 30, 2021 and December 31, 2020, approximately $4.5 million and $3.0 million, respectively, of dividend income related to SLP III was included in interest and dividend receivable.

We have determined that SLP III is an investment company under ASC 946; however, in accordance with such guidance we will generally not consolidate our investment in a company other than a wholly-owned investment company subsidiary. Furthermore, ASC 810 concludes that in a joint venture where both members have equal decision making authority, it is not appropriate for one member to consolidate the joint venture since neither has control. Accordingly, we do not consolidate SLP III.

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NMFC Senior Loan Program IV LLC

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Table of Contents

contribution of their membership interests, SLP I and SLP II became wholly-owned subsidiaries of SLP IV.The purpose of the joint venture is to invest primarily in senior secured loans issued by portfolio companies within our core industry verticals. These investments are typically broadly syndicated first lien loans. All investment decisions must be unanimously approved by the board of managers of SLP IV, which has equal representation from us and SkyKnight Alpha. SLP IV has a five year investment period and will continue in existence until May 5, ~~2026.~~2028. The investment period may be extended for up to one year pursuant to certain terms of the SLP IV Agreement.

SLP IV is capitalized with equity contributions which were transferred and contributed from its members. As of June 30, ~~2021,~~2022, we and SkyKnight Alpha have transferred and contributed $112.4 million and $30.6 million, respectively, of their membership interests in SLP I and SLP II to SLP IV. Our investment in SLP IV is disclosed on our Consolidated Schedule of Investments as of June 30, 2022 and December 31, 2021.

On May 5, 2021, SLP IV entered into a $370.0 million revolving credit facility with Wells Fargo Bank, National Association which matures on May 5, 2026 and bears interest at a rate of LIBOR plus 1.60% per annum. As of June 30, 2022 and December 31, 2021, SLP IV had total investments with an aggregate fair value of approximately ~~$477.3~~$489.8 million and $504.9 million, respectively, and debt outstanding under its credit facility of ~~$310.1 million.~~$364.9 million and $360.1 million, respectively. As of June 30, 2022 and December 31, 2021, none of SLP IV’s investments were on non-accrual. Additionally, as of June 30, 2022 and December 31, 2021, SLP IV had unfunded commitments in the form of delayed draws of ~~$11.5 million.~~$4.3 million and $6.1 million, respectively.

Below is a summary of SLP IV's consolidated portfolio ~~along with a listing of the individual investments in SLP IV's consolidated portfolio~~ as of June 30, 2022 and December 31, 2021:


~~(in thousands)~~	~~June 30, 2021~~
~~First lien investments (1)~~	$	~~493,512~~
~~Weighted average interest rate on first lien investments (2)~~	~~4.82~~		%
~~Number of portfolio companies in SLP IV~~	57
~~Largest portfolio company investment (1)~~	$	~~22,331~~
~~Total of five largest portfolio company investments (1)~~	$	~~105,078~~


(in thousands)	June 30, 2022			December 31, 2021
First lien investments (1)	$	521,079		$	513,298
Weighted average interest rate on first lien investments (2)	5.77		%	4.64		%
Number of portfolio companies in SLP IV	74			68
Largest portfolio company investment (1)	$	22,099		$	22,215
Total of five largest portfolio company investments (1)	$	94,413		$	99,875

(1)Reflects principal amount or par value of investment.

(2)Computed as the all in interest rate in effect on accruing investments divided by the total principal amount of investments.

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Portfolio Company and Type of Investment Industry Interest Rate (1) Maturity Date Principal Amount or Par Value Cost Fair
Value (2)
Funded Investments - First lien (in thousands) (in thousands) (in thousands)
Access CIG, LLC Business Services 3.84% (L + 3.75%) 2/27/2025 $ 8,249 $ 8,260 $ 8,209
ADG, LLC Healthcare Services 6.25% (L + 4.75% + 0.50% PIK) 9/28/2023 16,522 16,463 16,522
ADMI Corp. (aka Aspen Dental) Healthcare Services 4.25% (L + 3.75%) 12/23/2027 1,875 1,866 1,875
Advisor Group Holdings, Inc. Consumer Services 4.60% (L + 4.50%) 7/31/2026 11,757 11,666 11,797
AqGen Island Holdings, Inc Financial Services 4.00% (L + 3.50%) 5/19/2028 6,250 6,219 6,254
Artera Services, LLC Distribution & Logistics 4.50% (L + 3.50%) 3/6/2025 5,355 5,315 5,339
Bayou Intermediate II, LLC Healthcare Products 5.25% (L + 4.50%) 5/13/2028 8,693 8,650 8,737
Bearcat Buyer, Inc. Healthcare Services 5.25% (L + 4.25%) 7/9/2026 1,986 1,978 1,986
Bearcat Buyer, Inc. Healthcare Services 5.25% (L + 4.25%) 7/9/2026 412 410 412
Bella Holding Company, LLC Healthcare Services 4.50% (L + 3.75%) 5/10/2028 3,000 2,989 3,005
Bleriot US Bidco Inc. Federal Services 4.15% (L + 4.00%) 10/30/2026 3,890 3,871 3,896
Bracket Intermediate Holding Corp. Healthcare Services 4.44% (L + 4.25%) 9/5/2025 4,497 4,482 4,498
Brave Parent Holdings, Inc. Software 4.10% (L + 4.00%) 4/18/2025 3,633 3,625 3,634
Cano Health, LLC Healthcare Services 5.25% (L + 4.50%) 11/23/2027 2,820 2,813 2,829
CentralSquare Technologies, LLC Software 3.90% (L + 3.75%) 8/29/2025 14,625 14,602 13,726
Certara Holdco, Inc. Healthcare Information Technology 3.60% (L + 3.50%) 8/15/2026 3,959 3,950 3,969
CHA Holdings, Inc. Business Services 5.50% (L + 4.50%) 4/10/2025 10,984 10,955 10,434
CHA Holdings, Inc. Business Services 5.50% (L + 4.50%) 4/10/2025 2,016 2,009 1,915
Cvent, Inc. Software 3.85% (L + 3.75%) 11/29/2024 6,710 6,699 6,635
Dealer Tire, LLC Distribution & Logistics 4.35% (L + 4.25%) 12/12/2025 10,803 10,782 10,826
Drilling Info Holdings, Inc. Business Services 4.35% (L + 4.25%) 7/30/2025 20,606 20,548 20,142
EAB Global, Inc. Education 4.00% (L + 3.50%) 6/28/2028 10,000 9,950 9,963
Edgewood Partners Holdings LLC (EPIC) Business Services 5.25% (L + 4.25%) 9/6/2024 9,812 9,754 9,763
Emerald 2 Limited Business Services 3.65% (L + 3.50%) 7/10/2026 446 445 446
eResearchTechnology, Inc. Healthcare Services 5.50% (L + 4.50%) 2/4/2027 4,452 4,415 4,478
Greenway Health, LLC Healthcare Information Technology 4.75% (L + 3.75%) 2/16/2024 21,058 21,014 19,953
Heartland Dental, LLC Healthcare Services 3.60% (L + 3.50%) 4/30/2025 3,591 3,580 3,555
Heartland Dental, LLC Healthcare Services 4.07% (L + 4.00%) 4/30/2025 6,300 6,269 6,295
Help/Systems Holdings, Inc. Software 4.75% (L + 4.00%) 11/19/2026 9,969 9,934 10,013
Idera, Inc. Software 4.50% (L + 3.75%) 3/2/2028 9,365 9,286 9,376
IG Investments Holdings, LLC (aka Insight Global) Business Services 4.75% (L + 3.75%) 5/23/2025 9,975 9,926 10,007
Keystone Acquisition Corp. Healthcare Services 6.25% (L + 5.25%) 5/1/2024 5,198 5,173 5,132
LSCS Holdings, Inc. Healthcare Services 4.42% (L + 4.25%) 3/17/2025 12,476 12,455 12,351
LSCS Holdings, Inc. Healthcare Services 4.42% (L + 4.25%) 3/17/2025 3,220 3,215 3,188
Market Track, LLC Business Services 6.50% (P + 3.25%) 6/5/2024 12,297 12,272 12,297
Maverick Bidco Inc. Software 4.50% (L + 3.75%) 5/18/2028 8,000 7,961 8,014
Mavis Tire Express Services Topco Corp. Retail 4.75% (L + 4.00%) 5/4/2028 8,475 8,433 8,516
Medical Solutions Holdings, Inc. Healthcare Services 5.50% (L + 4.50%) 6/14/2024 4,990 4,981 5,011
Ministry Brands, LLC Software 5.00% (L + 4.00%) 12/2/2022 16,822 16,798 16,822
Ministry Brands, LLC Software 5.00% (L + 4.00%) 12/2/2022 2,062 2,059 2,062
Ministry Brands, LLC Software 5.00% (L + 4.00%) 12/2/2022 867 865 867
National Intergovernmental Purchasing Alliance Company Business Services 3.65% (L + 3.50%) 5/23/2025 1,327 1,329 1,321
Pelican Products, Inc. Business Products 4.50% (L + 3.50%) 5/1/2025 2,242 2,239 2,228
Premise Health Holding Corp. Healthcare Services 3.65% (L + 3.50%) 7/10/2025 1,976 1,970 1,966
Project Accelerate Parent, LLC Business Services 5.25% (L + 4.25%) 1/2/2025 16,507 16,459 16,290
Project Boost Purchaser, LLC Business Services 4.25% (L + 3.75%) 5/30/2026 2,500 2,494 2,500
PSC Industrial Holdings Corp. Industrial Services 4.75% (L + 3.75%) 10/11/2024 6,899 6,864 6,850
Quest Software US Holdings Inc. Software 4.44% (L + 4.25%) 5/16/2025 14,625 14,581 14,628
RealPage, Inc. Business Services 3.75% (L + 3.25%) 4/24/2028 5,000 4,981 4,992
Salient CRGT Inc. Federal Services 7.50% (L + 6.50%) 2/28/2022 18,920 18,891 18,778
Sierra Enterprises, LLC Food & Beverage 5.00% (L + 4.00%) 11/11/2024 4,238 4,223 4,174

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Portfolio Company and Type of Investment Industry Interest Rate (1) Maturity Date Principal Amount or Par Value Cost Fair
Value (2)
Sovos Brands Intermediate, Inc. Food & Beverage 5.00% (L + 4.25%) 6/8/2028 $ 10,000 $ 9,975 $ 10,037
Storable, Inc. Software 3.75% (L + 3.25%) 4/17/2028 4,000 3,975 3,990
Syndigo LLC Software 5.25% (L + 4.50%) 12/15/2027 7,878 7,873 7,819
Therapy Brands Holdings LLC Healthcare Information Technology 4.75% (L + 4.00%) 5/18/2028 4,621 4,598 4,621
TIBCO Software Inc. Software 3.86% (L + 3.75%) 6/30/2026 2,993 2,974 2,986
Unified Women's Healthcare, LP Healthcare Services 5.00% (L + 4.25%) 12/20/2027 4,500 4,478 4,507
USIC Holdings, Inc. Consumer Services 4.25% (L + 3.50%) 5/12/2028 3,849 3,833 3,848
Wirepath LLC Distribution & Logistics 4.15% (L + 4.00%) 8/5/2024 21,332 21,332 20,906
WP CityMD Bidco LLC Healthcare Services 4.50% (L + 3.75%) 8/13/2026 9,673 9,602 9,707
Wrench Group LLC Consumer Services 4.15% (L + 4.00%) 4/30/2026 8,614 8,549 8,613
YI, LLC Healthcare Services 5.00% (L + 4.00%) 11/7/2024 22,331 22,318 21,885
Total Funded Investments $ 482,042 $ 480,475 $ 477,395
Unfunded Investments - First lien
Therapy Brands Holdings LLC Healthcare Information Technology — 5/18/2023 $ 1,470 $ — $ —
VetCor Professional Practices LLC Consumer Services — 5/20/2023 10,000 (100) (96)
Total Unfunded Investments $ 11,470 $ (100) $ (96)
Total Investments $ 493,512 $ 480,375 $ 477,299

~~(1)~~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 LIBOR (L), the Prime Rate (P)2022 and ~~the alternative base rate (Base). For each investment, the current interest rate provided reflects the rate in effect as of June 30, 2021.~~

~~(2)Represents the fair value in accordance with ASC 820. Our board of directors does not determine the fair value of the investments held by SLP IV.~~

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~~Below is~~December 31, 2021 and additional information on certain summarized ~~consolidated~~ financial information for SLP IV as of June 30, 2022 and December 31, 2021 and for the three and six months ended June 30, ~~2021:~~2022.


~~Selected Consolidated Balance Sheet Information:~~	~~June 30, 2021~~
	~~(in thousands)~~
~~Investments at fair value (cost of $480,375)~~	$	~~477,299~~
~~Receivable from unsettled securities sold~~	~~24,991~~
~~Cash and other assets~~	~~19,039~~
~~Total assets~~	$	~~521,329~~

~~Credit facility~~	$	~~310,137~~
~~Deferred financing costs~~	~~(2,912)~~
~~Payable for unsettled securities purchased~~	~~68,871~~
~~Distribution payable~~	~~3,933~~
~~Other liabilities~~	~~1,742~~
~~Total liabilities~~	~~381,771~~

~~Members' capital~~	$	~~139,558~~
~~Total liabilities and members' capital~~	$	~~521,329~~

Selected Consolidated Statement of Operations Information: Three Months Ended Six Months Ended
June 30, 2021(1) June 30, 2021(1)
(in thousands) (in thousands)
Interest income $ 3,227 $ 3,227
Other income 14 14
Total investment income 3,241 3,241
Interest and other financing expenses 874 874
Other expenses 269 269
Total expenses 1,143 1,143
Net investment income 2,098 2,098
Net realized gains on investments 224 224
Net change in unrealized appreciation of investments 2,052 2,052
Net increase in members' capital $ 4,374 $ 4,374

~~(1)Reflects the results of operations for the period from May 5, 2021 through June 30, 2021.~~

For the period from May 5, 2021 through June 30, 2021, we earned approximately $2.4 million of dividend income related to SLP IV, which is included in dividend income. As of June 30, 2021, approximately $2.4 million of dividend income related to SLP IV was included in interest and dividend receivable.

We have determined that SLP IV is an investment company under ASC 946; however, in accordance with such guidance we will generally not consolidate its investment in a company other than a wholly-owned investment company subsidiary. Furthermore, ASC 810 concludes that in a joint venture where both members have equal decision making authority, it is not appropriate for one member to consolidate the joint venture since neither has control. Accordingly, we do not consolidate SLP IV.

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New Mountain Net Lease Corporation

NMNLC was formed to acquire commercial real estate properties that are subject to "triple net" leases. NMNLC's investments are disclosed on our Consolidated Schedule of Investments as of June 30, ~~2021.~~2022.

On March 30, 2020, an affiliate of the Investment Adviser purchased directly from NMNLC 105,030 shares of NMNLC’s common stock at a price of $107.73 per share, which represented the net asset value per share of NMNLC at the date of purchase, for an aggregate purchase price of approximately $11.3 million. Immediately thereafter, NMNLC redeemed 105,030 shares of its common stock held by NMFC in exchange for a promissory note with a principal amount of $11.3 million and a 7.0% interest rate, which was repaid by NMNLC to NMFC on March 31, 2020.

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Below is certain summarized property information for NMNLC as of June 30, ~~2021:~~2022:

Lease

Total

Fair Value as of

Lease

Total

Fair Value as of

Portfolio Company

Tenant

Expiration Date

Location

Square Feet

June 30, 2021

Portfolio Company

Tenant

Expiration Date

Location

Square Feet

June 30, 2022

(in thousands)

NM NL Holdings LP / NM GP Holdco LLC

Various

80,917

NM NL Holdings LP / NM GP Holdco LLC

Various

98,295

NM GLCR LP

Arctic Glacier U.S.A.

2/28/2038

214

41,679

NM CLFX LP

Victor Equipment Company

8/31/2033

423

24,670

NM CLFX LP

Victor Equipment Company

8/31/2033

423

21,067

NM APP Canada, Corp.

A.P. Plasman, Inc.

9/30/2031

Canada

436

14,444

NM APP Canada, Corp.

A.P. Plasman, Inc.

9/30/2031

Canada

436

12,314

NM APP US LLC

Plasman Corp, LLC / A-Brite LP

9/30/2033

AL / OH

261

8,781

NM YI, LLC

Young Innovations, Inc.

10/31/2039

IL / MO

212

8,065

NM YI, LLC

Young Innovations, Inc.

10/31/2039

IL / MO

212

8,184

NM DRVT LLC

FMH Conveyors, LLC

10/31/2031

195

7,349

NM JRA LLC

J.R. Automation Technologies, LLC

1/31/2031

3,881

NM KRLN LLC

None

N/A

575

190,361

139,860

Collateralized agreements or repurchase financings

We follow the guidance in Accounting Standards Codification Topic 860, Transfers and Servicing—Secured Borrowing and Collateral, (“("ASC ~~860”~~860") when accounting for transactions involving the purchases of securities under collateralized agreements to resell (resale agreements). These transactions are treated as collateralized financing transactions and are recorded at their contracted resale or repurchase amounts, as specified in the respective agreements. Interest on collateralized agreements is accrued and recognized over the life of the transaction and included in interest income. As of June 30, ~~2021~~2022 and December 31, ~~2020,~~2021, we held one collateralized agreement to resell with a cost basis of $30.0 million and $30.0 million, respectively, and a fair value of ~~$21.4~~$19.4 million and $21.4 million, respectively. The collateralized agreement to resell is on non-accrual. The collateralized agreement to resell is guaranteed by a private hedge fund, PPVA Fund, L.P. The private hedge fund is currently in liquidation under the laws of the Cayman Islands. Pursuant to the terms of the collateralized agreement, the private hedge fund was obligated to repurchase the collateral from us at the par value of the collateralized agreement. The private hedge fund has breached its agreement to repurchase the collateral under the collateralized agreement. The default by the private hedge fund did not release the collateral to us, therefore, we do not have full rights and title to the collateral. A claim has been filed with the Cayman Islands joint official liquidators to resolve this matter. The joint official liquidators have recognized our contractual rights under the collateralized agreement. We continue to exercise our rights under the collateralized agreement and continue to monitor the liquidation process of the private hedge fund. The fair value of the collateralized agreement to resell is reflective of the increased risk of the position.

PPVA Black Elk (Equity) LLC

On May 3, 2013, we entered into a collateralized securities purchase and put agreement (the “SPP Agreement”) with a private hedge fund. Under the SPP Agreement, we purchased twenty million Class E Preferred Units of Black Elk Energy Offshore Operations, LLC (“Black Elk”) for $20.0 million with a corresponding obligation of the private hedge fund, PPVA Black Elk (Equity) LLC, to repurchase the preferred units for $20.0 million plus other amounts due under the SPP Agreement. The majority owner of Black Elk was the private hedge fund. In August 2014, we received a payment of $20.5 million, the full amount due under the SPP Agreement.

In August 2017, a trustee (the “Trustee”) for Black Elk informed us that the Trustee intended to assert a fraudulent conveyance claim (the “Claim”) against us and one of its affiliates seeking the return of the $20.5 million repayment. Black Elk

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filed a Chapter 11 bankruptcy petition pursuant to the ~~United States~~U.S. Bankruptcy Code in August 2015. The Trustee alleged that individuals affiliated with the private hedge fund conspired with Black Elk and others to improperly use proceeds from the sale of certain Black Elk assets to repay, in August 2014, the private hedge fund’s obligation to us under the SPP Agreement. We were unaware of these claims at the time the repayment was received. The private hedge fund is currently in liquidation under the laws of the Cayman Islands.

On December 22, 2017, we settled the Trustee’s $20.5 million Claim for $16.0 million and filed a claim with the Cayman Islands joint official liquidators of the private hedge fund for $16.0 million that is owed to us under the SPP Agreement. The SPP Agreement was restored and is in effect since repayment has not been made. We continue to exercise our rights under the SPP Agreement and continue to monitor the liquidation process of the private hedge fund. During the year ended December 31, 2018, we received a $1.5 million payment from our insurance carrier in respect to the settlement. As of June 30, ~~2021~~2022 and December 31, ~~2020,~~2021, the SPP Agreement has a cost basis of $14.5 million and $14.5 million, respectively, and a fair value of ~~$10.4~~$9.4 million and $10.4 million, respectively, which is reflective of the higher inherent risk in this transaction.

Revenue Recognition

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

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Interest and dividend 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 and certain preferred equity investments in the portfolio that contain a payment-in-kind (“PIK”) interest or dividend provision. PIK interest and dividends are accrued and recorded as income at the contractual rates, if deemed collectible. The PIK interest and dividends are 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 and six months ended June 30, 2022, we recognized PIK and non-cash interest from investments of approximately $7.3 million and $15.8 million, respectively, and PIK and non-cash dividends from investments of approximately $5.2 million and $10.3 million, respectively. For the three and six months ended June 30, 2021, we recognized PIK and non-cash interest from investments of approximately $5.6 million and $11.4 million, respectively, and PIK and non-cash dividends from investments of approximately $5.8 million and $11.0 million, respectively. For the three and six months ended June 30, 2020, we recognized PIK and non-cash interest from investments of approximately $3.2 million and $6.7 million, respectively, and PIK and non-cash dividends from investments of approximately $3.8 million and $5.4 million, respectively.

Other income: Other income represents delayed compensation, consent or amendment fees, revolver fees, structuring fees, upfront fees ~~management fees from a non-controlled/affiliated investment~~ 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 trade date. Other 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 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.

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.We have recently consolidated our portfolio monitoring procedures by combining our previously bifurcated system that separately (1) rated investments based on their performance compared to expectations and (2) assigned a risk rating to each investment based on the expected impact from the COVID-19 pandemic. As described more fully below, our new 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. ~~We use~~As such, we assign each investment a ~~four-level numeric rating scale as follows:~~composite score (“Risk Rating”) based on two metrics – 1) Operating Performance and 2) Business Characteristics:

•~~Investment Rating 1—Investment~~Operating Performance assesses the health of the investment in context of its financial performance and the market environment it faces. The metric is ~~performing materially~~expressed in Tiers of “1” to “4”, with “1” being the worst and “4” being the best:

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

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

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

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

•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

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•~~Investment~~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 ~~2—Investment~~for each investment is ~~performing materially in-line~~a composite of these two metrics. The Risk Rating is expressed in categories of Red, Orange, Yellow and Green with ~~expectations. All new loans are rated 2 at initial purchase;~~

•~~Investment Rating 3—Investment is~~Red reflecting an investment performing materially below expectations ~~where~~and Green reflecting an investment that is in-line with or above expectations. The mapping of the ~~risk of loss has materially increased since the original investment;~~composite scores to these categories are below:

•Red – 1C (e.g., Tier 1 for Operating Performance and C for Business Characteristics)

•~~Investment Rating 4—Investment is performing substantially below expectations~~Orange – 2C and ~~risks have increased substantially since the original investment. Payments may be delinquent. There is meaningful possibility that we will not recoup our original cost basis in the investment~~1B

•Yellow – 3C, 2B, and ~~may realize a substantial loss upon exit.~~1A

•Green – 4C, 3B, 2A, 4B, 3A, and 4A

The following table shows the ~~distribution~~Risk Rating of our ~~investments and securities purchased under collateralized agreements to resell on the 1 to 4 investment rating scale at fair value~~portfolio companies as of June 30, ~~2021:~~2022:

(in millions) As of June 30, 2021
Investment Rating Cost Percent Fair Value Percent
Investment Rating 1 $ 462.7 15.0 % $ 526.6 16.9 %
Investment Rating 2 2,316.7 75.3 % 2,402.9 77.3 %
Investment Rating 3 201.2 6.5 % 146.1 4.7 %
Investment Rating 4 99.2 3.2 % 34.7 1.1 %
$ 3,079.8 100.0 % $ 3,110.3 100.0 %


(in millions)	As of June 30, 2022
Risk Rating		Cost		Percent		Fair Value		Percent
Red		$	83.9	2.5	%	$	30.6	0.9	%
Orange		57.5		1.7	%	40.6		1.2	%
Yellow		214.3		6.4	%	205.3		6.2	%
Green		2,971.8		89.4	%	3,043.1		91.7	%
		$	3,327.5	100.0	%	$	3,319.6	100.0	%

As of June 30, ~~2021,~~2022, all investments in our portfolio had ~~an Investment~~a Green Risk Rating ~~of 1 or 2~~ with the exception of ~~seven~~nine portfolio companies that had a Yellow Risk Rating, three portfolio companies that had an ~~Investment~~Orange Risk Rating ~~of 3~~ and ~~four~~three portfolio companies that had a Red Risk Rating.

As of June 30, 2022, our aggregate principal amount of our second lien term loan in Integro Parent Inc. ("Integro") was $10.5 million. During the second quarter of 2022, we placed an ~~Investment Rating~~aggregate principal amount of 4.$3.7 million of our second lien position on non-accrual status. As of June 30, 2022, our position in Integro on non-accrual status had an aggregate cost basis of $3.6 million, an aggregate fair value of $2.4 million, total unearned interest income of $0.1 million and $0.1 million, respectively, for the three and six months then ended and total unearned other income of $36 thousand and $36 thousand , respectively, for the three and six months then ended. As of June 30, 2022, our Integro portfolio company has a Green Risk Rating.

During the second quarter of 2022, we placed our second lien positions in National HME, Inc. ("National HME") on non-accrual status. As of June 30, 2022, our second lien positions in National HME had an aggregate cost basis of $36.5 million, an aggregate fair value of $8.5 million, and total unearned interest income of $1.2 million and $1.2 million, respectively, for the three and six months then ended. As of June 30, 2022, our National HME portfolio company has a Red Risk Rating.

As of June 30, 2022, our aggregate principal amount of our subordinated position and first lien term loans in American Achievement Corporation ("AAC") was $5.2 million and $29.7 million, respectively. During the first quarter of 2021, we placed an aggregate principal amount of $5.2 million of our subordinated position on non-accrual status. During the third quarter of 2021, we placed an aggregate principal amount of $12.8 million of our first lien term loans on non-accrual status. As of June 30, 2022, our positions in AAC on non-accrual status had an aggregate cost basis of $12.8 million, an aggregate fair value of $7.2 million and total unearned interest income of $0.3 million and $0.6 million, respectively, for the three and six months then ended. As of June 30, 2022, our AAC portfolio company has a Red Risk Rating.

During the third quarter of 2021, we placed our second lien position in Sierra Hamilton Holdings Corporation ("Sierra") on non-accrual status. As of June 30, 2022, our second lien position in Sierra had an aggregate cost basis of $0.0 million, an aggregate fair value of $0.0 million and total unearned interest income of $0.0 million and $0.0 million, respectively, for the three and six months then ended. As of June 30, 2022, our Sierra portfolio company has a Red Risk Rating.

During the first quarter of 2020, we placed our investment in our junior preferred shares of UniTek Global Services, Inc. ("UniTek") on non-accrual ~~status and the investment had a rating of 4.~~status. As of June 30, ~~2021,~~2022, our junior preferred shares of UniTek had an aggregate cost basis of $34.4 million, an aggregate fair value of $0.0 million and total unearned dividend income of ~~$1.4~~$1.6 million and ~~$2.8~~$3.2 million, respectively, for the three and six months then ~~ended, respectively.~~ended. During the ~~fourth~~third quarter of ~~2020,~~2021, we placed an aggregate principal amount of ~~$9.9~~$19.8 million of our investment in our senior preferred shares of UniTek on non-accrual ~~status and the investment had a rating of 4.~~status. As of June 30, ~~2021,~~ 2022,

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our senior preferred shares of UniTek ~~on non-accrual~~ had an aggregate cost basis of ~~$9.9~~$19.8 million, an aggregate fair value of approximately ~~$2.4~~$7.6 million and total unearned dividend income of approximately ~~$0.4~~$1.1 million and ~~$0.9~~$2.2 million, respectively, for the three and six months then ~~ended, respectively.~~ended. As of June 30, 2022, our UniTek portfolio company has a Green Risk Rating.

During the first quarter of 2018, we placed our first lien positions in Education Management II LLC on non-accrual status as the portfolio company announced its intention to wind down and liquidate the business. ~~Our first lien positions and our preferred and common shares in Education Management Corporation ("EDMC") have an investment rating of 4.~~ As of June 30, ~~2021,~~2022, our ~~investment in EDMC, with~~Education Management Corporation portfolio company has an ~~Investment~~Orange Risk Rating ~~of 4 had~~and an aggregate cost basis of $1.4 million, an aggregate fair value of $0.0 million and total unearned interest income of $0.0 million and $0.0 million, respectively, for the three and six months then ~~ended, respectively.~~ended.

~~Since March 31, 2020, our investment in NM KRLN LLC had an investment rating of 4 and had an aggregate cost basis of $9.0 million and an aggregate fair value of $0.6 million.~~

Since December 31, 2019, our subordinated position in PPVA Black Elk (Equity) LLC had an investment rating of 4. As of June 30, 2021, our investment in this security had an aggregate cost basis of $14.5 million and an aggregate fair value of approximately $10.4 million.

During the year ended December 31, 2019, our security purchased under collateralized agreements to resell was placed on ~~non-accrual and the investment had an Investment Rating of 4.~~non-accrual. As of June 30, ~~2021,~~2022, our investment in this security ~~had~~has a Yellow Risk Rating and has an aggregate cost basis of $30.0 million and an aggregate fair value of approximately ~~$21.4~~$19.4 million.

In response to the continuing impact of the outbreak of the COVID-19 pandemic and its impact on the overall market environment and the health of our portfolio companies, we performed a company-by-company evaluation of the anticipated impact of the COVID-19 pandemic. The evaluation process consisted of dialogue with sponsors and portfolio companies to understand the COVID-19 pandemic's impact on each portfolio company, the portfolio company’s response to any disruption, the level of sponsor support, and the current and projected financial and liquidity position of the portfolio company. Based on this evaluation, we assigned each portfolio company a “Risk Rating” of red, orange, yellow and green, with red reflecting a portfolio company with the potential for the most severe impact, due to the COVID-19 pandemic, and green reflecting the least. We will continue to monitor our portfolio companies and provide support to their management teams where possible.

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~~The following table shows the Risk Rating of our portfolio companies as of June 30, 2021:~~

(in millions) As of June 30, 2021
Risk Rating Cost Percent Fair Value Percent
Red $ 88.9 2.9 % $ 67.2 2.1 %
Orange 114.1 3.7 % 87.6 2.8 %
Yellow 316.0 10.3 % 263.1 8.5 %
Green 2,560.8 83.1 % 2,692.4 86.6 %
$ 3,079.8 100.0 % $ 3,110.3 100.0 %

Portfolio and Investment Activity

The fair value of our investments, as determined in good faith by our board of directors, was approximately ~~$3,088.9~~$3,300.2 million in ~~102~~107 portfolio companies at June 30, ~~2021~~2022 and approximately ~~$2,953.5~~$3,174.4 million in ~~104~~106 portfolio companies at December 31, ~~2020.~~2021.

The following table shows our portfolio and investment activity for the six months ended June 30, ~~2021~~2022 and June 30, ~~2020:~~2021:

Six Months Ended
(in millions) June 30, 2021 June 30, 2020
New investments in 22 and 21 portfolio companies, respectively $ 300.0 $ 229.1
Debt repayments in existing portfolio companies 262.5 242.1
Sales of securities in 2 and 14 portfolio companies, respectively 7.0 206.9
Change in unrealized appreciation on 46 and 20 portfolio companies, respectively 115.5 4.2
Change in unrealized depreciation on 61 and 96 portfolio companies, respectively (32.2) (155.7)


	Six Months Ended
(in millions)	June 30, 2022		June 30, 2021
New investments in 38 and 22 portfolio companies, respectively	$	397.1	$	300.0
Debt repayments in existing portfolio companies	146.9		262.5
Sales of securities in 5 and 2 portfolio companies, respectively	145.8		7.0
Change in unrealized appreciation on 28 and 46 portfolio companies, respectively	49.9		115.5
Change in unrealized depreciation on 79 and 61 portfolio companies, respectively	(92.6)		(32.2)

Recent Accounting Standards Updates

See Item 1.—Financial ~~Statements—~~Statements and Supplementary Data—Note 13. Recent Accounting Standards Updates for details on recent accounting standards updates.

Results of Operations for the Three Months Ended June 30, ~~2021~~2022 and June 30, ~~2020~~2021

Revenue


		Three Months Ended					Three Months Ended
(in thousands)	(in thousands)	June 30, 2021		June 30, 2020		(in thousands)	June 30, 2022		June 30, 2021
Total interest income	Total interest income	$	47,081	$	51,363	Total interest income	$	50,344	$	47,081
Total dividend income	Total dividend income	16,963		12,216		Total dividend income	16,022		16,963
Other income	Other income	2,517		2,388		Other income	6,744		2,517
Total investment income	Total investment income	$	66,561	$	65,967	Total investment income	$	73,110	$	66,561

Our total investment income increased by approximately ~~$0.6~~$6.5 million, or 1%10%, for the three months ended June 30, ~~2021~~2022 as compared to the three months ended June 30, ~~2020.~~2021. For the three months ended June 30, ~~2021,~~2022, total investment income of approximately ~~$66.6~~$73.1 million consisted of approximately ~~$39.4~~$41.0 million in cash interest from investments, approximately ~~$5.6~~$7.3 million in PIK and non-cash interest from investments, ~~approximately $0.5~~$0.4 million in prepayment fees, net amortization of purchase premiums and discounts of approximately ~~$1.6~~$1.7 million, approximately ~~$11.1~~$10.8 million in cash dividends from investments, approximately ~~$5.8~~$5.2 million in PIK and non-cash dividends from investments and approximately ~~$2.6~~$6.7 million in other income. The ~~decrease~~increase in interest income of approximately ~~$4.3~~$3.3 million during the three months ended June 30, ~~2021~~2022 as compared to the three months ended June 30, ~~2020~~2021 was primarily due to ~~lower LIBOR rates~~a higher effective interest rate of our portfolio on ~~smaller~~larger invested balances. ~~Our smaller invested balances were driven by the repayments of our revolving credit facilities due to asset sales and repayments greater than asset originations during 2020.~~ The ~~increase~~decrease in dividend income for the three months ended June 30, ~~2021~~2022 as compared to the three months ended June 30, ~~2020~~2021 was primarily ~~due to an increase~~driven by a decrease in cash dividends from our ~~investment~~investments in SLP III, SLP IV and ~~PIK dividends related to new investments.~~NMNLC. Other income during the three months ended June 30, ~~2021,~~2022, which represents fees that are generally non-recurring in nature, was primarily attributable to upfront, consent and amendment fees received from 1721 different portfolio companies.

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Operating Expenses


		Three Months Ended					Three Months Ended
(in thousands)	(in thousands)	June 30, 2021		June 30, 2020		(in thousands)	June 30, 2022		June 30, 2021
Management fee	Management fee	$	13,725	$	13,134	Management fee	$	11,770	$	13,725
Less: management fee waiver	Less: management fee waiver	(3,804)		(3,183)		Less: management fee waiver	(1,142)		(3,804)
Total management fee	Total management fee	9,921		9,951		Total management fee	10,628		9,921
Incentive fee	Incentive fee	7,298		6,896		Incentive fee	7,926		7,298

Interest and other financing expenses	Interest and other financing expenses	17,871		19,229		Interest and other financing expenses	20,672		17,871
Administrative expenses	Administrative expenses	1,029		1,239		Administrative expenses	932		1,029
Professional fees	Professional fees	764		969		Professional fees	817		764
Other general and administrative expenses	Other general and administrative expenses	466		442		Other general and administrative expenses	518		466
Total expenses		37,349		38,726
Less: expenses waived and reimbursed		—		(335)

Net expenses before income taxes	Net expenses before income taxes	37,349		38,391		Net expenses before income taxes	41,493		37,349
Income tax expense (benefit)		22		(7)
Income tax (benefit) expense						Income tax (benefit) expense	(87)		22
Net expenses after income taxes	Net expenses after income taxes	$	37,371	$	38,384	Net expenses after income taxes	$	41,406	$	37,371

Our total net operating expenses ~~decreased~~increased by approximately ~~$1.0~~$3.8 million for the three months ended June 30, ~~2021~~2022 as compared to the three months ended June 30, ~~2020.~~2021. Our management fee increased by approximately $0.7 million, net of a management fee waiver, ~~remained relatively flat~~and our incentive fee increased by approximately $0.6 million for the three months ended June 30, ~~2021~~2022 as compared to the three months ended June 30, ~~2020 due~~2021. The increase in management and incentive fees was attributable to the fee waiver agreement (as defined below) in which the Investment Adviser has agreed to waive base management fees in order to reach a target base management fee of 1.25% on gross assets. Our incentive feehigher invested balances.

Interest and other financing expenses increased by approximately ~~$0.4~~$2.8 million ~~for~~during the three months ended June 30, ~~2021~~2022 as compared to the three months ended June 30, 2020 which was attributable to higher net investment income as compared to 2020 due to the reversal of $2.0 million of previously recorded PIK interest related to our subordinated notes in Permian Holdco 3, Inc., which was deemed to no longer be collectible in 2020.

~~Interest and other financing expenses decreased by approximately $1.4 million during the three months ended June 30,~~ 2021, ~~as compared to the three months ended June 30, 2020,~~ primarily due to ~~lower LIBOR~~larger drawn balances on the Holdings Credit Facility and NMFC Credit Facility, higher interest rates on ~~our floating rate borrowings, lower borrowings on our revolving~~those facilities and ~~lower~~ interest ~~expense on our 2021A~~costs associated with the 2022A Unsecured Notes, issued ~~in the first quarter as compared to our 2016 Unsecured Notes and 5.75% Unsecured Notes, which were repaid with these proceeds in the first quarter of 2021.~~on June 15, 2022. Our total professional fees, administrative expenses and total other general and administrative expenses for the three months ended June 30, ~~2021~~2022 as compared to the three months ended June 30, ~~2020 remained relatively flat.~~2021 increased in line with invested capital.

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

Three Months Ended
(in thousands) June 30, 2021 June 30, 2020
Net realized gains (losses) on investments $ 180 $ (3,756)
Net change in unrealized appreciation (depreciation) of investments 49,808 53,282
Provision for taxes — (377)
Net realized and unrealized gains $ 49,988 $ 49,149


	Three Months Ended
(in thousands)	June 30, 2022		June 30, 2021
Net realized gains on investments	$	16,518	$	180
Net realized gains on foreign currency	40		—
Net change in unrealized (depreciation) appreciation of investments	(32,774)		49,808

Net change in unrealized depreciation on foreign currency	(193)		—
Provision for taxes	(155)		—
Net realized and unrealized (losses) gains	$	(16,564)	$	49,988

Our net realized gains and unrealized losses resulted in a net loss of approximately $16.6 million for the three months ended June 30, 2022 compared to net realized gains and unrealized gains ~~resulted~~resulting in a net gain of approximately $50.0 million for the ~~three months ended June 30, 2021 compared to net realized losses and unrealized gains resulting in a net gain of approximately $49.1 million for the~~ same period in ~~2020.~~2021. As movement in unrealized appreciation or depreciation can be the result of realizations, we look at net realized and unrealized gains or losses together. The net loss for the three months ended June 30, 2022 was primarily driven by realized and unrealized losses in NM CLFX LP, NHME Holdings Corp. and Ansira Holdings, Inc. which was partially offset by unrealized appreciation in Haven Midstream LLC, UniTek and New Permian Holdco, Inc. and a realized gain in NM GLCR LP. The provision for income taxes was attributable to equity investments that are held as of June 30, 2022 in eight of our corporate subsidiaries. The net gain for the three months ended June 30, 2021 was primarily driven by unrealized appreciation on our investments in TVG-Edmentum Ultimate Holdings, LLC ("Edmentum"), NM CLFX LP and NM GLCR LP. The provision for income taxes was attributable to equity investments that are held as of June 30, 2021 in four of our corporate subsidiaries. The net gain for the three months ended June 30, 2020 was primarily driven by the overall increase in market prices of our investments during the period due to the partial recovery of the market from the impact of the COVID-19 pandemic. See Monitoring of Portfolio Investments above for more details regarding the ~~continuing impact of the COVID-19 pandemic on the~~ health of our portfolio companies.

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Results of Operations for the Six Months Ended June 30, ~~2021~~2022 and June 30, ~~2020~~2021

Revenue


		Six Months Ended					Six Months Ended
(in thousands)	(in thousands)	June 30, 2021		June 30, 2020		(in thousands)	June 30, 2022		June 30, 2021
Total interest income	Total interest income	$	94,090	$	112,999	Total interest income	$	98,222	$	94,090
Total dividend income	Total dividend income	32,625		22,709		Total dividend income	32,794		32,625
Other income	Other income	7,554		4,343		Other income	11,057		7,554
Total investment income	Total investment income	$	134,269	$	140,051	Total investment income	$	142,073	$	134,269

Our total investment income ~~decreased~~increased by approximately ~~$5.8~~$7.8 million, or ~~(4)%~~6%, for the six months ended June 30, ~~2021~~2022 as compared to the six months ended June 30, ~~2020.~~2021. For the six months ended June 30, ~~2021,~~2022, total investment income of approximately ~~$134.3~~$142.1 million consisted of approximately ~~$78.2~~$78.9 million in cash interest from investments, approximately ~~$11.4~~$15.8 million in PIK and non-cash interest from investments, ~~approximately $0.9~~$0.4 million in prepayment fees, net amortization of purchase premiums and discounts of approximately ~~$3.6~~$3.1 million, approximately ~~$21.6~~$22.5 million in cash dividends from investments, approximately ~~$11.0~~$10.3 million in PIK and non-cash dividends from investments and approximately ~~$7.6~~$11.1 million in other income. The ~~decrease~~increase in interest income of approximately ~~$18.9~~$4.1 million during the six months ended June 30, ~~2021~~2022 as compared to the six months ended June 30, ~~2020~~2021 was primarily due to ~~lower~~higher LIBOR and SOFR rates on ~~smaller~~larger invested balances. ~~Our smaller invested balances were driven by the repayments of our revolving credit facilities due to asset sales and repayments greater than asset originations during 2020.~~ The ~~increase in~~ dividend income for the six months ended June 30, ~~2021~~2022 as compared to the six months ended June 30, 2020 was primarily due to the an increase in cash dividends from our investment in SLP III and PIK dividends related to new investments. In addition, total dividend income for the six months ended June 30, 2020 included a reversal of $3.4 million of previously recorded PIK dividends related to our preferred shares in Permian Holdco 1, Inc., which was deemed to no longer be collectible.2021 remained relatively flat. Other income during the six months ended June 30, ~~2021,~~2022, which represents fees that are generally non-recurring in nature, was primarily attributable to upfront, consent and amendment fees received from 2932 different portfolio companies.

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Operating Expenses


		Six Months Ended					Six Months Ended
(in thousands)	(in thousands)	June 30, 2021		June 30, 2020		(in thousands)	June 30, 2022		June 30, 2021
Management fee	Management fee	$	27,145	$	26,992	Management fee	$	23,323	$	27,145
Less: management fee waiver	Less: management fee waiver	(7,441)		(6,726)		Less: management fee waiver	(2,234)		(7,441)
Total management fee	Total management fee	19,704		20,266		Total management fee	21,089		19,704
Incentive fee	Incentive fee	14,546		14,722		Incentive fee	15,403		14,546

Interest and other financing expenses	Interest and other financing expenses	37,256		41,423		Interest and other financing expenses	39,309		37,256
Administrative expenses	Administrative expenses	2,158		2,279		Administrative expenses	2,141		2,158
Professional fees	Professional fees	1,490		1,874		Professional fees	1,754		1,490
Other general and administrative expenses	Other general and administrative expenses	908		941		Other general and administrative expenses	995		908
Total expenses	Total expenses	76,062		81,505		Total expenses	80,691		76,062
Less: expenses waived and reimbursed	Less: expenses waived and reimbursed	—		(335)		Less: expenses waived and reimbursed	(238)		—
Net expenses before income taxes	Net expenses before income taxes	76,062		81,170		Net expenses before income taxes	80,453		76,062
Income tax expense	Income tax expense	23		(7)		Income tax expense	8		23
Net expenses after income taxes	Net expenses after income taxes	$	76,085	$	81,163	Net expenses after income taxes	$	80,461	$	76,085

Our total net operating expenses ~~decreased~~increased by approximately ~~$5.1~~$4.4 million for the six months ended June 30, ~~2021~~2022 as compared to the six months ended June 30, ~~2020.~~2021. Our management fee ~~decreased~~increased by approximately ~~$0.6~~$1.4 million, net of a management fee waiver, and our incentive fee ~~decreased~~increased by approximately ~~$0.2~~$0.9 million for the six months ended June 30, ~~2021~~2022 as compared to the six months ended June 30, ~~2020.~~2021. The ~~decrease~~increase in management and incentive fees was attributable to an increase in the management fee waiver as a result of the fee waiver agreement (as defined below) in which the Investment Adviser has agreed to waive base management fees in order to reach a target base management fee of 1.25% on gross assets.higher invested balances.

Interest and other financing expenses ~~decreased~~increased by approximately ~~$4.2~~$2.1 million during the six months ended June 30, ~~2021~~2022 as compared to the six months ended June 30, ~~2020,~~2021, primarily due to ~~lower~~larger drawn balances on the Holdings Credit Facility and NMFC Credit Facility and higher LIBOR rates on our floating rate borrowings, lower borrowings on our revolving facilities and lower interest expense on our 2021A Unsecured Notes issued in the first quarter as compared to our 2016 Unsecured Notes and 5.75% Unsecured Notes, which were repaid with these proceeds in the first quarter of 2021.those facilities. Our total professional fees, administrative expenses and total other general and administrative expenses for the six months ended June 30, ~~2021~~2022 as compared to the six months ended June 30, ~~2020~~2021 remained relatively flat.

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

Six Months Ended
(in thousands) June 30, 2021 June 30, 2020
Net realized losses on investments $ (10,316) $ (3,642)
Net change in unrealized appreciation (depreciation) of investments 83,280 (151,457)
(Provision) benefit for taxes (115) 521
Net realized and unrealized gains (losses) $ 72,849 $ (154,578)


	Six Months Ended
(in thousands)	June 30, 2022		June 30, 2021
Net realized gains (losses) on investments	$	35,690	$	(10,316)
Net realized gains on foreign currency	385		—
Net change in unrealized (depreciation) appreciation of investments	(42,707)		83,280
Net change in unrealized depreciation securities purchased under collateralized agreements to resell	(2,021)		—
Net change in unrealized depreciation on foreign currency	(615)		—
Provision for taxes	(157)		(115)
Net realized and unrealized (losses) gains	$	(9,425)	$	72,849

Our net realized gains and unrealized losses resulted in a net loss of approximately $9.4 million for the six months ended June 30, 2022 compared to net realized losses and unrealized gains ~~resulted~~resulting in a net gain of approximately $72.8 million for the ~~six months ended June 30, 2021 compared to net realized and unrealized losses resulting in a net loss of approximately $154.6 million for the~~ same period in ~~2020.~~2021. As movement in unrealized appreciation or depreciation can be the result of realizations, we look at net realized and unrealized gains or losses together. The net loss for the six months ended June 30, 2022 was primarily driven by unrealized depreciation in NM CLFX LP, NM APP US LLC, NHME Holdings Corp. and Ansira Holdings, Inc. which was partially offset by unrealized appreciation in UniTek, TVG-Edmentum Holdings, LLC, Haven Midstream LLC and New Permian Holdco, Inc. and a realized gain in NM GLCR LP. The provision for income taxes was attributable to equity investments that are held as of June 30, 2022 in eight of our corporate subsidiaries. The net gain for the six months ended June 30, 2021 was primarily driven by unrealized appreciation on our investments in Edmentum, NM CLFX LP and NM GLCR LP. The provision for income taxes was attributable to equity investments that are held as of June 30, 2021 in four of our corporate subsidiaries. The net loss for the six months ended June 30, 2020 was primarily driven by the overall decrease in market prices of our investments during the period due to the impact of the COVID-19 pandemic. See Monitoring of Portfolio Investments above for more details regarding the ~~continuing impact of the COVID-19 pandemic on the~~ health of our portfolio companies.

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

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

Since our IPO, and through June 30, ~~2021,~~2022, we raised approximately ~~$893.2~~$942.7 million in net proceeds from additional offerings of common stock.

Our liquidity is generated and generally available through advances from the revolving credit facilities, from cash flows from operations, and, we expect, through periodic follow-on equity offerings. In addition, we may from time to time enter into additional debt facilities, increase the size of existing facilities or issue additional debt securities, including unsecured debt and/or debt securities convertible into common stock. Any such incurrence or issuance would be subject to prevailing market conditions, our liquidity requirements, contractual and regulatory restrictions and other factors. On June 8, 2018 our shareholders approved the application of the modified asset coverage requirements set forth in Section 61(a) of the 1940 Act, which resulted in the reduction from 200.0% to 150.0% of the minimum asset coverage ratio applicable to us as of June 9, 2018. 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 a result of our exemptive relief received on November 5, 2014, we are permitted to exclude our SBA-guaranteed debentures from the 150.0% asset coverage ratio that the we are required to maintain under the 1940 Act. The agreements governing the NMFC Credit Facility, the Convertible Notes and the Unsecured Notes (as defined below) contain certain covenants and terms, including a requirement that we not exceed a debt-to-equity ratio of 1.65 to 1.00 at the time of incurring additional indebtedness and a requirement that we not exceed a secured debt ratio of 0.70 to 1.00 at any time. As of June 30, ~~2021,~~2022, our asset coverage ratio was ~~183.9%~~178.8%.

At June 30, ~~2021~~2022 and December 31, ~~2020,~~2021, we had cash and cash equivalents of approximately ~~$27.8~~$40.7 million and ~~$79.0~~$58.1 million, respectively. Our cash ~~(used in) provided by~~used in operating activities during the six months ended June 30, ~~2021~~2022 and June 30, ~~2020~~2021 was approximately ~~$(9.3)~~$79.1 million and ~~$283.9~~$9.3 million, respectively. We expect that all current liquidity needs will be met with cash flows from operations and other activities.

On November 3, 2021, we entered into an equity distribution agreement (the “Distribution Agreement”) with B. Riley Securities, Inc. and Raymond James & Associates, Inc. (collectively, the “Agents”). The Distribution Agreement provides that we may issue and sell our shares from time to time through the Agents, up to $250.0 million worth of our common stock by means of at-the-market ("ATM") offerings.

For the three and six months ended June 30, 2022, we sold 1,218,366 shares and 2,730,202 shares, respectively, of common stock under the Distribution Agreement. For the same period, we received total accumulated net proceeds of approximately $16.6 million and $37.1 million, respectively, including $0.1 million and $0.4 million, respectively, of offering expenses from these sales.

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We generally use net proceeds from these ATM offerings to make investments, to pay down liabilities and for general corporate purposes. As of June 30, 2022, shares representing approximately $199.9 million of its common stock remain available for issuance and sale under the Distribution Agreement.

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 June 30, 2022 and December 31, 2021, we had outstanding commitments to third parties to fund investments totaling $280.8 million and $215.4 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 June 30, 2022 and December 31, 2021, we had commitment letters to purchase investments in an aggregate par amount of $62.1 million and $6.8 million, respectively. As of June 30, 2022 and December 31, 2021, we had not entered into any bridge financing commitments which could require funding in the future.

Borrowings

Holdings Credit Facility—On October 24, 2017, we entered into the Third Amended and Restated Loan and Security Agreement among us, as the Collateral Manager, NMF Holdings, as the Borrower, Wells Fargo Securities, LLC, as the Administrative Agent and Wells Fargo Bank, National Association, as the Lender and Collateral Custodian (as amended from time to time, the "Holdings Credit Facility"). As of the most recent amendment on April 20, 2021, the maturity date of the Holdings Credit Facility is April 20, 2026, and the maximum facility amount is the lesser of $800.0 million and the actual commitments of the lenders to make advances as of such date.

As of June 30, ~~2021,~~2022, the maximum amount of revolving borrowings available under the Holdings Credit Facility is $730.0 million. Under the Holdings Credit Facility, NMF Holdings is permitted to borrow up to 25.0%, 45.0%, 67.5% or 70.0% of the purchase price of pledged assets, subject to approval by Wells Fargo Bank, National Association. The Holdings Credit Facility is non-recourse to us and is collateralized by all of the investments of NMF Holdings on an investment by investment basis. All fees associated with the origination, amending or upsizing of the Holdings Credit Facility are capitalized on our Consolidated Statement of Assets and Liabilities and charged against income as other financing expenses over the life of the Holdings Credit Facility. The Holdings Credit Facility contains certain customary affirmative and negative covenants and events of default. In addition, the Holdings Credit Facility requires us to maintain a minimum asset coverage ratio of 150.0%. The covenants are generally not tied to mark to market fluctuations in the prices of NMF Holdings investments, but rather to the performance of the underlying portfolio companies.

As of the most recent amendment on April 20, 2021, the Holdings Credit Facility bears interest at a rate of LIBOR plus 1.60% per annum for Broadly Syndicated Loans (as defined in the Fifth Amendment to the Loan and Security Agreement) and LIBOR plus 2.10% per annum for all other investments. From September 30, 2020 to April 19, 2021, the Holdings Credit Facility bore interest at a rate of LIBOR plus 2.00% per annum for Broadly Syndicated Loans (as defined in the Fourth Amendment Loan and Security Agreement) and LIBOR plus 2.50% per annum for all other investments. Prior to September 30, 2020 the Holdings Credit Facility bore interest at a rate of LIBOR plus 1.75% per annum for Broadly Syndicated Loans (as defined in the Second Amended and Restated Loan and Security Agreement) and LIBOR plus 2.25% per annum for all other investments. The Holdings Credit Facility also charges a non-usage fee, based on the unused facility amount multiplied by the Non-Usage Fee Rate (as defined in the Third Amended and Restated Loan and Security Agreement).

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Three Months Ended Six Months Ended
(in millions) June 30, 2021 June 30, 2020 June 30, 2021 June 30, 2020
Interest expense $ 2.5 $ 3.2 $ 5.2 $ 8.6
Non-usage fee $ 0.3 $ 0.3 $ 0.7 $ 0.5
Amortization of financing costs $ 0.7 $ 0.4 $ 1.2 $ 0.7
Weighted average interest rate 2.1 % 2.4 % 2.3 % 3.0 %
Effective interest rate 3.0 % 2.9 % 3.1 % 3.4 %
Average debt outstanding $ 469.1 $ 535.5 $ 459.7 $ 582.5

As of June 30, ~~2021~~2022 and December 31, ~~2020,~~2021, the outstanding balance on the Holdings Credit Facility was ~~$505.2~~$615.5 million and ~~$450.2~~$545.3 million, respectively, and NMF Holdings was in compliance with the applicable covenants in the Holdings Credit Facility on such dates.

See Item 1.—Financial Statements and Supplementary Data—Note 7. Borrowings in this Quarterly Report on Form 10-Q for additional information on costs incurred on the Holdings Credit Facility for the three and six months ended June 30, 2022 and June 30, 2021.

NMFC Credit Facility—The Amended and Restated Senior Secured Revolving Credit Agreement, (as amended from time to time, and together with the related guarantee and security agreement, the ~~"NMFC Credit Facility"~~"RCA"), dated June 4, 2021, among us, as the Borrower, Goldman Sachs Bank USA, as the Administrative Agent and Collateral Agent, and Goldman Sachs Bank USA, Morgan Stanley Bank, N.A., Stifel Bank & Trust and MUFG Union Bank, N.A., as Lenders (the "NMFC Credit Facility"), is structured as a senior secured revolving credit facility. The NMFC Credit Facility is guaranteed by certain of our domestic subsidiaries and proceeds from the NMFC Credit Facility may be used for general corporate purposes, including the funding of portfolio investments. As of the most recent amendment on June 4, 2021, the maturity date of the NMFC Credit Facility is June 4, 2026.

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As of June 30, ~~2021,~~2022, the maximum amount of revolving borrowings available under the NMFC Credit Facility was ~~$188.5~~$198.5 million. We are permitted to borrow at various advance rates depending on the type of portfolio investment as outlined in the related ~~Senior Secured Revolving Credit Agreement.~~RCA. All fees associated with the origination and amending of the NMFC Credit Facility are capitalized on our Consolidated Statement of Assets and Liabilities and charged against income as other financing expenses over the life of the NMFC Credit Facility. The NMFC Credit Facility contains certain customary affirmative and negative covenants and events of default, including certain financial covenants related to the asset coverage and liquidity and other maintenance covenants.

As of the most recent amendment on June 4, 2021, the NMFC Credit Facility generally bears interest at a rate of LIBOR or SONIA plus 2.10% per annum or the prime rate plus 1.10% per annum, and charges a commitment fee, based on the unused facility amount multiplied by 0.375% per annum (as defined in the ~~Amended and Restated Senior Secured Revolving Credit Agreement)~~RCA). Prior to June 4, 2021, the NMFC Credit Facility bore interest at a rate of LIBOR plus 2.50% per annum or the prime rate plus 1.50% per annum, and charged a commitment fee based on the unused facility amount multiplied by 0.375% per annum (as defined in the ~~Senior Secured Revolving Credit Agreement)~~RCA).

Three Months Ended Six Months Ended
(in millions) June 30, 2021 June 30, 2020 June 30, 2021 June 30, 2020
Interest expense $ 0.9 $ 1.2 $ 1.6 $ 3.1
Non-usage fee $ — (1) $ — (1) $ 0.1 $ — (1)
Amortization of financing costs $ 0.1 $ — (2) $ 0.1 $ 0.1
Weighted average interest rate 2.5 % 3.1 % 2.6 % 3.7 %
Effective interest rate 2.8 % 3.3 % 2.9 % 3.8 %
Average debt outstanding $ 145.9 $ 144.9 $ 125.3 $ 166.7

~~(1)For the three months ended June 30, 2021 and the three and six months ended June 30, 2020, the total non-usage fees were less than $50.0 thousand.~~

~~(2)For the three months ended June 30, 2020, the total amortization of financing costs were less than $50.0 thousand.~~

As of June 30, ~~2021~~2022 and December 31, ~~2020,~~2021, the outstanding balance on the NMFC Credit Facility was ~~$98.0~~$120.9 million and ~~$165.5~~$127.2 million, which included £18.8 million and £16.4 million, respectively, denominated in British Pound Sterling ("GBP") that has been converted to U.S. dollars, and NMFC was in compliance with the applicable covenants in the NMFC Credit Facility on such dates.

See Item 1.—Financial Statements and Supplementary Data—Note 7. Borrowings in this Quarterly Report on Form 10-Q for additional information on costs incurred on the NMFC Credit Facility for the three and six months ended June 30, 2022 and June 30, 2021.

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~~Table~~Unsecured Management Company Revolver—The Uncommitted Revolving Loan Agreement, dated March 30, 2020, by and between us, as the Borrower, and NMF Investments III, L.L.C., as Lender, an affiliate of ~~Contents~~

the Investment Adviser (the "Unsecured Management Company Revolver"), is structured as a discretionary unsecured revolving credit facility. The proceeds from the Unsecured Management Company Revolver may be used for general corporate purposes, including the funding of portfolio investments. As of the most recent amendment on December 17, 2021, the maturity date of the Unsecured Management Company Revolver is December 31, 2024.

As of June 30, ~~2021,~~2022, the maximum amount of revolving borrowings available under the DB Credit Facility was $280.0 million. We are permitted to borrow at various advance rates depending on the type of portfolio investment, as outlined in the ~~Loan Financing and Servicing Agreement.~~LFSA. The DB Credit Facility is non-recourse to us and is collateralized by all of the investments of NMFDB on an investment by investment basis. All fees associated with the origination and amending of the DB Credit Facility are capitalized on our Consolidated Statement of Assets and Liabilities and charged against income as other financing expenses over the life of the DB Credit Facility. The DB Credit Facility contains certain customary affirmative and negative covenants and events of default. The covenants are generally not tied to mark to market fluctuations in the prices of NMFDB investments, but rather to the performance of the underlying portfolio companies.

The advances under the DB Credit Facility accrue interest at a per annum rate equal to the Applicable Margin plus the lender's Cost of Funds Rate. Prior to March 25, 2021, the Applicable Margin was equal to 2.60% during the Revolving Period and then increases by ~~0.02%~~0.20% during an Event of Default. Effective March 25, 2021, the Applicable Margin is equal to 2.35% during the Revolving Period and then increases by 0.20% during an Event of Default. The "Cost of Funds Rate" for a conduit lender is the lower of its commercial paper rate and the Base Rate plus 0.50%, and for any other lender is the Base Rate. The "Base Rate" is the three-months LIBOR Rate but may become an alternative base rate based on Deutsche Bank's base lending rate if certain LIBOR disruption events occur. We are also charged a non-usage fee, based on the unused facility amount multiplied by the Undrawn Fee Rate (as defined in the ~~Loan Financing and Servicing Agreement)~~LFSA) and a facility agent fee of 0.25% per annum on the total facility amount.

~~The following table summarizes the interest expense, non-usage fees and amortization~~

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Table of ~~financing costs incurred on the DB Credit Facility for the three and six months ended June 30, 2021 and June 30, 2020:~~Contents

Three Months Ended Six Months Ended
(in millions) June 30, 2021 June 30, 2020 June 30, 2021 June 30, 2020
Interest expense(1) $ 1.4 $ 2.3 $ 3.1 $ 4.9
Non-usage fee(1) $ 0.1 $ — (2) $ 0.2 $ 0.1
Amortization of financing costs $ 0.2 $ 0.1 $ 0.4 $ 0.3
Weighted average interest rate 2.8 % 3.7 % 2.9 % 4.1 %
Effective interest rate 3.5 % 4.0 % 3.5 % 4.5 %
Average debt outstanding $ 211.0 $ 248.6 $ 214.7 $ 241.8

~~(1)~~Interest expense includes the portion of the facility agent fee applicable to the drawn portion of the DB Credit Facility and non-usage fee includes the portion of the facility agent fee applicable to the undrawn portion of the DB Credit Facility.

~~(2)For the three months ended June 30, 2020, the total non-usage fees were less than $50.0 thousand.~~

As of June 30, ~~2021~~2022 and December 31, ~~2020,~~2021, the outstanding balance on the DB Credit Facility was ~~$223.5~~$189.3 million and ~~$244.0~~$226.3 million, respectively, and NMFDB was in compliance with the applicable covenants in the DB Credit Facility on such date.

~~Unsecured Management Company Revolver~~See Item 1.—~~The Uncommitted Revolving Loan Agreement, (the "Unsecured Management Company Revolver"), dated March 30, 2020, by~~Financial Statements and ~~between us, as~~Supplementary Data—Note 7. Borrowings in this Quarterly Report on Form 10-Q for additional information on costs incurred on the Borrower, and NMF Investments III, L.L.C., as Lender, an affiliate of the Investment Adviser, is structured as a discretionary unsecured revolving credit facility. The proceeds from the Unsecured Management Company Revolver may be usedDB Credit Facility for general corporate purposes, including the funding of portfolio investments. The maturity date of the Unsecured Management Company Revolver is December 31, 2022. The Unsecured Management Company Revolver generally bears interest at a rate of 7.00% per annum (as defined in the Uncommitted Revolving Loan Agreement). On May 4, 2020, we entered into an Amended and Restated Uncommitted Revolving Loan Agreement with NMF Investments III, L.L.C., which increased the maximum amounts of revolving borrowings available thereunder from $30.0 million to $50.0 million. As of June 30, 2021, the maximum amount of revolving borrowings available under the Unsecured Management Company Revolver was $50.0 million and no borrowings were outstanding. For the three and six months ended June 30, ~~2021~~2022 and June 30, ~~2020, amortization of financing costs were each less than $50.0 thousand, respectively.~~2021.

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NMNLC Credit ~~Facilities~~Facility II—The ~~Revolving~~ Credit Agreement (together with the related guarantee and security agreement, the “NMNLC Credit Facility”), dated September 21, 2018, by and between NMNLC, as the Borrower, and KeyBank National Association, as the Administrative Agent and Lender, was structured as a senior secured revolving credit facility and matured on September 23, 2020. The NMNLC Credit Facility was guaranteed by us and proceeds from the NMNLC Credit Facility were able to be used for funding of additional acquisition properties.

~~The Credit Agreement (together with the related guarantee and security agreement, "the NMNLC Credit Facility II"~~"NMNLC CA"), dated February 26, 2021, by and between NMNLC, as the Borrower, and City National Bank, as the Lender (the "NMNLC Credit Facility II"), is structured as a senior secured revolving credit ~~facility and~~facility. As of the most recent amendment on March 16, 2022, the NMNLC CA matures on February 25, ~~2022.~~2023. The NMNLC Credit Facility II is guaranteed by us and proceeds from the NMNLC Credit Facility II are able to be used for funding of additional acquisition properties. As of June 30, ~~2021,~~2022, the maximum amount of revolving borrowings available under the NMNLC Credit Facility II is $10.0 million.

~~The~~Prior to the amendment on December 7, 2021, the NMNLC Credit Facility II bore interest at a rate of LIBOR plus 2.75% per annum, and charged a commitment fee, based on the unused facility amount multiplied by 0.05% per annum (as defined in the NMNLC CA). As of December 7, 2021, the NMNLC Credit Facility II bears interest at a rate of ~~LIBOR~~SOFR plus 2.75% per annum with a 0.35% floor, and charges a commitment fee, based on the unused facility amount multiplied by 0.05% per annum (as defined in the NMNLC CA). Prior to the amendment on March 16, 2022, the maximum amount of revolving borrowings available under the NMNLC Credit ~~Agreement). For~~Facility II was $20.0 million. As of the ~~three~~March 16, 2022 amendment and ~~six months ended June 30, 2021, interest expense, non-usage fees and amortization~~effective May 1, 2022, the maximum amount of ~~financing costs were each less than $50.0 thousand.~~revolving borrowings available under the NMNLC Credit Facility II was $10.0 million. As of June 30, 2022 and December 31, 2021, the outstanding balance on the NMNLC Credit Facility II was $0$2.9 million and $15.2 million, respectively, and NMNLC was in compliance with the applicable covenants in the NMNLC Credit Facility II on such date.

See Item 1.—Financial Statements and Supplementary Data—Note 7. Borrowings in this Quarterly Report on Form 10-Q for additional information on costs incurred on the NMNLC Credit Facility II for the three and six months ended June 30, 2022 and June 30, 2021.

Convertible Notes—On August 20, 2018, we closed a registered public offering of $100.0 million aggregate principal amount of unsecured convertible notes ~~( the~~(the "Convertible Notes"), pursuant to an indenture, dated August 20, 2018, as supplemented by a first supplemental indenture thereto, dated August 20, 2018 (together the “2018A Indenture”). On August 30, 2018, in connection with the registered public offering, we issued an additional $15.0 million aggregate principal amount of the Convertible Notes pursuant to the exercise of an overallotment option by the underwriter of the Convertible Notes. On June 7, 2019, we closed a registered public offering of an additional $86.3 million aggregate principal amount of the Convertible Notes. These additional Convertible Notes constitute a further issuance of, rank equally in right of payment with, and form a single series with the $115.0 million aggregate principal amount of Convertible Notes that we issued in August 2018.

The Convertible Notes bear interest at an annual rate of 5.75%, payable semi-annually in arrears on February 15 and August 15 of each year. The Convertible Notes will mature on August 15, 2023 unless earlier converted, repurchased or redeemed pursuant to the terms of the 2018A Indenture. We may not redeem the Convertible Notes prior to May 15, 2023. On or after May 15, 2023, we may redeem the Convertible Notes for cash, in whole or from time to time in part, at our option at a redemption price, subject to an exception for redemption dates occurring after a record date but on or prior to the interest payment date, equal to the sum of (i) 100% of the principal amount of the Convertible Notes to be redeemed, (ii) accrued and unpaid interest thereon to, but excluding, the redemption date and (iii) a make-whole premium.

No sinking fund is provided for the Convertible Notes. Holders of Convertible Notes may, at their option, convert their Convertible Notes into shares of our common stock at any time on or prior to the close of business on the business day immediately preceding the maturity date of the Convertible Notes. In addition, if certain corporate events occur, holders of the Convertible Notes may require us to repurchase for cash all or part of their Convertible Notes at a repurchase price equal to 100.0% of the principal amount of the Convertible Notes to be repurchased, plus accrued and unpaid interest through, but excluding, the repurchase date.

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The following table summarizes certain key terms related to the convertible features of our Convertible Notes as of June 30, ~~2021:~~2022:


	Convertible Notes
Initial conversion premium	10.0		%
Initial conversion rate(1)	65.8762
Initial conversion price	$	15.18
Conversion premium at June 30, ~~2021~~2022	10.0		%
Conversion rate at June 30, ~~2021(1)~~2022(1)(2)	65.8762
Conversion price at June 30, ~~2021(2)~~2022(2)(3)	$	15.18
Last conversion price calculation date	August 20, ~~2020~~2021

(1)Conversion rates denominated in shares of common stock per $1.0 thousand principal amount of ~~the~~our Convertible Notes converted.

(2)Represents conversion rate and conversion price, as applicable, taking into account certain de minimis adjustments that will be made on the conversion date.

The conversion rate will be subject to adjustment upon certain events, such as stock splits and combinations, mergers, spin-offs, increases in dividends in excess of $0.34 per share per quarter and certain changes in control. Certain of these adjustments, including adjustments for increases in dividends, are subject to a conversion price floor of $13.80 per share. In no event will the total number of shares of common stock issuable upon conversion exceed 72.4637 per $1 principal amount. We have determined that the embedded conversion option in the Convertible Notes is not required to be separately accounted for as a derivative under GAAP.

The Convertible Notes are unsecured obligations and rank senior in right of payment to our existing and future indebtedness, if any, that is expressly subordinated in right of payment to the Convertible Notes; equal in right of payment to our existing and future unsecured indebtedness that is not so subordinated; effectively junior in right of payment to any of our secured indebtedness (including existing unsecured indebtedness that we later secure) to the extent of the value of the assets securing such indebtedness; and structurally junior to all existing and future indebtedness (including trade payables) incurred by our subsidiaries and financing vehicles. As reflected in Item 1. - Financial Statements - Note 11. Earnings Per Share, the issuance is considered part of the if-converted method for calculation of diluted earnings per share.

Three Months Ended Six Months Ended
(in millions) June 30, 2021 June 30, 2020 June 30, 2021 June 30, 2020
Interest expense $ 2.9 $ 2.9 $ 5.8 $ 5.8
Amortization of financing costs $ 0.1 $ 0.1 $ 0.2 $ 0.2
Amortization of premium $ (0.1) $ — (1) $ (0.1) $ (0.1)
Weighted average interest rate 5.8 % 5.8 % 5.8 % 5.8 %
Effective interest rate 5.9 % 5.9 % 5.9 % 5.9 %
Average debt outstanding $ 201.3 $ 201.3 $ 201.3 $ 201.3

~~(1)For the three months ended June 30, 2020, the amortization of premium was less than $50.0 thousand.~~

As of June 30, ~~2021~~2022 and December 31, ~~2020,~~2021, the outstanding balance on the Convertible Notes was $201.2 million and $201.2 million, respectively, and NMFC was in compliance with the terms of the 2018A Indenture on such date.

See Item 1.—Financial Statements and Supplementary Data—Note 7. Borrowings in this Quarterly Report on Form 10-Q for additional information on costs incurred on the Convertible Notes for the three and six months ended June 30, 2022 and June 30, 2021.

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Off-Balance Sheet Arrangements

Borrowings

As of June 30, 2022, the maximum amount of revolving borrowings available under the Holdings Credit Facility is $730.0 million. Under the Holdings Credit Facility, NMF Holdings is permitted to borrow up to 25.0%, 45.0%, 67.5% or 70.0% of the purchase price of pledged assets, subject to approval by Wells Fargo Bank, National Association. The Holdings Credit Facility is non-recourse to us and is collateralized by all of the investments of NMF Holdings on an investment by investment basis. All fees associated with the origination, amending or upsizing of the Holdings Credit Facility are capitalized on our Consolidated Statement of Assets and Liabilities and charged against income as other financing expenses over the life of the Holdings Credit Facility. The Holdings Credit Facility contains certain customary affirmative and negative covenants and events of default. In addition, the Holdings Credit Facility requires us to maintain a minimum asset coverage ratio of 150.0%. The covenants are generally not tied to mark to market fluctuations in the prices of NMF Holdings investments, but rather to the performance of the underlying portfolio companies.

As of the most recent amendment on April 20, 2021, the Holdings Credit Facility bears interest at a rate of LIBOR plus 1.60% per annum for Broadly Syndicated Loans (as defined in the Fifth Amendment to the Loan and Security Agreement) and LIBOR plus 2.10% per annum for all other investments. From September 30, 2020 to April 19, 2021, the Holdings Credit Facility bore interest at a rate of LIBOR plus 2.00% per annum for Broadly Syndicated Loans (as defined in the Fourth Amendment Loan and Security Agreement) and LIBOR plus 2.50% per annum for all other investments. The Holdings Credit Facility also charges a non-usage fee, based on the unused facility amount multiplied by the Non-Usage Fee Rate (as defined in the Third Amended and Restated Loan and Security Agreement).

As of June 30, 2022 and December 31, 2021, the outstanding balance on the Holdings Credit Facility was $615.5 million and $545.3 million, respectively, and NMF Holdings was in compliance with the applicable covenants in the Holdings Credit Facility on such dates.

NMFC Credit Facility—The Amended and Restated Senior Secured Revolving Credit Agreement, (as amended from time to time, and together with the related guarantee and security agreement, the "RCA"), dated June 4, 2021, among us, as the Borrower, Goldman Sachs Bank USA, as the Administrative Agent and Collateral Agent, and Goldman Sachs Bank USA, Morgan Stanley Bank, N.A., Stifel Bank & Trust and MUFG Union Bank, N.A., as Lenders (the "NMFC Credit Facility"), is structured as a senior secured revolving credit facility. The NMFC Credit Facility is guaranteed by certain of our domestic subsidiaries and proceeds from the NMFC Credit Facility may be used for general corporate purposes, including the funding of portfolio investments. As of the most recent amendment on June 4, 2021, the maturity date of the NMFC Credit Facility is June 4, 2026.

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As of June 30, 2022, the maximum amount of revolving borrowings available under the NMFC Credit Facility was $198.5 million. We are permitted to borrow at various advance rates depending on the type of portfolio investment as outlined in the related RCA. All fees associated with the origination and amending of the NMFC Credit Facility are capitalized on our Consolidated Statement of Assets and Liabilities and charged against income as other financing expenses over the life of the NMFC Credit Facility. The NMFC Credit Facility contains certain customary affirmative and negative covenants and events of default, including certain financial covenants related to the asset coverage and liquidity and other maintenance covenants.

As of the most recent amendment on June 4, 2021, the NMFC Credit Facility generally bears interest at a rate of LIBOR or SONIA plus 2.10% per annum or the prime rate plus 1.10% per annum, and charges a commitment fee, based on the unused facility amount multiplied by 0.375% per annum (as defined in the RCA). Prior to June 4, 2021, the NMFC Credit Facility bore interest at a rate of LIBOR plus 2.50% per annum or the prime rate plus 1.50% per annum, and charged a commitment fee based on the unused facility amount multiplied by 0.375% per annum (as defined in the RCA).

As of June 30, 2022 and December 31, 2021, the outstanding balance on the NMFC Credit Facility was $120.9 million and $127.2 million, which included £18.8 million and £16.4 million, respectively, denominated in British Pound Sterling ("GBP") that has been converted to U.S. dollars, and NMFC was in compliance with the applicable covenants in the NMFC Credit Facility on such dates.

Unsecured ~~Notes~~Management Company Revolver—The Uncommitted Revolving Loan Agreement, dated March 30, 2020, by and between us, as the Borrower, and NMF Investments III, L.L.C., as Lender, an affiliate of the Investment Adviser (the "Unsecured Management Company Revolver"), is structured as a discretionary unsecured revolving credit facility. The proceeds from the Unsecured Management Company Revolver may be used for general corporate purposes, including the funding of portfolio investments. As of the most recent amendment on December 17, 2021, the maturity date of the Unsecured Management Company Revolver is December 31, 2024.

As of the most recent amendment on December 17, 2021, the Unsecured Management Company Revolver bears interest at a rate of 4.00% per annum. Prior to December 17, 2021, the Unsecured Management Company Revolver bore interest at a rate of 7.00% per annum (as defined in the Uncommitted Revolving Loan Agreement). On May ~~6, 2016, we issued $50.0 million in aggregate principal amount of our 2016 Unsecured Notes (the “2016 Unsecured Notes”), pursuant to a note purchase agreement, dated May~~ 4, ~~2016, to an institutional investor in a private placement. On September 30, 2016,~~2020, we entered into an ~~amended~~Amended and ~~restated note purchase agreement (the "NPA") and issued an additional $40.0~~Restated Uncommitted Revolving Loan Agreement with NMF Investments III, L.L.C., which increased the maximum amounts of revolving borrowings available thereunder from $30.0 million ~~in aggregate principal~~to $50.0 million. As of June 30, 2022, the maximum amount of ~~2016~~revolving borrowings available under the Unsecured ~~Notes~~Management Company Revolver was $50.0 million and no borrowings were outstanding. For the three and six months ended June 30, 2022 and June 30, 2021, amortization of financing costs were each less than $50.0 thousand, respectively.

DB Credit Facility—The Loan Financing and Servicing Agreement (the "LFSA") dated December 14, 2018 and as amended from time to ~~institutional investors in~~time, among NMFDB as the borrower, Deutsche Bank AG, New York Branch ("Deutsche Bank") as the facility agent, Lender and other agent from time to time party thereto and U.S. Bank National Association, as collateral agent and collateral custodian (the "DB Credit Facility"), is structured as a ~~private placement. On February 16, 2021, we repaid all $90.0 million in aggregate principal~~secured revolving credit facility and matures on March 25, 2026.

As of June 30, 2022, the maximum amount of revolving borrowings available under the ~~issued~~DB Credit Facility was $280.0 million. We are permitted to borrow at various advance rates depending on the type of portfolio investment, as outlined in the LFSA. The DB Credit Facility is non-recourse to us and outstanding 2016 Unsecured Notes. On June 30, 2017, we issued $55.0 million in aggregate principal amount of five-year unsecured notes that mature on July 15, 2022 (the "2017A Unsecured Notes"), pursuant to the NPA and a supplement to the NPA. On January 30, 2018, we issued $90.0 million in aggregate principal amount of five year unsecured notes that mature on January 30, 2023 (the "2018A Unsecured Notes") pursuant to the NPA and a second supplement to the NPA. On July 5, 2018, we issued $50.0 million in aggregate principal amount of five year unsecured notes that mature on June 28, 2023 (the "2018B Unsecured Notes") pursuant to the NPA and a third supplement to the NPA (the "Third Supplement"). On April 30, 2019, we issued $116.5 million in aggregate principal amount of five year unsecured notes that mature on April 30, 2024 (the "2019A Unsecured Notes") pursuant to the NPA and a fourth supplement to the NPA. On January 29, 2021, we issued $200.0 million in aggregate principal amount of five year unsecured notes that mature on January 29, 2026 (the "2021A Unsecured Notes") pursuant to the NPA and a fifth supplement to the NPA. The NPA provides for future issuances of unsecured notes in separate series or tranches.

~~On February 5, 2021, we caused notices to be issued to holders of our 2016 Unsecured Notes regarding the exercise of our option to prepay~~is collateralized by all of ~~our $90.0 million in aggregate principal amount~~the investments of ~~issued and outstanding 2016 Unsecured Notes, which was prepaid~~NMFDB on ~~February 16, 2021.~~

The 2016 Unsecured Notes bore interest at an annual rate of 5.313%, payable semi-annually on May 15 and November 15 of each year. The 2017A Unsecured Notes bear interest at an annual rate of 4.760%, payable semi-annually on January 15 and July 15 of each year. The 2018A Unsecured Notes bear interest at an annual rate of 4.870%, payable semi-annually on February 15 and August 15 of each year. The 2018B Unsecured Notes bear interest at an annual rate of 5.360%, payable semi-annually on January 15 and July 15 of each year. The 2019A Unsecured Notes bear interest at an annual rate of 5.494%, payable semi-annually on April 15 and October 15 of each year. The 2021A Unsecured Notes bear interest at an annual rate of 3.875%, payable semi-annually in arrears on January 29 and July 29 of each year, commencing on July 29, 2021. These interest rates are subject to increase in the event that: (i) subject to certain exceptions, the underlying unsecured notes or we cease to have an investment ~~grade rating or (ii)~~by investment basis. All fees associated with the ~~aggregate amount of our unsecured debt falls below $150.0 million. In each such event, we have the option to offer to prepay the underlying unsecured notes at par, in which case holders~~origination and amending of the ~~underlying unsecured notes who accept~~DB Credit Facility are capitalized on our Consolidated Statement of Assets and Liabilities and charged against income as other financing expenses over the offer would not receive the increased interest rate. In addition, we are obligated to offer to prepay the underlying unsecured notes at par if the Investment Adviser, or an affiliate thereof, ceases to be our investment adviser or if certain change in control events occur with respect to the Investment Adviser.

~~The NPA contains customary terms and conditions for unsecured notes issued, including, without limitation, an option to offer to prepay all or a portion~~life of the ~~unsecured notes under its governance at par (plus a make-whole amount if applicable),~~DB Credit Facility. The DB Credit Facility contains certain customary affirmative and negative covenants and events of default. The covenants are generally not tied to mark to market fluctuations in the prices of NMFDB investments, but rather to the performance of the underlying portfolio companies.

The advances under the DB Credit Facility accrue interest at a per annum rate equal to the Applicable Margin plus the lender's Cost of Funds Rate. Prior to March 25, 2021, the Applicable Margin was equal to 2.60% during the Revolving Period and then increases by 0.20% during an Event of Default. Effective March 25, 2021, the Applicable Margin is equal to 2.35% during the Revolving Period and then increases by 0.20% during an Event of Default. The "Cost of Funds Rate" for a conduit lender is the lower of its commercial paper rate and the Base Rate plus 0.50%, and for any other lender is the Base Rate. The "Base Rate" is the three-months LIBOR Rate but may become an alternative base rate based on Deutsche Bank's base lending rate if certain LIBOR disruption events occur. We are also charged a non-usage fee, based on the unused facility amount multiplied by the Undrawn Fee Rate (as defined in the LFSA) and a facility agent fee of 0.25% per annum on the total facility amount.

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As of June 30, 2022 and December 31, 2021, the outstanding balance on the DB Credit Facility was $189.3 million and $226.3 million, respectively, and NMFDB was in compliance with the applicable covenants in the DB Credit Facility on such date.

See Item 1.—Financial Statements and Supplementary Data—Note 7. Borrowings in this Quarterly Report on Form 10-Q for additional information on costs incurred on the DB Credit Facility for the three and six months ended June 30, 2022 and June 30, 2021.

NMNLC Credit Facility II—The Credit Agreement (together with the related guarantee and security agreement, the "NMNLC CA"), dated February 26, 2021, by and between NMNLC, as ~~information reporting, maintenance of our status~~the Borrower, and City National Bank, as the Lender (the "NMNLC Credit Facility II"), is structured as a ~~BDC~~senior secured revolving credit facility. As of the most recent amendment on March 16, 2022, the NMNLC CA matures on February 25, 2023. The NMNLC Credit Facility II is guaranteed by us and proceeds from the NMNLC Credit Facility II are able to be used for funding of additional acquisition properties. As of June 30, 2022, the maximum amount of revolving borrowings available under the ~~1940 Act~~NMNLC Credit Facility II is $10.0 million.

Prior to the amendment on December 7, 2021, the NMNLC Credit Facility II bore interest at a rate of LIBOR plus 2.75% per annum, and charged a ~~RIC~~commitment fee, based on the unused facility amount multiplied by 0.05% per annum (as defined in the NMNLC CA). As of December 7, 2021, the NMNLC Credit Facility II bears interest at a rate of SOFR plus 2.75% per annum with a 0.35% floor, and charges a commitment fee, based on the unused facility amount multiplied by 0.05% per annum (as defined in the NMNLC CA). Prior to the amendment on March 16, 2022, the maximum amount of revolving borrowings available under the ~~Code, minimum stockholders’ equity, minimum asset coverage ratio,~~NMNLC Credit Facility II was $20.0 million. As of the March 16, 2022 amendment and ~~prohibitions~~effective May 1, 2022, the maximum amount of revolving borrowings available under the NMNLC Credit Facility II was $10.0 million. As of June 30, 2022 and December 31, 2021, the outstanding balance on ~~certain fundamental changes at NMFC or any subsidiary guarantor, as well as customary events of default~~the NMNLC Credit Facility II was $2.9 million and $15.2 million, respectively, and NMNLC was in compliance with ~~customary cure~~the applicable covenants in the NMNLC Credit Facility II on such date.

See Item 1.—Financial Statements and ~~notice, including, without limitation, nonpayment, misrepresentation~~Supplementary Data—Note 7. Borrowings in ~~a material respect, breach of covenant, cross-default under other indebtedness of NMFC or certain significant subsidiaries, certain judgments~~this Quarterly Report on Form 10-Q for additional information on costs incurred on the NMNLC Credit Facility II for the three and ~~orders,~~six months ended June 30, 2022 and ~~certain events of bankruptcy. The Third Supplement includes additional financial covenants related to asset coverage as well as other terms.~~June 30, 2021.

Convertible Notes—On ~~September 25,~~August 20, 2018, we closed a registered public offering of ~~$50.0~~$100.0 million in aggregate principal amount of ~~our 5.75% Unsecured Notes that mature on October 1, 2023~~unsecured convertible notes (the "5.75% Unsecured Notes", together with the 2016 Unsecured Notes, 2017A Unsecured Notes, 2018A Unsecured Notes, 2018B Unsecured Notes, 2019A Unsecured Notes and the 2021A Unsecured Notes, the "Unsecured"Convertible Notes"), pursuant to an indenture, dated August 20, 2018, as supplemented by a ~~second~~first supplemental indenture thereto, dated ~~September 25,~~August 20, 2018 (together the ~~"2018B Indenture"~~“2018A Indenture”). On ~~October 17,~~August 30, 2018, in connection with the registered public offering, we issued an additional ~~$1.8~~$15.0 million aggregate principal amount of the ~~5.75% Unsecured~~Convertible Notes pursuant to the exercise of an overallotment option by the ~~underwriters~~underwriter of the ~~5.75% Unsecured~~Convertible Notes.

On ~~March 8, 2021,~~June 7, 2019, we ~~redeemed $51.8~~closed a registered public offering of an additional $86.3 million in aggregate principal amount of the ~~5.75% Unsecured~~Convertible Notes. These additional Convertible Notes atconstitute a ~~redemption price~~further issuance of, ~~100% plus accrued~~rank equally in right of payment with, and ~~unpaid interest.~~form a single series with the $115.0 million aggregate principal amount of Convertible Notes that we issued in August 2018.

The ~~5.75% Unsecured~~Convertible Notes ~~bore~~bear interest at an annual rate of 5.75%, payable ~~quarterly~~semi-annually in arrears on ~~January 1, April 1, July 1~~February 15 and ~~October 1~~August 15 of each year. The ~~5.75% Unsecured~~Convertible Notes ~~were listed~~will mature on August 15, 2023 unless earlier converted, repurchased or redeemed pursuant to the terms of the 2018A Indenture. We may not redeem the Convertible Notes prior to May 15, 2023. On or after May 15, 2023, we may redeem the Convertible Notes for cash, in whole or from time to time in part, at our option at a redemption price, subject to an exception for redemption dates occurring after a record date but on or prior to the interest payment date, equal to the sum of (i) 100% of the principal amount of the Convertible Notes to be redeemed, (ii) accrued and unpaid interest thereon to, but excluding, the redemption date and (iii) a make-whole premium.

No sinking fund is provided for the Convertible Notes. Holders of Convertible Notes may, at their option, convert their Convertible Notes into shares of our common stock at any time on or prior to the close of business on the ~~New York Stock~~business day immediately preceding the maturity date of the Convertible Notes. In addition, if certain corporate events occur, holders of the Convertible Notes may require us to repurchase for cash all or part of their Convertible Notes at a repurchase price equal to 100.0% of the principal amount of the Convertible Notes to be repurchased, plus accrued and unpaid interest through, but excluding, the repurchase date.

The 2018A Indenture contains certain covenants, including covenants requiring us to provide certain financial information to the holders of the Convertible Notes and the trustee if we cease to be subject to the reporting requirements of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). The 2018A Indenture also includes additional financial covenants related to our asset coverage ratio. These covenants are subject to limitations and ~~traded under~~exceptions that are described in the trading symbol “NMFX” until September 13, 2020. On September 14, 2020, the 5.75% Unsecured Notes began trading on the NASDAQ Global Select Market (the "NASDAQ") under the ticker symbol "NMFCL", until redeemed on March 8, 2021.2018A Indenture.

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The ~~Unsecured~~following table summarizes certain key terms related to the convertible features of our Convertible Notes as of June 30, 2022:


	Convertible Notes
Initial conversion premium	10.0		%
Initial conversion rate(1)	65.8762
Initial conversion price	$	15.18
Conversion premium at June 30, 2022	10.0		%
Conversion rate at June 30, 2022(1)(2)	65.8762
Conversion price at June 30, 2022(2)(3)	$	15.18
Last conversion price calculation date	August 20, 2021

(1)Conversion rates denominated in shares of common stock per $1.0 thousand principal amount of our Convertible Notes converted.

(2)Represents conversion rate and conversion price, as applicable, taking into account certain de minimis adjustments that will be made on the conversion date.

(3)The conversion price in effect at June 30, 2022 was calculated on the last anniversary of the issuance and will be calculated again on the next anniversary, unless the exercise price shall have changed by more than 1.0% before the anniversary.

The conversion rate will be subject to adjustment upon certain events, such as stock splits and combinations, mergers, spin-offs, increases in dividends in excess of $0.34 per share per quarter and certain changes in control. Certain of these adjustments, including adjustments for increases in dividends, are subject to a conversion price floor of $13.80 per share. In no event will the total number of shares of common stock issuable upon conversion exceed 72.4637 per $1 principal amount. We have determined that the embedded conversion option in the Convertible Notes is not required to be separately accounted for as a derivative under GAAP.

The Convertible Notes are unsecured obligations and rank senior in right of payment to our existing and future indebtedness, if any, that is expressly subordinated in right of payment to the ~~Unsecured~~Convertible Notes; equal in right of payment to our existing and future unsecured indebtedness that is not so subordinated; effectively junior in right of payment to any of our secured indebtedness (including existing unsecured indebtedness that we later secure) to the extent of the value of the assets securing such indebtedness; and structurally junior to all existing and future indebtedness (including trade payables) incurred by our subsidiaries and financing vehicles. As reflected in Item 1. - Financial Statements - Note 11. Earnings Per Share, the issuance is considered part of the if-converted method for calculation of diluted earnings per share.

~~The following table summarizes~~As of June 30, 2022 and December 31, 2021, the ~~interest expense~~outstanding balance on the Convertible Notes was $201.2 million and ~~amortization~~$201.2 million, respectively, and NMFC was in compliance with the terms of ~~financing~~the 2018A Indenture on such date.

See Item 1.—Financial Statements and Supplementary Data—Note 7. Borrowings in this Quarterly Report on Form 10-Q for additional information on costs incurred on the ~~Unsecured~~Convertible Notes for the three and six months ended June 30, ~~2021~~2022 and June 30, ~~2020:~~2021.

Three Months Ended Six Months Ended
(in millions) June 30, 2021 June 30, 2020 June 30, 2021 June 30, 2020
Interest expense $ 6.0 $ 5.9 $ 12.5 $ 11.9
Amortization of financing costs $ 0.2 $ 0.3 $ 1.5 $ 0.6
Weighted average interest rate 4.7 % 5.3 % 4.8 % 5.3 %
Effective interest rate 4.8 % 5.6 % 5.3 % 5.6 %
Average debt outstanding $ 511.5 $ 453.3 $ 521.8 $ 453.3

As of June 30, 2021 and December 31, 2020, the outstanding balance on the Unsecured Notes was $511.5 million and $453.3 million, respectively, and we were in compliance with the terms of the NPA and the 2018B Indenture as of such dates, as applicable.

~~SBA-guaranteed debentures—On August 1, 2014 and August 25, 2017, respectively, SBIC I and SBIC II received SBIC licenses from the SBA to operate as SBICs.~~

The SBIC license allows SBICs to obtain leverage by issuing SBA-guaranteed debentures, subject to the issuance of a capital commitment by the SBA and other customary procedures. SBA-guaranteed debentures are non-recourse to us, interest only debentures with interest payable semi-annually and have a ten year maturity. The principal amount of SBA-guaranteed debentures is not required to be paid prior to maturity but may be prepaid at any time without penalty. The interest rate of SBA-guaranteed debentures is fixed on a semi-annual basis at a market-driven spread over U.S. Treasury Notes with ten year maturities. The SBA, as a creditor, will have a superior claim to the assets of SBIC I and SBIC II over our stockholders in the event SBIC I and SBIC II are liquidated or the SBA exercises remedies upon an event of default.

The maximum amount of borrowings available under current SBA regulations for a single licensee is $150.0 million as long as the licensee has at least $75.0 million in regulatory capital, receives a capital commitment from the SBA and has been through an examination by the SBA subsequent to licensing. In June 2018, legislation amended the 1958 Act by increasing the individual leverage limit from $150.0 million to $175.0 million, subject to SBA approvals.

As of June 30, 2021 and December 31, 2020, SBIC I had regulatory capital of $75.0 million and $75.0 million, respectively, and SBA-guaranteed debentures outstanding of $150.0 million and $150.0 million, respectively. As of June 30, 2021 and December 31, 2020, SBIC II had regulatory capital of $75.0 million and $75.0 million, respectively, and $150.0 million and $150.0 million, respectively, of SBA-guaranteed debentures outstanding. The SBA-guaranteed debentures incur upfront fees of 3.435%, which consists of a 1.00% commitment fee and a 2.435% issuance discount, which are amortized over the life of the SBA-guaranteed debentures.

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~~The following table summarizes our SBA-guaranteed debentures as of June 30, 2021:~~

(in millions)
Issuance Date Maturity Date Debenture Amount Interest Rate SBA Annual Charge
Fixed SBA-guaranteed debentures(1):
March 25, 2015 March 1, 2025 $ 37.5 2.517 % 0.355 %
September 23, 2015 September 1, 2025 37.5 2.829 % 0.355 %
September 23, 2015 September 1, 2025 28.8 2.829 % 0.742 %
March 23, 2016 March 1, 2026 13.9 2.507 % 0.742 %
September 21, 2016 September 1, 2026 4.0 2.051 % 0.742 %
September 20, 2017 September 1, 2027 13.0 2.518 % 0.742 %
March 21, 2018 March 1, 2028 15.3 3.187 % 0.742 %
Fixed SBA-guaranteed debentures(2):
September 19, 2018 September 1, 2028 15.0 3.548 % 0.222 %
September 25, 2019 September 1, 2029 19.0 2.283 % 0.222 %
March 25, 2020 March 1, 2030 41.0 2.078 % 0.222 %
March 25, 2020 March 1, 2030 24.0 2.078 % 0.275 %
September 23, 2020 September 1, 2030 51.0 1.034 % 0.275 %
Total SBA-guaranteed debentures $ 300.0

~~(1)SBA-guaranteed debentures are held in SBIC I.~~

~~(2)SBA-guaranteed debentures are held in SBIC II.~~

~~The following table summarizes the interest expense and amortization of financing costs incurred on the SBA-guaranteed debentures for the three and six months ended June 30, 2021 and June 30, 2020:~~

Three Months Ended Six Months Ended
(in millions) June 30, 2021 June 30, 2020 June 30, 2021 June 30, 2020
Interest expense $ 2.0 $ 2.1 $ 4.0 $ 3.9
Amortization of financing costs $ 0.3 $ 0.3 $ 0.5 $ 0.5
Weighted average interest rate 2.7 % 2.8 % 2.7 % 2.9 %
Effective interest rate 3.0 % 3.1 % 3.0 % 3.2 %
Average debt outstanding $ 300.0 $ 300.0 $ 300.0 $ 271.5

The SBIC program is designed to stimulate the flow of private investor capital into eligible smaller businesses, as defined by the SBA. Under SBA regulations, SBICs are subject to regulatory requirements, including making investments in SBA-eligible businesses, investing at least 25.0% of its investment capital in eligible smaller businesses, as defined under the 1958 Act, placing certain limitations on the financing terms of investments, regulating the types of financing, prohibiting investments in small businesses with certain characteristics or in certain industries and requiring capitalization thresholds that limit distributions to us. SBICs are subject to an annual periodic examination by an SBA examiner to determine the SBIC's compliance with the relevant SBA regulations and an annual financial audit of its financial statements that are prepared on a basis of accounting other than GAAP (such as ASC 820) by an independent auditor. As of June 30, 2021 and December 31, 2020, SBIC I and SBIC II were in compliance with SBA regulatory requirements.

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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 June 30, ~~2021~~2022 and December 31, ~~2020,~~2021, we had outstanding commitments to third parties to fund investments totaling ~~$106.1~~$280.8 million and ~~$73.1~~$215.4 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 June 30, ~~2021~~2022 and December 31, ~~2020,~~2021, we had commitment letters to purchase investments in an aggregate par amount of ~~$33.5~~$62.1 million and ~~$44.9~~$6.8 million, respectively. As of June 30, ~~2021~~2022 and December 31, ~~2020,~~2021, we had not entered into any bridge financing commitments which could require funding in the future.

Borrowings

As of the most recent amendment on April 20, 2021, the Holdings Credit Facility bears interest at a rate of LIBOR plus 1.60% per annum for Broadly Syndicated Loans (as defined in the Fifth Amendment to the Loan and Security Agreement) and LIBOR plus 2.10% per annum for all other investments. From September 30, 2020 to April 19, 2021, the Holdings Credit Facility bore interest at a rate of LIBOR plus 2.00% per annum for Broadly Syndicated Loans (as defined in the Fourth Amendment Loan and Security Agreement) and LIBOR plus 2.50% per annum for all other investments. The Holdings Credit Facility also charges a non-usage fee, based on the unused facility amount multiplied by the Non-Usage Fee Rate (as defined in the Third Amended and Restated Loan and Security Agreement).

NMFC Credit Facility—The Amended and Restated Senior Secured Revolving Credit Agreement, (as amended from time to time, and together with the related guarantee and security agreement, the "RCA"), dated June 4, 2021, among us, as the Borrower, Goldman Sachs Bank USA, as the Administrative Agent and Collateral Agent, and Goldman Sachs Bank USA, Morgan Stanley Bank, N.A., Stifel Bank & Trust and MUFG Union Bank, N.A., as Lenders (the "NMFC Credit Facility"), is structured as a senior secured revolving credit facility. The NMFC Credit Facility is guaranteed by certain of our domestic subsidiaries and proceeds from the NMFC Credit Facility may be used for general corporate purposes, including the funding of portfolio investments. As of the most recent amendment on June 4, 2021, the maturity date of the NMFC Credit Facility is June 4, 2026.

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As of the most recent amendment on June 4, 2021, the NMFC Credit Facility generally bears interest at a rate of LIBOR or SONIA plus 2.10% per annum or the prime rate plus 1.10% per annum, and charges a commitment fee, based on the unused facility amount multiplied by 0.375% per annum (as defined in the RCA). Prior to June 4, 2021, the NMFC Credit Facility bore interest at a rate of LIBOR plus 2.50% per annum or the prime rate plus 1.50% per annum, and charged a commitment fee based on the unused facility amount multiplied by 0.375% per annum (as defined in the RCA).

Unsecured Management Company Revolver—The Uncommitted Revolving Loan Agreement, dated March 30, 2020, by and between us, as the Borrower, and NMF Investments III, L.L.C., as Lender, an affiliate of the Investment Adviser (the "Unsecured Management Company Revolver"), is structured as a discretionary unsecured revolving credit facility. The proceeds from the Unsecured Management Company Revolver may be used for general corporate purposes, including the funding of portfolio investments. As of the most recent amendment on December 17, 2021, the maturity date of the Unsecured Management Company Revolver is December 31, 2024.

DB Credit Facility—The Loan Financing and Servicing Agreement (the "LFSA") dated December 14, 2018 and as amended from time to time, among NMFDB as the borrower, Deutsche Bank AG, New York Branch ("Deutsche Bank") as the facility agent, Lender and other agent from time to time party thereto and U.S. Bank National Association, as collateral agent and collateral custodian (the "DB Credit Facility"), is structured as a secured revolving credit facility and matures on March 25, 2026.

As of June 30, 2022, the maximum amount of revolving borrowings available under the DB Credit Facility was $280.0 million. We are permitted to borrow at various advance rates depending on the type of portfolio investment, as outlined in the LFSA. The DB Credit Facility is non-recourse to us and is collateralized by all of the investments of NMFDB on an investment by investment basis. All fees associated with the origination and amending of the DB Credit Facility are capitalized on our Consolidated Statement of Assets and Liabilities and charged against income as other financing expenses over the life of the DB Credit Facility. The DB Credit Facility contains certain customary affirmative and negative covenants and events of default. The covenants are generally not tied to mark to market fluctuations in the prices of NMFDB investments, but rather to the performance of the underlying portfolio companies.

The advances under the DB Credit Facility accrue interest at a per annum rate equal to the Applicable Margin plus the lender's Cost of Funds Rate. Prior to March 25, 2021, the Applicable Margin was equal to 2.60% during the Revolving Period and then increases by 0.20% during an Event of Default. Effective March 25, 2021, the Applicable Margin is equal to 2.35% during the Revolving Period and then increases by 0.20% during an Event of Default. The "Cost of Funds Rate" for a conduit lender is the lower of its commercial paper rate and the Base Rate plus 0.50%, and for any other lender is the Base Rate. The "Base Rate" is the three-months LIBOR Rate but may become an alternative base rate based on Deutsche Bank's base lending rate if certain LIBOR disruption events occur. We are also charged a non-usage fee, based on the unused facility amount multiplied by the Undrawn Fee Rate (as defined in the LFSA) and a facility agent fee of 0.25% per annum on the total facility amount.

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NMNLC Credit Facility II—The Credit Agreement (together with the related guarantee and security agreement, the "NMNLC CA"), dated February 26, 2021, by and between NMNLC, as the Borrower, and City National Bank, as the Lender (the "NMNLC Credit Facility II"), is structured as a senior secured revolving credit facility. As of the most recent amendment on March 16, 2022, the NMNLC CA matures on February 25, 2023. The NMNLC Credit Facility II is guaranteed by us and proceeds from the NMNLC Credit Facility II are able to be used for funding of additional acquisition properties. As of June 30, 2022, the maximum amount of revolving borrowings available under the NMNLC Credit Facility II is $10.0 million.

Prior to the amendment on December 7, 2021, the NMNLC Credit Facility II bore interest at a rate of LIBOR plus 2.75% per annum, and charged a commitment fee, based on the unused facility amount multiplied by 0.05% per annum (as defined in the NMNLC CA). As of December 7, 2021, the NMNLC Credit Facility II bears interest at a rate of SOFR plus 2.75% per annum with a 0.35% floor, and charges a commitment fee, based on the unused facility amount multiplied by 0.05% per annum (as defined in the NMNLC CA). Prior to the amendment on March 16, 2022, the maximum amount of revolving borrowings available under the NMNLC Credit Facility II was $20.0 million. As of the March 16, 2022 amendment and effective May 1, 2022, the maximum amount of revolving borrowings available under the NMNLC Credit Facility II was $10.0 million. As of June 30, 2022 and December 31, 2021, the outstanding balance on the NMNLC Credit Facility II was $2.9 million and $15.2 million, respectively, and NMNLC was in compliance with the applicable covenants in the NMNLC Credit Facility II on such date.

Convertible Notes—On August 20, 2018, we closed a registered public offering of $100.0 million aggregate principal amount of unsecured convertible notes (the "Convertible Notes"), pursuant to an indenture, dated August 20, 2018, as supplemented by a first supplemental indenture thereto, dated August 20, 2018 (together the “2018A Indenture”). On August 30, 2018, in connection with the registered public offering, we issued an additional $15.0 million aggregate principal amount of the Convertible Notes pursuant to the exercise of an overallotment option by the underwriter of the Convertible Notes. On June 7, 2019, we closed a registered public offering of an additional $86.3 million aggregate principal amount of the Convertible Notes. These additional Convertible Notes constitute a further issuance of, rank equally in right of payment with, and form a single series with the $115.0 million aggregate principal amount of Convertible Notes that we issued in August 2018.

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The following table summarizes certain key terms related to the convertible features of our Convertible Notes as of June 30, 2022:


	Convertible Notes
Initial conversion premium	10.0		%
Initial conversion rate(1)	65.8762
Initial conversion price	$	15.18
Conversion premium at June 30, 2022	10.0		%
Conversion rate at June 30, 2022(1)(2)	65.8762
Conversion price at June 30, 2022(2)(3)	$	15.18
Last conversion price calculation date	August 20, 2021

(1)Conversion rates denominated in shares of common stock per $1.0 thousand principal amount of our Convertible Notes converted.

(2)Represents conversion rate and conversion price, as applicable, taking into account certain de minimis adjustments that will be made on the conversion date.

The conversion rate will be subject to adjustment upon certain events, such as stock splits and combinations, mergers, spin-offs, increases in dividends in excess of $0.34 per share per quarter and certain changes in control. Certain of these adjustments, including adjustments for increases in dividends, are subject to a conversion price floor of $13.80 per share. In no event will the total number of shares of common stock issuable upon conversion exceed 72.4637 per $1 principal amount. We have determined that the embedded conversion option in the Convertible Notes is not required to be separately accounted for as a derivative under GAAP.

As of June 30, 2022 and December 31, 2021, the outstanding balance on the Convertible Notes was $201.2 million and $201.2 million, respectively, and NMFC was in compliance with the terms of the 2018A Indenture on such date.

Unsecured Notes

On May 6, 2016, we issued $50.0 million in aggregate principal amount of our 2016 Unsecured Notes (the "2016 Unsecured Notes"), pursuant to a note purchase agreement, dated May 4, 2016, to an institutional investor in a private placement. On September 30, 2016, we entered into an amended and restated note purchase agreement (the "NPA") and issued an additional $40.0 million in aggregate principal amount of 2016 Unsecured Notes to institutional investors in a private placement. On February 16, 2021, we repaid all $90.0 million in aggregate principal amount of the issued and outstanding 2016 Unsecured Notes. On June 30, 2017, we issued $55.0 million in aggregate principal amount of five-year unsecured notes that mature on July 15, 2022 (the "2017A Unsecured Notes"), pursuant to the NPA and a supplement to the NPA. On January 30, 2018, we issued $90.0 million in aggregate principal amount of five year unsecured notes that mature on January 30, 2023 (the "2018A Unsecured Notes") pursuant to the NPA and a second supplement to the NPA. On July 5, 2018, we issued $50.0 million in aggregate principal amount of five year unsecured notes that mature on June 28, 2023 (the "2018B Unsecured Notes") pursuant to the NPA and a third supplement to the NPA (the "Third Supplement"). On April 30, 2019, we issued $116.5 million in aggregate principal amount of five year unsecured notes that mature on April 30, 2024 (the "2019A Unsecured Notes") pursuant to the NPA and a fourth supplement to the NPA (the "Fourth Supplement"). On January 29, 2021, we issued $200.0 million in aggregate principal amount of five year unsecured notes that mature on January 29, 2026 (the "2021A Unsecured Notes") pursuant to the NPA and a fifth supplement to the NPA (the "Fifth Supplement"). On June 15, 2022, we issued $75.0 million in aggregate principal amount of five year unsecured notes that mature on June 15, 2027 (the

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"2022A Unsecured Notes") pursuant to the NPA and a sixth supplement to the NPA (the "Sixth Supplement"). The NPA provides for future issuances of unsecured notes in separate series or tranches.

The 2016 Unsecured Notes bore interest at an annual rate of 5.313%, payable semi-annually on May 15 and November 15 of each year. The 2017A Unsecured Notes bear interest at an annual rate of 4.760%, payable semi-annually on January 15 and July 15 of each year. The 2018A Unsecured Notes bear interest at an annual rate of 4.870%, payable semi-annually on February 15 and August 15 of each year. The 2018B Unsecured Notes bear interest at an annual rate of 5.360%, payable semi-annually on January 15 and July 15 of each year. The 2019A Unsecured Notes bear interest at an annual rate of 5.494%, payable semi-annually on April 15 and October 15 of each year. The 2021A Unsecured Notes bear interest at an annual rate of 3.875%, payable semi-annually in arrears on January 29 and July 29 of each year, which commenced on July 29, 2021. The 2022A Unsecured Notes bear interest at an annual rate of 5.900%, payable semi-annually in arrears on June 15 and December 15 of each year. These interest rates are subject to increase in the event that: (i) subject to certain exceptions, the underlying unsecured notes or we cease to have an investment grade rating or (ii) the aggregate amount of our unsecured debt falls below $150.0 million. In each such event, we have the option to offer to prepay the underlying unsecured notes at par, in which case holders of the underlying unsecured notes who accept the offer would not receive the increased interest rate. In addition, we are obligated to offer to prepay the underlying unsecured notes at par if the Investment Adviser, or an affiliate thereof, ceases to be our investment adviser or if certain change in control events occur with respect to the Investment Adviser.

The NPA contains customary terms and conditions for unsecured notes issued, including, without limitation, an option to offer to prepay all or a portion of the unsecured notes under its governance at par (plus a make-whole amount if applicable), affirmative and negative covenants such as information reporting, maintenance of our status as a BDC under the 1940 Act and a RIC under the Code, minimum stockholders’ equity, minimum asset coverage ratio, and prohibitions on certain fundamental changes at NMFC or any subsidiary guarantor, as well as customary events of default with customary cure and notice, including, without limitation, nonpayment, misrepresentation in a material respect, breach of covenant, cross-default under other indebtedness of NMFC or certain significant subsidiaries, certain judgments and orders, and certain events of bankruptcy. The Third Supplement, Fourth Supplement, Fifth Supplement and Sixth Supplement all include additional financial covenants related to asset coverage as well as other terms.

On September 25, 2018, we closed a registered public offering of $50.0 million in aggregate principal amount of our 5.75% Unsecured Notes that mature on October 1, 2023 (the "5.75% Unsecured Notes", together with the 2016 Unsecured Notes, 2017A Unsecured Notes, 2018A Unsecured Notes, 2018B Unsecured Notes, 2019A Unsecured Notes, 2021A Unsecured Notes and the 2022A Unsecured Notes, the "Unsecured Notes"), pursuant to an indenture, dated August 20, 2018, as supplemented by a second supplemental indenture thereto, dated September 25, 2018 (together, the "2018B Indenture"). On October 17, 2018, in connection with the registered public offering, we issued an additional $1.8 million aggregate principal amount of the 5.75% Unsecured Notes pursuant to the exercise of an overallotment option by the underwriters of the 5.75% Unsecured Notes.

On March 8, 2021, we redeemed $51.8 million in aggregate principal amount of the 5.75% Unsecured Notes bear at a redemption price of 100% plus accrued and unpaid interest.

The 5.75% Unsecured Notes bore interest at an annual rate of 5.75%, payable quarterly on January 1, April 1, July 1 and October 1 of each year. The 5.75% Unsecured Notes were listed on the New York Stock Exchange and traded under the trading symbol “NMFX” until September 13, 2020. On September 14, 2020, the 5.75% Unsecured Notes began trading on the NASDAQ Global Select Market (the "NASDAQ") under the ticker symbol "NMFCL", until redeemed on March 8, 2021.

The Unsecured Notes are unsecured obligations and rank senior in right of payment to our existing and future indebtedness, if any, that is expressly subordinated in right of payment to the Unsecured Notes; equal in right of payment to our existing and future unsecured indebtedness that is not so subordinated; effectively junior in right of payment to any of our secured indebtedness (including existing unsecured indebtedness that we later secure) to the extent of the value of the assets securing such indebtedness; and structurally junior to all existing and future indebtedness (including trade payables) incurred by our subsidiaries and financing vehicles.

As of June 30, 2022 and December 31, 2021, the outstanding balance on the Unsecured Notes was $586.5 million and $511.5 million, respectively, and we were in compliance with the terms of the NPA as of such dates, as applicable.

See Item 1.—Financial Statements and Supplementary Data—Note 7. Borrowings in this Quarterly Report on Form 10-Q for additional information on costs incurred on the Unsecured Notes for the three and six months ended June 30, 2022 and June 30, 2021.

SBA-guaranteed debentures—On August 1, 2014 and August 25, 2017, respectively, SBIC I and SBIC II received SBIC licenses from the SBA to operate as SBICs.

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As of June 30, 2022 and December 31, 2021, SBIC I had regulatory capital of $75.0 million and $75.0 million, respectively, and SBA-guaranteed debentures outstanding of $150.0 million and $150.0 million, respectively. As of June 30, 2022 and December 31, 2021, SBIC II had regulatory capital of $75.0 million and $75.0 million, respectively, and $150.0 million and $150.0 million, respectively, of SBA-guaranteed debentures outstanding. The SBA-guaranteed debentures incur upfront fees of 3.435%, which consists of a 1.00% commitment fee and a 2.435% issuance discount, which are amortized over the life of the SBA-guaranteed debentures.

The SBIC program is designed to stimulate the flow of private investor capital into eligible small businesses, as defined by the SBA. Under SBA regulations, SBICs are subject to regulatory requirements, including making investments in SBA-eligible small businesses, investing at least 25.0% of its investment capital in eligible smaller enterprises (as defined under the 1958 Act), placing certain limitations on the financing terms of investments, regulating the types of financing, prohibiting investments in small businesses with certain characteristics or in certain industries and requiring capitalization thresholds that limit distributions to us. SBICs are subject to an annual periodic examination by an SBA examiner to determine the SBIC's compliance with the relevant SBA regulations and an annual financial audit of its financial statements that are prepared on a basis of accounting other than GAAP (such as ASC 820) by an independent auditor. As of June 30, 2022 and December 31, 2021, SBIC I and SBIC II were in compliance with SBA regulatory requirements.

See Item 1.—Financial Statements and Supplementary Data—Note 7. Borrowings in this Quarterly Report on Form 10-Q for additional information on our SBA-guaranteed debentures as of June 30, 2022 and costs incurred on the SBA-guaranteed debentures for the three and six months ended June 30, 2022 and June 30, 2021.

Contractual Obligations

A summary of our significant contractual payment obligations as of June 30, ~~2021~~2022 is as follows:


		Contractual Obligations Payments Due by Period											Contractual Obligations Payments Due by Period
(in millions)	(in millions)	Total		Less than 1 Year		1 - 3 Years		3 - 5 Years		More than 5 Years		(in millions)	Total		Less than 1 Year		1 - 3 Years		3 - 5 Years		More than 5 Years
Holdings Credit Facility(1)	Holdings Credit Facility(1)	$	505.2	$	—	$	—	$	505.2	$	—	Holdings Credit Facility(1)	$	615.5	$	—	$	—	$	615.5	$	—
Unsecured Notes(2)	Unsecured Notes(2)	511.5		—		311.5		200.0		—		Unsecured Notes(2)	586.5		195.0		116.5		275.0		—
SBA-guaranteed debentures(3)	SBA-guaranteed debentures(3)	300.0		—		—		117.7		182.3		SBA-guaranteed debentures(3)	300.0		—		37.5		84.2		178.3
DB Credit Facility(4)		223.5		—		—		223.5		—
Convertible Notes(5)		201.2		—		201.2		—		—
Convertible Notes(4)												Convertible Notes(4)	201.2		—		201.2		—		—
DB Credit Facility(5)												DB Credit Facility(5)	189.3		—		—		189.3		—
NMFC Credit Facility(6)	NMFC Credit Facility(6)	98.0		—		—		98.0		—		NMFC Credit Facility(6)	120.9		—		—		120.9		—

NMNLC Credit Facility II(7)												NMNLC Credit Facility II(7)	2.9		2.9		—		—		—
Total Contractual Obligations	Total Contractual Obligations	$	1,839.4	$	—	$	512.7	$	1,144.4	$	182.3	Total Contractual Obligations	$	2,016.3	$	197.9	$	355.2	$	1,284.9	$	178.3

(1)Under the terms of the $730.0 million Holdings Credit Facility, all outstanding borrowings under that facility ($~~505.2~~615.5 million as of June 30, ~~2021)~~2022) must be repaid on or before April 20, 2026. As of June 30, ~~2021,~~2022, there was approximately ~~$224.8~~$114.5 million of possible capacity remaining under the Holdings Credit Facility.

(2)$55.0 million of the 2017A Unsecured Notes will mature on July 15, 2022 unless earlier repurchased, $90.0 million of the 2018A Unsecured Notes will mature on January 30, 2023 unless earlier repurchased, $50.0 million of the 2018B Unsecured Notes will mature on June 28, 2023 unless earlier repurchased, $116.5 million of the 2019A Unsecured

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Notes will mature on April 30, 2024 unless earlier repurchased, ~~and~~ $200.0 million of the 2021A Unsecured Notes will mature on January 29, 2026 unless earlier repurchased and $75.0 million of the 2022A Unsecured Notes will mature on June 15, 2027 unless earlier repurchased.

(3)Our SBA-guaranteed debentures will begin to mature on March 1, 2025.

(4)Under the terms of the $280.0 million DB Credit Facility, all outstanding borrowings under that facility ($223.5 million as of June 30, 2021) must be repaid on or before March 25, 2026. As of June 30, 2021, there was approximately $56.5 million of possible capacity remaining under the DB Credit Facility.

~~(5)~~The Convertible Notes will mature on August 15, 2023 unless earlier converted or repurchased at the holder's option or redeemed by us.

~~(6)~~(5)Under the terms of the ~~$188.5~~$280.0 million DB Credit Facility, all outstanding borrowings under that facility ($189.3 million as of June 30, 2022) must be repaid on or before March 25, 2026. As of June 30, 2022, there was approximately $90.7 million of possible capacity remaining under the DB Credit Facility.

(6)Under the terms of the $198.5 million NMFC Credit Facility, all outstanding borrowings under that facility ($~~98.0~~120.9 million, which included £18.8 million denominated in GBP that has been converted to U.S. dollars as of June 30, ~~2021)~~2022) must be repaid on or before June 4, 2026. As of June 30, ~~2021,~~2022, there was approximately ~~$90.5~~$77.6 million of available capacity remaining under the NMFC Credit Facility.

(7)Under the terms of the NMNLC Credit Facility II, all outstanding borrowings under that facility ($2.9 million as of June 30, 2022) must be repaid on or before February 25, 2023. As of June 30, 2022, there was approximately $7.1 million of available capacity remaining under the NMNLC Credit Facility II.

We have entered into an investment management and advisory 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 the administration agreement, as amended and restated (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 stockholders and reports filed with the SEC.

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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.

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Distributions and Dividends

Distributions declared and paid to stockholders for the six months ended June 30, ~~2021~~2022 totaled approximately ~~$58.1~~$59.8 million.

The following table reflects cash distributions, including dividends and returns of capital, if any, per share that have been declared by our board of directors for the two most recent fiscal years and the current fiscal year to date:

Fiscal Year Ended

Date Declared

Record Date

Payment Date

Per Share

Amount (1)

December 31, ~~2021~~2022

Second Quarter

May 3, 2022

June 16, 2022

June 30, 2022

0.30

First Quarter

February 23, 2022

March 17, 2022

March 31, 2022

0.30

~~Second Quarter~~$

~~April 30, 2021~~

~~June 16, 2021~~

~~June 30, 2021~~

~~0.30~~ 0.60

~~First Quarter~~December 31, 2021

Fourth Quarter

October 27, 2021

December 16, 2021

December 30, 2021

0.30

Third Quarter

July 29, 2021

September 16, 2021

September 30, 2021

0.30

Second Quarter

April 30, 2021

June 16, 2021

June 30, 2021

0.30

First Quarter

February 17, 2021

March 17, 2021

March 31, 2021

0.30

~~0.60~~ 1.20

December 31, 2020

Fourth Quarter

October 28, 2020

December 16, 2020

December 30, 2020

0.30

Third Quarter

July 29, 2020

September 16, 2020

September 30, 2020

0.30

Second Quarter

April 29, 2020

June 16, 2020

June 30, 2020

0.30

First Quarter

February 19, 2020

March 13, 2020

March 27, 2020

0.34

1.24

~~December 31, 2019~~

~~Fourth Quarter~~

~~November 4, 2019~~

~~December 13, 2019~~

~~December 27, 2019~~

~~0.34~~

~~Third Quarter~~

~~August 1, 2019~~

~~September 13, 2019~~

~~September 27, 2019~~

~~0.34~~

~~Second Quarter~~

~~May 1, 2019~~

~~June 14, 2019~~

~~June 28, 2019~~

~~0.34~~

~~First Quarter~~

~~February 22, 2019~~

~~March 15, 2019~~

~~March 29, 2019~~

~~0.34~~

~~1.36~~

(1)Tax characteristics of all distributions paid are reported to stockholders on Form 1099 after the end of the calendar year. For the years ended December 31, ~~2020~~2021 and December 31, ~~2019,~~2020, total distributions were ~~$120.1~~$116.5 million and ~~$117.4~~$120.1 million, respectively, of which the distributions were comprised of approximately ~~84.58%~~90.99% and ~~72.01%~~84.58%, respectively, of ordinary income, 0.00% and 0.00%, respectively, of long-term capital gains and approximately ~~15.42%~~9.01% and ~~27.99%~~15.42%, respectively, 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 stockholders in amounts sufficient to 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.

We maintain an "opt out" dividend reinvestment plan on behalf of our common stockholders, pursuant to which each of our stockholders' cash distributions will be automatically reinvested in additional shares of common stock, unless the stockholder elects to receive cash. See Item 1— Financial Statements—Note 2. Summary of Significant Accounting Policies for additional details regarding our dividend reinvestment plan.

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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 a fee waiver agreement (the "Fee Waiver Agreement") with the Investment Adviser, pursuant to which the Investment Adviser agreed to voluntarily reduce the base management fees payable to the Investment Adviser by us under the Investment Management Agreement beginning with the quarter ended March

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31, 2021 through the quarter ending December 31, ~~2022.~~2023. See Item 1— Financial Statements—Note 5.Agreements for details.

•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 services necessary to conduct our respective day-to-day operations pursuant to the Administration Agreement. 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. However, it is expected that the Administrator will continue to support part of our expense burden in the near future and may decide to not calculate and charge through certain overhead related amounts as well as continue to cover some of the indirect costs. The Administrator cannot recoup any expenses that the Administrator has previously waived. For the three and six months ended June 30, ~~2021~~2022 approximately $0.6 million and $1.4 million, respectively, of indirect administrative expenses were included in administrative expenses, of which approximately ~~$0.0 million~~$0 and ~~$0.0~~$0.2 million, respectively, were waived by the Administrator. As of June 30, ~~2021,~~2022, approximately $0.6 million of indirect administrative expenses were included in payable to affiliates. For the three and six months ended June 30, ~~2021,~~2022, the reimbursement to the Administrator represented approximately 0.02% and ~~0.04%~~0.03%, respectively, of our gross assets.

•We, the Investment Adviser and the Administrator have entered into a royalty-free Trademark License Agreement, as amended, 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" and "New Mountain Finance"., as well as the NMF logo.

In addition, we have adopted a formal code of ethics that governs the conduct of our officers and directors, which is available on our website at http://www.newmountainfinance.com. These officers and directors also remain subject to the duties imposed by the 1940 Act and the Delaware General Corporation Law.

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”), 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 stockholders and do not involve overreaching in respect of us or our stockholders on the part of any person concerned, and (2) the potential

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co-investment transaction is consistent with the interests of our stockholders and is consistent with our then-current investment objective and strategies.

On March 30, 2020, an affiliate of the Investment Adviser purchased directly from NMNLC 105,030 shares of NMNLC’s common stock at a price of $107.73 per share, which represented the net asset value per share of NMNLC at the date of purchase, for an aggregate purchase price of approximately $11.3 million. Immediately thereafter, NMNLC redeemed 105,030 shares of its common stock held by NMFC in exchange for a promissory note with a principal amount of $11.3 million and a 7.0% interest rate, which was repaid by NMNLC to NMFC on March 31, 2020.

On March 30, 2020, we entered into the Unsecured Management Company Revolver with NMF Investments III, L.L.C., an affiliate of the Investment Adviser, with a $30.0 million maximum amount of revolver borrowings available and a maturity date of December 31, 2022. On May 4, 2020, we entered into an Amended and Restated Uncommitted Revolving Loan Agreement with NMF Investments III, L.L.C., which increased the maximum amounts of revolving borrowings available

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thereunder from $30.0 million to $50.0 million. On December 17, 2021, we entered into Amendment No. 1 to the Amended and Restated Uncommitted Revolving Loan Agreement with NMF Investments III, L.L.C., which lowered the interest rate and extended the maturity date from December 31, 2022 to December 31, 2024. Refer to Borrowings for discussion of the Unsecured Management Company Revolver.

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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. In addition, U.S. and global capital markets and credit markets have experienced a higher level of stress due to the global COVID-19 pandemic, which has resulted in an increase in the level of volatility across such markets and a general decline in value of the securities that we hold. 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. In connection with the COVID-19 pandemic, the U.S. Federal Reserve and other central banks ~~have~~had reduced certain interest rates and LIBOR has decreased. In addition, in a prolonged low interest rate environment, including a reduction of LIBOR 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. However, in March 2022, the Federal Reserve raised interest rates by 0.25%, the first increase since December 2018. Since then, the Federal Reserve has raise rates by an additional 2.00% and indicated that it would consider future rate hikes if inflation does not slow. During the six months ended June 30, ~~2021,~~2022, certain of the loans held in our portfolio had floating LIBOR, SONIA or SOFR interest rates. As of June 30, ~~2021,~~2022, approximately ~~90.68%~~86.03% of investments at fair value (excluding investments on non-accrual, unfunded debt investments and non-interest bearing equity investments) represent floating-rate investments with a LIBOR, SONIA or SOFR floor (includes investments bearing prime interest rate contracts) and approximately ~~9.32%~~13.97% of investments at fair value represent fixed-rate investments. Additionally, our senior secured revolving credit facilities are also subject to floating interest rates and are currently paid based on floating LIBOR, SONIA or SOFR rates.

The following table estimates the potential changes in net cash flow generated from interest income and expenses, 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 June 30, ~~2021.~~2022. Interest expense is calculated based on the terms of our outstanding revolving credit facilities, convertible notes and unsecured notes. For our floating rate credit facilities, we use the outstanding balance as of June 30, ~~2021.~~2022. Interest expense on our floating rate credit facilities is calculated using the interest rate as of June 30, ~~2021,~~2022, adjusted for the hypothetical changes in rates, as shown below. The base interest rate case assumes the rates on our portfolio investments remain unchanged from the actual effective interest rates as of June 30, ~~2021.~~2022. These hypothetical calculations are based on a model of the investments in our portfolio, held as of June 30, ~~2021,~~2022, 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	~~0.03~~ (2.09)	%
Base Interest Rate	—	%
+100 Basis Points	~~2.43~~ 9.23	%
+200 Basis Points	~~12.90~~ 18.99	%
+300 Basis Points	~~23.37~~ 28.75	%

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Item 4. Controls and Procedures

(a)Evaluation of Disclosure Controls and Procedures

As of June 30, ~~2021~~2022 (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 Exchange Act). 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 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 Controls Over Financial Reporting

Management has not identified any change in our internal control over financial reporting that occurred during the quarter ended June 30, ~~2021~~2022 that has materially affected, or is 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 Finance Corporation and its consolidated subsidiaries.

Item 1. Legal Proceedings

We, and our consolidated subsidiaries, the Investment Adviser and the Administrator are not currently subject to any material pending legal proceedings as of June 30, ~~2021.~~2022. From time to time, we or our consolidated subsidiaries 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, ~~2020,~~2021, which could materially affect our business, financial condition and/or operating results, including the Risk Factor titled "Small Business Credit Availability Act allows us to incur additional leverage, which could increase the risk of investing in our securities". The risks described in our Annual Report on Form 10-K are not the only risks facing us. 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. ~~Other than as set forth below, there~~There have been no material changes during the six months ended June 30, ~~2021~~2022 to the risk factors discussed in Item 1A. Risk Factors in our Annual Report on Form 10-K for the year ended December 31, ~~2020.~~

~~The interest rates of our term loans to our portfolio companies that extend beyond 2021 might be subject to change based on recent regulatory changes.~~

LIBOR, the London Interbank Offered Rate, is the basic rate of interest used in lending transactions between banks on the London interbank market and is widely used as a reference for setting the interest rate on loans globally. We typically use LIBOR as a reference rate in floating-rate loans we extend to portfolio companies such that the interest due to us pursuant to term loan extended to a portfolio company is calculated using LIBOR. The terms of our debt investments generally include minimum interest rate floors which are calculated based on LIBOR.

On March 5, 2021, the United Kingdom’s Financial Conduct Authority (the “FCA”), which regulates LIBOR, announced that (i) 24 LIBOR settings would cease to exist immediately after December 31, 2021 (all seven euro LIBOR settings; all seven Swiss franc LIBOR settings; the Spot Next, 1-week, 2-month, and 12-month Japanese yen LIBOR settings; the overnight, 1-week, 2-month, and 12-month sterling LIBOR settings; and the 1-week and 2-month US dollar LIBOR settings); (ii) the overnight and 12-month US LIBOR settings would cease to exist after June 30, 2023; and (iii) the FCA would consult on whether the remaining nine LIBOR settings should continue to be published on a synthetic basis for a certain period using the FCA’s proposed new powers that the UK government is legislating to grant to them. Central banks and regulators in a number of major jurisdictions (for example, United States, United Kingdom, European Union, Switzerland and Japan) have convened working groups to find, and implement the transition to, suitable replacements for interbank offered rates. To identify a successor rate for U.S. dollar LIBOR, the Alternative Reference Rates Committee (“ARRC”), a U.S.-based group convened by the Federal Reserve Board and the Federal Reserve Bank of New York, was formed. The ARRC has identified the Secured Overnight Financing Rate (“SOFR”) as its preferred alternative rate for LIBOR. SOFR is a measure of the cost of borrowing cash overnight, collateralized by U.S. Treasury securities, and is based on directly observable U.S. Treasury-backed repurchase transactions. Although SOFR appears to be the preferred replacement rate for U.S. dollar LIBOR, at this time, it is not possible to predict the effect of any such changes, any establishment of alternative reference rates or other reforms to LIBOR that may be enacted in the United States, United Kingdom or elsewhere or, whether the COVID-19 pandemic will have further effect on LIBOR transition plans.

The elimination of LIBOR or any other changes or reforms to the determination or supervision of LIBOR could have an adverse impact on the market for or value of any LIBOR-indexed, floating-rate debt securities, loans, and other financial obligations or extensions of credit held by or due to us or on our overall financial condition or results of operations. If LIBOR ceases to exist, we may need to renegotiate the credit agreements extending beyond 2021 with our portfolio companies that utilize LIBOR as a factor in determining the interest rate to replace LIBOR with the new standard that is established. In the event that the LIBOR rate is no longer available or published on a current basis or no longer made available or used for determining the interest rate of loans, our administrative agent that manages our loans will generally select a comparable successor rate; provided that (i) to the extent a comparable or successor rate is approved by the administrative agent, the approved rate shall be applied in a manner consistent with market practice; and (ii) to the extent such market practice is not administratively feasible for the administrative agent, such approved rate shall be applied as otherwise reasonably determined by the administrative agent.2021.

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~~We are subject to risks related to corporate social responsibility.~~

Our business faces increasing public scrutiny related to environmental, social and governance (“ESG”) activities. We risk damage to our brand and reputation if we fail to act responsibly in a number of areas, such as environmental stewardship, corporate governance and transparency and considering ESG factors in our investment processes. Adverse incidents with respect to ESG activities could impact the value of our brand, the cost of our operations and relationships with investors, all of which could adversely affect our business and results of operations. Additionally, new regulatory initiatives related to ESG could adversely affect our business.

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

We did not engage in unregistered sales of equity securities during the ~~six~~three months ended June 30, ~~2021.~~2022.

Issuer Purchases of Equity Securities

Dividend Reinvestment Plan

During the ~~six months~~quarter ended June 30, ~~2021, as part of our dividend reinvestment plan for our common stockholders, our dividend reinvestment plan administrator purchased 88,931 shares~~2022, we did not purchase any of our common stock ~~for approximately $1.1 million~~ in the open market in ~~order to satisfy the reinvestment portion of our distribution. The following table outlines purchases by~~connection with our dividend reinvestment ~~plan administrator of our common stock for this purpose during the six months ended June 30, 2021.~~

(in thousands, except shares and per share data) Total Number of Weighted Average Price Total Number of Shares Purchased as Part of Publicly Announced Plans Maximum Number (or Approximate Dollar Value) of Shares that May Yet Be Purchased Under the
Period Shares Purchased Paid Per Share or Programs Plans or Programs
January 2021 — $ — — $ —
February 2021 — — — —
March 2021 — — — —
April 2021 88,931 12.66 — —
May 2021 — — — —
June 2021 — — — —
Total 88,931 $ 12.66 — $ —
plan.

Stock Repurchase Program

On February 4, 2016, our board of directors authorized a program for the purpose of repurchasing up to $50.0 million worth of our common stock (the "Repurchase Program"). Under the Repurchase Program, we were permitted, but were not obligated to, repurchase our outstanding common stock in the open market from time to time, provided that we complied with our code of ethics and the guidelines specified in Rule 10b-18 of the Exchange Act, including certain price, market volume and timing constraints. In addition, any repurchases were conducted in accordance with the 1940 Act. On December ~~31, 2020,~~22, 2021, our board of directors extended our Repurchase Program and we expect the Repurchase Program to be in place until the earlier of December 31, ~~2021~~2022 or until $50.0 million of outstanding shares of common stock have been repurchased. To date, approximately $2.9 million of common stock has been repurchased by us under the Repurchase Program. We did not repurchase any shares of our common stock under the Repurchase Program during the six months ended June 30, ~~2021.~~2022.

Item 3. Defaults Upon Senior Securities

None.

Item 4. Mine Safety Disclosures

Not applicable.

Item 5. Other Information

None.

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Item 6. Exhibits

(a)Exhibits

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


Exhibit Number	Description
3.1(a)	Amended and Restated Certificate of Incorporation of New Mountain Finance Corporation(2)

3.1(b)	Certificate of Change of Registered Agent and/or Registered Office of New Mountain Finance Corporation(3)

3.2	Amended and Restated Bylaws of New Mountain Finance Corporation(2)

3.3	Certificate of Amendment to the Amended and Restated Certificate of Incorporation New Mountain Finance Corporation(4)

4.1	Form of Stock Certificate of New Mountain Finance Corporation(1)

10.1	Form of ~~Amendment No. 6~~Sixth Supplement to ~~Loan Financing~~Amended and ~~Servicing~~Restated Note Purchase Agreement, dated as of March 25, 2021, by and among New Mountain Finance Corporation, as the equityholder, New Mountain Finance DB, L.L.C., as the borrower, U.S. Bank National Association, as the collateral Agent and collateral custodian, and Deutsche Bank AG, New York Branch, as the facility agent, an agent and a lender, and the other agents and lenders party thereto(5)

~~10.2~~	Form of Fifth Amendment to Loan and Security Agreement, dated as of April 20, 2021, by and among New Mountain Finance Corporation, as the collateral manager, New Mountain Finance Holdings, L.L.C., as the borrower, Wells Fargo Bank, National Association, as the administrative agent, the lenders party thereto and Wells Fargo Bank, National Association, as the collateral custodian(6)

~~10.3~~	~~Fee Waiver Agreement, dated May 4, 2021,~~June 15, 2022, by and between New Mountain Finance Corporation and ~~New Mountain Finance Advisers BDC, L.L.C.(7)~~the purchasers party thereto, relating to the 5.90% Series 2022A Senior Notes due June 15, 2027(5)

~~10.4~~31.1	Form of Amended and Restated Senior Secured Revolving Credit Agreement dated as of June 4, 2021, among New Mountain Finance Corporation, as Borrower, the Lenders Party Hereto and Goldman Sachs Bank USA, as Administrative Agent and Syndication Agent(8 )















~~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)*

(1)Previously filed in connection with New Mountain Finance Holdings, L.L.C.’s registration statement on Form N-2 Pre-Effective Amendment No. 3 (File Nos. 333-168280 and 333-172503) filed on May 9, 2011.

(2)Previously filed in connection with New Mountain Finance Corporation’s ~~quarterly report~~Quarterly Report on Form 10-Q filed on August 11, 2011.

(3)Previously filed in connection with New Mountain Finance Corporation and New Mountain Finance AIV Holdings Corporation report on Form 8-K filed on August 25, 2011.

(4)Previously filed in connection with New Mountain Finance Corporation's report on Form 8-K filed on April 3, 2019.

(5)~~Previously filed in connection with New Mountain Finance Corporation's report on Form 8-K filed on March 31, 2021.~~

~~(6)Previously filed in connection with New Mountain Finance Corporation's report on Form 8-K filed on April 26, 2021.~~

~~(7)Previously filed in connection with New Mountain Finance Corporation's report on Form 8-K filed on May 5, 2021.~~

~~(8)~~Previously filed in connection with New Mountain Finance Corporation's report on Form 8-K filed on June ~~9, 2021.~~17, 2022.

*Filed herewith.

~~143~~131

Table of Contents

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 August ~~4, 2021.~~8, 2022.


			NEW MOUNTAIN FINANCE CORPORATION

			By:			/s/ ROBERT A. HAMWEE
						Robert A. Hamwee
						Chief Executive Officer
						(Principal Executive Officer), and Director

			By:			/s/ SHIRAZ Y. KAJEE
						Shiraz Y. Kajee
						Chief Financial Officer
						(Principal Financial and Accounting Officer)

~~144~~132


Selected Balance Sheet Information:	May 4, 2021		December 31, 2020
Investments at fair value (cost of $120,921 and $127,241, respectively)	$	119,642	$	124,659
Receivable from in-kind distributions	—		100,404
Receivable from unsettled securities sold	—		1,662
Cash and other assets	2,279		6,461
Total assets	$	121,921	$	233,186

Credit facility	$	79,467	$	188,867
Deferred financing costs	—		(296)
Distribution payable	310		2,538

Other liabilities	388		1,364
Total liabilities	80,165		192,473

Members' capital	$	41,756	$	40,713
Total liabilities and members' capital	$	121,921	$	233,186


Selected Statement of Operations	Three Months Ended				Six Months Ended
Information:	May 4, 2021(1)		June 30, 2020		May 4, 2021(2)		June 30, 2020
Interest income	$	589	$	4,387	$	2,555	$	9,509
Other income	2		13		13		52
Total investment income	591		4,400		2,568		9,561

Interest and other financing expenses	381		1,357		852		3,311
Other expenses	52		388		591		786
Total expenses	433		1,745		1,443		4,097
Less: expenses waived and reimbursed	—		(49)		—		(105)
Net expenses	433		1,696		1,443		3,992
Net investment income	158		2,704		1,125		5,569

Net realized (losses) gains on investments	—		(342)		1		(297)
Net change in unrealized (depreciation) appreciation of investments	(163)		22,816		1,302		(16,244)
Net (decrease) increase in members' capital	$	(5)	$	25,178	$	2,428	$	(10,972)


(in millions)	As of June 30, 2021
Investment Rating		Cost		Percent		Fair Value		Percent
Investment Rating 1		$	462.7	15.0	%	$	526.6	16.9	%
Investment Rating 2		2,316.7		75.3	%	2,402.9		77.3	%
Investment Rating 3		201.2		6.5	%	146.1		4.7	%
Investment Rating 4		99.2		3.2	%	34.7		1.1	%
		$	3,079.8	100.0	%	$	3,110.3	100.0	%


(in thousands, except shares and per share data)	Total Number of	Weighted Average Price		Total Number of Shares Purchased as Part of Publicly Announced Plans	Maximum Number (or Approximate Dollar Value) of Shares that May Yet Be Purchased Under the
Period	Shares Purchased	Paid Per Share		or Programs	Plans or Programs
January 2021	—	$	—	—	$	—
February 2021	—	—		—	—
March 2021	—	—		—	—
April 2021	88,931	12.66		—	—
May 2021	—	—		—	—
June 2021	—	—		—	—






Total	88,931	$	12.66	—	$	—