~~0001496099us-gaap:FairValueInputsLevel3Membernmfc:ValuationMarketAndIncomeApproachMembernmfc:DebtSecuritiesFirstLienMember2022-09-30~~0001496099Appriss Health Intermediate Holdings, Inc., Preferred shares2022-12-310001496099nmfc:DebtSecuritiesSecondLienMember2022-01-012022-03-31

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

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

For the Quarterly Period Ended ~~September 30, 2022~~March 31, 2023

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

Commission
File Number

Exact name of registrant as specified in its charter, address of principal executive
offices, telephone 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 ý No o

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

Large accelerated filer

Accelerated filer

Non-accelerated filer

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 ~~November~~May 8, ~~2022~~2023
Common stock, par value $0.01 per share						100,937,026

Table of Contents

FORM 10-Q FOR THE QUARTER ENDED ~~SEPTEMBER 30, 2022~~MARCH 31, 2023

TABLE OF CONTENTS


		PAGE

PART I. FINANCIAL INFORMATION

Item 1.	Financial Statements

	New Mountain Finance Corporation
	Consolidated Statements of Assets and Liabilities as of ~~September 30, 2022~~March 3 1 , 202 3 (unaudited) and December 31, ~~2021~~20 22	3
	Consolidated Statements of Operations for the three ~~and~~ ~~nine~~ months ended March ~~September~~3 ~~30, 2022~~1 , 202 3 (unaudited) and ~~September~~March ~~30, 2021~~3 1 , 202 2 (unaudited)	4
	Consolidated Statements of Changes in Net Assets for the three ~~and~~ ~~nine~~ months ended ~~September~~March ~~30, 2022~~3 1 , 202 3 (unaudited) and S ~~eptember~~March ~~30, 2021~~3 1 , 202 2 (unaudited)	5
	Consolidated Statements of Cash Flows for the ~~nine~~three months ended ~~September~~ March ~~30, 2022~~ 3 1 , 202 3 (unaudited) and ~~September~~March ~~30, 2021~~3 1 , 202 2 (unaudited)	6
	Consolidated Schedule of Investments as of ~~September~~March ~~30, 2022~~3 1 , 202 3 (unaudited)	7
	Consolidated Schedule of Investments as of December 31, ~~2021~~20 2 2	3335
	Notes to the Consolidated Financial Statements of New Mountain Finance Corporation (unaudited)	5762
	Report of Independent Registered Public Accounting Firm	~~105~~107

Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	~~106~~108
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	~~132~~130
Item 4.	Controls and Procedures	~~133~~131

PART II. OTHER INFORMATION		~~134~~132

Item 1.	Legal Proceedings	~~134~~132
Item 1A.	Risk Factors	~~134~~132
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	~~135~~133
Item 3.	Defaults Upon Senior Securities	~~135~~133
Item 4.	Mine Safety Disclosures	~~135~~133
Item 5.	Other Information	~~135~~133
Item 6.	Exhibits	~~136~~134
	Signatures	~~137~~135

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)


		September 30, 2022		December 31, 2021			March 31, 2023		December 31, 2022
Assets	Assets					Assets
Investments at fair value	Investments at fair value					Investments at fair value
Non-controlled/non-affiliated investments (cost of $2,476,914 and $2,323,224, respectively)		$	2,375,786	$	2,283,779
Non-controlled/affiliated investments (cost of $84,624 and $80,801, respectively)		138,975		134,775
Controlled investments (cost of $697,365 and $722,467, respectively)		719,672		755,810
Total investments at fair value (cost of $3,258,903 and $3,126,492, respectively)		3,234,433		3,174,364
Non-controlled/non-affiliated investments (cost of $2,578,975 and $2,523,522, respectively)						Non-controlled/non-affiliated investments (cost of $2,578,975 and $2,523,522, respectively)	$	2,453,534	$	2,400,425
Non-controlled/affiliated investments (cost of $102,901 and $85,971, respectively)						Non-controlled/affiliated investments (cost of $102,901 and $85,971, respectively)	147,701		130,787
Controlled investments (cost of $620,738 and $650,474, respectively)						Controlled investments (cost of $620,738 and $650,474, respectively)	669,091		690,035
Total investments at fair value (cost of $3,302,614 and $3,259,967, respectively)						Total investments at fair value (cost of $3,302,614 and $3,259,967, respectively)	3,270,326		3,221,247
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)	19,401		21,422		Securities purchased under collateralized agreements to resell (cost of $30,000 and $30,000, respectively)	16,539		16,539
Cash and cash equivalents	Cash and cash equivalents	48,919		58,077		Cash and cash equivalents	46,399		71,190
Interest and dividend receivable	Interest and dividend receivable	33,902		30,868		Interest and dividend receivable	34,288		36,154

Receivable from affiliates						Receivable from affiliates	91		—

Other assets	Other assets	11,338		11,081		Other assets	11,292		9,797
Total assets	Total assets	$	3,347,993	$	3,295,812	Total assets	$	3,378,935	$	3,354,927
Liabilities	Liabilities					Liabilities
Borrowings	Borrowings					Borrowings
Holdings Credit Facility	Holdings Credit Facility	$	630,663	$	545,263	Holdings Credit Facility	$	614,663	$	618,963
Unsecured Notes	Unsecured Notes	531,500		511,500		Unsecured Notes	441,500		531,500
Convertible Notes						Convertible Notes	377,135		316,853
SBA-guaranteed debentures	SBA-guaranteed debentures	300,000		300,000		SBA-guaranteed debentures	300,000		300,000
Convertible Notes		201,340		201,417
DB Credit Facility	DB Credit Facility	186,400		226,300		DB Credit Facility	186,400		186,400
NMFC Credit Facility	NMFC Credit Facility	127,210		127,192		NMFC Credit Facility	87,949		40,359
NMNLC Credit Facility II	NMNLC Credit Facility II	2,934		15,200		NMNLC Credit Facility II	3,120		3,785
Deferred financing costs (net of accumulated amortization of $45,794 and $40,713, respectively)		(15,316)		(19,684)
Deferred financing costs (net of accumulated amortization of $49,187 and $47,531, respectively)						Deferred financing costs (net of accumulated amortization of $49,187 and $47,531, respectively)	(16,699)		(17,199)
Net borrowings	Net borrowings	1,964,731		1,907,188		Net borrowings	1,994,068		1,980,661
Management fee payable	Management fee payable	10,602		10,164		Management fee payable	10,575		10,524
Incentive fee payable	Incentive fee payable	8,202		7,503		Incentive fee payable	9,597		6,296
Interest payable	Interest payable	12,214		17,388		Interest payable	20,566		19,627
Payable for unsettled securities purchased		—		7,910

Payable to affiliates	Payable to affiliates	275		556		Payable to affiliates	—		78
Deferred tax liability	Deferred tax liability	140		13		Deferred tax liability	2,988		8,487
Other liabilities	Other liabilities	6,731		2,478		Other liabilities	2,647		3,063
Total liabilities	Total liabilities	2,002,895		1,953,200		Total liabilities	2,040,441		2,028,736
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 100,937,026 and 97,907,441 shares issued and outstanding, respectively		1,009		979
Common stock, par value $0.01 per share, 200,000,000 shares authorized, and 100,937,026 and 100,937,026 shares issued and outstanding, respectively						Common stock, par value $0.01 per share, 200,000,000 shares authorized, and 100,937,026 and 100,937,026 shares issued and outstanding, respectively	1,009		1,009
Paid in capital in excess of par	Paid in capital in excess of par	1,313,710		1,272,796		Paid in capital in excess of par	1,305,889		1,305,945

Accumulated undistributed earnings	Accumulated undistributed earnings	17,236		47,470		Accumulated undistributed earnings	19,792		7,519
Total net assets of New Mountain Finance Corporation	Total net assets of New Mountain Finance Corporation	$	1,331,955	$	1,321,245	Total net assets of New Mountain Finance Corporation	$	1,326,690	$	1,314,473
Non-controlling interest in New Mountain Net Lease Corporation	Non-controlling interest in New Mountain Net Lease Corporation	13,143		21,367		Non-controlling interest in New Mountain Net Lease Corporation	11,804		11,718
Total net assets	Total net assets	$	1,345,098	$	1,342,612	Total net assets	$	1,338,494	$	1,326,191
Total liabilities and net assets	Total liabilities and net assets	$	3,347,993	$	3,295,812	Total liabilities and net assets	$	3,378,935	$	3,354,927
Number of shares outstanding	Number of shares outstanding	100,937,026		97,907,441		Number of shares outstanding	100,937,026		100,937,026
Net asset value per share of New Mountain Finance Corporation	Net asset value per share of New Mountain Finance Corporation	$	13.20	$	13.49	Net asset value per share of New Mountain Finance Corporation	$	13.14	$	13.02

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				Nine Months Ended					Three Months Ended
		September 30, 2022		September 30, 2021		September 30, 2022		September 30, 2021			March 31, 2023		March 31, 2022
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)	$	49,401	$	40,540	$	127,934	$	119,919	Interest income (excluding Payment-in-kind ("PIK") interest income)	$	60,758	$	37,444
PIK interest income	PIK interest income	2,688		1,903		8,924		6,501		PIK interest income	3,944		3,302
Dividend income	Dividend income	9		867		144		867		Dividend income	47		48
Non-cash dividend income	Non-cash dividend income	3,837		1,956		10,111		7,324		Non-cash dividend income	4,166		3,085
Other income	Other income	1,517		5,249		7,435		9,651		Other income	1,918		1,631
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)	270		296		788		1,322		Interest income (excluding PIK interest income)	9		255
PIK interest income	PIK interest income	264		182		773		182		PIK interest income	691		251
Dividend income		—		288		—		288

Non-cash dividend income	Non-cash dividend income	1,042		831		3,036		3,881		Non-cash dividend income	1,105		982
Other income	Other income	62		79		187		284		Other income	63		63
From controlled investments:	From controlled investments:									From controlled investments:
Interest income (excluding PIK interest income)	Interest income (excluding PIK interest income)	2,914		1,253		6,285		3,570		Interest income (excluding PIK interest income)	1,444		1,656
PIK interest income	PIK interest income	3,241		3,614		12,296		10,384		PIK interest income	4,388		4,970
Dividend income	Dividend income	9,867		9,686		32,183		31,278		Dividend income	10,995		11,645
Non-cash dividend income	Non-cash dividend income	1,116		918		3,191		3,533		Non-cash dividend income	1,230		1,012
Other income	Other income	2,221		812		7,235		3,759		Other income	1,195		2,619
Total investment income	Total investment income	78,449		68,474		220,522		202,743		Total investment income	91,953		68,963
Expenses	Expenses									Expenses
Interest and other financing expenses										Interest and other financing expenses	30,796		18,637
Management fee										Management fee	11,638		11,553
Incentive fee	Incentive fee	8,202		7,661		23,605		22,207		Incentive fee	9,597		7,477
Management fee		11,717		13,740		35,040		40,885
Interest and other financing expenses		24,648		17,693		63,957		54,949
Administrative expenses	Administrative expenses	881		1,082		3,022		3,240		Administrative expenses	1,048		1,209
Professional fees	Professional fees	775		923		2,529		2,413		Professional fees	965		937

Other general and administrative expenses	Other general and administrative expenses	545		490		1,540		1,398		Other general and administrative expenses	488		477
Total expenses	Total expenses	46,768		41,589		129,693		125,092		Total expenses	54,532		40,290
Less: management fee waived (See Note 5)	Less: management fee waived (See Note 5)	(1,115)		(3,752)		(3,349)		(11,193)		Less: management fee waived (See Note 5)	(1,063)		(1,092)
Less: expenses waived and reimbursed (See Note 5)	Less: expenses waived and reimbursed (See Note 5)	—		—		(238)		—		Less: expenses waived and reimbursed (See Note 5)	—		(238)
Net expenses	Net expenses	45,653		37,837		126,106		113,899		Net expenses	53,469		38,960
Net investment income before income taxes	Net investment income before income taxes	32,796		30,637		94,416		88,844		Net investment income before income taxes	38,484		30,003
Income tax (benefit) expense		(13)		(8)		(5)		15
Income tax expense										Income tax expense	96		95
Net investment income	Net investment income	32,809		30,645		94,421		88,829		Net investment income	38,388		29,908
Net realized (losses) gains:
Net realized gains (losses):										Net realized gains (losses):
Non-controlled/non-affiliated investments	Non-controlled/non-affiliated investments	(239)		2,459		(903)		2,797		Non-controlled/non-affiliated investments	(1,308)		(70)
Non-controlled/affiliated investments		—		20,549		—		8,338

Controlled investments	Controlled investments	17		—		36,371		1,557		Controlled investments	1,973		19,242

Foreign currency	Foreign currency	(166)		—		219		—		Foreign currency	12		345
Net change in unrealized (depreciation) appreciation:
Net change in unrealized appreciation (depreciation):										Net change in unrealized appreciation (depreciation):
Non-controlled/non-affiliated investments	Non-controlled/non-affiliated investments	(31,944)		(19,951)		(56,975)		(22,601)		Non-controlled/non-affiliated investments	(2,929)		(4,524)
Non-controlled/affiliated investments	Non-controlled/affiliated investments	(13,381)		(20,469)		377		44,545		Non-controlled/affiliated investments	(16)		10,759
Controlled investments	Controlled investments	20,398		9,684		(11,036)		30,600		Controlled investments	8,797		(16,168)
Securities purchased under collateralized agreements to resell	Securities purchased under collateralized agreements to resell	—		—		(2,021)		—		Securities purchased under collateralized agreements to resell	—		(2,021)

Foreign currency	Foreign currency	(10)		(13)		(625)		(13)		Foreign currency	26		(422)
Benefit (provision) for taxes		30		1		(127)		(114)
Net realized and unrealized (losses) gains		(25,295)		(7,740)		(34,720)		65,109
Provision for taxes										Provision for taxes	(131)		(2)
Net realized and unrealized gains										Net realized and unrealized gains	6,424		7,139
Net increase in net assets resulting from operations	Net increase in net assets resulting from operations	7,514		22,905		59,701		153,938		Net increase in net assets resulting from operations	44,812		37,047
Less: Net decrease (increase) in net assets resulting from operations related to non-controlling interest in New Mountain Net Lease Corporation		191		(1,058)		150		(4,789)
Less: Net increase in net assets resulting from operations related to non-controlling interest in New Mountain Net Lease Corporation										Less: Net increase in net assets resulting from operations related to non-controlling interest in New Mountain Net Lease Corporation	(239)		(855)
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	$	7,705	$	21,847	$	59,851	$	149,149	Net increase in net assets resulting from operations related to New Mountain Finance Corporation	$	44,573	$	36,192
Basic earnings per share	Basic earnings per share	$	0.08	$	0.23	$	0.60	$	1.54	Basic earnings per share	$	0.44	$	0.37
Weighted average shares of common stock outstanding - basic (See Note 11)	Weighted average shares of common stock outstanding - basic (See Note 11)	100,830,075		96,906,988		99,955,432		96,854,474		Weighted average shares of common stock outstanding - basic (See Note 11)	100,937,026		98,413,476
Diluted earnings per share	Diluted earnings per share	$	0.08	$	0.22	$	0.59	$	1.42	Diluted earnings per share	$	0.40	$	0.34
Weighted average shares of common stock outstanding - diluted (See Note 11)	Weighted average shares of common stock outstanding - diluted (See Note 11)	114,087,660		110,164,573		113,213,017		110,112,059		Weighted average shares of common stock outstanding - diluted (See Note 11)	123,591,432		111,671,062
Distributions declared and paid per share	Distributions declared and paid per share	$	0.30	$	0.30	$	0.90	$	0.90	Distributions declared and paid per share	$	0.32	$	0.30

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				Nine Months Ended					Three Months Ended
		September 30, 2022		September 30, 2021		September 30, 2022		September 30, 2021			March 31, 2023		March 31, 2022
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	$	32,809	$	30,645	$	94,421	$	88,829	Net investment income	$	38,388	$	29,908
Net realized (losses) gains on investments and foreign currency		(388)		23,008		35,687		12,692
Net change in unrealized (depreciation) appreciation of investments and foreign currency		(24,937)		(30,749)		(68,259)		52,531
Net realized gains on investments and foreign currency										Net realized gains on investments and foreign currency	677		19,517
Net change in unrealized appreciation (depreciation) of investments and foreign currency										Net change in unrealized appreciation (depreciation) of investments and foreign currency	5,878		(10,355)
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)		—		Net change in unrealized depreciation of securities purchased under collateralized agreements to resell	—		(2,021)
Benefit (provision) for taxes		30		1		(127)		(114)
Provision for taxes										Provision for taxes	(131)		(2)
Net increase in net assets resulting from operations	Net increase in net assets resulting from operations	7,514		22,905		59,701		153,938		Net increase in net assets resulting from operations	44,812		37,047
Less: Net decrease (increase) in net assets resulting from operations related to non-controlling interest in New Mountain Net Lease Corporation ("NMNLC")		191		(1,058)		150		(4,789)
Less: Net increase in net assets resulting from operations related to non-controlling interest in New Mountain Net Lease Corporation ("NMNLC")										Less: Net increase in net assets resulting from operations related to non-controlling interest in New Mountain Net Lease Corporation ("NMNLC")	(239)		(855)
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	7,705		21,847		59,851		149,149		Net increase in net assets resulting from operations related to New Mountain Finance Corporation	44,573		36,192
Capital transactions	Capital transactions									Capital transactions
Net proceeds from shares sold	Net proceeds from shares sold	2,955		—		40,006		—		Net proceeds from shares sold	—		20,474
Offering costs	Offering costs	(34)		—		(160)		—		Offering costs	(56)		(52)
Distributions declared to stockholders from net investment income	Distributions declared to stockholders from net investment income	(30,281)		(29,072)		(90,085)		(87,168)		Distributions declared to stockholders from net investment income	(32,300)		(29,589)
Reinvestment of distributions	Reinvestment of distributions	—		—		1,098		1,049		Reinvestment of distributions	—		1,098

Total net decrease in net assets resulting from capital transactions	Total net decrease in net assets resulting from capital transactions	(27,360)		(29,072)		(49,141)		(86,119)		Total net decrease in net assets resulting from capital transactions	(32,356)		(8,069)
Net (decrease) increase in net assets		(19,655)		(7,225)		10,710		63,030
Net increase in net assets										Net increase in net assets	12,217		28,123
New Mountain Finance Corporation net assets at the beginning of the period	New Mountain Finance Corporation net assets at the beginning of the period	1,351,610		1,292,130		1,321,245		1,221,875		New Mountain Finance Corporation net assets at the beginning of the period	1,314,473		1,321,245
New Mountain Finance Corporation net assets at the end of the period	New Mountain Finance Corporation net assets at the end of the period	1,331,955		1,284,905		1,331,955		1,284,905		New Mountain Finance Corporation net assets at the end of the period	1,326,690		1,349,368
Non-controlling interest in NMNLC	Non-controlling interest in NMNLC	13,143		20,053		13,143		20,053		Non-controlling interest in NMNLC	11,804		18,472
Net assets at the end of the period	Net assets at the end of the period	$	1,345,098	$	1,304,958	$	1,345,098	$	1,304,958	Net assets at the end of the period	$	1,338,494	$	1,367,840

Capital share activity	Capital share activity									Capital share activity
Shares sold	Shares sold	220,098		—		2,950,300		—		Shares sold	—		1,511,836
Shares issued from the reinvestment of distributions	Shares issued from the reinvestment of distributions	—		—		79,285		79,646		Shares issued from the reinvestment of distributions	—		79,285

Net increase in shares outstanding	Net increase in shares outstanding	220,098		—		3,029,585		79,646		Net increase in shares outstanding	—		1,591,121

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)


		Nine Months Ended					Three Months Ended
		September 30, 2022		September 30, 2021			March 31, 2023		March 31, 2022
Cash flows from operating activities	Cash flows from operating activities					Cash flows from operating activities
Net increase in net assets resulting from operations	Net increase in net assets resulting from operations	$	59,701	$	153,938	Net increase in net assets resulting from operations	$	44,812	$	37,047
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:					Adjustments to reconcile net increase in net assets resulting from operations to net cash (used in) provided by operating activities:
Net realized gains on investments	Net realized gains on investments	(35,468)		(12,692)		Net realized gains on investments	(665)		(19,172)
Net realized gains on translation of assets and liabilities in foreign currencies	Net realized gains on translation of assets and liabilities in foreign currencies	(219)		—		Net realized gains on translation of assets and liabilities in foreign currencies	(12)		(345)
Net change in unrealized depreciation (appreciation) of investments		67,634		(52,544)
Net change in unrealized depreciation on translation of assets and liabilities in foreign currencies		625		13
Net change in unrealized (appreciation) depreciation of investments						Net change in unrealized (appreciation) depreciation of investments	(5,852)		9,933
Net change in unrealized (appreciation) depreciation on translation of assets and liabilities in foreign currencies						Net change in unrealized (appreciation) depreciation on translation of assets and liabilities in foreign currencies	(26)		422
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		—		Net change in unrealized depreciation of securities purchased under collateralized agreements to resell	—		2,021
Amortization of purchase discount	Amortization of purchase discount	(4,437)		(6,681)		Amortization of purchase discount	(1,644)		(1,393)
Amortization of deferred financing costs	Amortization of deferred financing costs	5,082		5,660		Amortization of deferred financing costs	1,637		1,692
Amortization of premium on Convertible Notes	Amortization of premium on Convertible Notes	(77)		(77)		Amortization of premium on Convertible Notes	(18)		(26)
Non-cash investment income	Non-cash investment income	(35,585)		(33,226)		Non-cash investment income	(16,270)		(12,122)
(Increase) decrease in operating assets:	(Increase) decrease in operating assets:					(Increase) decrease in operating assets:

Purchase of investments and delayed draw facilities	Purchase of investments and delayed draw facilities	(526,743)		(769,167)		Purchase of investments and delayed draw facilities	(94,352)		(153,863)
Proceeds from sales and paydowns of investments	Proceeds from sales and paydowns of investments	466,516		816,218		Proceeds from sales and paydowns of investments	67,651		93,302
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	321		597		Cash received for purchase of undrawn portion of revolving credit or delayed draw facilities	110		83
Cash paid for purchase of drawn portion of revolving credit facilities	Cash paid for purchase of drawn portion of revolving credit facilities	(185)		(832)		Cash paid for purchase of drawn portion of revolving credit facilities	—		(32)
Cash paid on drawn revolvers	Cash paid on drawn revolvers	(30,438)		(25,310)		Cash paid on drawn revolvers	(6,507)		(8,438)
Cash repayments on drawn revolvers	Cash repayments on drawn revolvers	33,589		24,980		Cash repayments on drawn revolvers	9,046		8,419
Deferred tax asset		—		101

Interest and dividend receivable	Interest and dividend receivable	(3,050)		(4,362)		Interest and dividend receivable	1,861		(3,892)
Receivable from unsettled securities sold		—		29

Receivable from affiliates	Receivable from affiliates	—		117		Receivable from affiliates	(91)		—
Other assets	Other assets	(275)		(3,907)		Other assets	(1,495)		(4,268)
Increase (decrease) in operating liabilities:	Increase (decrease) in operating liabilities:					Increase (decrease) in operating liabilities:
Management fee payable	Management fee payable	438		(431)		Management fee payable	51		10,461
Incentive fee payable	Incentive fee payable	699		307		Incentive fee payable	3,301		7,477
Payable for unsettled securities purchased	Payable for unsettled securities purchased	(7,910)		(2,184)		Payable for unsettled securities purchased	—		(5,910)
Payable to affiliates	Payable to affiliates	(281)		(551)		Payable to affiliates	(78)		678
Interest payable	Interest payable	(5,174)		(6,059)		Interest payable	939		(7,187)
Deferred tax liability	Deferred tax liability	127		13		Deferred tax liability	(5,499)		1
Other liabilities	Other liabilities	4,240		490		Other liabilities	(403)		(58)
Contributions related to non-controlling interest in New Mountain Net Lease Corporation ("NMNLC")		—		250
Net cash flows (used in) provided by operating activities		(8,849)		84,690

Net cash flows used in operating activities						Net cash flows used in operating activities	(3,504)		(45,170)
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	40,006		—		Net proceeds from shares sold	—		20,474
Offering costs paid	Offering costs paid	(132)		—		Offering costs paid	(17)		(21)
Distributions paid	Distributions paid	(88,987)		(86,119)		Distributions paid	(32,300)		(28,491)
Proceeds from Holdings Credit Facility	Proceeds from Holdings Credit Facility	164,400		129,000		Proceeds from Holdings Credit Facility	29,000		55,000
Repayment of Holdings Credit Facility	Repayment of Holdings Credit Facility	(79,000)		(85,900)		Repayment of Holdings Credit Facility	(33,300)		(24,000)
Proceeds from Convertible Notes						Proceeds from Convertible Notes	60,300		—

Proceeds from Unsecured Notes		75,000		200,000
Repayment of Unsecured Notes	Repayment of Unsecured Notes	(55,000)		(141,750)		Repayment of Unsecured Notes	(90,000)		—

Proceeds from NMFC Credit Facility	Proceeds from NMFC Credit Facility	162,707		311,363		Proceeds from NMFC Credit Facility	157,000		61,349
Repayment of NMFC Credit Facility	Repayment of NMFC Credit Facility	(158,000)		(326,500)		Repayment of NMFC Credit Facility	(110,000)		(56,000)
Proceeds from DB Credit Facility	Proceeds from DB Credit Facility	108,600		77,500		Proceeds from DB Credit Facility	—		20,000
Repayment of DB Credit Facility	Repayment of DB Credit Facility	(148,500)		(153,700)		Repayment of DB Credit Facility	—		(22,000)
Proceeds from NMNLC Credit Facility II	Proceeds from NMNLC Credit Facility II	2,934		9,025		Proceeds from NMNLC Credit Facility II	1,682		—
Repayment of NMNLC Credit Facility II	Repayment of NMNLC Credit Facility II	(15,200)		(3,180)		Repayment of NMNLC Credit Facility II	(2,347)		—

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	(8,197)		—		Distributions related to non-controlling interest in NMNLC	(153)		(3,750)
Deferred financing costs paid	Deferred financing costs paid	(710)		(10,144)		Deferred financing costs paid	(1,189)		(14)

Net cash flows provided by (used in) by financing activities		45		(80,405)
Net (decrease) increase in cash and cash equivalents		(8,804)		4,285
Net cash flows (used in) provided by financing activities						Net cash flows (used in) provided by financing activities	(21,324)		22,547
Net decrease in cash and cash equivalents						Net decrease in cash and cash equivalents	(24,828)		(22,623)
Effect of foreign exchange rate changes on cash and cash equivalents	Effect of foreign exchange rate changes on cash and cash equivalents	(354)		106		Effect of foreign exchange rate changes on cash and cash equivalents	37		(78)
Cash and cash equivalents at the beginning of the period	Cash and cash equivalents at the beginning of the period	58,077		78,966		Cash and cash equivalents at the beginning of the period	71,190		58,077
Cash and cash equivalents at the end of the period	Cash and cash equivalents at the end of the period	$	48,919	$	83,357	Cash and cash equivalents at the end of the period	$	46,399	$	35,376
Supplemental disclosure of cash flow information	Supplemental disclosure of cash flow information					Supplemental disclosure of cash flow information
Cash interest paid	Cash interest paid	$	63,006	$	53,643	Cash interest paid	$	27,794	$	23,703
Income taxes paid	Income taxes paid	74		15		Income taxes paid	5,713		9
Non-cash operating activities:						Non-cash operating activities:
Non-cash activity on investments						Non-cash activity on investments	$	15,582	$	—
Non-cash financing activities:						Non-cash financing activities:

Non-cash financing activities:
Value of shares issued in connection with the distribution reinvestment plan		$	1,098	$	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
Accrual for offering costs	Accrual for offering costs	30		27		Accrual for offering costs	124		42
Accrual for deferred financing costs	Accrual for deferred financing costs	15		14		Accrual for deferred financing costs	84		1

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

Table of Contents

New Mountain Finance Corporation

Consolidated Schedule of Investments

~~September 30, 2022~~March 31, 2023

(in thousands, except shares)

(unaudited)


Portfolio Company, Location and Industry (1)	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		Portfolio Company, Location and Industry (1)	Type of Investment	Reference	Spread	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 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)(15)	9.92% (L + 5.75%/Q)	8/7/2019	5/22/2026	$	67,448	$	67,234	$	66,846			Software	First lien (2)(15)	SOFR(Q)	5.75%	10.80%	08/2019	05/2026	$	67,102	$	66,913	$	66,504
		First lien (5)(15)	9.92% (L+ 5.75%/Q)	8/7/2019	5/22/2026	21,801		21,735		21,607
		First lien (3)(15)(18) - Drawn	9.92% (L + 5.75%/S)	8/7/2019	5/22/2026	4,142		4,116		4,105
								93,085		92,558		6.88	%
PhyNet Dermatology LLC
Healthcare Services		First lien (2)(15)	9.31% (SOFR + 5.75%/S)	9/17/2018	8/16/2024	49,379		49,204		49,379
		First lien (2)(15)	9.31% (SOFR + 5.75%/S)	9/17/2018	8/16/2024	18,796		18,710		18,796
								67,914		68,175		5.07	%
Knockout Intermediate Holdings I Inc. (41)
Kaseya Inc.
Software		First lien (2)(15)	8.29% (SOFR + 5.75%/S)	6/23/2022	6/25/2029	63,093		62,634		62,620		4.66	%
Associations, Inc.
Consumer Services		First lien (2)(15)	8.88% (SOFR + 4.00% + 2.50% PIK/Q)*	7/2/2021	7/2/2027	35,558		35,424		35,558
		First lien (8)(15)	10.10% (SOFR + 4.00% + 2.50% PIK/Q)*	7/2/2021	7/2/2027	8,754		8,717		8,754
		First lien (2)(15)	10.26% (SOFR + 4.00% + 2.50% PIK/Q)*	7/2/2021	7/2/2027	8,754		8,717		8,754
		First lien (8)(15)	9.40% (SOFR + 4.00% + 2.50% PIK/Q)*	7/2/2021	7/2/2027	5,287		5,265		5,287
		First lien (8)(15)	8.88% (SOFR + 4.00% + 2.50% PIK/Q)*	7/2/2021	7/2/2027	4,206		4,189		4,206					First lien (5)(15)	SOFR(Q)	5.75%	10.80%	08/2019	05/2026	21,689		21,631		21,497
								62,312		62,559		4.65	%										88,544		88,001		6.57	%
Paw Midco, Inc.	Paw Midco, Inc.													Paw Midco, Inc.
AAH Topco, LLC	AAH Topco, LLC													AAH Topco, LLC
Consumer Services	Consumer Services	First lien (8)(15)	8.58% (L + 5.50%/M)	12/22/2021	12/22/2027	20,687		20,502		20,479				Consumer Services	First lien (8)(15)	L(M)	5.50%	10.34%	12/2021	12/2027	20,582		20,412		20,509
		First lien (4)(15)	8.58% (L + 5.50%/M)	1/13/2022	12/22/2027	9,822		9,734		9,724					First lien (2)(15)(18) - Drawn	L(M)	5.50%	10.25%	12/2021	12/2027	17,078		17,002		17,019
		First lien (3)(15)(18) - Drawn	8.26% (L + 5.50%/M)	12/22/2021	12/22/2027	8,510		8,596		8,425					First lien (4)(15)	L(M)	5.50%	10.34%	01/2022	12/2027	9,772		9,691		9,738
		First lien (4)(15)(18) - Drawn	8.26% (L + 5.50%/M)	12/22/2021	12/22/2027	2,761		2,789		2,733					First lien (4)(15)(18) - Drawn	L(M)	5.50%	10.25%	12/2021	12/2027	5,541		5,516		5,521
		Subordinated (3)(15)	11.50% PIK/Q*	12/22/2021	12/22/2031	12,141		11,982		11,959					Subordinated (3)(15)	FIXED(Q)*	11.50%/PIK	11.50%	12/2021	12/2031	12,857		12,703		12,361
		Subordinated (4)(15)	11.50% PIK/Q*	1/13/2022	12/22/2031	4,761		4,699		4,690					Subordinated (4)(15)	FIXED(Q)*	11.50%/PIK	11.50%	01/2022	12/2031	5,042		4,982		4,848
								58,302		58,010		4.31	%										70,306		69,996		5.23	%
PhyNet Dermatology LLC														PhyNet Dermatology LLC
Healthcare														Healthcare	First lien (2)(15)	SOFR(S)	6.25%	11.58%	09/2018	08/2024	49,160		49,028		49,159
															First lien (2)(15)	SOFR(S)	6.25%	11.66%	09/2018	08/2024	18,655		18,615		18,655
																							67,643		67,814		5.07	%
GC Waves Holdings, Inc.														GC Waves Holdings, Inc.
Financial Services														Financial Services	First lien (5)(15)	L(M)	5.50%	10.34%	08/2021	08/2026	21,830		21,743		21,829
															First lien (2)(15)(18) - Drawn	L(M)	5.50%	10.34%	04/2022	08/2026	16,873		16,719		16,873
															First lien (2)(15)	L(M)	5.50%	10.34%	08/2021	08/2026	13,177		13,105		13,177
															First lien (2)(15)	L(M)	5.50%	10.34%	08/2021	08/2026	10,524		10,443		10,524
															First lien (3)(15)(18) - Drawn	L(M)	5.50%	10.34%	10/2019	08/2026	988		980		988
																							62,990		63,391		4.74	%
Associations, Inc.														Associations, Inc.
Business Services														Business Services	First lien (2)(15)	SOFR(Q)*	4.00% + 2.50%/PIK	11.36%	07/2021	07/2027	36,014		35,890		36,014
															First lien (8)(15)	SOFR(Q)*	4.00% + 2.50%/PIK	11.47%	07/2021	07/2027	8,865		8,831		8,865
															First lien (2)(15)	SOFR(Q)*	4.00% + 2.50%/PIK	11.55%	07/2021	07/2027	8,865		8,830		8,865
															First lien (8)(15)	SOFR(Q)*	4.00% + 2.50%/PIK	11.48%	07/2021	07/2027	5,355		5,335		5,355
															First lien (8)(15)	SOFR(Q)*	4.00% + 2.50%/PIK	11.38%	07/2021	07/2027	4,260		4,245		4,260
																							63,131		63,359		4.73	%

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

Table of Contents

New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

~~September 30, 2022~~March 31, 2023

(in thousands, except shares)

(unaudited)


Portfolio Company, Location and Industry (1)	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		Portfolio Company, Location and Industry (1)	Type of Investment	Reference	Spread	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)	8.62% (L + 5.50%/M)	8/13/2021	8/13/2026	$	21,941	$	21,843	$	21,678
		First lien (2)(15)	8.62% (L + 5.50%/M)	8/13/2021	8/13/2026	13,244		13,164		13,086
		First lien (2)(15)	8.62% (L + 5.50%/M)	8/13/2021	8/13/2026	10,577		10,485		10,449
Knockout Intermediate Holdings I Inc. (41)														Knockout Intermediate Holdings I Inc. (41)
Kaseya Inc.														Kaseya Inc.
Software														Software	First lien (2)(15)	SOFR(Q)	5.75%	10.65%	06/2022	06/2029	$	63,093	$	62,659	$	62,620	4.68	%
iCIMS, Inc.														iCIMS, Inc.
Software														Software	First lien (8)(15)	SOFR(Q)*	3.88%/PIK + 3.38%	12.05%	08/2022	08/2028	44,740		44,382		44,498
		First lien (3)(15)(18) - Drawn	8.62% (L + 5.50%/M)	4/11/2022	8/13/2026	4,486		4,442		4,432					First lien (2)(15)	SOFR(Q)	7.25%	12.05%	10/2022	08/2028	7,366		7,305		7,365
								49,934		49,645		3.69	%										51,687		51,863		3.87	%
CentralSquare Technologies, LLC	CentralSquare Technologies, LLC													CentralSquare Technologies, LLC
Software	Software	Second lien (3)	11.17% (L + 7.50%/Q)	8/15/2018	8/31/2026	47,838		47,487		42,177				Software	Second lien (3)	L(Q)	7.50%	12.66%	08/2018	08/2026	47,838		47,523		41,380
		Second lien (8)	11.17% (L + 7.50%/Q)	8/15/2018	8/31/2026	7,500		7,445		6,613					Second lien (8)	L(Q)	7.50%	12.66%	08/2018	08/2026	7,500		7,451		6,488
								54,932		48,790		3.63	%										54,974		47,868		3.58	%
Brave Parent Holdings, Inc.														Brave Parent Holdings, Inc.
Software														Software	Second lien (5)(15)	L(M)	7.50%	12.34%	04/2018	04/2026	22,500		22,447		21,798
															Second lien (2)(15)	L(M)	7.50%	12.34%	04/2018	04/2026	16,624		16,545		16,104
															Second lien (8)(15)	L(M)	7.50%	12.34%	04/2018	04/2026	6,000		5,971		5,812
																							44,963		43,714		3.27	%
IG Intermediateco LLC	IG Intermediateco LLC													IG Intermediateco LLC
Infogain Corporation	Infogain Corporation													Infogain Corporation
Business Services														Business Services	First lien (2)(15)	SOFR(M)	5.75%	10.66%	07/2021	07/2028	18,850		18,736		18,705
															First lien (8)(15)	SOFR(M)	5.75%	10.59%	07/2022	07/2028	7,904		7,832		7,843
															Subordinated (3)(15)	SOFR(Q)	8.25%	13.25%	07/2022	07/2029	17,245		17,044		16,643
																							43,612		43,191		3.23	%
Deca Dental Holdings LLC														Deca Dental Holdings LLC
Healthcare														Healthcare	First lien (2)(15)	L(Q)	5.75%	10.91%	08/2021	08/2028	37,765		37,456		35,714
															First lien (3)(15)(18) - Drawn	L(Q)	5.75%	10.91%	08/2021	08/2028	3,975		3,941		3,759
															First lien (3)(15)(18) - Drawn	L(Q)	5.75%	10.91%	08/2021	08/2027	2,825		2,797		2,672
																							44,194		42,145		3.15	%
Recorded Future, Inc.														Recorded Future, Inc.
Software														Software	First lien (8)(15)	L(Q)	5.25%	10.40%	08/2019	07/2025	24,406		24,299		24,282
															First lien (2)(15)	L(Q)	5.25%	10.40%	03/2021	07/2025	12,620		12,562		12,556
																							36,861		36,838		2.75	%
Auctane Inc. (fka Stamps.com Inc.)														Auctane Inc. (fka Stamps.com Inc.)
Software														Software	First lien (8)(15)	L(M)	5.75%	10.59%	10/2021	10/2028	22,013		21,831		21,890
															First lien (2)(15)	L(M)	5.75%	10.59%	10/2021	10/2028	14,887		14,764		14,804
																							36,595		36,694		2.74	%
Avalara, Inc.														Avalara, Inc.
Software	Software	First lien (2)(15)	8.43% (SOFR + 5.75%/Q)	7/30/2021	7/28/2028	18,946		18,823		18,757				Software	First lien (8)(15)	SOFR(Q)	7.25%	12.15%	10/2022	10/2028	22,500		22,234		22,473
		First lien (8)(15)	8.04% (SOFR + 5.75%/Q)	7/15/2022	7/28/2028	7,943		7,866		7,864					First lien (2)(15)	SOFR(Q)	7.25%	12.15%	10/2022	10/2028	12,880		12,728		12,865
		First lien (3)(15)(18) - Drawn	8.41% (SOFR + 5.75%/Q)	7/30/2021	7/30/2026	678		673		671													34,962		35,338		2.64	%
		Subordinated (3)(15)	11.90% (SOFR + 8.25%/Q)	7/15/2022	7/16/2029	17,245		17,033		17,029
								44,395		44,321		3.30	%
iCIMS, Inc.
Software		First lien (8)(15)	9.49% (SOFR + 6.75%/Q)	8/17/2022	8/18/2028	44,287		43,905		43,901		3.27	%
Brave Parent Holdings, Inc.
Software		Second lien (5)(15)	10.62% (L + 7.50%/M)	4/17/2018	4/17/2026	22,500		22,440		21,798
		Second lien (2)(15)	10.62% (L + 7.50%/M)	4/17/2018	4/17/2026	16,624		16,534		16,105
		Second lien (8)(15)	10.62% (L + 7.50%/M)	4/17/2018	4/17/2026	6,000		5,968		5,813
								44,942		43,716		3.25	%
Deca Dental Holdings LLC
Healthcare Services		First lien (2)(15)	9.42% (L + 5.75%/Q)	8/26/2021	8/28/2028	37,956		37,625		37,220
		First lien (3)(15)(18) - Drawn	9.42% (L + 5.75%/Q)	8/26/2021	8/28/2028	3,995		3,959		3,918
		First lien (3)(15)(18) - Drawn	9.42% (L + 5.75%/Q)	8/26/2021	8/26/2027	1,413		1,398		1,385
								42,982		42,523		3.16	%
Frontline Technologies Group Holdings, LLC
Software		First lien (4)	11.00% (P + 4.75%/Q)	9/18/2017	9/18/2023	21,447		21,417		21,447
		First lien (2)	11.00% (P + 4.75%/Q)	9/18/2017	9/18/2023	8,074		8,073		8,074
		First lien (2)	11.00% (P + 4.75%/Q)	9/18/2017	9/18/2023	7,461		7,447		7,461
		First lien (2)	11.00% (P + 4.75%/Q)	6/15/2021	9/18/2023	4,969		4,969		4,969
								41,906		41,951		3.12	%

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

Table of Contents

New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

~~September 30, 2022~~March 31, 2023

(in thousands, except shares)

(unaudited)


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

Recorded Future, Inc.
OEC Holdco, LLC (22)														OEC Holdco, LLC (22)
OEConnection LLC														OEConnection LLC
Software	Software	First lien (8)(15)	8.13% (L + 5.25%/Q)	8/26/2019	7/3/2025	$	24,531	$	24,402	$	24,408			Software	Second lien (2)(15)	SOFR(M)	7.00%	11.91%	12/2021	09/2027	$	23,406	$	23,214	$	22,933
		First lien (2)(15)	8.13% (L + 5.25%/Q)	3/26/2021	7/3/2025	12,684		12,615		12,621					Second lien (2)(15)	SOFR(M)	7.00%	11.91%	09/2019	09/2027	12,044		11,966		11,801
								37,017		37,029		2.75	%										35,180		34,734		2.60	%
Auctane, Inc.
MRI Software LLC														MRI Software LLC
Software	Software	First lien (8)(15)	8.38% (L + 5.75%/M)	10/5/2021	10/5/2028	22,124		21,929		21,748				Software	First lien (5)(15)	L(Q)	5.50%	10.66%	01/2020	02/2026	21,823		21,766		21,273
		First lien (2)(15)	8.38% (L + 5.75%/M)	10/5/2021	10/5/2028	14,962		14,830		14,708					First lien (3)(15)	L(Q)	5.50%	10.66%	03/2021	02/2026	5,224		5,212		5,092
								36,759		36,456		2.71	%		First lien (2)(15)	L(Q)	5.50%	10.66%	03/2021	02/2026	4,604		4,595		4,488
															First lien (2)(15)	L(Q)	5.50%	10.66%	01/2020	02/2026	3,164		3,156		3,085
															First lien (3)(15)	L(Q)	5.50%	10.66%	01/2020	02/2026	808		805		787
																							35,534		34,725		2.59	%
Foreside Financial Group, LLC														Foreside Financial Group, LLC
Business Services														Business Services	First lien (2)(15)	SOFR(Q)	5.50%	10.54%	05/2022	09/2027	33,954		33,658		33,615
															First lien (3)(15)	SOFR(Q)	5.50%	10.54%	05/2022	09/2027	139		138		138
																							33,796		33,753		2.52	%
DCA Investment Holding, LLC														DCA Investment Holding, LLC
Healthcare														Healthcare	First lien (2)(15)	SOFR(Q)	6.41%	11.30%	03/2021	04/2028	19,605		19,496		19,238
															First lien (2)(15)	SOFR(Q)	6.41%	11.30%	02/2022	04/2028	10,293		10,243		10,100
															First lien (2)(15)	SOFR(Q)	6.41%	11.25%	03/2021	04/2028	3,278		3,262		3,216
															First lien (3)(15)(18) - Drawn	SOFR(S)	6.50%	11.24%	12/2022	04/2028	1,038		1,022		1,028
																							34,023		33,582		2.51	%
Anaplan, Inc.														Anaplan, Inc.
Software														Software	First lien (2)(15)	SOFR(M)	6.50%	11.31%	06/2022	06/2029	33,618		33,308		33,282		2.49	%
Diamond Parent Holdings Corp. (35)	Diamond Parent Holdings Corp. (35)													Diamond Parent Holdings Corp. (35)
Diligent Corporation	Diligent Corporation													Diligent Corporation
Software	Software	First lien (2)(15)	8.63% (L + 5.75%/S)	3/30/2021	8/4/2025	17,628		17,567		17,415				Software	First lien (2)(15)	L(M)	5.75%	10.59%	03/2021	08/2025	17,539		17,489		16,958
		First lien (2)(15)	8.63% (L + 5.75%/S)	3/4/2021	8/4/2025	9,830		9,797		9,713					First lien (2)(15)	L(M)	5.75%	10.59%	03/2021	08/2025	9,780		9,752		9,456
		First lien (3)(15)	9.13% (L + 6.25%/S)	12/19/2018	8/4/2025	5,842		5,820		5,842					First lien (3)(15)	L(M)	6.25%	11.09%	12/2018	08/2025	5,812		5,794		5,650
		First lien (3)(15)(18) - Drawn	8.49% (L + 6.25%/S)	3/30/2021	8/4/2025	1,812		1,803		1,812					First lien (3)(15)(18) - Drawn	L(M)	6.25%	11.08%	03/2021	08/2025	1,087		1,082		1,057
								34,987		34,782		2.59	%										34,117		33,121		2.47	%
OEC Holdco, LLC (22)
OEConnection LLC
Business Services		Second lien (2)(15)	10.05% (L + 7.00%/M)	12/17/2021	9/25/2027	23,406		23,198		22,703
		Second lien (2)(15)	10.12% (L + 7.00%/M)	9/25/2019	9/25/2027	12,044		11,960		11,683
								35,158		34,386		2.56	%
IG Investments Holdings, LLC
Business Services		First lien (2)(15)	9.67% (L + 6.00%/Q)	9/22/2021	9/22/2028	29,207		28,949		29,207
		First lien (2)(15)	9.67% (L + 6.00%/Q)	2/25/2022	9/22/2028	4,268		4,248		4,268
								33,197		33,475		2.49	%
Anaplan, Inc.
Software		First lien (2)(15)	9.53% (SOFR + 6.50%/M)	6/21/2022	6/21/2029	33,618		33,291		33,282		2.47	%
KAMC Holdings, Inc
Business Services		Second lien (2)(15)	10.94% (L + 8.00%/Q)	8/14/2019	8/13/2027	18,750		18,653		16,279
		Second lien (8)(15)	10.94% (L + 8.00%/Q)	8/14/2019	8/13/2027	18,750		18,653		16,279
								37,306		32,558		2.42	%
EAB Global, Inc.
Education		Second lien (2)(15)	8.92% (L + 6.50%/Q)	8/16/2021	8/16/2029	33,452		33,005		32,392		2.41	%
MRI Software LLC
Granicus, Inc.														Granicus, Inc.
Software	Software	First lien (5)	9.17% (L + 5.50%/Q)	1/31/2020	2/10/2026	21,936		21,869		21,442				Software	First lien (4)(15)	L(M)*	5.50% + 1.50%/PIK	11.84%	01/2021	01/2027	15,403		15,323		15,403
		First lien (2)	9.17% (L + 5.50%/Q)	3/24/2021	2/10/2026	4,627		4,617		4,523					First lien (8)(15)	L(M)*	5.50% + 1.50%/PIK	11.84%	01/2021	01/2027	5,958		5,926		5,958
		First lien (2)	9.17% (L + 5.50%/Q)	1/31/2020	2/10/2026	3,181		3,171		3,109					First lien (2)(15)	L(M)*	5.50% + 1.50%/PIK	11.84%	01/2021	01/2027	5,877		5,846		5,877
		First lien (3)	9.17% (L + 5.50%/Q)	3/24/2021	2/10/2026	2,482		2,476		2,426					First lien (2)(15)	L(M)	6.00%	10.84%	04/2021	01/2027	4,565		4,528		4,565
		First lien (3)	9.17% (L + 5.50%/Q)	1/31/2020	2/10/2026	812		809		794					First lien (3)(15)(18) - Drawn	L(M)	6.50%	11.18%	01/2021	01/2027	1,269		1,259		1,269
								32,942		32,294		2.40	%										32,882		33,072		2.47	%
Foreside Financial Group
Business Services		First lien (2)(15)	8.62% (L + 5.50%/M)	5/26/2022	9/30/2027	32,048		31,745		31,728
		First lien (3)(15)	8.62% (L + 5.50%/M)	5/26/2022	9/30/2027	314		310		310
								32,055		32,038		2.38	%

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

Table of Contents

New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

~~September 30, 2022~~March 31, 2023

(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
DCA Investment Holding, LLC
Healthcare Services First lien (2)(15) 9.98% (SOFR + 6.00%/S) 3/12/2021 4/3/2028 $ 19,714 $ 19,596 $ 19,696
First lien (2)(15) 9.98% (SOFR + 6.00%/S) 2/25/2022 4/3/2028 7,063 7,031 7,057
First lien (3)(15) 9.98% (SOFR + 6.00%/S) 3/12/2021 4/3/2028 3,281 3,259 3,278
First lien (3)(15)(18) - Drawn 9.98% (SOFR + 6.00%/S) 3/12/2021 4/3/2028 1,644 1,636 1,642
31,522 31,673 2.35 %
Granicus, Inc.
Software First lien (4)(15) 10.67% (L + 6.50%/S) 1/27/2021 1/29/2027 15,405 15,316 15,405
First lien (8)(15) 10.67% (L + 6.50%/S) 1/27/2021 1/29/2027 5,959 5,923 5,959
First lien (2)(15) 10.67% (L + 6.50%/S) 1/27/2021 1/29/2027 5,877 5,843 5,877
First lien (2)(15)(18) - Drawn 10.17% (L + 6.00%/S) 4/23/2021 1/29/2027 2,758 2,735 2,758
29,817 29,999 2.23 %
TigerConnect, Inc.
Healthcare Services First lien (2)(15) 9.98% (SOFR + 7.25% PIK/Q)* 2/16/2022 2/16/2028 29,868 29,594 29,570 2.20 %
OA Topco, L.P. (40)
OA Buyer, Inc.
Healthcare Information Technology First lien (2)(15) 9.12% (L + 6.00%/M) 12/20/2021 12/20/2028 28,060 27,804 27,780
First lien (2)(15) 9.12% (L + 6.00%/M) 5/6/2022 12/20/2028 1,776 1,759 1,758
29,563 29,538 2.20 %
Foundational Education Group, Inc.
Education Second lien (5)(15) 10.31% (SOFR + 6.50%/Q) 8/19/2021 8/31/2029 22,500 22,400 21,533
Second lien (2)(15) 10.31% (SOFR + 6.50%/Q) 8/19/2021 8/31/2029 7,009 6,986 6,708
29,386 28,241 2.10 %
Fortis Solutions Group, LLC
Packaging First lien (2)(15) 9.67% (L + 5.50%/S) 10/15/2021 10/13/2028 17,574 17,413 17,391
First lien (8)(15) 9.67% (L + 5.50%/S) 10/15/2021 10/13/2028 10,221 10,130 10,115
First lien (3)(15)(18) - Drawn 9.67% (L + 5.50%/S) 10/15/2021 10/15/2027 191 189 189
27,732 27,695 2.06 %
Syndigo LLC
Software Second lien (4)(15) 10.51% (L + 8.00%/S) 12/14/2020 12/15/2028 22,500 22,359 21,281
Second lien (2)(15) 10.51% (L + 8.00%/S) 2/16/2022 12/15/2028 5,697 5,710 5,388
28,069 26,669 1.98 %
HS Purchaser, LLC / Help/Systems Holdings, Inc.
Software Second lien (5)(15) 9.88% (SOFR + 6.75%/M) 11/14/2019 11/19/2027 22,500 22,413 21,868
Second lien (2)(15) 9.88% (SOFR + 6.75%/M) 11/14/2019 11/19/2027 4,208 4,178 4,090
26,591 25,958 1.93 %


Portfolio Company, Location and Industry (1)	Type of Investment	Reference	Spread	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 (2)(15)	L(Q)	6.00%	10.86%	09/2021	09/2028	$	29,060	$	28,819	$	28,766
	First lien (2)(15)	L(Q)	6.00%	10.83%	02/2022	09/2028	4,246		4,228		4,203
									33,047		32,969		2.46	%
EAB Global, Inc.
Education	Second lien (2)(15)	L(M)	6.50%	11.28%	08/2021	08/2029	33,452		33,029		32,603		2.44	%
KAMC Holdings, Inc.
Business Services	Second lien (2)(15)	L(Q)	8.00%	12.88%	08/2019	08/2027	18,750		18,661		15,937
	Second lien (8)(15)	L(Q)	8.00%	12.88%	08/2019	08/2027	18,750		18,661		15,937
									37,322		31,874		2.38	%
Wealth Enhancement Group, LLC
Financial Services	First lien (2)(15)	SOFR(S)	6.25%	11.12%	08/2021	10/2027	18,901		18,851		18,901
	First lien (2)(15)(18) - Drawn	SOFR(S)	6.25%	10.92%	05/2022	10/2027	9,688		9,680		9,688
	First lien (2)(15)	SOFR(Q)	6.25%	11.26%	01/2022	10/2027	1,250		1,240		1,250
	First lien (2)(15)	SOFR(S)	6.25%	11.06%	01/2022	10/2027	839		832		839
									30,603		30,678		2.29	%
TigerConnect, Inc.
Healthcare	First lien (8)(15)	SOFR(Q)*	3.63% + 3.63%/PIK	12.08%	02/2022	02/2028	29,868		29,614		29,722
	First lien (2)(15)(18) - Drawn	SOFR(Q)*	3.63% + 3.63%/PIK	12.08%	02/2022	02/2028	556		556		553
									30,170		30,275		2.26	%
OA Topco, L.P. (40)
OA Buyer, Inc.
Healthcare	First lien (2)(15)	SOFR(M)	5.75%	10.56%	12/2021	12/2028	27,919		27,679		27,741
	First lien (2)(15)	SOFR(M)	5.75%	10.56%	05/2022	12/2028	1,767		1,751		1,756
									29,430		29,497		2.20	%
Fortis Solutions Group, LLC
Packaging	First lien (2)(15)	L(M)	5.50%	10.34%	10/2021	10/2028	17,485		17,335		17,099
	First lien (8)(15)	L(M)	5.50%	10.34%	10/2021	10/2028	10,170		10,086		9,945
	First lien (3)(15)	L(M)	5.50%	10.34%	10/2021	10/2028	873		864		854
	First lien (3)(15)(18) - Drawn	L(M)	5.50%	10.34%	10/2021	10/2027	381		378		372
	First lien (3)(15)(18) - Drawn	L(M)	5.50%	10.34%	10/2021	10/2028	81		80		79
	First lien (3)(15)(18) - Drawn	L(M)	5.50%	10.34%	06/2022	10/2028	29		29		29
									28,772		28,378		2.12	%

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

Table of Contents

New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

~~September 30, 2022~~March 31, 2023

(in thousands, except shares)

(unaudited)


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

VT Topco, Inc.
Business Services		Second lien (2)(15)	9.87% (L + 6.75%/M)	7/30/2021	7/31/2026	$	16,183	$	16,135	$	15,905
Foundational Education Group, Inc.														Foundational Education Group, Inc.
Education														Education	Second lien (5)(15)	SOFR(Q)	6.50%	11.66%	08/2021	08/2029	$	22,500	$	22,404	$	21,128
		Second lien (4)(15)	9.87% (L + 6.75%/M)	8/14/2018	7/31/2026	10,000		9,986		9,828					Second lien (2)(15)	SOFR(Q)	6.50%	11.66%	08/2021	08/2029	7,009		6,987		6,581
								26,121		25,733		1.91	%										29,391		27,709		2.07	%
DOCS, MSO, LLC
Healthcare Services		First lien (8)(15)	8.85% (SOFR + 5.75%/Q)	6/1/2022	6/1/2028	18,760		18,760		18,706
		First lien (4)(15)	8.85% (SOFR + 5.75%/Q)	6/1/2022	6/1/2028	7,025		7,025		7,005
								25,785		25,711		1.91	%
CRCI Longhorn Holdings, Inc.
Business Services		Second lien (3)(15)	10.37% (L + 7.25%/M)	8/2/2018	8/10/2026	18,266		18,226		17,637
		Second lien (8)(15)	10.37% (L + 7.25%/M)	8/2/2018	8/10/2026	7,500		7,484		7,242
								25,710		24,879		1.85	%
Idera, Inc.
Syndigo LLC														Syndigo LLC
Software	Software	Second lien (4)(15)	9.32% (L + 6.75%/M)	6/27/2019	3/2/2029	22,500		22,235		21,647				Software	Second lien (4)(15)	L(S)	8.00%	13.21%	12/2020	12/2028	22,500		22,367		21,085
		Second lien (3)(15)	9.32% (L + 6.75%/M)	4/29/2021	3/2/2029	3,000		2,987		2,886
								25,222		24,533		1.82	%
NMC Crimson Holdings, Inc.
Healthcare Services		First lien (8)(15)	8.28% (L + 6.00%/Q)	3/1/2021	3/1/2028	19,259		19,025		19,232
		First lien (2)(15)	8.28% (L + 6.00%/Q)	3/2/2021	3/1/2028	4,913		4,853		4,906					Second lien (2)(15)	L(S)	8.00%	13.21%	02/2022	12/2028	5,697		5,709		5,339
								23,878		24,138		1.79	%										28,076		26,424		1.97	%
AmeriVet Partners Management, Inc.	AmeriVet Partners Management, Inc.													AmeriVet Partners Management, Inc.
Consumer Services	Consumer Services	First lien (2)(15)	9.20% (SOFR + 5.50%/Q)	2/25/2022	2/25/2028	22,378		22,275		21,984				Consumer Services	First lien (2)(15)	SOFR(Q)	5.50%	10.55%	02/2022	02/2028	22,265		22,170		22,056
		First lien (3)(15)(18) - Drawn	8.71% (SOFR + 5.50%/S)	2/25/2022	2/25/2028	1,375		1,440		1,351					First lien (2)(15)	SOFR(Q)	5.50%	10.55%	02/2022	02/2028	4,014		3,995		3,976
		First lien (3)(15)(18) - Drawn	10.75% (P + 4.50%/Q)	2/25/2022	2/25/2028	193		192		190					First lien (3)(15)(18) - Drawn	SOFR(Q)	5.50%	10.55%	02/2022	02/2028	303		358		300
								23,907		23,525		1.75	%										26,523		26,332		1.97	%
ACI Parent Inc. (36)
ACI Group Holdings, Inc.
Healthcare Services		First lien (2)(15)	9.17% (L + 5.50%/Q)	8/2/2021	8/2/2028	22,138		21,947		21,567
NMC Crimson Holdings, Inc.														NMC Crimson Holdings, Inc.
Healthcare														Healthcare	First lien (8)(15)	L(Q)	6.00%	10.75%	03/2021	03/2028	19,259		19,041		19,259
															First lien (2)(15)	L(Q)	6.00%	10.75%	03/2021	03/2028	4,913		4,857		4,913
															First lien (3)(15)(18) - Drawn	L(Q)	6.00%	10.95%	03/2021	03/2028	1,635		1,612		1,635
																							25,510		25,807		1.93	%
DOCS, MSO, LLC														DOCS, MSO, LLC
Healthcare														Healthcare	First lien (8)(15)	SOFR(S)	5.75%	10.54%	06/2022	06/2028	18,666		18,666		18,502
															First lien (4)(15)	SOFR(S)	5.75%	10.54%	06/2022	06/2028	6,990		6,990		6,929
																							25,656		25,431		1.90	%
VT Topco, Inc.														VT Topco, Inc.
Business Services														Business Services	Second lien (2)(15)	L(M)	6.75%	11.59%	07/2021	07/2026	16,183		16,140		15,568
															Second lien (4)(15)	L(M)	6.75%	11.59%	08/2018	07/2026	10,000		9,987		9,620
																							26,127		25,188		1.88	%
HS Purchaser, LLC / Help/Systems Holdings, Inc.														HS Purchaser, LLC / Help/Systems Holdings, Inc.
Software														Software	Second lien (5)(15)	SOFR(M)	6.75%	11.66%	11/2019	11/2027	22,500		22,420		21,204
		First lien (3)(15)(18) - Drawn	9.17% (L + 5.50%/Q)	8/2/2021	8/2/2028	1,946		1,927		1,895					Second lien (2)(15)	SOFR(M)	6.75%	11.66%	11/2019	11/2027	4,208		4,180		3,966
								23,874		23,462		1.74	%										26,600		25,170		1.88	%

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

Table of Contents

New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

~~September 30, 2022~~March 31, 2023

(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
Wealth Enhancement Group, LLC
Financial Services First lien (2)(15) 8.54% (SOFR + 6.00%/S) 8/13/2021 10/4/2027 $ 18,988 $ 18,933 $ 18,988
First lien (2)(15) 9.41% (SOFR + 6.00%/S) 1/10/2022 10/4/2027 1,257 1,245 1,257
First lien (3)(15)(18) - Drawn 9.96% (SOFR + 6.00%/S) 5/2/2022 10/4/2027 1,255 1,289 1,255
First lien (2)(15) 8.05% (SOFR + 6.00%/S) 1/10/2022 10/4/2027 843 835 843
22,302 22,343 1.66 %
Convey Health Solutions, Inc.**
Healthcare Services First lien (4)(15) 7.87% (L + 4.75%/M) 9/9/2019 9/4/2026 19,263 19,132 18,945
First lien (4)(15) 7.87% (L + 4.75%/M) 2/1/2022 9/4/2026 3,217 3,175 3,163
22,307 22,108 1.64 %
Bullhorn, Inc.
Software First lien (2)(15) 9.42% (L + 5.75%/Q) 9/24/2019 9/30/2026 16,702 16,625 16,702
First lien (2)(15) 9.42% (L + 5.75%/Q) 10/5/2021 9/30/2026 3,451 3,443 3,451
First lien (2)(15) 9.42% (L + 5.75%/Q) 9/24/2019 9/30/2026 773 768 773
First lien (3)(15)(18) - Drawn 9.42% (L + 5.75%/Q) 9/24/2019 9/30/2026 392 389 392
First lien (2)(15) 9.42% (L + 5.75%/Q) 9/24/2019 9/30/2026 346 345 346
First lien (2)(15) 9.42% (L + 5.75%/Q) 9/24/2019 9/30/2026 276 275 276
21,845 21,940 1.63 %
Spring Education Group, Inc (fka SSH Group Holdings, Inc.)
Education Second lien (2)(15) 11.92% (L + 8.25%/Q) 7/26/2018 7/30/2026 21,959 21,927 21,256 1.58 %
Cardinal Parent, Inc.
Software First lien (4) 8.17% (L + 4.50%/Q) 10/30/2020 11/12/2027 12,005 11,935 11,434
Second lien (4)(15) 11.42% (L + 7.75%/Q) 11/12/2020 11/13/2028 9,767 9,686 9,767
21,621 21,201 1.58 %
TMK Hawk Parent, Corp.
Distribution & Logistics First lien (2)(15) 6.57% (L + 3.50%/Q) 6/24/2019 8/28/2024 16,437 15,384 10,725
First lien (8)(15) 6.57% (L + 3.50%/Q) 10/23/2019 8/28/2024 15,853 14,567 10,344
29,951 21,069 1.57 %
Notorious Topco, LLC
Consumer Products First lien (8)(15) 9.88% (SOFR + 6.75%/M) 11/23/2021 11/23/2027 10,076 10,010 10,002
First lien (8)(15) 9.88% (SOFR + 6.75%/M) 5/10/2022 11/23/2027 9,950 9,880 9,875
First lien (3)(15)(18) - Drawn 9.88% (SOFR + 6.75%/M) 11/23/2021 11/23/2027 878 874 871
20,764 20,748 1.54 %


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

Idera, Inc.
Software	Second lien (4)(15)	L(Q)	6.75%	11.51%	06/2019	03/2029	$	22,500	$	22,250	$	21,823
	Second lien (3)(15)	L(Q)	6.75%	11.51%	04/2021	03/2029	3,000		2,988		2,910
									25,238		24,733		1.85	%
CRCI Longhorn Holdings, Inc.
Business Services	Second lien (3)(15)	L(M)	7.25%	12.09%	08/2018	08/2026	18,266		18,231		17,420
	Second lien (8)(15)	L(M)	7.25%	12.09%	08/2018	08/2026	7,500		7,486		7,153
									25,717		24,573		1.84	%
ACI Parent Inc. (36)
ACI Group Holdings, Inc.
Healthcare	First lien (2)(15)	L(M)*	4.50% + 1.25%/PIK	10.59%	08/2021	08/2028	22,096		21,919		21,248
	First lien (3)(15)(18) - Drawn	L(M)*	4.50% + 1.25%/PIK	10.59%	08/2021	08/2028	3,361		3,330		3,232
									25,249		24,480		1.83	%
Xactly Corporation
Software	First lien (4)(15)	SOFR(Q)	7.25%	12.11%	07/2017	07/2025	22,500		22,462		22,500		1.68	%
Convey Health Solutions, Inc.
Healthcare	First lien (4)(15)	SOFR(Q)	5.25%	10.25%	09/2019	09/2026	19,167		19,049		19,168
	First lien (4)(15)	SOFR(Q)	5.25%	10.25%	02/2022	09/2026	3,200		3,163		3,200
									22,212		22,368		1.67	%
AAC Lender Holdings, LLC (33)
American Achievement Corporation (aka AAC Holding Corp.)
Education	First lien (2)(15)	L(M)(43)*	5.75%/PIK + 0.50%	10.92%	09/2015	09/2026	29,251		29,212		21,847
	First lien (3)(15)	L(M)(43)*	13.50%/PIK + 0.50%	18.67%	06/2021	09/2026	1,527		1,527		—
	Subordinated (3)(15)	L(Q)(43)*	1.00%/PIK	5.76%	03/2021	09/2026	5,230		—		—
									30,739		21,847		1.63	%
Bullhorn, Inc.
Software	First lien (2)(15)	L(Q)	5.75%	10.91%	09/2019	09/2026	16,616		16,548		16,616
	First lien (2)(15)	L(Q)	5.75%	10.91%	10/2021	09/2026	3,433		3,426		3,433
	First lien (2)(15)	L(Q)	5.75%	10.91%	09/2019	09/2026	769		765		769
	First lien (2)(15)	L(Q)	5.75%	10.91%	09/2019	09/2026	345		343		345
	First lien (2)(15)	L(Q)	5.75%	10.91%	09/2019	09/2026	275		273		275
									21,355		21,438		1.60	%
Spring Education Group, Inc (fka SSH Group Holdings, Inc.)
Education	Second lien (2)(15)	L(Q)	8.25%	13.41%	07/2018	07/2026	21,959		21,929		21,405		1.60	%

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

Table of Contents

New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

~~September 30, 2022~~March 31, 2023

(in thousands, except shares)

(unaudited)


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

TMK Hawk Parent, Corp.														TMK Hawk Parent, Corp.
Distribution & Logistics														Distribution & Logistics	First lien (2)(15)	L(Q)	3.50%	8.46%	06/2019	08/2024	$	16,353	$	15,563	$	10,840
															First lien (8)(15)	L(Q)	3.50%	8.46%	10/2019	08/2024	15,772		14,805		10,453
																							30,368		21,293		1.59	%
Cardinal Parent, Inc.														Cardinal Parent, Inc.
Software														Software	First lien (4)(15)	L(Q)	4.50%	9.66%	10/2020	11/2027	11,944		11,880		11,136
															Second lien (4)(15)	L(Q)	7.75%	12.90%	11/2020	11/2028	9,767		9,691		9,439
																							21,571		20,575		1.54	%
YLG Holdings, Inc.	YLG Holdings, Inc.													YLG Holdings, Inc.
Business Services	Business Services	First lien (5)(15)	6.75% (L + 5.00%/S)	11/1/2019	10/31/2025	$	17,907	$	17,857	$	17,576			Business Services	First lien (5)(15)	L(S)	5.00%	9.74%	11/2019	10/2025	17,815		17,772		17,297
		First lien (5)(15)	7.95% (L + 5.00%/S)	11/1/2019	10/31/2025	2,332		2,325		2,289					First lien (5)(15)	L(S)	5.00%	9.80%	11/2019	10/2025	2,320		2,314		2,253
		First lien (3)(15)(18) - Drawn	7.92% (L + 5.00%/Q)	11/1/2019	10/31/2025	397		395		389					First lien (5)(15)(18) - Drawn	SOFR(Q)	5.00%	9.96%	10/2021	10/2025	794		800		771
		First lien (5)(15)(18) - Drawn	7.81% (L + 5.00%/Q)	10/22/2021	10/31/2025	240		256		236													20,886		20,321		1.52	%
								20,833		20,490		1.52	%
AAC Lender Holdings, LLC (33)
American Achievement Corporation (aka AAC Holding Corp.)
Education		First lien (2)(15)	8.82% (L + 5.75% PIK + 0.50%/M)(42)*	9/30/2015	9/30/2026	28,459		28,415		20,335
Notorious Topco, LLC														Notorious Topco, LLC
Consumer Products														Consumer Products	First lien (8)(15)	SOFR(Q)	6.75%	11.58%	11/2021	11/2027	10,026		9,964		9,576
		First lien (3)(15)	16.57% (L + 13.50% PIK + 0.50%/M)(42)*	6/10/2021	9/30/2026	1,527		1,527		—					First lien (8)(15)	SOFR(Q)	6.75%	11.58%	05/2022	11/2027	9,900		9,835		9,455
		Subordinated (3)(15)	3.28% (L + 1.00% PIK/Q)(42)*	3/16/2021	9/30/2026	5,230		—		—					First lien (3)(15)(18) - Drawn	SOFR(Q)	6.75%	11.58%	11/2021	11/2027	874		871		834
								29,942		20,335		1.51	%		First lien (3)(15)(18) - Drawn	SOFR(Q)	6.75%	11.58%	11/2021	05/2027	176		175		169
Xactly Corporation
Software		First lien (4)(15)	10.06% (L + 7.25%/Q)	7/31/2017	7/31/2023	19,047		19,024		19,047
																							20,845		20,034		1.50	%
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)	SOFR(Q)	5.75%	10.80%	12/2021	12/2027	10,369		10,283		10,129
		First lien (3)(15)(18) - Drawn	10.82% (L + 7.25%/Q)	7/31/2017	7/31/2023	992		982		992					First lien (5)(15)	SOFR(Q)	5.75%	10.73%	12/2021	12/2027	3,480		3,449		3,400
								20,006		20,039		1.49	%		First lien (5)(15)	SOFR(Q)	5.75%	10.80%	12/2021	12/2027	3,458		3,430		3,378
Ansira Holdings, Inc.
Business Services		First lien (8)(15)	9.31% (L + 6.50% PIK/M)(42)*	12/19/2016	12/20/2024	33,026		32,987		15,737
															First lien (3)(15)(18) - Drawn	SOFR(Q)	5.75%	10.72%	12/2021	12/2027	945		936		923
		First lien (3)(15)	9.57% (L + 6.50% PIK/M)(42)*	12/19/2016	12/20/2024	8,334		8,326		3,971					First lien (3)(15)(18) - Drawn	L(Q)	6.00%	10.82%	07/2022	12/2027	1,566		1,593		1,551
								41,313		19,708		1.47	%										19,691		19,381		1.45	%
New Trojan Parent, Inc.	New Trojan Parent, Inc.													New Trojan Parent, Inc.
Healthcare Services		Second lien (2)(15)	10.37% (L + 7.25%/M)	1/22/2021	1/5/2029	26,762		26,650		19,480		1.45	%
DG Investment Intermediate Holdings 2, Inc.
Business Services		Second lien (3)	9.87% (L + 6.75%/M)	3/18/2021	3/30/2029	20,313		20,269		19,049		1.42	%
Healthcare														Healthcare	Second lien (2)(15)	L(M)	7.25%	12.09%	01/2021	01/2029	26,762		26,656		18,924		1.41	%
Bluefin Holding, LLC	Bluefin Holding, LLC													Bluefin Holding, LLC
Software	Software	First lien (3)(15)(18) - Drawn	8.43% (L + 4.25%/S)	9/6/2019	9/6/2024	1,030		1,015		1,000				Software	First lien (3)(15)(18) - Drawn	L(Q)	5.75%	10.88%	09/2019	09/2024	606		597		595
		Second lien (8)(15)	9.83% (L + 7.75%/S)	9/6/2019	9/3/2027	18,000		18,000		17,505					Second lien (8)(15)	L(Q)	7.75%	12.70%	09/2019	09/2027	18,000		18,000		17,559
								19,015		18,505		1.38	%										18,597		18,154		1.36	%
MED Parentco, LP
Healthcare Services		Second lien (8)(15)	11.37% (L + 8.25%/M)	8/2/2019	8/30/2027	20,857		20,748		18,180		1.35	%
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		15,255		15,257
		First lien (2)(15)(18) - Drawn	9.26% (L + 5.25%/S)	6/30/2021	6/29/2027	2,889		2,862		2,865
								18,117		18,122		1.35	%

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

Table of Contents

New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

~~September 30, 2022~~March 31, 2023

(in thousands, except shares)

(unaudited)


Portfolio Company, Location and Industry (1)	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		Portfolio Company, Location and Industry (1)	Type of Investment	Reference	Spread	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)(15)	9.42% (L + 5.75%/Q)	12/20/2021	12/21/2027	$	10,421	$	10,328	$	10,317
Trinity Air Consultants Holdings Corporation														Trinity Air Consultants Holdings Corporation
Business Services														Business Services	First lien (2)(15)	L(S)	5.25%	10.18%	06/2021	06/2027	$	15,382	$	15,266	$	15,257
		First lien (5)(15)	9.42% (L + 5.75%/S)	12/20/2021	12/21/2027	3,498		3,464		3,463					First lien (2)(15)(18) - Drawn	L(S)	5.25%	10.34%	06/2021	06/2027	2,889		2,865		2,865
		First lien (5)(15)	9.42% (L + 5.75%/Q)	12/20/2021	12/21/2027	3,476		3,445		3,441													18,131		18,122		1.35	%
DG Investment Intermediate Holdings 2, Inc.														DG Investment Intermediate Holdings 2, Inc.
Business Services														Business Services	Second lien (3)	L(M)	6.75%	11.59%	03/2021	03/2029	20,313		20,271		17,983		1.34	%
Pioneer Topco I, L.P. (39)														Pioneer Topco I, L.P. (39)
Pioneer Buyer I, LLC														Pioneer Buyer I, LLC
Software														Software	First lien (8)(15)	SOFR(Q)*	7.00%/PIK	11.90%	11/2021	11/2028	15,341		15,228		15,246
		First lien (3)(15)(18) - Drawn	9.39% (L + 5.75%/Q)	12/20/2021	12/21/2027	280		277		277					First lien (8)(15)	SOFR(Q)*	7.00%/PIK	11.90%	03/2022	11/2028	2,103		2,086		2,090
		First lien (3)(15)(18) - Drawn	9.42% (L + 6.00%/S)	7/1/2022	12/21/2027	14		71		14													17,314		17,336		1.30	%
								17,585		17,512		1.30	%
Groundworks, LLC														Groundworks, LLC
Consumer Services														Consumer Services	First lien (4)	SOFR(M)	6.50%	11.36%	03/2023	03/2030	17,338		17,079		17,078		1.28	%
The Kleinfelder Group, Inc.	The Kleinfelder Group, Inc.													The Kleinfelder Group, Inc.
Business Services	Business Services	First lien (4)(15)	8.92% (L +5.25%/Q)	12/18/2018	11/29/2024	16,576		16,543		16,428		1.22	%	Business Services	First lien (4)(15)	L(Q)	5.25%	10.41%	12/2018	11/2024	16,489		16,463		16,488		1.23	%
Coyote Buyer, LLC	Coyote Buyer, LLC													Coyote Buyer, LLC
Specialty Chemicals & Materials	Specialty Chemicals & Materials	First lien (5)(15)	8.81% (L + 6.00%/Q)	3/13/2020	2/6/2026	13,830		13,788		13,830				Specialty Chemicals & Materials	First lien (5)(15)	L(S)	6.00%	11.10%	03/2020	02/2026	13,760		13,722		13,760
		First lien (5)(15)	11.67% (L + 8.00%/Q)	10/15/2020	8/6/2026	2,489		2,471		2,489					First lien (5)(15)	L(M)	8.00%	12.84%	10/2020	08/2026	2,476		2,460		2,476
								16,259		16,319		1.21	%										16,182		16,236		1.21	%
Pioneer Topco I, L.P. (39)
Pioneer Buyer I, LLC
MED Parentco, LP														MED Parentco, LP
Healthcare														Healthcare	Second lien (8)	L(M)	8.25%	13.09%	08/2019	08/2027	20,857		20,756		16,164		1.21	%
Kele Holdco, Inc.														Kele Holdco, Inc.
Distribution & Logistics														Distribution & Logistics	First lien (5)(15)	L(M)	5.25%	9.95%	02/2020	02/2026	15,747		15,705		15,747		1.18	%
Oranje Holdco, Inc.														Oranje Holdco, Inc.
Software	Software	First lien (8)(15)	10.67% (L +7.00% PIK/Q)*	11/1/2021	11/1/2028	14,508		14,387		14,160				Software	First lien (8)(15)	SOFR(Q)	7.75%	12.43%	02/2023	02/2029	7,440		7,349		7,404
		First lien (8)(15)	10.67% (L +7.00% PIK/Q)*	3/11/2022	11/1/2028	1,988		1,971		1,941					First lien (2)(15)	SOFR(Q)	7.75%	12.43%	02/2023	02/2029	7,440		7,349		7,404
								16,358		16,101		1.20	%										14,698		14,808		1.11	%
Kele Holdco, Inc.
Distribution & Logistics		First lien (5)(15)	8.06% (L + 5.50%/M)	2/20/2020	2/20/2026	15,828		15,779		15,828		1.18	%
Hill International, Inc.
Business Services		First lien (2)(15)	9.88% (SOFR + 6.85%/M)	6/21/2017	11/5/2023	14,971		14,958		14,971		1.11	%
CFS Management, LLC
Healthcare Services		First lien (2)(15)	9.73% (SOFR + 6.25%/Q)	8/6/2019	7/1/2024	11,410		11,388		10,913
Coupa Holdings, LLC														Coupa Holdings, LLC
Software														Software	First lien (2)(15)	SOFR(M)	7.50%	12.29%	02/2023	02/2030	7,230		7,141		7,167
		First lien (2)(15)	9.73% (SOFR + 6.25%/Q)	8/6/2019	7/1/2024	3,399		3,390		3,251					First lien (8)(15)	SOFR(M)	7.50%	12.29%	02/2023	02/2030	7,230		7,141		7,167
								14,778		14,164		1.05	%										14,282		14,334		1.07	%
Daxko Acquisition Corporation	Daxko Acquisition Corporation													Daxko Acquisition Corporation
Software	Software	First lien (8)(15)	8.62% (L + 5.50%/M)	10/15/2021	10/16/2028	13,177		13,060		12,808				Software	First lien (8)(15)	L(M)	5.50%	10.34%	10/2021	10/2028	13,111		13,002		12,790
		First lien (2)(15)	8.62% (L + 5.50%/M)	10/15/2021	10/16/2028	1,110		1,100		1,079					First lien (2)(15)	L(M)	5.50%	10.34%	10/2021	10/2028	1,105		1,095		1,078
								14,160		13,887		1.03	%		First lien (3)(15)(18) - Drawn	P(Q)	4.50%	12.50%	10/2021	10/2027	99		98		96
Castle Management Borrower LLC
Business Services		First lien (2)(15)	3.19% (L + 1.00%/Q)	5/31/2018	2/15/2025	14,440		14,418		13,550		1.01	%
Alegeus Technologies Holding Corp.
Healthcare Services		First lien (8)(15)	10.95% (L + 8.25%/A)	9/5/2018	9/5/2024	13,444		13,418		13,444		1.00	%
Transcendia Holdings, Inc.
Packaging		Second lien (8)(15)	11.12% (L + 8.00%/M)	6/28/2017	5/30/2025	14,500		14,416		13,083		0.97	%
IMO Investor Holdings, Inc.
Healthcare Information Technology		First lien (2)(15)	7.65% (SOFR + 6.00%/S)	5/11/2022	5/11/2029	13,007		12,883		12,877
		First lien (3)(15)(18) - Drawn	8.71% (SOFR + 6.00%/Q)	5/11/2022	5/11/2028	186		184		184													14,195		13,964		1.04	%
								13,067		13,061		0.97	%

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

Table of Contents

New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

~~September 30, 2022~~March 31, 2023

(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
FR Arsenal Holdings II Corp.
Business Services First lien (2)(15) 12.19% (L + 7.50% + 2.00% PIK/M)* 9/29/2016 11/8/2022 $ 14,622 $ 14,620 $ 12,553 0.93 %
USRP Holdings, Inc.
Federal Services First lien (2)(15) 9.17% (L + 5.50%/Q) 7/22/2021 7/23/2027 11,340 11,246 10,972
First lien (3)(15) 9.17% (L + 5.50%/Q) 7/22/2021 7/23/2027 1,476 1,463 1,429
12,709 12,401 0.92 %
Calabrio, Inc.
Software First lien (5)(15) 10.67% (L + 7.00%/Q) 4/16/2021 4/16/2027 12,347 12,273 12,347 0.92 %
Apptio, Inc.
Software First lien (8)(15) 8.46% (L + 6.00%/Q) 1/10/2019 1/10/2025 5,703 5,653 5,703
First lien (2)(15) 8.46% (L + 6.00%/Q) 1/10/2019 1/10/2025 5,500 5,451 5,500
First lien (3)(15)(18) - Drawn 8.46% (L + 6.00%/Q) 1/10/2019 1/10/2025 827 810 827
11,914 12,030 0.89 %
CHA Holdings, Inc.
Business Services Second lien (4)(15) 12.42% (L + 8.75%/Q) 4/3/2018 4/10/2026 7,012 6,974 6,925
Second lien (3)(15) 12.42% (L + 8.75%/Q) 4/3/2018 4/10/2026 4,453 4,429 4,398
11,403 11,323 0.84 %
Specialtycare, Inc.
Healthcare Services First lien (2)(15) 8.03% (L + 5.75%/Q) 6/18/2021 6/19/2028 10,485 10,363 10,175
First lien (3)(15)(18) - Drawn 8.23% (L + 5.75%/Q) 6/18/2021 6/19/2028 79 75 77
10,438 10,252 0.76 %
Quartz Holding Company
Software Second lien (3)(15) 11.12% (L + 8.00%/M) 4/2/2019 4/2/2027 10,000 9,871 9,802 0.73 %
PPVA Black Elk (Equity) LLC
Business Services Subordinated (3)(15) — 5/3/2013 — 14,500 14,500 9,377 0.70 %
Vectra Co.
Business Products Second lien (8)(15) 10.37% (L + 7.25%/M) 2/23/2018 3/8/2026 10,788 10,767 8,787 0.65 %
CG Group Holdings, LLC
Specialty Chemicals & Materials First lien (2)(15) 10.92% (L + 5.25% + 2.00% PIK/Q)* 7/19/2021 7/19/2027 8,296 8,219 7,736
First lien (3)(15)(18) - Drawn 10.37% (L + 5.25% + 2.00% PIK/M)* 7/19/2021 7/19/2026 912 902 850
9,121 8,586 0.64 %
KPSKY Acquisition Inc.
Industrial Services First lien (8)(15) 8.58% (L + 5.50%/M) 10/19/2021 10/19/2028 6,986 6,924 6,899
First lien (2)(15) 10.75% (P + 4.50%)/Q 10/19/2021 10/19/2028 802 795 793
First lien (2)(15)(18) - Drawn 10.75% (P + 4.50%/Q) 6/17/2022 10/19/2028 146 144 144
7,863 7,836 0.58 %


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

Castle Management Borrower LLC
Business Services	First lien (8)(15)	L(Q)	2.19%	3.19%	05/2018	02/2025	$	14,136	$	14,119	$	13,945	1.04	%
CFS Management, LLC
Healthcare	First lien (2)(15)	SOFR(Q)*	6.25% + 0.75%/PIK	12.16%	08/2019	07/2024	11,210		11,194		10,618
	First lien (2)(15)	SOFR(Q)*	6.25% + 0.75%/PIK	12.16%	08/2019	07/2024	3,339		3,333		3,163
									14,527		13,781		1.03	%
Alegeus Technologies Holdings Corp.
Healthcare	First lien (8)(15)	L(A)	8.25%	10.95%	09/2018	09/2024	13,444		13,424		13,444		1.00	%
IMO Investor Holdings, Inc.
Healthcare	First lien (2)(15)	SOFR(S)	6.00%	10.62%	05/2022	05/2029	12,942		12,825		12,683
	First lien (3)(15)(18) - Drawn	SOFR(S)	6.00%	10.87%	05/2022	05/2028	604		598		593
									13,423		13,276		0.99	%

Apptio, Inc.
Software	First lien (8)(15)	L(Q)	5.00%	9.81%	01/2019	01/2025	5,703		5,663		5,703
	First lien (2)(15)	L(Q)	5.00%	9.81%	01/2019	01/2025	5,500		5,461		5,500
	First lien (3)(15)(18) - Drawn	L(Q)	5.00%	9.80%	01/2019	01/2025	1,860		1,822		1,860
									12,946		13,063		0.98	%
Calabrio, Inc.
Software	First lien (5)(15)	L(Q)	7.00%	12.16%	04/2021	04/2027	12,347		12,280		11,890
	First lien (3)(15)(18) - Drawn	L(Q)	7.00%	11.95%	04/2021	04/2027	850		843		818
									13,123		12,708		0.95	%
Transcendia Holdings, Inc.
Packaging	Second lien (8)(15)	L(M)	8.00%	12.84%	06/2017	05/2025	14,500		14,430		12,515		0.94	%
USRP Holdings, Inc.
Business Services	First lien (2)(15)	SOFR(Q)	5.50%	10.55%	07/2021	07/2027	11,282		11,195		10,952
	First lien (3)(15)	SOFR(Q)	5.50%	10.55%	07/2021	07/2027	1,469		1,457		1,426
									12,652		12,378		0.92	%
CHA Holdings, Inc.
Business Services	Second lien (4)(15)	L(Q)	8.75%	13.91%	04/2018	04/2026	7,012		6,978		7,012
	Second lien (3)(15)	L(Q)	8.75%	13.91%	04/2018	04/2026	4,453		4,431		4,453
									11,409		11,465		0.86	%

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

Table of Contents

New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

~~September 30, 2022~~March 31, 2023

(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
Energize Holdco LLC
Business Services Second lien (2)(15) 9.87% (L + 6.75%/M) 11/19/2021 12/7/2029 $ 7,950 $ 7,913 $ 7,530 0.56 %
Community Brands ParentCo, LLC
Software First lien (2)(15) 8.88% (SOFR + 5.75%/M) 2/24/2022 2/24/2028 7,181 7,115 7,066 0.53 %
Safety Borrower Holdings LLC
Information Services First lien (2)(15) 8.81% (L + 5.25%/Q) 9/1/2021 9/1/2027 6,992 6,962 6,878
First lien (3)(15)(18) - Drawn 10.50% (P + 4.25%/Q) 9/1/2021 9/1/2027 128 127 126
7,089 7,004 0.52 %
ADG, LLC
Healthcare Services Second lien (3)(15) 13.13% (L + 10.00% PIK/M)* 10/3/2016 3/28/2024 7,179 7,159 6,280 0.47 %
Appriss Health Holdings, Inc. (23)
Appriss Health, LLC
Healthcare Information Technology First lien (8)(15) 9.93% (L + 7.25%/M) 5/6/2021 5/6/2027 6,242 6,191 6,242 0.46 %
Sun Acquirer Corp.
Consumer Services First lien (2)(15) 8.56% (L + 5.75%/Q) 9/8/2021 9/8/2028 3,995 3,964 3,955
First lien (2)(15)(18) - Drawn 8.56% (L + 5.75%/Q) 9/8/2021 9/8/2028 2,135 2,114 2,114
First lien (3)(15)(18) - Drawn 11.00% (P + 4.75%/Q) 9/8/2021 9/8/2027 67 69 66
6,147 6,135 0.46 %
PPV Intermediate Holdings LLC
Consumer Services First lien (4)(15)(18) - Drawn 9.29% (SOFR + 5.75%/Q) 8/30/2022 8/31/2029 129 142 128
First lien (4)(15) 9.01% (SOFR + 5.75%/S) 8/30/2022 8/31/2029 5,933 5,874 5,874
6,016 6,002 0.45 %
Pye-Barker Fire & Safety, LLC
Business Services First lien (2)(15) 9.17% (L + 5.50%/Q) 11/26/2021 11/26/2027 5,174 5,126 5,027
First lien (3)(15)(18) - Drawn 9.17% (L + 5.50%/Q) 11/26/2021 11/26/2024 422 418 415
5,544 5,442 0.40 %


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

Specialtycare, Inc.
Healthcare	First lien (2)(15)	L(Q)	5.75%	10.50%	06/2021	06/2028	$	10,432	$	10,319	$	9,987
	First lien (3)(15)(18) - Drawn	L(Q)	5.75%	10.58%	06/2021	06/2028	78		75		75
									10,394		10,062		0.75	%
Quartz Holding Company
Software	Second lien (3)(15)	L(M)	8.00%	12.84%	04/2019	04/2027	10,000		9,882		9,884		0.74	%
Ansira Holdings, Inc.
Business Services	First lien (3)(15)	L(S)(43)*	6.50%/PIK	11.71%	12/2016	12/2024	32,881		32,987		7,355
	First lien (3)(15)	L(Q)(43)*	6.50%/PIK	11.45%	12/2016	12/2024	8,298		8,308		1,856
	First lien (3)(15)(18) - Drawn	SOFR(Q)*	8.00%/PIK + 2.00%	14.91%	11/2022	12/2024	341		341		341
									41,636		9,552		0.71	%
CG Group Holdings, LLC
Specialty Chemicals & Materials	First lien (2)(15)	SOFR(Q)*	6.75% + 2.00%/PIK	13.65%	07/2021	07/2027	8,339		8,269		7,379
	First lien (3)(15)(18) - Drawn	SOFR(M)*	6.75% + 2.00%/PIK	13.56%	07/2021	07/2026	921		911		815
									9,180		8,194		0.61	%
PPVA Black Elk (Equity) LLC
Business Services	Subordinated (3)(15)	—	—	—	05/2013	—	14,500		14,500		7,995		0.60	%
KPSKY Acquisition Inc.
Business Services	First lien (8)(15)	SOFR(M)	5.50%	10.41%	10/2021	10/2028	6,950		6,893		6,629
	First lien (2)(15)	L(Q)	5.50%	10.48%	10/2021	10/2028	800		793		763
	First lien (2)(15)(18) - Drawn	L(Q)	5.50%	10.45%	06/2022	10/2028	276		273		263
									7,959		7,655		0.57	%
Vectra Co.
Business Products	Second lien (8)(15)	L(M)	7.25%	12.09%	02/2018	03/2026	10,788		10,770		7,647		0.57	%
TRC Companies L.L.C. (fka Energize Holdco LLC)
Business Services	Second lien (2)(15)	L(M)	6.75%	11.59%	11/2021	12/2029	7,950		7,915		7,472		0.56	%
DS Admiral Bidco, LLC
Software	First lien (2)(15)	SOFR(Q)	7.00%	11.90%	12/2022	03/2028	7,528		7,420		7,415		0.55	%
Community Brands ParentCo, LLC
Software	First lien (2)(15)	SOFR(M)	5.75%	10.66%	02/2022	02/2028	7,145		7,084		7,003		0.52	%
PPV Intermediate Holdings, LLC
Consumer Services	First lien (4)(15)	SOFR(M)	5.75%	10.85%	08/2022	08/2029	7,205		7,137		7,049		0.53	%

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

Table of Contents

New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

~~September 30, 2022~~March 31, 2023

(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
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 $ 2,158,689 $ 2,068,701 153.79 %
Funded Debt Investments - Netherlands
Tahoe Finco, LLC**
Information Technology First lien (2)(15) 8.68% (L + 6.00%/M) 10/1/2021 9/29/2028 $ 35,000 $ 34,690 $ 34,650
First lien (8)(15) 8.68% (L + 6.00%/M) 10/1/2021 9/29/2028 24,189 23,975 23,947
58,665 58,597 4.36 %
Total Funded Debt Investments - Netherlands $ 58,665 $ 58,597 4.36 %
Funded Debt Investments - United Kingdom
Aston FinCo S.a r.l. / Aston US Finco, LLC**
Software Second lien (8)(15) 11.37% (L + 8.25%/M) 10/8/2019 10/8/2027 $ 34,459 $ 34,264 $ 34,459 2.56 %
Integro Parent Inc.**
Insurance Services First lien (2)(15) 13.80% (SOFR + 10.25% PIK/Q)* 10/9/2015 5/8/2023 4,026 4,022 4,026
First lien (3)(15) 13.80% (SOFR + 10.25% PIK/Q)* 6/8/2018 5/8/2023 795 791 795
Second lien (8)(15) 15.80% (SOFR + 12.25% PIK/Q)(42)* 10/9/2015 10/30/2023 11,068 10,821 7,169
15,634 11,990 0.89 %
Total Funded Debt Investments - United Kingdom $ 49,898 $ 46,449 3.45 %


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

Safety Borrower Holdings LLC
Software	First lien (2)(15)	L(S)	5.25%	10.41%	09/2021	09/2027	$	6,957	$	6,929	$	6,877
	First lien (3)(15)(18) - Drawn	P(Q)	4.25%	12.25%	09/2021	09/2027	128		127		126
									7,056		7,003		0.52	%
Sun Acquirer Corp.
Consumer Services	First lien (2)(15)	L(M)	5.75%	10.59%	09/2021	09/2028	3,975		3,946		3,931
	First lien (2)(15)(18) - Drawn	L(M)	5.75%	10.59%	09/2021	09/2028	2,809		2,775		2,778
	First lien (3)(15)(18) - Drawn	P(Q)	4.75%	12.75%	09/2021	09/2027	78		80		77
									6,801		6,786		0.51	%
Appriss Health Holdings, Inc. (23)
Appriss Health, LLC
Healthcare	First lien (8)(15)	L(M)	7.25%	11.96%	05/2021	05/2027	6,227		6,181		6,108
	First lien (3)(15)(18) - Drawn	L(M)	7.25%	11.93%	05/2021	05/2027	208		206		204
									6,387		6,312		0.47	%
Pye-Barker Fire & Safety, LLC
Business Services	First lien (2)(15)	SOFR(Q)	5.50%	10.55%	11/2021	11/2027	5,148		5,104		5,024		0.38	%
Virtusa Corporation
Business Services	Subordinated (3)	FIXED(S)	7.13%	7.13%	10/2022	12/2028	5,000		3,858		3,934		0.29	%
Project Power Buyer, LLC
Software	First lien (2)(15)	SOFR(Q)	7.00%	11.90%	01/2023	05/2026	3,580		3,529		3,527		0.26	%
ADG, LLC
Healthcare	First lien (3)(15)(18) - Drawn	P(S)*	4.25%/PIK	12.25%	03/2023	09/2023	375		375		349
	Second lien (3)(15)	L(Q)(43)*	10.00%/PIK	14.81%	10/2016	03/2024	7,430		7,413		2,667
									7,788		3,016		0.23	%
Education Management Corporation (20)
Education Management II LLC
Education	First lien (2)	P(M)(43)	7.50%	13.00%	01/2015	07/2020	300		292		—
	First lien (3)	P(M)(43)	7.50%	13.00%	01/2015	07/2020	169		165		—
	First lien (2)	P(Q)(43)	6.50%	9.75%	01/2015	07/2020	205		199		—
	First lien (3)	P(Q)(43)	6.50%	9.75%	01/2015	07/2020	115		112		—
	First lien (2)	P(Q)(43)	8.50%	11.75%	01/2015	07/2020	139		115		—
	First lien (3)	P(Q)(43)	8.50%	11.75%	01/2015	07/2020	79		65		—
	First lien (2)	P(Q)(43)	8.50%	11.75%	01/2015	07/2020	4		3		—
	First lien (3)	P(Q)(43)	8.50%	11.75%	01/2015	07/2020	2		2		—
									953		—		—	%

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

Table of Contents

New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

~~September 30, 2022~~March 31, 2023

(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
Funded Debt Investments - Jersey
Tennessee Bidco Limited **
Business Services First lien (3)(15)(16) 8.97% (SONIA + 7.00%/D) 8/6/2021 8/3/2028 £ 12,879 $ 17,627 $ 14,386
First lien (3)(15)(16) 8.97% (SONIA + 7.00%/D) 8/6/2021 8/3/2028 £ 10,538 13,127 11,772
First lien (3)(15) 10.38% (L + 7.00%/S) 8/6/2021 8/3/2028 $ 10,184 10,050 10,184
First lien (3)(15) 9.31% (L + 7.00%/S) 8/6/2021 8/3/2028 $ 6,246 6,159 6,246
First lien (3)(15)(16) 7.63% (EURIBOR + 7.00%/S) 8/6/2021 8/3/2028 € 708 713 694
47,676 43,282 3.22 %
Total Funded Debt Investments - Jersey $ 47,676 $ 43,282 3.22 %
Total Funded Debt Investments $ 2,314,928 $ 2,217,029 164.82 %
Equity - United States
Dealer Tire Holdings, LLC (30)
Distribution & Logistics Preferred shares (3)(15) — 9/13/2021 — 56,271 $ 60,360 $ 59,862 4.45 %
Symplr Software Intermediate Holdings, Inc. (31)
Healthcare Information Technology Preferred shares (4)(15) — 11/30/2018 — 7,500 11,572 11,467
Preferred shares (3)(15) — 11/30/2018 — 2,586 3,989 3,953
15,561 15,420 1.15 %
Knockout Intermediate Holdings I (41)
Software Preferred shares (3)(15) — 6/23/2022 — 15,150 14,961 14,961 1.11 %
ACI Parent Inc. (36)
Healthcare Services Preferred shares (3)(15) — 8/2/2021 — 12,500 14,181 13,663 1.02 %
Project Essential Super Parent, Inc. (34)
Software Preferred shares (3)(15) — 4/20/2021 — 10,000 11,501 11,645 0.87 %
Diamond Parent Holdings Corp. (35)
Diligent Preferred Issuer, Inc.
Software Preferred shares (3)(15) — 4/6/2021 — 10,000 11,518 11,304 0.84 %
OEC Holdco, LLC (22)
Business Services Preferred shares (12)(15) — 12/17/2021 — 7,214 7,565 7,054 0.52 %
HB Wealth Management, LLC (37)
Financial Services Preferred shares (11)(15) — 9/30/2021 — 48,303 4,797 5,125 0.38 %
FS WhiteWater Holdings, LLC (38)
Consumer Services Ordinary shares (5)(15) — 12/20/2021 — 50,000 5,000 5,000 0.37 %
Appriss Health Holdings, Inc. (23)
Appriss Health Intermediate Holdings, Inc.
Healthcare Information Technology Preferred shares (3)(15) — 5/6/2021 — 2,333 2,681 2,678 0.20 %


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

PPVA Fund, L.P.
Business Services	Collateralized Financing (43)(44)	—	—	—	11/2014	—	$	—	—		—		—	%
Total Funded Debt Investments - United States									$	2,246,214	$	2,129,827	159.12	%
Funded Debt Investments - Netherlands
Tahoe Finco, LLC**
Information Technology	First lien (2)(15)	L(M)	6.00%	10.71%	10/2021	09/2028	$	35,000	$	34,710	$	34,821
	First lien (8)(15)	L(M)	6.00%	10.71%	10/2021	09/2028	24,189		23,988		24,067
									58,698		58,888		4.40	%
Total Funded Debt Investments - Netherlands									$	58,698	$	58,888	4.40	%
Funded Debt Investments - United Kingdom
Aston FinCo S.a r.l. / Aston US Finco, LLC**
Software	Second lien (8)(15)	L(M)	8.25%	13.09%	10/2019	10/2027	$	34,459	$	34,278	$	34,459	2.57	%
Integro Parent Inc.**
Business Services	First lien (2)(15)	SOFR(Q)*	12.25%/PIK	17.15%	10/2015	05/2023	3,896		3,893		3,897
	First lien (3)(15)	SOFR(Q)*	12.25%/PIK	17.15%	06/2018	05/2023	769		765		770
	Second lien (3)(15)	SOFR(Q)(43)*	12.25%/PIK	17.15%	10/2015	10/2024	12,000		11,433		9,560
									16,091		14,227		1.06	%
Total Funded Debt Investments - United Kingdom									$	50,369	$	48,686	3.63	%
Funded Debt Investments - Jersey
Tennessee Bidco Limited **
Business Services	First lien (3)(15)(16)	SONIA(D)	5.50% +2.00% PIK	11.70%	08/2021	08/2028	£	12,879	$	17,641	$	15,889
	First lien (3)(15)(16)	SONIA(D)	5.50% +2.00% PIK	11.70%	08/2021	08/2028	£	10,538	13,139		13,002
	First lien (3)(15)	L(S)	5.50% +2.00% PIK	12.09%	08/2021	08/2028	$	10,184	10,059		10,184
	First lien (3)(15)	L(S)	5.50% +2.00% PIK	12.38%	08/2021	08/2028	$	6,246	6,165		6,246
	First lien (3)(15)(16)	EURIBOR(S)	5.50% +2.00% PIK	10.44%	08/2021	08/2028	€	708	715		767
									47,719		46,088		3.44	%
Total Funded Debt Investments - Jersey									$	47,719	$	46,088	3.44	%
Funded Debt Investments - Australia
Atlas AU Bidco Pty Ltd**
Business Services	First lien (2)(15)	SOFR(M)	7.25%	11.98%	12/2022	12/2029	$	3,454	$	3,404	$	3,402	0.25	%
Total Funded Debt Investments - Australia									3,404		3,402		0.25	%
Total Funded Debt Investments									$	2,406,404	$	2,286,891	170.86	%

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

Table of Contents

New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

~~September 30, 2022~~March 31, 2023

(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
OA Topco, L.P. (40)
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)
Software Ordinary shares (13)(15) — 11/1/2021 — 199,980 1,999 1,759 0.13 %
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 152,676 150,629 11.20 %
Equity - Hong Kong
Bach Special Limited (Bach Preference Limited)**
Education Preferred shares (3)(15)(29) — 9/1/2017 — 105,254 $ 10,446 $ 10,525 0.78 %
Total Shares - Hong Kong $ 10,446 $ 10,525 0.78 %
Total Shares $ 163,122 $ 161,154 11.98 %
Total Funded Investments $ 2,478,050 $ 2,378,183 176.80 %
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 $ — $ — — %
Bullhorn, Inc.
Software First lien (3)(15)(18) - Undrawn — 9/24/2019 9/30/2026 460 (3) — — %
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) — — %
Coyote Buyer, LLC
Specialty Chemicals & Materials First lien (3)(15)(18) - Undrawn — 3/13/2020 2/6/2025 1,013 (5) — — %
Kele Holdco, Inc.
Distribution & Logistics First lien (3)(15)(18) - Undrawn — 2/20/2020 2/20/2026 1,799 (9) — — %


Portfolio Company, Location and Industry (1)	Type of Investment	Reference	Spread	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
Dealer Tire Holdings, LLC (30)
Distribution & Logistics	Preferred shares (3)(15)	—	—	—	09/2021	—	56,271	$	65,202	$	66,117	4.94	%
Symplr Software Intermediate Holdings, Inc. (31)
Healthcare	Preferred shares (4)(15)	—	—	—	11/2018	—	7,500	12,446		11,450
	Preferred shares (3)(15)	—	—	—	11/2018	—	2,586	4,291		3,947
								16,737		15,397		1.15	%
Knockout Intermediate Holdings I Inc. (41)
Software	Preferred shares (3)(15)	—	—	—	06/2022	—	15,150	15,900		15,888		1.19	%
ACI Parent Inc. (36)
Healthcare	Preferred shares (3)(15)	—	—	—	08/2021	—	12,500	15,032		14,082		1.05	%
Project Essential Super Parent, Inc. (34)
Software	Preferred shares (3)(15)	—	—	—	04/2021	—	10,000	12,313		11,713		0.88	%
Diamond Parent Holdings Corp. (35)
Diligent Preferred Issuer, Inc.
Software	Preferred shares (3)(15)	—	—	—	04/2021	—	10,000	12,129		11,303		0.84	%
OEC Holdco, LLC (22)
Software	Preferred shares (12)(15)	—	—	—	12/2021	—	7,214	7,995		7,525		0.56	%
HB Wealth Management, LLC (37)
Financial Services	Preferred shares (11)(15)	—	—	—	09/2021	—	48,303	4,796		5,128		0.38	%
FS WhiteWater Holdings, LLC (38)
Consumer Services	Ordinary shares (5)(15)	—	—	—	12/2021	—	50,000	5,000		4,461		0.33	%
Appriss Health Holdings, Inc. (23)
Appriss Health Intermediate Holdings, Inc.
Healthcare	Preferred shares (3)(15)	—	—	—	05/2021	—	2,333	2,832		2,626		0.20	%
OA Topco, L.P. (40)
Healthcare	Ordinary shares (3)(15)	—	—	—	12/2021	—	2,000,000	2,000		2,206		0.16	%
Pioneer Topco I, L.P. (39)
Software	Ordinary shares (13)(15)	—	—	—	11/2021	—	199,980	1,999		1,614		0.12	%
Ancora Acquisition LLC
Education	Preferred shares (9)(15)	—	—	—	08/2013	—	372	83		158		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)

~~September 30, 2022~~March 31, 2023

(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
Diamond Parent Holdings Corp. (35)
Diligent Corporation
Software First lien (3)(15)(18) - Undrawn — 3/30/2021 8/4/2025 $ 1,812 $ (9) $ — — %
Calabrio, Inc.
Software First lien (3)(15)(18) - Undrawn — 4/16/2021 4/16/2027 1,487 (11) — — %
Granicus, Inc.
Software First lien (2)(15)(18) - Undrawn — 4/23/2021 4/21/2023 1,822 — —
First lien (3)(15)(18) - Undrawn — 1/27/2021 1/29/2027 2,414 (18) —
(18) — — %
Associations, Inc.
Consumer Services First lien (3)(15)(18) - Undrawn — 7/2/2021 7/2/2027 3,543 (18) — — %
IG Investments Holdings, LLC
Business Services First lien (3)(15)(18) - Undrawn — 9/22/2021 9/22/2027 2,298 (23) — — %
Apptio, Inc.
Software First lien (3)(15)(18) - Undrawn — 1/10/2019 1/10/2025 1,240 (25) — — %
Wealth Enhancement Group, LLC
Financial Services First lien (3)(15)(18) - Undrawn — 8/13/2021 10/4/2027 2,040 (6) —
First lien (3)(15)(18) - Undrawn — 5/2/2022 5/2/2024 14,550 (36) —
(42) — — %
DCA Investment Holding, LLC
Healthcare Services First lien (3)(15)(18) - Undrawn — 3/12/2021 3/10/2023 1,642 — (1) (0.00)%
Safety Borrower Holdings LLC
Information Services First lien (3)(15)(18) - Undrawn — 9/1/2021 9/1/2027 384 (2) (6) (0.00)%
Pye-Barker Fire & Safety, LLC
Business Services First lien (3)(15)(18) - Undrawn — 11/26/2021 11/26/2024 483 (5) (8) (0.00)%
Notorious Topco, LLC
Consumer Products First lien (3)(15)(18) - Undrawn — 11/23/2021 11/23/2023 587 (7) (4)
First lien (3)(15)(18) - Undrawn — 11/23/2021 5/24/2027 880 (7) (7)
(14) (11) (0.00)%


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

Education Management Corporation (20)
Education	Preferred shares (2)	—	—	—	01/2015	—	3,331		$	200	$	—
	Preferred shares (3)	—	—	—	01/2015	—	1,879		113		—
	Ordinary shares (2)	—	—	—	01/2015	—	2,994,065		100		—
	Ordinary shares (3)	—	—	—	01/2015	—	1,688,976		56		—
									469		—		—	%
AAC Lender Holdings, LLC (33)
Education	Ordinary shares (3)(15)	—	—	—	03/2021	—	758		—		—		—	%
Total Shares - United States									$	162,487	$	158,218	11.81	%
Equity - Hong Kong
Bach Special Limited (Bach Preference Limited)**
Education	Preferred shares (3)(15)(29)	—	—	—	09/2017	—	112,021		$	11,122	$	11,028
Total Shares - Hong Kong									$	11,122	$	11,028	0.82	%
Total Shares									$	173,609	$	169,246	12.64	%
Total Funded Investments									$	2,580,013	$	2,456,137	183.50	%
Unfunded Debt Investments - United States
Ansira Holdings, Inc.
Business Services	First lien (3)(15)(18) - Undrawn	—	—	—	11/2022	11/2024	$	1,161	$	—	$	—	—	%
AAC Lender Holdings, LLC (33)
American Achievement Corporation (aka AAC Holding Corp.)
Education	First lien (3)(15)(18) - Undrawn	—	—	—	01/2021	09/2026	2,652		—		—		—	%
NMC Crimson Holdings, Inc.
Healthcare	First lien (3)(15)(18) - Undrawn	—	—	—	03/2021	12/2023	4,266		—		—		—	%
Apptio, Inc.
Software	First lien (3)(15)(18) - Undrawn	—	—	—	01/2019	01/2025	207		(4)		—		—	%
Coyote Buyer, LLC
Specialty Chemicals & Materials	First lien (3)(15)(18) - Undrawn	—	—	—	03/2020	02/2025	1,013		(5)		—		—	%
Bullhorn, Inc.
Software	First lien (3)(15)(18) - Undrawn	—	—	—	09/2019	09/2026	852		(6)		—		—	%

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

Table of Contents

New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

~~September 30, 2022~~March 31, 2023

(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
KPSKY Acquisition Inc.
Industrial Services First lien (2)(15)(18) - Undrawn — 6/17/2022 6/17/2024 $ 1,022 $ — $ (13) (0.00)%
Sun Acquirer Corp.
Consumer Services First lien (3)(15)(18) - Undrawn — 9/8/2021 9/8/2027 492 (7) (5)
First lien (2)(15)(18) - Undrawn — 9/8/2021 9/8/2023 815 (9) (8)
(16) (13) (0.00)%
Bluefin Holding, LLC
Software First lien (3)(15)(18) - Undrawn — 9/6/2019 9/6/2024 485 (7) (14) (0.00)%
NMC Crimson Holdings, Inc.
Healthcare Services First lien (3)(15)(18) - Undrawn — 3/1/2021 3/1/2023 10,664 — (15) (0.00)%
CG Group Holdings, LLC
Specialty Chemicals & Materials First lien (3)(15)(18) - Undrawn — 7/19/2021 7/19/2026 226 (3) (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)%
GS Acquisitionco, Inc.
Software First lien (3)(15)(18) - Undrawn — 8/7/2019 5/22/2026 1,775 (11) (16) (0.00)%
PPV Intermediate Holdings LLC
Consumer Services First lien (3)(15)(18) - Undrawn — 8/30/2022 8/31/2029 486 (5) (5)
First lien (4)(15)(18) - Undrawn — 8/30/2022 8/31/2024 1,452 (15) (15)
(20) (20) (0.00)%
Community Brands ParentCo, LLC
Software First lien (3)(15)(18) - Undrawn — 2/24/2022 2/24/2028 425 (4) (7)
First lien (3)(15)(18) - Undrawn — 2/24/2022 2/26/2024 849 — (14)
(4) (21) (0.00)%
USRP Holdings, Inc.
Federal Services First lien (3)(15)(18) - Undrawn — 7/22/2021 7/23/2027 893 (9) (29) (0.00)%
Infogain Corporation
Software First lien (3)(15)(18) - Undrawn — 7/30/2021 7/30/2026 3,150 (24) (31) (0.00)%


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

Kele Holdco, Inc.
Distribution & Logistics	First lien (3)(15)(18) - Undrawn	—	—	—	02/2020	02/2026	$	1,799	$	(9)	$	—	—	%
Granicus, Inc.
Software	First lien (3)(15)(18) - Undrawn	—	—	—	01/2021	01/2027	1,145		(9)		—		—	%
Xactly Corporation
Software	First lien (3)(15)(18) - Undrawn	—	—	—	07/2017	07/2025	992		(10)		—		—	%
Associations, Inc.
Business Services	First lien (3)(15)(18) - Undrawn	—	—	—	07/2021	07/2027	3,543		(18)		—		—	%
Wealth Enhancement Group, LLC
Financial Services	First lien (3)(15)(18) - Undrawn	—	—	—	08/2021	10/2027	2,040		(6)		—
	First lien (2)(15)(18) - Undrawn	—	—	—	05/2022	05/2024	6,114		(15)		—
									(21)		—		—	%
GC Waves Holdings, Inc.
Financial Services	First lien (2)(15)(18) - Undrawn	—	—	—	04/2022	04/2024	453		—		—
	First lien (3)(15)(18) - Undrawn	—	—	—	10/2019	08/2026	2,963		(22)		—
									(22)		—		—	%
Project Power Buyer, LLC
Software	First lien (3)(15)(18) - Undrawn	—	—	—	01/2023	05/2025	184		(3)		(3)		(0.00)%
Safety Borrower Holdings LLC
Software	First lien (3)(15)(18) - Undrawn	—	—	—	09/2021	09/2027	384		(2)		(4)		(0.00)%
Avalara, Inc.
Software	First lien (3)(15)(18) - Undrawn	—	—	—	10/2022	10/2028	3,538		(44)		(4)		(0.00)%
Appriss Health Holdings, Inc. (23)
Appriss Health, LLC
Healthcare	First lien (3)(15)(18) - Undrawn	—	—	—	05/2021	05/2027	208		(2)		(4)		(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)

~~September 30, 2022~~March 31, 2023

(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
Trinity Air Consultants Holdings Corporation
Business Services First lien (3)(15)(18) - Undrawn — 6/30/2021 6/29/2027 $ 1,501 $ (15) $ (12)
First lien (2)(15)(18) - Undrawn — 6/30/2021 6/29/2023 2,364 — (19)
(15) (31) (0.00)%
DOCS, MSO, LLC
Healthcare Services First lien (3)(15)(18) - Undrawn — 6/1/2022 6/1/2028 2,405 — (7)
First lien (4)(15)(18) - Undrawn — 6/1/2022 6/3/2024 2,457 — (7)
First lien (3)(15)(18) - Undrawn — 6/1/2022 6/3/2024 6,561 — (19)
— (33) (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) (36) (0.00)%
iCIMS, Inc.
Software First lien (8)(15)(18) - Undrawn — 8/17/2022 8/18/2024 11,763 — —
First lien (3)(15)(18) - Undrawn — 8/17/2022 8/18/2028 4,218 (37) (37)
(37) (37) (0.00)%
Daxko Acquisition Corporation
Software First lien (3)(15)(18) - Undrawn — 10/15/2021 10/16/2023 524 — (15)
First lien (3)(15)(18) - Undrawn — 10/15/2021 10/15/2027 986 (10) (26)
(10) (41) (0.00)%
Specialtycare, Inc.
Healthcare Services First lien (3)(15)(18) - Undrawn — 6/18/2021 6/18/2026 559 (8) (16)
First lien (3)(15)(18) - Undrawn — 6/18/2021 6/18/2023 868 — (26)
(8) (42) (0.00)%


Portfolio Company, Location and Industry (1)	Type of Investment	Reference	Spread	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)(18) - Undrawn	—	—	—	09/2021	09/2023	$	127	$	(1)	$	(1)
	First lien (3)(15)(18) - Undrawn	—	—	—	09/2021	09/2027	481		(7)		(5)
									(8)		(6)		(0.00)%
Oranje Holdco, Inc.
Software	First lien (3)(15)(18) - Undrawn	—	—	—	02/2023	02/2029	1,860		(23)		(9)		(0.00)%
Recorded Future, Inc.
Software	First lien (3)(15)(18) - Undrawn	—	—	—	08/2019	07/2025	2,981		(20)		(15)		(0.00)%
Pioneer Topco I, L.P. (39)
Pioneer Buyer I, LLC
Software	First lien (3)(15)(18) - Undrawn	—	—	—	11/2021	11/2027	2,446		(24)		(15)		(0.00)%
Bluefin Holding, LLC
Software	First lien (3)(15)(18) - Undrawn	—	—	—	09/2019	09/2024	909		(14)		(16)		(0.00)%
ADG, LLC
Healthcare	First lien (3)(15)(18) - Undrawn	—	—	—	03/2023	09/2023	307		—		(21)		(0.00)%
PPV Intermediate Holdings, LLC
Consumer Services	First lien (4)(15)(18) - Undrawn	—	—	—	08/2022	08/2024	309		—		(7)
	First lien (3)(15)(18) - Undrawn	—	—	—	08/2022	08/2029	486		(5)		(11)
									(5)		(18)		(0.00)%
Coupa Holdings, LLC
Software	First lien (3)(15)(18) - Undrawn	—	—	—	02/2023	08/2024	1,291		—		(11)
	First lien (3)(15)(18) - Undrawn	—	—	—	02/2023	02/2029	989		(12)		(9)
									(12)		(20)		(0.00)%
IG Investments Holdings, LLC
Business Services	First lien (3)(15)(18) - Undrawn	—	—	—	09/2021	09/2027	2,298		(23)		(23)		(0.00)%
OA Topco, L.P. (40)
OA Buyer, Inc.
Healthcare	First lien (3)(15)(18) - Undrawn	—	—	—	12/2021	12/2028	3,600		(36)		(23)		(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)

~~September 30, 2022~~March 31, 2023

(in thousands, except shares)

(unaudited)


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

iCIMS, Inc.
Software	First lien (8)(15)(18) - Undrawn	—	—	—	08/2022	08/2024	$	11,310	$	—	$	—
	First lien (3)(15)(18) - Undrawn	—	—	—	08/2022	08/2028	4,218		(37)		(23)
									(37)		(23)		(0.00)%
Calabrio, Inc.
Software	First lien (3)(15)(18) - Undrawn	—	—	—	04/2021	04/2027	637		(5)		(24)		(0.00)%
Community Brands ParentCo, LLC
Software	First lien (3)(15)(18) - Undrawn	—	—	—	02/2022	02/2028	425		(4)		(8)
	First lien (3)(15)(18) - Undrawn	—	—	—	02/2022	02/2024	849		—		(17)
									(4)		(25)		(0.00)%
DCA Investment Holding, LLC
Healthcare	First lien (3)(15)(18) - Undrawn	—	—	—	12/2022	12/2024	2,898		—		(26)		(0.00)%
CG Group Holdings, LLC
Specialty Chemicals & Materials	First lien (3)(15)(18) - Undrawn	—	—	—	07/2021	07/2026	226		(3)		(26)		(0.00)%
USRP Holdings, Inc.
Business Services	First lien (3)(15)(18) - Undrawn	—	—	—	07/2021	07/2027	893		(9)		(26)		(0.00)%
Pye-Barker Fire & Safety, LLC
Business Services	First lien (3)(15)(18) - Undrawn	—	—	—	11/2021	11/2024	1,161		(16)		(28)		(0.00)%
Infogain Corporation
Business Services	First lien (3)(15)(18) - Undrawn	—	—	—	07/2021	07/2026	3,827		(29)		(29)		(0.00)%
Trinity Air Consultants Holdings Corporation
Business Services	First lien (3)(15)(18) - Undrawn	—	—	—	06/2021	06/2027	1,501		(15)		(12)
	First lien (2)(15)(18) - Undrawn	—	—	—	06/2021	06/2023	2,364		—		(19)
									(15)		(31)		(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)

~~September 30, 2022~~March 31, 2023

(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
YLG Holdings, Inc.
Business Services First lien (5)(15)(18) - Undrawn — 10/22/2021 10/22/2023 $ 1,838 $ (18) $ (34)
First lien (3)(15)(18) - Undrawn — 11/1/2019 10/31/2025 3,571 (18) (66)
(36) (100) (0.01) %
MRI Software LLC
Software First lien (3)(18) - Undrawn — 1/31/2020 2/10/2026 2,002 (10) (45)
First lien (3)(18) - Undrawn — 2/11/2022 8/16/2023 5,266 — (118)
(10) (163) (0.01) %
GC Waves Holdings, Inc.
Financial Services First lien (3)(15)(18) - Undrawn — 10/31/2019 8/13/2026 3,951 (30) (47)
First lien (3)(15)(18) - Undrawn — 4/11/2022 4/11/2024 12,920 — (155)
(30) (202) (0.02) %
Deca Dental Holdings LLC
Healthcare Services First lien (3)(15)(18) - Undrawn — 8/26/2021 8/26/2027 1,614 (16) (31)
First lien (3)(15)(18) - Undrawn — 8/26/2021 8/28/2023 9,080 — (176)
(16) (207) (0.02) %
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) (61)
First lien (3)(15)(18) - Undrawn — 8/2/2021 8/2/2023 6,287 — (162)
(24) (223) (0.02) %
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 5,486 (55) (55)
First lien (3)(15)(18) - Undrawn — 12/22/2021 12/22/2023 16,910 (169) (169)
(261) (261) (0.02) %


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

TigerConnect, Inc.
Healthcare	First lien (2)(15)(18) - Undrawn	—	—	—	02/2022	02/2024	$	1,683	$	—	$	(8)
	First lien (3)(15)(18) - Undrawn	—	—	—	02/2022	02/2028	4,267		(43)		(21)
									(43)		(29)		(0.00)%
Daxko Acquisition Corporation
Software	First lien (3)(15)(18) - Undrawn	—	—	—	10/2021	10/2023	524		—		(13)
	First lien (3)(15)(18) - Undrawn	—	—	—	10/2021	10/2027	887		(9)		(22)
									(9)		(35)		(0.00)%
KPSKY Acquisition Inc.
Business Services	First lien (2)(15)(18) - Undrawn	—	—	—	06/2022	06/2024	891		—		(41)		(0.00)%
Paw Midco, Inc.
AAH Topco, LLC
Consumer Services	First lien (4)(15)(18) - Undrawn	—	—	—	01/2022	12/2023	2,689		(27)		(9)
	First lien (3)(15)(18) - Undrawn	—	—	—	12/2021	12/2027	3,659		(37)		(13)
	First lien (2)(15)(18) - Undrawn	—	—	—	12/2021	12/2023	8,289		(83)		(29)
									(147)		(51)		(0.00)%
GS Acquisitionco, Inc.
Software	First lien (3)(15)(18) - Undrawn	—	—	—	08/2019	05/2026	5,917		(36)		(53)		(0.00)%
FS WhiteWater Holdings, LLC (38)
FS WhiteWater Borrower, LLC
Consumer Services	First lien (3)(15)(18) - Undrawn	—	—	—	12/2021	12/2027	455		(5)		(11)
	First lien (3)(15)(18) - Undrawn	—	—	—	07/2022	07/2024	4,187		(42)		(42)
									(47)		(53)		(0.00)%
Notorious Topco, LLC
Consumer Products	First lien (3)(15)(18) - Undrawn	—	—	—	11/2021	11/2023	587		(7)		(26)
	First lien (3)(15)(18) - Undrawn	—	—	—	11/2021	05/2027	704		(5)		(32)
									(12)		(58)		(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)

~~September 30, 2022~~March 31, 2023

(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
AmeriVet Partners Management, Inc.
Consumer Services First lien (3)(15)(18) - Undrawn — 2/25/2022 2/25/2028 $ 1,776 $ (9) $ (31)
First lien (3)(15)(18) - Undrawn — 2/25/2022 2/25/2024 14,376 (72) (253)
(81) (284) (0.02) %
Total Unfunded Debt Investments - United States $ (1,092) $ (2,353) (0.16) %
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 $ (1,136) $ (2,397) (0.16) %
Total Non-Controlled/Non-Affiliated Investments $ 2,476,914 $ 2,375,786 176.64 %
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 $ 16,207 $ 16,090 $ 16,207 1.20 %
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 $ 16,095 $ 16,207 1.20 %
Equity - United States
TVG-Edmentum Holdings, LLC (24)
Education Ordinary shares (3)(15) — 12/11/2020 — 48,899 $ 55,746 $ 118,768 8.83 %
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 $ 68,529 $ 122,768 9.13 %
Total Non-Controlled/Affiliated Investments $ 84,624 $ 138,975 10.33 %


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

Knockout Intermediate Holdings I Inc. (41)
Kaseya Inc.
Software	First lien (3)(15)(18) - Undrawn	—	—	—	06/2022	06/2024	$	3,851	$	—	$	(29)
	First lien (3)(15)(18) - Undrawn	—	—	—	06/2022	06/2029	3,851		(29)		(29)
									(29)		(58)		(0.00)%
Specialtycare, Inc.
Healthcare	First lien (3)(15)(18) - Undrawn	—	—	—	06/2021	06/2026	559		(8)		(24)
	First lien (3)(15)(18) - Undrawn	—	—	—	06/2021	06/2023	868		—		(37)
									(8)		(61)		(0.00)%
Groundworks, LLC
Consumer Services	First lien (3)(18) - Undrawn	—	—	—	03/2023	03/2029	1,076		(16)		(16)
	First lien (4)(18) - Undrawn	—	—	—	03/2023	09/2024	3,164		—		(47)
									(16)		(63)		(0.00)%
Foreside Financial Group, LLC
Business Services	First lien (3)(15)(18) - Undrawn	—	—	—	05/2022	09/2027	2,095		(21)		(21)
	First lien (3)(15)(18) - Undrawn	—	—	—	05/2022	05/2024	4,767		—		(48)
									(21)		(69)		(0.01)	%
Diamond Parent Holdings Corp. (35)
Diligent Corporation
Software	First lien (3)(15)(18) - Undrawn	—	—	—	03/2021	08/2025	2,537		(13)		(71)		(0.01)	%
IMO Investor Holdings, Inc.
Healthcare	First lien (3)(15)(18) - Undrawn	—	—	—	05/2022	05/2028	945		(9)		(17)
	First lien (3)(15)(18) - Undrawn	—	—	—	05/2022	05/2024	3,097		—		(62)
									(9)		(79)		(0.01)	%

DOCS, MSO, LLC
Healthcare	First lien (3)(15)(18) - Undrawn	—	—	—	06/2022	06/2028	2,405		—		(21)
	First lien (4)(15)(18) - Undrawn	—	—	—	06/2022	06/2024	2,457		—		(22)
	First lien (3)(15)(18) - Undrawn	—	—	—	06/2022	06/2024	6,561		—		(58)
									—		(101)		(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)

~~September 30, 2022~~March 31, 2023

(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) 13.17% (L + 2.50% + 7.00% PIK/Q)* 10/6/2020 4/7/2025 $ 34,923 $ 34,923 $ 34,923
First lien (8)(15) 13.17% (L + 2.50% + 7.00% PIK/Q)* 10/6/2020 4/7/2025 8,568 8,568 8,568
First lien (3)(15) 13.17% (L + 2.50% + 7.00% PIK/Q)* 10/6/2020 4/7/2025 4,207 4,207 4,207
Subordinated (3)(15) 12.00% PIK/M* 10/6/2020 10/6/2025 18,126 16,180 14,501
63,878 62,199 4.62 %
Haven Midstream Holdings LLC (21)
Haven Midstream LLC
Specialty Chemicals & Materials First lien (3)(15) 14.00%/Q 12/17/2021 10/30/2026 33,889 21,086 33,889
First lien (3)(15) 12.18% (L + 8.50%/Q) 12/17/2021 10/30/2026 11,972 11,972 11,972
33,058 45,861 3.41 %
UniTek Global Services, Inc.
Business Services First lien (2)(15) 10.76% (SOFR + 5.50% + 2.00% PIK/S)* 6/29/2018 8/20/2024 12,805 12,805 12,793
First lien (3)(15) 10.76% (SOFR + 5.50% + 2.00% PIK/S)* 3/16/2020 8/20/2024 9,480 8,932 9,472
First lien (2)(15) 10.76% (SOFR + 5.50% + 2.00% PIK/S)* 6/29/2018 8/20/2024 2,561 2,561 2,558
First lien (3)(15) 10.76% (SOFR + 5.50% + 2.00% PIK/S)* 6/29/2018 8/20/2024 1,373 1,264 1,372
Second lien (3)(15) 15.00% PIK/Q* 12/16/2020 2/20/2025 11,148 11,148 10,385
Second lien (3)(15) 15.00% PIK/Q* 7/29/2022 2/20/2025 4,942 4,942 4,604
41,652 41,184 3.06 %
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 20,830 20,830 20,830
First lien (3)(15)(18) - Drawn 11.56% (L + 9.00% PIK/M)* 10/30/2020 12/31/2024 9,489 9,489 9,489
30,319 30,319 2.25 %
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 7,021
Second lien (3)(15) 12.00% PIK/Q(42)* 11/27/2018 5/27/2024 21,647 19,840 —
36,512 7,021 0.52 %
Total Funded Debt Investments - United States $ 205,419 $ 186,584 13.86 %


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

MRI Software LLC
Software	First lien (3)(15)(18) - Undrawn	—	—	—	01/2020	02/2026	$	2,002	$	(10)	$	(50)
	First lien (3)(15)(18) - Undrawn	—	—	—	02/2022	08/2023	2,501		—		(63)
									(10)		(113)		(0.01)	%
AmeriVet Partners Management, Inc.
Consumer Services	First lien (3)(15)(18) - Undrawn	—	—	—	02/2022	02/2028	1,969		(10)		(19)
	First lien (3)(15)(18) - Undrawn	—	—	—	02/2022	02/2024	11,414		(57)		(107)
									(67)		(126)		(0.01)	%
YLG Holdings, Inc.
Business Services	First lien (5)(15)(18) - Undrawn	—	—	—	10/2021	10/2023	1,283		(13)		(37)
	First lien (3)(15)(18) - Undrawn	—	—	—	11/2019	10/2025	3,968		(20)		(115)
									(33)		(152)		(0.01)	%
Fortis Solutions Group, LLC
Packaging	First lien (3)(15)(18) - Undrawn	—	—	—	10/2021	10/2027	2,479		(25)		(55)
	First lien (3)(15)(18) - Undrawn	—	—	—	06/2022	06/2024	4,857		—		(107)
									(25)		(162)		(0.01)	%
ACI Parent Inc. (36)
ACI Group Holdings, Inc.
Healthcare	First lien (3)(15)(18) - Undrawn	—	—	—	08/2021	08/2027	2,354		(24)		(90)
	First lien (3)(15)(18) - Undrawn	—	—	—	08/2021	08/2023	4,865		—		(187)
									(24)		(277)		(0.02)	%
Deca Dental Holdings LLC
Healthcare	First lien (3)(15)(18) - Undrawn	—	—	—	08/2021	08/2027	202		(2)		(11)
	First lien (3)(15)(18) - Undrawn	—	—	—	08/2021	08/2023	9,080		—		(493)
									(2)		(504)		(0.04)	%
Total Unfunded Debt Investments - United States									$	(989)	$	(2,575)	(0.19)	%

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

Table of Contents

New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

~~September 30, 2022~~March 31, 2023

(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
Equity - United States
NMFC Senior Loan Program III LLC**
Investment Fund Membership interest (3)(15) — 5/4/2018 — — $ 140,000 $ 140,000 10.41 %
NMFC Senior Loan Program IV LLC**
Investment Fund Membership interest (3)(15) — 5/5/2021 — — 112,400 112,400 8.36 %
NM NL Holdings, L.P.**
Net Lease Membership interest (7)(15) — 6/20/2018 — — 76,371 95,356 7.09 %
New Benevis Topco, LLC (32)
Healthcare Services Ordinary shares (2)(15) — 10/6/2020 — 269,027 27,154 34,454
Ordinary shares (8)(15) — 10/6/2020 — 66,007 6,662 8,453
Ordinary shares (3)(15) — 10/6/2020 — 60,068 6,106 7,693
39,922 50,600 3.76 %
QID TRH Holdings LLC (21)
Haven Midstream Holdings LLC
Specialty Chemicals & Materials Ordinary shares (14)(15) — 10/1/2021 — 80 — 27,125
Profit Interest (6)(15) — 10/1/2021 — 5 — 83
— 27,208 2.02 %
UniTek Global Services, Inc.
Business Services Preferred shares (3)(15)(27) — 8/17/2018 — 14,699,155 14,699 12,350
Preferred shares (3)(15)(27) — 8/29/2019 — 8,736,397 8,736 7,830
Preferred shares (3)(15)(26)(42) — 6/30/2017 — 19,795,435 19,795 2,194
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 1,926 —
Ordinary shares (3)(15) — 1/13/2015 — 1,993,749 533 —
80,082 22,374 1.66 %
NM CLFX LP
Net Lease Membership interest (7)(15) — 10/6/2017 — — 12,538 17,522 1.30 %
New Permian Holdco, Inc.
Energy Ordinary shares (3)(15) — 10/30/2020 — 100 11,155 16,000 1.19 %
NM YI, LLC
Net Lease Membership interest (7)(15) — 9/30/2019 — — 6,272 9,375 0.70 %
NM GP Holdco, LLC**
Net Lease Membership interest (7)(15) — 6/20/2018 — — 861 1,038 0.08 %


Portfolio Company, Location and Industry (1)	Type of Investment	Reference	Spread	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 - Netherlands
Tahoe Finco, LLC**
Information Technology	First lien (3)(15)(18) - Undrawn	—	—	—	10/2021	10/2027	$	4,439	$	(44)	$	(23)	(0.00)%
Total Unfunded Debt Investments - Netherlands									$	(44)	$	(23)	(0.00)%
Unfunded Debt Investments - Australia
Atlas AU Bidco Pty Ltd**
Business Services	First lien (3)(15)(18) - Undrawn	—	—	—	12/2022	12/2028	$	320	$	(5)	$	(5)	(0.00)%
Total Unfunded Debt Investments - Australia									$	(5)	$	(5)	(0.00)%
Total Unfunded Debt Investments									$	(1,038)	$	(2,603)	(0.19)	%
Total Non-Controlled/Non-Affiliated Investments									$	2,578,975	$	2,453,534	183.31	%
Non-Controlled/Affiliated Investments (45)
Funded Debt Investments - United States
TVG-Edmentum Holdings, LLC (24)
Edmentum Ultimate Holdings, LLC
Education	Subordinated (3)(15)	SOFR(Q)*	12.00%/PIK	17.05%	12/2020	01/2027	$	17,170	$	17,064	$	17,170	1.28	%
Eagle Infrastructure Super HoldCo, LLC (42)
Eagle Infrastructure Services, LLC (fka FR Arsenal Holdings II Corp.)
Business Services	First lien (2)(15)	SOFR(Q)	7.50%	12.55%	03/2023	04/2028	10,676		10,676		10,676
	First lien (3)(15)	SOFR(Q)	7.50%	12.55%	03/2023	04/2028	342		342		342
									11,018		11,018		0.82	%
Sierra Hamilton Holdings Corporation
Energy	Second lien (3)(15)	FIXED(Q)(43)*	15.00% PIK	15.00%	09/2019	09/2023	5		5		—		—	%
Permian Holdco 3, Inc.
Permian Trust
Energy	First lien (10)(15)	FIXED(Q)(43)*	10.00% PIK/M	10.00%	03/2021	—	247		—		—
	First lien (3)(15)	L(M)(43)*	10.00% PIK/M	11.00%	07/2020	—	3,409		—		—		—	%
									—		—		—	%
Total Funded Debt Investments - United States									$	28,087	$	28,188	2.11	%
Equity - United States
TVG-Edmentum Holdings, LLC
Education	Ordinary shares (3)(15)	—	—	—	12/2020	—	48,899		$	57,927	$	111,419	8.32	%

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

Table of Contents

New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

~~September 30, 2022~~March 31, 2023

(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
NHME Holdings Corp. (28)
Healthcare Services Ordinary shares (3)(15) — 11/27/2018 — 640,000 $ 4,000 $ — — %
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 — — — — — %
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 $ 483,601 $ 491,873 36.57 %
Equity - Canada
NM APP Canada Corp.**
Net Lease Membership interest (7)(15) — 9/13/2016 — — $ 7,345 $ 11,620 0.86 %
Total Shares - Canada $ 7,345 $ 11,620 0.86 %
Total Shares $ 490,946 $ 503,493 37.43 %
Warrants - United States
UniTek Global Services, Inc.
Business Services Warrants (3)(15) — 12/16/2020 2/20/2025 13,305 $ — $ 29,595 2.20 %
NHME Holdings Corp. (28)
Healthcare Services Warrants (3)(15) — 11/27/2018 — 160,000 1,000 — — %
Total Warrants - United States $ 1,000 $ 29,595 2.20 %
Total Funded Investments $ 697,365 $ 719,672 53.49 %
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 $ 1,577 $ — $ — — %
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 $ 697,365 $ 719,672 53.49 %
Total Investments $ 3,258,903 $ 3,234,433 240.46 %


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

Eagle Infrastructure Super HoldCo, LLC
Business Services	Ordinary shares (2)(15)	—	—	—	03/2023	—	65,325		$	3,696	$	3,687
	Ordinary shares (3)(15)	—	—	—	03/2023	—	7,211		408		407
									4,104		4,094		0.31	%
Sierra Hamilton Holdings Corporation
Energy	Ordinary shares (2)(15)	—	—	—	07/2017	—	25,000,000		11,501		3,599
	Ordinary shares (3)(15)	—	—	—	07/2017	—	2,786,000		1,282		401
									12,783		4,000		0.30	%
Total Shares - United States									$	74,814	$	119,513	8.93	%
Total Non-Controlled/Affiliated Investments									$	102,901	$	147,701	11.03	%
Controlled Investments (46)
Funded Debt Investments - United States
New Benevis Topco, LLC (32)
New Benevis Holdco, Inc.
Healthcare	First lien (2)(15)	SOFR(Q)*	9.50%/PIK	14.50%	10/2020	04/2025	$	37,384	$	37,385	$	37,384
	First lien (8)(15)	SOFR(Q)*	9.50%/PIK	14.50%	10/2020	04/2025	9,172		9,172		9,172
	First lien (3)(15)	SOFR(Q)*	9.50%/PIK	14.50%	10/2020	04/2025	11,521		11,521		11,521
	Subordinated (3)(15)	FIXED(M)*	12.00%/PIK	12.00%	10/2020	10/2025	19		17,575		15,331
									75,653		73,408		5.48	%
New Permian Holdco, Inc.
New Permian Holdco, L.L.C.
Energy	First lien (3)(15)	FIXED(M)*	18.00% PIK/M	18.00%	10/2020	12/2024	22,760		22,760		22,760
	First lien (3)(15)(18) - Drawn	L(M)*	9.00% PIK/M	13.66%	10/2020	12/2024	10,117		10,117		10,117
									32,877		32,877		2.46	%
UniTek Global Services, Inc.
Business Services	Second lien (3)(15)	FIXED(Q)*	15.00%/PIK	15.00%	12/2020	02/2025	12,009		12,009		10,864
	Second lien (3)(15)	FIXED(Q)*	15.00%/PIK	15.00%	07/2022	02/2025	5,324		5,324		4,816
									17,333		15,680		1.17	%
NHME Holdings Corp. (28)
National HME, Inc.
Healthcare	Second lien (3)(15)	SOFR(Q)(43)*	5.00%/PIK	9.85%	11/2018	05/2024	8,281		7,872		5,000		0.37	%
Total Funded Debt Investments - United States									$	133,735	$	126,965	9.49	%

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

Table of Contents

New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

March 31, 2023

(in thousands, except shares)

(unaudited)


Portfolio Company, Location and Industry (1)	Type of Investment	Reference	Spread	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
NMFC Senior Loan Program III LLC**
Investment Fund	Membership interest (3)(15)	—	—	—	05/2018	—	—	$	140,000	$	140,000	10.46	%
NMFC Senior Loan Program IV LLC**
Investment Fund	Membership interest (3)(15)	—	—	—	05/2021	—	—	112,400		112,400		8.40	%
NM NL Holdings, L.P.**
Net Lease	Membership interest (7)(15)	—	—	—	06/2018	—	—	76,370		94,576		7.07	%
New Benevis Topco, LLC (32)
Healthcare	Ordinary shares (2)(15)	—	—	—	10/2020	—	269,027	27,154		34,490
	Ordinary shares (8)(15)	—	—	—	10/2020	—	66,007	6,662		8,462
	Ordinary shares (3)(15)	—	—	—	10/2020	—	60,068	6,106		7,701
								39,922		50,653		3.78	%
UniTek Global Services, Inc.
Business Services	Preferred shares (3)(15)(27)	—	—	—	08/2018	—	16,205,818	16,206		12,064
	Preferred shares (3)(15)(27)	—	—	—	08/2019	—	9,631,878	9,632		7,981
	Preferred shares (3)(15)(26)(43)	—	—	—	06/2017	—	19,795,435	19,795		10,145
	Preferred shares (2)(15)(25)(43)	—	—	—	01/2015	—	29,326,545	26,946		—
	Preferred shares (3)(15)(25)(43)	—	—	—	01/2015	—	8,104,462	7,447		—
	Ordinary shares (2)(15)	—	—	—	01/2015	—	2,096,477	1,926		—
	Ordinary shares (3)(15)	—	—	—	01/2015	—	1,993,749	533		—
								82,485		30,190		2.26	%
New Permian Holdco, Inc.
Energy	Ordinary shares (3)(15)	—	—	—	10/2020	—	100	11,155		25,999		1.94	%
QID TRH Holdings LLC (21)
Haven Midstream Holdings LLC(21)
Specialty Chemicals & Materials	Ordinary shares (14)(15)	—	—	—	10/2021	—	80	—		16,301
	Profit Interest (6)(15)	—	—	—	10/2021	—	5	—		90
								—		16,391		1.22	%
NM CLFX LP
Net Lease	Membership interest (7)(15)	—	—	—	10/2017	—	—	12,538		15,437		1.15	%
NM YI, LLC
Net Lease	Membership interest (7)(15)	—	—	—	09/2019	—	—	6,272		9,581		0.72	%
NM GP Holdco, LLC**
Net Lease	Membership interest (7)(15)	—	—	—	06/2018	—	—	861		1,029		0.08	%

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

Table of Contents

New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

March 31, 2023

(in thousands, except shares)

(unaudited)


Portfolio Company, Location and Industry (1)	Type of Investment	Reference	Spread	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)
Healthcare	Ordinary shares (3)(15)	—	—	—	11/2018	—	640,000		$	4,000	$	—	—	%
NM GLCR LP
Net Lease	Membership interest (7)(15)	—	—	—	02/2018	—	—		—		—		—	%
NM APP US LLC
Net Lease	Membership interest (7)(15)	—	—	—	09/2016	—	—		—		—		—	%
NM DRVT LLC
Net Lease	Membership interest (7)(15)	—	—	—	11/2016	—	—		—		—		—	%
NM JRA LLC
Net Lease	Membership interest (7)(15)	—	—	—	08/2016	—	—		—		—		—	%
NM KRLN LLC
Net Lease	Membership interest (7)(15)	—	—	—	11/2016	—	—		—		—		—	%
Total Shares - United States									$	486,003	$	496,256	37.08	%
Equity - Canada
NM APP Canada Corp.**
Net Lease	Membership interest (7)(15)	—	—	—	09/2016	—	—		$	—	$	—	—	%
Total Shares - Canada									$	—	$	—	—	%
Total Shares									$	486,003	$	496,256	37.08	%
Warrants - United States
UniTek Global Services, Inc.
Business Services	Warrants (3)(15)	—	—	—	12/2020	02/2025	13,339		$	—	$	45,870	3.43	%
NHME Holdings Corp. (28)
Healthcare	Warrants (3)(15)	—	—	—	11/2018	—	160,000		1,000		—
Total Warrants - United States									$	1,000	$	45,870	3.43	%
Total Funded Investments									$	620,738	$	669,091	49.99	%
Unfunded Debt Investments - United States
New Permian Holdco, Inc.
New Permian Holdco, L.L.C.
Energy	First lien (3)(15)(18) - Undrawn	—	—	—	10/2020	12/2024	$	1,577	$	—	$	—	—	%
Haven Midstream Holdings LLC (21)
Haven Midstream LLC
Specialty Chemicals & Materials	First lien (3)(15)(18) - Undrawn	—	—	—	12/2021	10/2026	8,000		—		—		—	%
Total Unfunded Debt Investments - United States									$	—	$	—	—	%
Total Controlled Investments									$	620,738	$	669,091	49.99	%
Total Investments									$	3,302,614	$	3,270,326	244.33	%

(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, Wells Fargo Securities, LLC, as the Administrative Agent and Wells Fargo Bank, National Association, as the Lender and Collateral Custodian. See Note 7. Borrowings, for details.

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

2830

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New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

~~September 30, 2022~~March 31, 2023

(in thousands, except shares)

(unaudited)

(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.

(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.

(11)Investment is held in NMF HB, Inc.

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

(13)Investment is held in NMF Pioneer, Inc.

(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.

(16)Investment is denominated in foreign currency and is translated into U.S. dollars as of the valuation date. As of ~~September 30, 2022,~~March 31, 2023, the par value U.S. dollar equivalent of the first lien term loan, and drawn first lien term loan is ~~$14,386,~~$15,889, and ~~$12,465,~~$13,768, 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 ("£") and/or Euro ("€").

(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.

(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), Euro Interbank Offered Rate (EURIBOR) 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 ~~September 30, 2022.~~March 31, 2023.

(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.

(21)The Company holds investments in multiple entities of Haven Midstream Holdings LLC. The Company holds 4.6% of the Class B profits interest in QID NGL, LLC (which at closing represented 97.0% of the ownership in the class B units in QID TRH Holdings, LLC), class A common units of Haven Midstream Holdings LLC, and holds a tranche A first lien term loan, a tranche B first lien term loan and a first lien revolver in Haven Midstream 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 OEC Holdco, LLC. The preferred equity is entitled to receive prefenential dividends of 11.0% per annum.

(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 11.0% per annum.

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

(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.

(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.

(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.

(28)The Company holds ordinary shares and warrants in NHME Holdings Corp., as well as a Tranche A Term Loan ~~and Tranche B Term Loan~~ in National HME, Inc., a wholly-owned subsidiary of NHME Holdings Corp.

(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.

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

2931

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New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

~~September 30, 2022~~March 31, 2023

(in thousands, except shares)

(unaudited)

(30)The Company holds preferred equity in Dealer Tire Holdings, LLC that is entitled to receive cumulative preferential dividends at a rate of 7.0% per annum.

(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 + 10.5% per annum.

(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.

(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, Inc. that is entitled to receive cumulative preferential dividends at a rate of L + 9.5% 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 10.5% 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 4.0% per annum.

(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)The Company holds ordinary shares in Eagle Infrastructure Super HoldCo, LLC and a first lien term loan in Eagle Infrastructure Services, LLC (fka FR Arsenal Holdings II Corp.), a wholly-owned subsidiary of Eagle Infrastructure Super Holdco, LLC.

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

~~(43)~~(44)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 ~~$19,401~~$16,539 as of ~~September 30, 2022.~~March 31, 2023. See Note 2. Summary of Significant Accounting Policies, for details.

~~(44)~~(45)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 ~~September 30, 2022~~March 31, 2023 and December 31, ~~2021~~2022 along with transactions during the nine months ended ~~September 30, 2022~~March 31, 2023 in which the issuer was a non-controlled/affiliated investment is as follows:


Portfolio Company	Portfolio Company	Fair Value at December 31, 2021		Gross Additions (A)		Gross Redemptions (B)		Net Change In Unrealized Appreciation (Depreciation)		Fair Value at September 30, 2022		Net Realized Gains (Losses)		Interest Income		Dividend Income		Other Income		Portfolio Company	Fair Value at December 31, 2022		Gross Additions (A)		Gross Redemptions (B)		Net Change In Unrealized Appreciation (Depreciation)		Fair Value at March 31, 2023		Net Realized Gains (Losses)		Interest Income		Dividend Income		Other Income
Eagle Infrastructure Services, LLC (fka FR Arsenal Holdings II Corp.) / Eagle Infrastructure Super HoldCo, LLC																				Eagle Infrastructure Services, LLC (fka FR Arsenal Holdings II Corp.) / Eagle Infrastructure Super HoldCo, LLC	$	—	$	15,582	$	(459)	$	(11)	$	15,112	$	—	$	4	$	—	$	—
Permian Holdco 3, Inc. / Permian Trust	Permian Holdco 3, Inc. / Permian Trust	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	Permian Holdco 3, Inc. / Permian Trust	—		—		—		—		—		—		—		—		—
Sierra Hamilton Holdings Corporation	Sierra Hamilton Holdings Corporation	4,000		—		—		—		4,000		—		—		—		—		Sierra Hamilton Holdings Corporation	4,000		—		—		—		4,000		—		—		—		—
TVG-Edmentum Holdings, LLC / Edmentum Ultimate Holdings, LLC	TVG-Edmentum Holdings, LLC / Edmentum Ultimate Holdings, LLC	130,775		3,823		—		377		134,975		—		1,561		3,036		187		TVG-Edmentum Holdings, LLC / Edmentum Ultimate Holdings, LLC	126,787		1,807		—		(5)		128,589		—		696		1,105		63
Total Non-Controlled/Affiliated Investments	Total Non-Controlled/Affiliated Investments	$	134,775	$	3,823	$	—	$	377	$	138,975	$	—	$	1,561	$	3,036	$	187	Total Non-Controlled/Affiliated Investments	$	130,787	$	17,389	$	(459)	$	(16)	$	147,701	$	—	$	700	$	1,105	$	63

(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.

3032

Table of Contents

New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

~~September 30, 2022~~March 31, 2023

(in thousands, except shares)

(unaudited)

~~(45)~~(46) 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 ~~September 30, 2022~~March 31, 2023 and December 31, ~~2021,~~2022, along with transactions during the ~~nine~~three months ended ~~September 30, 2022~~March 31, 2023 in which the issuer was a controlled investment, is as follows:


Portfolio Company (1)	Portfolio Company (1)	Fair Value at December 31, 2021		Gross Additions (A)		Gross Redemptions (B)		Net Change In Unrealized Appreciation (Depreciation)		Fair Value at September 30, 2022		Net Realized Gains (Losses)		Interest Income		Dividend Income		Other Income		Portfolio Company (1)	Fair Value at December 31, 2022		Gross Additions (A)		Gross Redemptions (B)		Net Change In Unrealized Appreciation (Depreciation)		Fair Value at March 31, 2023		Net Realized Gains (Losses)		Interest Income		Dividend Income		Other Income
National HME, Inc./NHME Holdings Corp.	National HME, Inc./NHME Holdings Corp.	$	27,347	$	3,075	$	—	$	(23,401)	$	7,021	$	—	$	1,575	$	—	$	—	National HME, Inc./NHME Holdings Corp.	$	5,381	$	—	$	(17,404)	$	17,023	$	5,000	$	(17,404)	$	—	$	—	$	—
New Benevis Topco, LLC / New Benevis Holdco, Inc.	New Benevis Topco, LLC / New Benevis Holdco, Inc.	109,595		4,377		—		(1,173)		112,799		—		5,753		—		1,125		New Benevis Topco, LLC / New Benevis Holdco, Inc.	114,146		10,235		—		(320)		124,061		—		2,563		—		375
New Permian Holdco, Inc. / New Permian Holdco, L.L.C.	New Permian Holdco, Inc. / New Permian Holdco, L.L.C.	34,759		6,560		—		5,000		46,319		—		3,215		—		389		New Permian Holdco, Inc. / New Permian Holdco, L.L.C.	57,564		1,312		—		—		58,876		—		1,333		—		129
NM APP CANADA CORP	NM APP CANADA CORP	9,422		—		—		2,198		11,620		—		—		635		500		NM APP CANADA CORP	—		—		—		—		—		—		—		—		—
NM APP US LLC	NM APP US LLC	14,891		—		(5,080)		(9,811)		—		4,488		—		255		483		NM APP US LLC	—		—		—		—		—		—		—		—		—
NM CLFX LP	NM CLFX LP	24,676		—		—		(7,154)		17,522		—		—		1,169		—		NM CLFX LP	16,172		—		—		(735)		15,437		—		—		393		—
NM DRVT LLC	NM DRVT LLC	7,984		—		(5,152)		(2,832)		—		3,439		—		173		475		NM DRVT LLC	—		—		—		—		—		—		—		—		—
NM JRA LLC	NM JRA LLC	3,996		—		(2,043)		(1,953)		—		2,049		—		72		188		NM JRA LLC	—		—		—		—		—		—		—		—		—
NM GLCR LP	NM GLCR LP	50,687		—		(14,750)		(35,937)		—		35,713		—		400		2,150		NM GLCR LP	—		—		—		—		—		—		—		—		—
NM KRLN LLC	NM KRLN LLC	244		97		(9,318)		8,977		—		(9,318)		—		—		—		NM KRLN LLC	—		—		—		—		—		—		—		—		—
NM NL Holdings, L.P.	NM NL Holdings, L.P.	107,870		52		(10,886)		(1,680)		95,356		—		—		6,330		—		NM NL Holdings, L.P.	94,305		—		—		271		94,576		—		—		2,318		—
NM GP Holdco, LLC	NM GP Holdco, LLC	1,197		—		(137)		(22)		1,038		—		—		73		—		NM GP Holdco, LLC	1,028		—		—		1		1,029		—		—		26		—
NM YI LLC	NM YI LLC	8,286		—		—		1,089		9,375		—		—		621		—		NM YI LLC	9,481		—		—		100		9,581		—		—		214		—
NMFC Senior Loan Program III LLC	NMFC Senior Loan Program III LLC	140,000		—		—		—		140,000		—		—		12,935		—		NMFC Senior Loan Program III LLC	140,000		—		—		—		140,000		—		—		4,462		—
NMFC Senior Loan Program IV LLC	NMFC Senior Loan Program IV LLC	112,400		—		—		—		112,400		—		—		9,520		—		NMFC Senior Loan Program IV LLC	112,400		—		—		—		112,400		—		—		3,583		—
Haven Midstream LLC / Haven Midstream Holdings LLC / QID TRH Holdings LLC	Haven Midstream LLC / Haven Midstream Holdings LLC / QID TRH Holdings LLC	34,821		3,866		(5,628)		40,010		73,069		—		4,717		—		1,381		Haven Midstream LLC / Haven Midstream Holdings LLC / QID TRH Holdings LLC	35,788		—		—		(19,397)		16,391		19,375		—		—		510
UniTek Global Services, Inc.	UniTek Global Services, Inc.	67,635		11,378		(1,513)		15,653		93,153		—		3,321		3,191		544		UniTek Global Services, Inc.	103,770		2,563		(26,445)		11,854		91,740		2		1,936		1,229		181
Total Controlled Investments	Total Controlled Investments	$	755,810	$	29,405	$	(54,507)	$	(11,036)	$	719,672	$	36,371	$	18,581	$	35,374	$	7,235	Total Controlled Investments	$	690,035	$	14,110	$	(43,849)	$	8,797	$	669,091	$	1,973	$	5,832	$	12,225	$	1,195

(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 ~~September 30, 2022, 16.2%~~March 31, 2023, 15.3% 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.

3133

Table of Contents

New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

~~September 30, 2022~~March 31, 2023

(unaudited)


	~~September 30, 2022~~March 31, 2023
Investment Type	Percent of Total Investments at Fair Value
First lien	~~54.73~~55.00	%
Second lien	~~17.73~~17.20	%
Subordinated	~~2.28~~2.39	%
Equity and other	~~25.26~~25.41	%
Total investments	100.00	%


	~~September 30, 2022~~March 31, 2023
Industry Type	Percent of Total Investments at Fair Value
Software	~~27.38~~28.56	%
Business Services	~~15.30~~17.66	%
Healthcare ~~Services~~	~~14.90~~17.08	%
Investment Funds (includes investments in joint ventures)	~~7.80~~7.72	%
Education	~~7.66~~7.44	%
Consumer Services	~~5.51~~4.61	%
Net Lease	~~4.17~~3.69	%
Distribution & Logistics	3.15	%
Financial Services	3.03	%
Energy	1.92	%
Information Technology	1.80	%
Specialty Chemicals & Materials	~~3.03~~	%
~~Distribution & Logistics~~	~~2.99~~	%
~~Financial Services~~	~~2.38~~	%
~~Healthcare Information Technology~~	~~2.13~~	%
~~Information Technology~~	~~1.81~~	%
~~Energy~~	~~1.56~~1.25	%
Packaging	~~1.26~~1.25	%
Consumer Products	~~0.64~~	%
~~Federal Services~~	~~0.38~~	%
~~Insurance Services~~	~~0.37~~0.61	%
Business Products	~~0.27~~	%
~~Industrial Services~~	~~0.24~~	%
~~Information Services~~	~~0.22~~0.23	%
Total investments	100.00	%


	~~September 30, 2022~~March 31, 2023
Interest Rate Type	Percent of Total Investments at Fair Value
Floating rates	~~87.64~~89.05	%
Fixed rates	~~12.36~~10.95	%
Total investments	100.00	%

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

3234

Table of Contents

New Mountain Finance Corporation

Consolidated Schedule of Investments

December 31, ~~2021~~2022

(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
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, 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
NM GRC Holdco, LLC
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
49,180 49,279 3.67%
Affinity Dental Management, Inc.
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.
Software Second lien (5) 7.60% (L + 7.50%/M) 4/17/2018 4/17/2026 22,500 22,430 22,613
Second lien (2) 7.60% (L + 7.50%/M) 4/17/2018 4/17/2026 16,624 16,518 16,707
Second lien (8) 7.60% (L + 7.50%/M) 4/17/2018 4/17/2026 6,000 5,962 6,030
44,910 45,350 3.38 %
Deca Dental Holdings LLC
Healthcare Services First lien (2)(15) 6.50% (L + 5.75%/Q) 8/26/2021 8/28/2028 38,244 37,877 37,861
First lien (3)(15)(18) - Drawn 6.50% (L + 5.75%/Q) 8/26/2021 8/28/2028 4,026 3,985 3,985
41,862 41,846 3.13 %
Kaseya Inc.
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 (8)(15) 7.50% (L + 5.50% + 1.00% PIK/Q)* 9/8/2021 5/2/2025 7,795 7,733 7,795
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.**
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.
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)
OEConnection LLC
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, 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
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 %


Portfolio Company, Location and Industry(1)	Type of Investment	Reference	Spread	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)	L(Q)	5.75%	9.92	%	08/2019	05/2026	$	67,275	$	67,074	$	66,675
	First lien (5)(15)	L(Q)	5.75%	9.92	%	08/2019	05/2026	21,745		21,683		21,551
										88,757		88,226		6.65	%
PhyNet Dermatology LLC
Healthcare	First lien (2)(15)	SOFR(S)	6.25%	10.80	%	09/2018	08/2024	49,270		49,116		49,270
	First lien (2)(15)	SOFR(S)	6.25%	10.80	%	09/2018	08/2024	18,726		18,663		18,726
										67,779		67,996		5.13	%
Associations, Inc.
Business Services	First lien (2)(15)	SOFR(Q)*	4.00% + 2.50%/PIK	10.36	%	07/2021	07/2027	35,786		35,657		35,786
	First lien (8)(15)	SOFR(Q)*	4.00% + 2.50%/PIK	11.26	%	07/2021	07/2027	8,810		8,774		8,810
	First lien (2)(15)	SOFR(Q)*	4.00% + 2.50%/PIK	11.29	%	07/2021	07/2027	8,810		8,773		8,810
	First lien (8)(15)	SOFR(Q)*	4.00% + 2.50%/PIK	10.97	%	07/2021	07/2027	5,321		5,300		5,321
	First lien (8)(15)	SOFR(Q)*	4.00% + 2.50%/PIK	10.36	%	07/2021	07/2027	4,233		4,217		4,233
										62,721		62,960		4.75	%
Paw Midco, Inc.
AAH Topco, LLC
Consumer Services	First lien (8)(15)	L(M)	5.50%	9.89	%	12/2021	12/2027	20,634		20,457		20,378
	First lien (3)(15)(18) - Drawn	L(M)	5.50%	9.82	%	12/2021	12/2027	12,357		12,369		12,204
	First lien (4)(15)	L(M)	5.50%	9.89	%	01/2022	12/2027	9,797		9,713		9,676
	First lien (4)(15)(18) - Drawn	L(M)	5.50%	9.82	%	12/2021	12/2027	4,009		4,013		3,959
	Subordinated (3)(15)	FIXED(Q)*	11.50%/PIK	11.50	%	12/2021	12/2031	12,494		12,337		11,908
	Subordinated (4)(15)	FIXED(Q)*	11.50%/PIK	11.50	%	01/2022	12/2031	4,900		4,838		4,670
										63,727		62,795		4.73	%
GC Waves Holdings, Inc.
Financial Services	First lien (5)(15)	L(M)	5.50%	9.88	%	08/2021	08/2026	21,885		21,793		21,623
	First lien (2)(15)(18) - Drawn	L(M)	5.50%	9.88	%	04/2022	08/2026	16,611		16,450		16,411
	First lien (2)(15)	L(M)	5.50%	9.88	%	08/2021	08/2026	13,211		13,135		13,052
	First lien (2)(15)	L(M)	5.50%	9.88	%	08/2021	08/2026	10,551		10,465		10,424
	First lien (3)(15)(18) - Drawn	L(M)	5.50%	9.88	%	10/2019	08/2026	988		980		976
										62,823		62,486		4.71	%

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~~2022

(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
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 %


Portfolio Company, Location and Industry(1)	Type of Investment	Reference	Spread	Interest Rate (19)	Acquisition Date	Maturity/Expiration Date	Principal Amount, Par Value or Shares (17)		Cost		Fair Value		Percent of Net Assets
Knockout Intermediate Holdings I Inc. (41)
Kaseya Inc.
Software	First lien (2)(15)	SOFR(Q)	5.75%	10.33%	06/2022	06/2029	$	63,093	$	62,647	$	62,172	4.69	%
iCIMS, Inc.
Software	First lien (8)(15)	SOFR(Q)*	3.38% + 3.88%/PIK	11.52%	08/2022	08/2028	44,287		43,917		43,901
	First lien (2)(15)	SOFR(Q)	7.25%	11.52%	10/2022	08/2028	7,366		7,303		7,311
									51,220		51,212		3.86	%
CentralSquare Technologies, LLC
Software	Second lien (3)	L(Q)	7.50%	12.23%	08/2018	08/2026	47,838		47,505		40,941
	Second lien (8)	L(Q)	7.50%	12.23%	08/2018	08/2026	7,500		7,448		6,419
									54,953		47,360		3.57	%
IG Intermediateco LLC
Infogain Corporation
Business Services	First lien (2)(15)	SOFR(M)	5.75%	10.17%	07/2021	07/2028	18,898		18,780		18,545
	First lien (8)(15)	SOFR(M)	5.75%	10.17%	07/2022	07/2028	7,923		7,849		7,775
	First lien (3)(15)(18) - Drawn	SOFR(M)	5.75%	10.17%	07/2021	07/2026	1,068		1,060		1,048
	Subordinated (3)(15)	SOFR(Q)	8.25%	12.93%	07/2022	07/2029	17,245		17,039		16,846
									44,728		44,214		3.33	%
Brave Parent Holdings, Inc.
Software	Second lien (5)(15)	SOFR(M)	7.50%	11.88%	04/2018	04/2026	22,500		22,443		21,798
	Second lien (2)(15)	SOFR(M)	7.50%	11.88%	04/2018	04/2026	16,624		16,540		16,104
	Second lien (8)(15)	SOFR(M)	7.50%	11.88%	04/2018	04/2026	6,000		5,970		5,813
									44,953		43,715		3.30	%
Deca Dental Holdings LLC
Healthcare	First lien (2)(15)	L(Q)	5.75%	10.48%	08/2021	08/2028	37,860		37,541		36,232
	First lien (3)(15)(18) - Drawn	L(Q)	5.75%	10.48%	08/2021	08/2028	3,985		3,950		3,814
	First lien (3)(15)(18) - Drawn	L(Q)	5.75%	10.48%	08/2021	08/2027	2,623		2,597		2,510
									44,088		42,556		3.21	%
Recorded Future, Inc.
Software	First lien (8)(15)	L(Q)	5.25%	9.98%	08/2019	07/2025	24,469		24,351		24,263
	First lien (2)(15)	L(Q)	5.25%	9.98%	03/2021	07/2025	12,652		12,589		12,546
									36,940		36,809		2.78	%
Auctane Inc. (fka Stamps.com Inc.)
Software	First lien (8)(15)	L(M)	5.75%	10.13%	10/2021	10/2028	22,069		21,880		21,694
	First lien (2)(15)	L(M)	5.75%	10.13%	10/2021	10/2028	14,925		14,797		14,671
									36,677		36,365		2.74	%

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~~2022

(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
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 %


Portfolio Company, Location and Industry(1)	Type of Investment	Reference	Spread	Interest Rate (19)	Acquisition Date	Maturity/Expiration Date	Principal Amount, Par Value or Shares (17)		Cost		Fair Value		Percent of Net Assets
Avalara, Inc.
Software	First lien (8)(15)	SOFR(Q)	7.25%	11.83%	10/2022	10/2028	$	22,500	$	22,226	$	22,307
	First lien (2)(15)	SOFR(Q)	7.25%	11.83%	10/2022	10/2028	12,880		12,723		12,769
									34,949		35,076		2.64	%
OEC Holdco, LLC (22)
OEConnection LLC
Software	Second lien (2)(15)	SOFR(M)	7.00%	11.42%	12/2021	09/2027	23,406		23,206		22,687
	Second lien (2)(15)	SOFR(M)	7.00%	11.42%	09/2019	09/2027	12,044		11,963		11,674
									35,169		34,361		2.59	%
Diamond Parent Holdings Corp. (35)
Diligent Corporation
Software	First lien (2)(15)	L(M)	5.75%	10.13%	03/2021	08/2025	17,583		17,528		17,371
	First lien (2)(15)	L(M)	5.75%	10.13%	03/2021	08/2025	9,805		9,774		9,688
	First lien (3)(15)	L(M)	6.25%	10.63%	12/2018	08/2025	5,827		5,807		5,827
	First lien (3)(15)(18) - Drawn	L(M)	6.25%	10.63%	03/2021	08/2025	1,087		1,082		1,087
									34,191		33,973		2.56	%
IG Investments Holdings, LLC
Business Services	First lien (2)(15)	L(M)	6.00%	10.38%	09/2021	09/2028	29,134		28,884		28,731
	First lien (2)(15)	L(M)	6.00%	10.38%	02/2022	09/2028	4,257		4,238		4,198
	First lien (3)(15)(18) - Drawn	L(M)	6.00%	10.39%	09/2021	09/2027	919		910		906
									34,032		33,835		2.55	%
Foreside Financial Group, LLC
Business Services	First lien (2)(15)	L(M)	5.50%	9.88%	05/2022	09/2027	31,968		31,678		31,648
	First lien (3)(15)	L(M)	5.50%	9.88%	05/2022	09/2027	2,072		2,052		2,051
									33,730		33,699		2.54	%
MRI Software LLC
Software	First lien (5)(15)	L(Q)	5.50%	10.23%	01/2020	02/2026	21,879		21,817		21,383
	First lien (2)(15)	L(Q)	5.50%	10.23%	03/2021	02/2026	4,615		4,606		4,511
	First lien (2)(15)	L(Q)	5.50%	10.23%	01/2020	02/2026	3,173		3,163		3,101
	First lien (3)(15)	L(Q)	5.50%	10.23%	03/2021	02/2026	3,664		3,656		3,581
	First lien (3)(15)	L(Q)	5.50%	10.23%	01/2020	02/2026	810		807		791
									34,049		33,367		2.52	%
Anaplan, Inc.
Software	First lien (2)(15)	SOFR(M)	6.50%	10.82%	06/2022	06/2029	33,618		33,300		33,282		2.51	%

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~~2022

(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
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 %


Portfolio Company, Location and Industry(1)	Type of Investment	Reference	Spread	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 (4)(15)	L(M)*	5.50% + 1.50%/PIK	11.14%	01/2021	01/2027	$	15,405	$	15,320	$	15,405
	First lien (8)(15)	L(M)*	5.50% + 1.50%/PIK	11.14%	01/2021	01/2027	5,959		5,925		5,959
	First lien (2)(15)	L(M)*	5.50% + 1.50%/PIK	11.14%	01/2021	01/2027	5,877		5,845		5,877
	First lien (2)(15)	L(M)	6.00%	10.14%	04/2021	01/2027	4,579		4,540		4,579
	First lien (3)(15)(18) - Drawn	L(M)	6.50%	10.69%	01/2021	01/2027	810		804		810
									32,434		32,630		2.46	%
EAB Global, Inc.
Education	Second lien (2)(15)	L(Q)	6.50%	10.69%	08/2021	08/2029	33,452		33,017		32,392		2.44	%
DCA Investment Holding, LLC
Healthcare	First lien (2)(15)	SOFR(S)	6.41%	10.39%	03/2021	04/2028	19,660		19,546		19,278
	First lien (2)(15)	SOFR(S)	6.41%	10.39%	02/2022	04/2028	7,046		7,014		6,909
	First lien (3)(15)	SOFR(S)	6.41%	10.39%	03/2021	04/2028	3,273		3,252		3,209
	First lien (3)(15)(18) - Drawn	SOFR(S)	6.41%	10.39%	03/2021	04/2028	2,836		2,823		2,781
									32,635		32,177		2.43	%
KAMC Holdings, Inc.
Business Services	Second lien (2)(15)	L(Q)	8.00%	12.65%	08/2019	08/2027	18,750		18,657		15,938
	Second lien (8)(15)	L(Q)	8.00%	12.65%	08/2019	08/2027	18,750		18,657		15,937
									37,314		31,875		2.40	%
OA Topco, L.P. (40)
OA Buyer, Inc.
Healthcare	First lien (2)(15)	L(M)	5.75%	10.13%	12/2021	12/2028	27,989		27,742		27,763
	First lien (2)(15)	L(M)	5.75%	10.13%	05/2022	12/2028	1,772		1,755		1,757
									29,497		29,520		2.23	%
TigerConnect, Inc.
Healthcare	First lien (8)(15)	SOFR(Q)*	3.63% + 3.63%/PIK	11.49%	02/2022	02/2028	29,868		29,604		29,151
	First lien (2)(15)(18) - Drawn	SOFR(Q)*	3.63% + 3.63%/PIK	11.49%	02/2022	02/2028	277		277		270
									29,881		29,421		2.22	%
Wealth Enhancement Group, LLC
Financial Services	First lien (2)(15)	SOFR(S)	6.00%	10.00%	08/2021	10/2027	18,949		18,896		18,827
	First lien (2)(15)	SOFR(S)	6.00%	9.41%	01/2022	10/2027	1,254		1,243		1,246
	First lien (3)(15)(18) - Drawn	SOFR(S)	6.00%	10.31%	05/2022	10/2027	7,478		7,481		7,430
	First lien (2)(15)	SOFR(S)	6.00%	10.46%	01/2022	10/2027	841		833		835
									28,453		28,338		2.14	%

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, ~~2021~~2022

(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
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 %


Portfolio Company, Location and Industry(1)	Type of Investment	Reference	Spread	Interest Rate (19)	Acquisition Date	Maturity/Expiration Date	Principal Amount, Par Value or Shares (17)		Cost		Fair Value		Percent of Net Assets
Fortis Solutions Group, LLC
Packaging	First lien (2)(15)	L(Q)	5.50%	10.23%	10/2021	10/2028	$	17,529	$	17,374	$	17,119
	First lien (8)(15)	L(Q)	5.50%	10.23%	10/2021	10/2028	10,195		10,108		9,957
	First lien (3)(15)	L(Q)	5.50%	10.23%	10/2021	10/2028	875		866		855
	First lien (3)(15)(18) - Drawn	L(S)	5.50%	9.67%	10/2021	10/2027	381		378		372
									28,726		28,303		2.13	%
Foundational Education Group, Inc.
Education	Second lien (5)(15)	SOFR(Q)	6.50%	11.34%	08/2021	08/2029	22,500		22,401		20,810
	Second lien (2)(15)	SOFR(Q)	6.50%	11.34%	08/2021	08/2029	7,009		6,987		6,483
									29,388		27,293		2.06	%
Syndigo LLC
Software	Second lien (4)(15)	L(S)	8.00%	13.21%	12/2020	12/2028	22,500		22,363		21,067
	Second lien (2)(15)	L(S)	8.00%	13.21%	02/2022	12/2028	5,697		5,710		5,334
									28,073		26,401		1.99	%
AmeriVet Partners Management, Inc.
Consumer Services	First lien (2)(15)	SOFR(Q)	5.50%	10.23%	02/2022	02/2028	22,321		22,223		21,875
	First lien (2)(15)	SOFR(Q)	5.50%	10.23%	02/2022	02/2028	4,024		4,004		3,943
									26,227		25,818		1.95	%
NMC Crimson Holdings, Inc.
Healthcare	First lien (8)(15)	L(Q)	6.00%	9.74%	03/2021	03/2028	19,259		19,033		19,124
	First lien (2)(15)	L(Q)	6.00%	9.74%	03/2021	03/2028	4,913		4,855		4,879
	First lien (3)(15)(18) - Drawn	L(M)	6.00%	10.39%	03/2021	03/2028	1,635		1,611		1,624
									25,499		25,627		1.93	%
VT Topco, Inc.
Business Services	Second lien (2)(15)	L(M)	6.75%	11.13%	07/2021	07/2026	16,183		16,137		15,711
	Second lien (4)(15)	L(M)	6.75%	11.13%	08/2018	07/2026	10,000		9,987		9,708
									26,124		25,419		1.92	%
HS Purchaser, LLC / Help/Systems Holdings, Inc.
Software	Second lien (5)(15)	SOFR(Q)	6.75%	10.94%	11/2019	11/2027	22,500		22,417		21,409
	Second lien (2)(15)	SOFR(Q)	6.75%	10.94%	11/2019	11/2027	4,208		4,179		4,004
									26,596		25,413		1.92	%
DOCS, MSO, LLC
Healthcare	First lien (8)(15)	SOFR(S)	5.75%	10.54%	06/2022	06/2028	18,760		18,760		18,246
	First lien (4)(15)	SOFR(S)	5.75%	10.54%	06/2022	06/2028	7,025		7,025		6,833
									25,785		25,079		1.89	%

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~~2022

(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
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 %


Portfolio Company, Location and Industry(1)	Type of Investment	Reference	Spread	Interest Rate (19)	Acquisition Date	Maturity/Expiration Date	Principal Amount, Par Value or Shares (17)		Cost		Fair Value		Percent of Net Assets
CRCI Longhorn Holdings, Inc.
Business Services	Second lien (3)(15)	L(M)	7.25%	11.63%	08/2018	08/2026	$	18,266	$	18,229	$	17,409
	Second lien (8)(15)	L(M)	7.25%	11.63%	08/2018	08/2026	7,500		7,485		7,148
									25,714		24,557		1.85	%
ACI Parent Inc. (36)
ACI Group Holdings, Inc.
Healthcare	First lien (2)(15)	L(M)*	4.50% + 1.25%/PIK	10.13%	08/2021	08/2028	22,082		21,898		21,338
	First lien (3)(15)(18) - Drawn	L(M)*	4.50% + 1.25%/PIK	10.13%	08/2021	08/2028	2,840		2,813		2,744
	First lien (3)(15)(18) - Drawn	L(M)	5.50%	9.88%	08/2021	08/2027	259		256		250
									24,967		24,332		1.83	%
Idera, Inc.
Software	Second lien (4)(15)	L(Q)	6.75%	10.50%	06/2019	03/2029	22,500		22,243		21,168
	Second lien (3)(15)	L(Q)	6.75%	10.50%	04/2021	03/2029	3,000		2,986		2,822
									25,229		23,990		1.81	%
Bullhorn, Inc.
Software	First lien (2)(15)	L(Q)	5.75%	10.48%	09/2019	09/2026	16,659		16,586		16,659
	First lien (2)(15)	L(Q)	5.75%	10.48%	10/2021	09/2026	3,442		3,435		3,442
	First lien (2)(15)	L(Q)	5.75%	10.48%	09/2019	09/2026	771		766		771
	First lien (3)(15)(18) - Drawn	L(Q)	5.75%	10.48%	09/2019	09/2026	392		389		392
	First lien (2)(15)	L(Q)	5.75%	10.48%	09/2019	09/2026	345		344		345
	First lien (2)(15)	L(Q)	5.75%	10.48%	09/2019	09/2026	275		274		275
									21,794		21,884		1.65	%
Convey Health Solutions, Inc.
Healthcare	First lien (4)(15)	SOFR(Q)	5.25%	9.93%	09/2019	09/2026	19,215		19,091		18,639
	First lien (4)(15)	SOFR(Q)	5.25%	9.93%	02/2022	09/2026	3,208		3,169		3,112
									22,260		21,751		1.64	%
Spring Education Group, Inc (fka SSH Group Holdings, Inc.)
Education	Second lien (2)(15)	L(Q)	8.25%	12.98%	07/2018	07/2026	21,959		21,928		21,324		1.61	%
TMK Hawk Parent, Corp.
Distribution & Logistics	First lien (2)(15)	L(Q)	3.50%	8.26%	06/2019	08/2024	16,395		15,474		10,657
	First lien (8)(15)	L(Q)	3.50%	8.26%	10/2019	08/2024	15,813		14,687		10,277
									30,161		20,934		1.58	%
Cardinal Parent, Inc.
Software	First lien (4)(15)	L(Q)	4.50%	9.23%	10/2020	11/2027	11,974		11,908		11,490
	Second lien (4)(15)	L(Q)	7.75%	12.46%	11/2020	11/2028	9,767		9,689		9,432
									21,597		20,922		1.58	%

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~~2022

(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
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 %


Portfolio Company, Location and Industry(1)	Type of Investment	Reference	Spread	Interest Rate (19)	Acquisition Date	Maturity/Expiration Date	Principal Amount, Par Value or Shares (17)		Cost		Fair Value		Percent of Net Assets
Notorious Topco, LLC
Consumer Products	First lien (8)(15)	SOFR(Q)	6.75%	10.99%	11/2021	11/2027	$	10,051	$	9,987	$	9,882
	First lien (8)(15)	SOFR(Q)	6.75%	10.99%	05/2022	11/2027	9,925		9,857		9,758
	First lien (3)(15)(18) - Drawn	SOFR(Q)	6.75%	10.99%	11/2021	11/2027	876		873		861
	First lien (3)(15)(18) - Drawn	SOFR(Q)	6.75%	10.99%	11/2021	05/2027	147		146		145
									20,863		20,646		1.56	%
YLG Holdings, Inc.
Business Services	First lien (5)(15)	L(S)	5.00%	9.93%	11/2019	10/2025	17,861		17,815		17,393
	First lien (5)(15)	L(S)	5.00%	9.93%	11/2019	10/2025	2,326		2,319		2,265
	First lien (5)(15)(18) - Drawn	L(S)	5.00%	9.90%	10/2021	10/2025	495		506		482
									20,640		20,140		1.52	%
AAC Lender Holdings, LLC (33)
American Achievement Corporation (aka AAC Holding Corp.)
Education	First lien (2)(15)	L(M)(42)*	5.75%/PIK + 0.50%	10.38%	09/2015	09/2026	28,829		28,787		20,599
	First lien (3)(15)	L(M)(42)*	13.50%/PIK + 0.50%	18.13%	06/2021	09/2026	1,527		1,527		—
	Subordinated (3)(15)	L(Q)(42)*	1.00%/PIK	4.75%	03/2021	09/2026	5,230		—		—
									30,314		20,599		1.55	%
New Trojan Parent, Inc.
Healthcare	Second lien (2)(15)	L(M)	7.25%	11.63%	01/2021	01/2029	26,762		26,653		20,101		1.52	%
Xactly Corporation
Software	First lien (4)(15)	L(Q)	7.25%	11.99%	07/2017	07/2023	19,047		19,030		19,047
	First lien (3)(15)(18) - Drawn	L(M)	7.25%	11.59%	07/2017	07/2023	992		982		992
									20,012		20,039		1.51	%
Ansira Holdings, Inc.
Business Services	First lien (8)(15)	L(Q)(42)*	6.50%/PIK	10.91%	12/2016	12/2024	32,953		33,059		14,829
	First lien (3)(15)	L(Q)(42)*	6.50%/PIK	11.15%	12/2016	12/2024	8,316		8,308		3,742
	First lien (3)(15)(18) - Drawn	SOFR(Q)*	2.00% + 8.00%/PIK	14.42%	11/2022	12/2024	313		313		313
									41,680		18,884		1.42	%
Bluefin Holding, LLC
Software	First lien (3)(15)(18) - Drawn	L(S)	5.75%	9.93%	09/2019	09/2024	1,212		1,194		1,177
	Second lien (8)(15)	L(Q)	7.75%	12.48%	09/2019	09/2027	18,000		18,000		17,338
									19,194		18,515		1.40	%

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~~2022

(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
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 %


Portfolio Company, Location and Industry(1)	Type of Investment	Reference	Spread	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)	L(S)	5.25%	10.18%	06/2021	06/2027	$	15,382	$	15,260	$	15,257
	First lien (2)(15)(18) - Drawn	L(S)	5.25%	9.40%	06/2021	06/2027	2,889		2,863		2,865
									18,123		18,122		1.37	%
DG Investment Intermediate Holdings 2, Inc.
Business Services	Second lien (3)	SOFR(M)	6.75%	11.07%	03/2021	03/2029	20,313		20,270		18,053		1.36	%
FS WhiteWater Holdings, LLC (38)
FS WhiteWater Borrower, LLC
Consumer Services	First lien (5)(15)	L(Q)	5.75%	10.48%	12/2021	12/2027	10,395		10,306		10,110
	First lien (5)(15)	L(Q)	5.75%	10.48%	12/2021	12/2027	3,489		3,456		3,393
	First lien (5)(15)	L(Q)	5.75%	10.48%	12/2021	12/2027	3,467		3,437		3,372
	First lien (3)(15)(18) - Drawn	L(Q)	5.75%	10.50%	12/2021	12/2027	490		485		477
	First lien (3)(15)(18) - Drawn	L(Q)	6.00%	10.53%	07/2022	12/2027	589		635		584
									18,319		17,936		1.35	%
Pioneer Topco I, L.P. (39)
Pioneer Buyer I, LLC
Software	First lien (8)(15)	L(Q)*	7.00%/PIK	11.73%	11/2021	11/2028	14,900		14,782		14,706
	First lien (8)(15)	L(Q)*	7.00%/PIK	11.73%	03/2022	11/2028	2,042		2,025		2,016
									16,807		16,722		1.26	%
Coyote Buyer, LLC
Specialty Chemicals & Materials	First lien (5)(15)	L(Q)	6.00%	10.41%	03/2020	02/2026	13,795		13,755		13,795
	First lien (5)(15)	L(Q)	8.00%	12.73%	10/2020	08/2026	2,482		2,466		2,482
									16,221		16,277		1.23	%
The Kleinfelder Group, Inc.
Business Services	First lien (4)(15)	L(Q)	5.25%	9.98%	12/2018	11/2024	16,533		16,503		16,241		1.22	%
Kele Holdco, Inc.
Distribution & Logistics	First lien (5)(15)	L(M)	5.25%	9.42%	02/2020	02/2026	15,788		15,742		15,788		1.19	%
MED Parentco, LP
Healthcare	Second lien (8)	L(M)	8.25%	12.63%	08/2019	08/2027	20,857		20,752		15,726		1.19	%
Daxko Acquisition Corporation
Software	First lien (8)(15)	L(M)	5.50%	9.88%	10/2021	10/2028	13,144		13,031		12,776
	First lien (2)(15)	L(M)	5.50%	9.88%	10/2021	10/2028	1,107		1,097		1,076
	First lien (3)(15)(18) - Drawn	P(Q)	4.50%	12.00%	10/2021	10/2027	33		33		32
									14,161		13,884		1.05	%

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~~2022

(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) — — %


Portfolio Company, Location and Industry(1)	Type of Investment	Reference	Spread	Interest Rate (19)	Acquisition Date	Maturity/Expiration Date	Principal Amount, Par Value or Shares (17)		Cost		Fair Value		Percent of Net Assets
CFS Management, LLC
Healthcare	First lien (2)(15)	SOFR(Q)*	6.25% + 0.75%/PIK	11.84%	08/2019	07/2024	$	11,392	$	11,372	$	10,637
	First lien (2)(15)	SOFR(Q)*	6.25% + 0.75%/PIK	11.84%	08/2019	07/2024	3,393		3,386		3,168
									14,758		13,805		1.04	%
Castle Management Borrower LLC
Business Services	First lien (8)(15)	L(Q)	2.19%	3.19%	05/2018	02/2025	14,288		14,269		13,605		1.03	%
Alegeus Technologies Holdings Corp.
Healthcare	First lien (8)(15)	L(A)	8.25%	10.95%	09/2018	09/2024	13,444		13,421		13,444		1.01	%
Calabrio, Inc.
Software	First lien (5)(15)	L(Q)	7.00%	11.73%	04/2021	04/2027	12,347		12,277		12,347
	First lien (3)(15)(18) - Drawn	L(Q)	7.00%	11.75%	04/2021	04/2027	850		843		850
									13,120		13,197		1.00	%
IMO Investor Holdings, Inc.
Healthcare	First lien (2)(15)	SOFR(S)	6.00%	10.62%	05/2022	05/2029	12,974		12,854		12,845
	First lien (3)(15)(18) - Drawn	SOFR(S)	6.00%	10.61%	05/2022	05/2028	294		291		291
									13,145		13,136		0.99	%
FR Arsenal Holdings II Corp.
Business Services	First lien (2)(15)	L(M)*	7.50% + 2.00%/PIK	13.88%	09/2016	01/2023	14,582		14,579		13,123		0.99	%
Apptio, Inc.
Software	First lien (8)(15)	L(Q)	6.00%	9.94%	01/2019	01/2025	5,703		5,658		5,703
	First lien (2)(15)	L(Q)	6.00%	9.94%	01/2019	01/2025	5,500		5,456		5,500
	First lien (3)(15)(18) - Drawn	L(Q)	6.00%	9.94%	01/2019	01/2025	1,240		1,215		1,240
									12,329		12,443		0.94	%
Transcendia Holdings, Inc.
Packaging	Second lien (8)(15)	L(M)	8.00%	12.38%	06/2017	05/2025	14,500		14,423		12,418		0.94	%
USRP Holdings, Inc.
Business Services	First lien (2)(15)	L(Q)	5.50%	10.23%	07/2021	07/2027	11,311		11,222		10,945
	First lien (3)(15)	L(Q)	5.50%	10.23%	07/2021	07/2027	1,473		1,460		1,425
									12,682		12,370		0.93	%
CHA Holdings, Inc.
Business Services	Second lien (4)(15)	L(Q)	8.75%	13.48%	04/2018	04/2026	7,012		6,976		6,923
	Second lien (3)(15)	L(Q)	8.75%	13.48%	04/2018	04/2026	4,453		4,430		4,396
									11,406		11,319		0.85	%

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~~2022

(in thousands, except shares)


Portfolio Company, Location and Industry(1)	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		Portfolio Company, Location and Industry(1)	Type of Investment	Reference	Spread	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		—		—
Specialtycare, Inc.														Specialtycare, Inc.
Healthcare														Healthcare	First lien (2)(15)	L(Q)	5.75%	9.49%	06/2021	06/2028	$	10,458	$	10,341	$	10,019
		First lien (3)(15)(18) - Undrawn	—	11/26/2021	11/26/2024	905		(9)		—					First lien (3)(15)(18) - Drawn	L(M)	4.00%	8.29%	06/2021	06/2026	212		209		204
								(9)		—		—	%		First lien (3)(15)(18) - Drawn	L(Q)	5.75%	9.76%	06/2021	06/2028	79		75		75
Xactly Corporation
																							10,625		10,298		0.78	%
Quartz Holding Company														Quartz Holding Company
Software	Software	First lien (3)(15)(18) - Undrawn	—	7/31/2017	7/31/2023	992		(10)		—		—	%	Software	Second lien (3)(15)	L(M)	8.00%	12.38%	04/2019	04/2027	10,000		9,877		9,802		0.74	%
MRI Software LLC
Software		First lien (2)(15)(18) - Undrawn	—	3/24/2021	3/24/2022	9,364		—		—
CG Group Holdings, LLC														CG Group Holdings, LLC
Specialty Chemicals & Materials														Specialty Chemicals & Materials	First lien (2)(15)	L(Q)*	5.25% + 2.00%/PIK	11.98%	07/2021	07/2027	8,317		8,244		7,411
		First lien (3)(15)(18) - Undrawn	—	1/31/2020	2/10/2026	2,002		(10)		—					First lien (3)(15)(18) - Drawn	L(M)*	5.25% + 2.00%/PIK	11.63%	07/2021	07/2026	916		906		817
								(10)		—		—	%										9,150		8,228		0.62	%
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.
PPVA Black Elk (Equity) LLC														PPVA Black Elk (Equity) LLC
Business Services														Business Services	Subordinated (3)(15)	—	—	—	05/2013	—	14,500		14,500		7,995		0.60	%
KPSKY Acquisition Inc.														KPSKY Acquisition Inc.
Business Services	Business Services	First lien (5)(15)(18) - Undrawn	—	10/22/2021	10/22/2023	2,078		—		—				Business Services	First lien (8)(15)	L(M)	5.50%	9.89%	10/2021	10/2028	6,968		6,908		6,662
		First lien (3)(15)(18) - Undrawn	—	11/1/2019	10/31/2025	3,968		(20)		—					First lien (2)(15)	P(Q)	4.50%	12.00%	10/2021	10/2028	801		794		766
								(20)		—		—	%		First lien (2)(15)(18) - Drawn	P(Q)	4.50%	12.00%	06/2022	10/2028	145		144		139
																							7,846		7,567		0.57	%
TRC Companies L.L.C. (fka Energize Holdco LLC)														TRC Companies L.L.C. (fka Energize Holdco LLC)
Business Services														Business Services	Second lien (2)(15)	L(M)	6.75%	11.13%	11/2021	12/2029	7,950		7,914		7,488		0.56	%
DS Admiral Bidco, LLC														DS Admiral Bidco, LLC
Software														Software	First lien (2)	SOFR(M)	7.00%	11.51%	12/2022	12/2029	7,547		7,434		7,434		0.56	%
Vectra Co.														Vectra Co.
Business Products														Business Products	Second lien (8)(15)	L(M)	7.25%	11.63%	02/2018	03/2026	10,788		10,769		7,004		0.53	%
Community Brands ParentCo, LLC														Community Brands ParentCo, LLC
Software														Software	First lien (2)(15)	SOFR(M)	5.75%	10.17%	02/2022	02/2028	7,163		7,100		6,928		0.52	%
Safety Borrower Holdings LLC														Safety Borrower Holdings LLC
Software														Software	First lien (2)(15)	L(S)	5.25%	10.41%	09/2021	09/2027	6,975		6,946		6,861		0.52	%
Sun Acquirer Corp.														Sun Acquirer Corp.
Consumer Services														Consumer Services	First lien (2)(15)	L(M)	5.75%	10.13%	09/2021	09/2028	3,985		3,956		3,917
															First lien (2)(15)(18) - Drawn	L(M)	5.75%	10.13%	09/2021	09/2028	2,791		2,757		2,744
																							6,713		6,661		0.50	%
PPV Intermediate Holdings, LLC														PPV Intermediate Holdings, LLC
Consumer Services														Consumer Services	First lien (4)(15)	SOFR(M)	5.75%	9.12%	08/2022	08/2029	6,629		6,565		6,500
															First lien (3)(15)(18) - Drawn	SOFR(Q)	5.75%	10.03%	08/2022	08/2029	131		134		129
																							6,699		6,629		0.50	%

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~~2022

(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) %


Portfolio Company, Location and Industry(1)	Type of Investment	Reference	Spread	Interest Rate (19)	Acquisition Date	Maturity/Expiration Date	Principal Amount, Par Value or Shares (17)		Cost		Fair Value		Percent of Net Assets
Appriss Health Holdings, Inc. (23)
Appriss Health, LLC
Healthcare	First lien (8)(15)	L(M)	7.25%	11.54%	05/2021	05/2027	$	6,234	$	6,186	$	6,234	0.47	%
Pye-Barker Fire & Safety, LLC
Business Services	First lien (2)(15)	L(Q)	5.50%	10.23%	11/2021	11/2027	5,161		5,115		5,014
	First lien (3)(15)(18) - Drawn	L(Q)	5.50%	10.23%	11/2021	11/2024	422		418		410
									5,533		5,424		0.41	%
ADG, LLC
Healthcare	Second lien (3)(15)	L(M)*	10.00%/PIK	14.38%	10/2016	03/2024	7,430		7,413		4,984		0.38	%
Virtusa Corporation
Software	Subordinated (3)	FIXED(S)	7.13%	7.13%	10/2022	12/2028	5,000		3,824		3,817		0.29	%
Education Management Corporation (20)
Education Management II LLC
Education	First lien (2)	P(M)(42)	7.50%	13.00%	01/2015	07/2020	300		292		—
	First lien (3)	P(M)(42)	7.50%	13.00%	01/2015	07/2020	169		165		—
	First lien (2)	P(Q)(42)	6.50%	9.75%	01/2015	07/2020	205		199		—
	First lien (3)	P(Q)(42)	6.50%	9.75%	01/2015	07/2020	115		112		—
	First lien (2)	P(Q)(42)	8.50%	11.75%	01/2015	07/2020	139		115		—
	First lien (3)	P(Q)(42)	8.50%	11.75%	01/2015	07/2020	79		65		—
	First lien (2)	P(Q)(42)	8.50%	11.75%	01/2015	07/2020	4		3		—
	First lien (3)	P(Q)(42)	8.50%	11.75%	01/2015	07/2020	2		2		—
									953		—		—	%
PPVA Fund, L.P.
Business Services	Collateralized Financing (42)(43)	—	—	—	11/2014	—	—		—		—		—	%
Total Funded Debt Investments - United States									$	2,194,600	$	2,081,746	156.97	%
Funded Debt Investments - Netherlands
Tahoe Finco, LLC**
Information Technology	First lien (2)(15)	L(M)	6.00%	10.29%	10/2021	09/2028	$	35,000	$	34,700	$	34,436
	First lien (8)(15)	L(M)	6.00%	10.29%	10/2021	09/2028	24,189		23,982		23,800
									58,682		58,236		4.39	%
Total Funded Debt Investments - Netherlands									$	58,682	$	58,236	4.39	%
Funded Debt Investments - United Kingdom
Aston FinCo S.a r.l. / Aston US Finco, LLC**
Software	Second lien (8)(15)	L(M)	8.25%	12.63%	10/2019	10/2027	$	34,459	$	34,271	$	34,356	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~~2022

(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) %


Portfolio Company, Location and Industry(1)	Type of Investment	Reference	Spread	Interest Rate (19)	Acquisition Date	Maturity/Expiration Date	Principal Amount, Par Value or Shares (17)		Cost		Fair Value		Percent of Net Assets
Integro Parent Inc.
Business Services	First lien (2)(15)	SOFR(Q)*	12.25%/PIK	16.83%	10/2015	05/2023	$	4,187	$	4,184	$	4,187
	First lien (3)(15)	SOFR(Q)*	12.25%/PIK	16.83%	06/2018	05/2023	827		823		828
	Second lien (3)(15)	SOFR(Q)(42)*	12.25%/PIK	16.83%	10/2015	10/2023	11,510		11,109		8,718
									16,116		13,733		1.04	%
Total Funded Debt Investments - United Kingdom									$	50,387	$	48,089	3.63	%
Funded Debt Investments - Jersey
Tennessee Bidco Limited **
Business Services	First lien (3)(15)(16)	SONIA(D)	7.00%	10.95%	08/2021	08/2028	£	12,879	$	17,634	$	15,562
	First lien (3)(15)(16)	SONIA(D)	7.00%	10.95%	08/2021	08/2028	£	10,538	13,133		12,734
	First lien (3)(15)	L(S)	7.00%	10.38%	08/2021	08/2028	$	10,184	10,055		10,184
	First lien (3)(15)	L(S)	7.00%	11.78%	08/2021	08/2028	$	6,246	6,162		6,246
	First lien (3)(15)(16)	EURIBOR(S)	7.00%	7.63%	08/2021	08/2028	€	708	714		757
									47,698		45,483		3.43	%
Total Funded Debt Investments - Jersey									$	47,698	$	45,483	3.43	%
Funded Debt Investments - Australia
Atlas AU Bidco Pty Ltd**
Business Services	First lien (2)	SOFR(M)	7.25%	11.48%	12/2022	12/2029	$	3,454	$	3,402	$	3,402	0.26	%
Total Funded Debt Investments - Australia									$	3,402	$	3,402	0.26	%
Total Funded Debt Investments									$	2,354,769	$	2,236,956	168.68	%
Equity - United States
Dealer Tire Holdings, LLC (30)
Distribution & Logistics	Preferred shares (3)(15)	—	—	—	09/2021	—	56,271		$	65,202	$	65,688	4.95	%
Symplr Software Intermediate Holdings, Inc. (31)
Healthcare	Preferred shares (4)(15)	—	—	—	11/2018	—	7,500		11,986		11,396
	Preferred shares (3)(15)	—	—	—	11/2018	—	2,586		4,132		3,929
									16,118		15,325		1.16	%
Knockout Intermediate Holdings I Inc. (41)
Software	Preferred shares (3)(15)	—	—	—	06/2022	—	15,150		14,961		14,661		1.11	%
ACI Parent Inc. (36)
Healthcare	Preferred shares (3)(15)	—	—	—	08/2021	—	12,500		14,605		14,068		1.06	%
Project Essential Super Parent, Inc. (34)
Software	Preferred shares (3)(15)	—	—	—	04/2021	—	10,000		11,885		11,569		0.87	%

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~~2022

(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) %


Portfolio Company, Location and Industry(1)	Type of Investment	Reference	Spread	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 Preferred Issuer, Inc.
Software	Preferred shares (3)(15)	—	—	—	04/2021	—	10,000	$	11,518	$	11,304	0.85	%
OEC Holdco, LLC (22)
Software	Preferred shares (12)(15)	—	—	—	12/2021	—	7,214	7,565		7,214		0.54	%
HB Wealth Management, LLC (37)
Financial Services	Preferred shares (11)(15)	—	—	—	09/2021	—	48,303	4,794		5,126		0.39	%
FS WhiteWater Holdings, LLC (38)
Consumer Services	Ordinary shares (5)(15)	—	—	—	12/2021	—	50,000	5,000		4,686		0.35	%
Appriss Health Holdings, Inc. (23)
Appriss Health Intermediate Holdings, Inc.
Healthcare	Preferred shares (3)(15)	—	—	—	05/2021	—	2,333	2,755		2,628		0.20	%
OA Topco, L.P. (40)
Healthcare	Ordinary shares (3)(15)	—	—	—	12/2021	—	2,000,000	2,000		2,000		0.15	%
Pioneer Topco I, L.P. (39)
Software	Ordinary shares (13)(15)	—	—	—	11/2021	—	199,980	1,999		1,631		0.12	%
Ancora Acquisition LLC
Education	Preferred shares (9)(15)	—	—	—	08/2013	—	372	83		158		0.01	%
Education Management Corporation (20)
Education	Preferred shares (2)	—	—	—	01/2015	—	3,331	200		—
	Preferred shares (3)	—	—	—	01/2015	—	1,879	113		—
	Ordinary shares (2)	—	—	—	01/2015	—	2,994,065	100		—
	Ordinary shares (3)	—	—	—	01/2015	—	1,688,976	56		—
								469		—		—	%
AAC Lender Holdings, LLC (33)
Education	Ordinary shares (3)(15)	—	—	—	03/2021	—	758	—		—		—	%
Total Shares - United States								$	158,954	$	156,058	11.77	%
Equity - Hong Kong
Bach Special Limited (Bach Preference Limited)**
Education	Preferred shares (3)(15)(29)	—	—	—	09/2017	—	108,620	$	10,782	$	10,748	0.81	%
Total Shares - Hong Kong								$	10,782	$	10,748	0.81	%
Total Shares								$	169,736	$	166,806	12.58	%
Total Funded Investments								$	2,524,505	$	2,403,762	181.25	%

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~~2022

(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 %


Portfolio Company, Location and Industry(1)	Type of Investment	Reference	Spread	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 States
Ansira Holdings, Inc
Business Services	First lien (3)(15)(18) - Undrawn	—	—	—	11/2022	11/2024	$	1,161	$	—	$	—	—	%
AAC Lender Holdings, LLC (33)
American Achievement Corporation (aka AAC Holding Corp.)
Education	First lien (3)(15)(18) - Undrawn	—	—	—	01/2021	09/2026	2,652		—		—		—	%
Bullhorn, Inc.
Software	First lien (3)(15)(18) - Undrawn	—	—	—	09/2019	09/2026	460		(3)		—		—	%
Appriss Health Holdings, Inc. (23)
Appriss Health, LLC
Healthcare	First lien (3)(15)(18) - Undrawn	—	—	—	05/2021	05/2027	417		(4)		—		—	%
Coyote Buyer, LLC
Specialty Chemicals & Materials	First lien (3)(15)(18) - Undrawn	—	—	—	03/2020	02/2025	1,013		(5)		—		—	%
Calabrio, Inc.
Software	First lien (3)(15)(18) - Undrawn	—	—	—	04/2021	04/2027	637		(5)		—		—	%
Kele Holdco, Inc.
Distribution & Logistics	First lien (3)(15)(18) - Undrawn	—	—	—	02/2020	02/2026	1,799		(9)		—		—	%
Granicus, Inc.
Software	First lien (3)(15)(18) - Undrawn	—	—	—	01/2021	01/2027	1,604		(12)		—		—	%
Diamond Parent Holdings Corp. (35)
Diligent Corporation
Software	First lien (3)(15)(18) - Undrawn	—	—	—	03/2021	08/2025	2,537		(13)		—		—	%
Apptio, Inc.
Software	First lien (3)(15)(18) - Undrawn	—	—	—	01/2019	01/2025	827		(17)		—		—	%
Associations, Inc.
Business Services	First lien (3)(15)(18) - Undrawn	—	—	—	07/2021	07/2027	3,543		(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~~2022

(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 %


Portfolio Company, Location and Industry(1)	Type of Investment	Reference	Spread	Interest Rate (19)	Acquisition Date	Maturity/Expiration Date	Principal Amount, Par Value or Shares (17)		Cost		Fair Value		Percent of Net Assets
Safety Borrower Holdings LLC
Software	First lien (3)(15)(18) - Undrawn	—	—	—	09/2021	09/2027	$	512	$	(3)	$	(8)	(0.00)%
Bluefin Holding, LLC
Software	First lien (3)(15)(18) - Undrawn	—	—	—	09/2019	09/2024	303		(5)		(9)		(0.00)%
Sun Acquirer Corp.
Consumer Services	First lien (3)(15)(18) - Undrawn	—	—	—	09/2021	09/2027	559		(5)		(9)
	First lien (2)(15)(18) - Undrawn	—	—	—	09/2021	09/2023	152		(1)		(3)
									(6)		(12)		(0.00)%
Pye-Barker Fire & Safety, LLC
Business Services	First lien (3)(15)(18) - Undrawn	—	—	—	11/2021	11/2024	483		(5)		(14)		(0.00)%
IG Investments Holdings, LLC
Business Services	First lien (3)(15)(18) - Undrawn	—	—	—	09/2021	09/2027	1,379		(14)		(19)		(0.00)%
Notorious Topco, LLC
Consumer Products	First lien (3)(15)(18) - Undrawn	—	—	—	11/2021	11/2023	587		(7)		(10)
	First lien (3)(15)(18) - Undrawn	—	—	—	11/2021	05/2027	734		(6)		(12)
									(13)		(22)		(0.00)%
PPV Intermediate Holdings, LLC
Consumer Services	First lien (3)(15)(18) - Undrawn	—	—	—	08/2022	08/2029	355		(7)		(7)
	First lien (4)(15)(18) - Undrawn	—	—	—	08/2022	08/2024	885		—		(17)
									(7)		(24)		(0.00)%
CG Group Holdings, LLC
Specialty Chemicals & Materials	First lien (3)(15)(18) - Undrawn	—	—	—	07/2021	07/2026	226		(3)		(25)		(0.00)%
Recorded Future, Inc.
Software	First lien (3)(15)(18) - Undrawn	—	—	—	08/2019	07/2025	2,981		(20)		(25)		(0.00)%
USRP Holdings, Inc.
Business Services	First lien (3)(15)(18) - Undrawn	—	—	—	07/2021	07/2027	893		(9)		(29)		(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~~2022

(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 %


Portfolio Company, Location and Industry(1)	Type of Investment	Reference	Spread	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	First lien (3)(15)(18) - Undrawn	—	—	—	12/2021	12/2028	$	3,600	$	(36)	$	(29)	(0.00)%
Avalara, Inc.
Software	First lien (3)(15)(18) - Undrawn	—	—	—	10/2022	10/2028	3,538		(44)		(30)		(0.00)%
Trinity Air Consultants Holdings Corporation
Business Services	First lien (3)(15)(18) - Undrawn	—	—	—	06/2021	06/2027	1,501		(15)		(12)
	First lien (2)(15)(18) - Undrawn	—	—	—	06/2021	06/2023	2,364		—		(19)
									(15)		(31)		(0.00)%
Pioneer Topco I, L.P. (39)
Pioneer Buyer I, LLC
Software	First lien (3)(15)(18) - Undrawn	—	—	—	11/2021	11/2027	2,446		(24)		(32)		(0.00)%
iCIMS, Inc.
Software	First lien (8)(15)(18) - Undrawn	—	—	—	08/2022	08/2024	11,763		—		—
	First lien (3)(15)(18) - Undrawn	—	—	—	08/2022	08/2028	4,218		(37)		(37)
									(37)		(37)		(0.00)%
Daxko Acquisition Corporation
Software	First lien (3)(15)(18) - Undrawn	—	—	—	10/2021	10/2023	524		—		(15)
	First lien (3)(15)(18) - Undrawn	—	—	—	10/2021	10/2027	953		(10)		(27)
									(10)		(42)		(0.00)%
Community Brands ParentCo, LLC
Software	First lien (3)(15)(18) - Undrawn	—	—	—	02/2022	02/2028	425		(4)		(14)
	First lien (3)(15)(18) - Undrawn	—	—	—	02/2022	02/2024	849		—		(28)
									(4)		(42)		(0.00)%
IMO Investor Holdings, Inc.
Healthcare	First lien (3)(15)(18) - Undrawn	—	—	—	05/2022	05/2028	1,254		(13)		(13)
	First lien (3)(15)(18) - Undrawn	—	—	—	05/2022	05/2024	3,097		—		(31)
									(13)		(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)

December 31, ~~2021~~2022

(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 %


Portfolio Company, Location and Industry(1)	Type of Investment	Reference	Spread	Interest Rate (19)	Acquisition Date	Maturity/Expiration Date	Principal Amount, Par Value or Shares (17)		Cost		Fair Value		Percent of Net Assets
KPSKY Acquisition Inc.
Business Services	First lien (2)(15)(18) - Undrawn	—	—	—	06/2022	06/2024	$	1,022	$	—	$	(45)	(0.00)%
GC Waves Holdings, Inc.
Financial Services	First lien (2)(15)(18) - Undrawn	—	—	—	04/2022	04/2024	757		—		(9)
	First lien (3)(15)(18) - Undrawn	—	—	—	10/2019	08/2026	2,963		(22)		(36)
									(22)		(45)		(0.00)%
Specialtycare, Inc.
Healthcare	First lien (3)(15)(18) - Undrawn	—	—	—	06/2021	06/2026	347		(5)		(15)
	First lien (3)(15)(18) - Undrawn	—	—	—	06/2021	06/2023	868		—		(36)
									(5)		(51)		(0.00)%
Infogain Corporation
Business Services	First lien (3)(15)(18) - Undrawn	—	—	—	07/2021	07/2026	2,759		(21)		(52)		(0.00)%
GS Acquisitionco, Inc.
Software	First lien (3)(15)(18) - Undrawn	—	—	—	08/2019	05/2026	5,917		(36)		(53)		(0.00)%
NMC Crimson Holdings, Inc.
Healthcare	First lien (3)(15)(18) - Undrawn	—	—	—	03/2021	03/2023	9,029		—		(63)		(0.00)%
Wealth Enhancement Group, LLC
Financial Services	First lien (3)(15)(18) - Undrawn	—	—	—	08/2021	10/2027	2,040		(6)		(13)
	First lien (3)(15)(18) - Undrawn	—	—	—	05/2022	05/2024	8,327		(21)		(53)
									(27)		(66)		(0.00)%
DCA Investment Holding, LLC
Healthcare	First lien (3)(15)(18) - Undrawn	—	—	—	03/2021	03/2023	450		—		(9)
	First lien (3)(18) - Undrawn	—	—	—	12/2022	12/2024	3,936		—		(59)
									—		(68)		(0.01)	%
Foreside Financial Group, LLC
Business Services	First lien (3)(15)(18) - Undrawn	—	—	—	05/2022	09/2027	2,095		(21)		(21)
	First lien (3)(15)(18) - Undrawn	—	—	—	05/2022	05/2024	4,907		—		(49)
									(21)		(70)		(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~~2022

(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 %


Portfolio Company, Location and Industry(1)	Type of Investment	Reference	Spread	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 (3)(15)(18) - Undrawn	—	—	—	12/2021	12/2027	$	910	$	(9)	$	(25)
	First lien (3)(15)(18) - Undrawn	—	—	—	07/2022	12/2024	5,165		(52)		(52)
									(61)		(77)		(0.01)	%
Knockout Intermediate Holdings I Inc. (41)
Kaseya Inc.
Software	First lien (3)(15)(18) - Undrawn	—	—	—	06/2022	06/2024	3,851		—		(56)
	First lien (3)(15)(18) - Undrawn	—	—	—	06/2022	06/2029	3,851		(29)		(56)
									(29)		(112)		(0.01)	%
TigerConnect, Inc.
Healthcare	First lien (2)(15)(18) - Undrawn	—	—	—	02/2022	02/2023	955		—		(23)
	First lien (3)(15)(18) - Undrawn	—	—	—	02/2022	02/2028	4,267		(43)		(102)
									(43)		(125)		(0.01)	%
MRI Software LLC
Software	First lien (3)(15)(18) - Undrawn	—	—	—	01/2020	02/2026	2,002		(10)		(45)
	First lien (3)(15)(18) - Undrawn	—	—	—	02/2022	08/2023	4,074		—		(92)
									(10)		(137)		(0.01)	%
YLG Holdings, Inc.
Business Services	First lien (5)(15)(18) - Undrawn	—	—	—	10/2021	10/2023	1,584		(16)		(41)
	First lien (3)(15)(18) - Undrawn	—	—	—	11/2019	10/2025	3,968		(20)		(104)
									(36)		(145)		(0.01)	%
Fortis Solutions Group, LLC
Packaging	First lien (3)(15)(18) - Undrawn	—	—	—	10/2021	10/2023	81		—		(2)
	First lien (3)(15)(18) - Undrawn	—	—	—	10/2021	10/2027	2,479		(25)		(58)
	First lien (3)(15)(18) - Undrawn	—	—	—	06/2022	06/2024	4,886		—		(114)
									(25)		(174)		(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, 2022

(in thousands, except shares)


Portfolio Company, Location and Industry(1)	Type of Investment	Reference	Spread	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	First lien (3)(15)(18) - Undrawn	—	—	—	08/2021	08/2027	$	2,095	$	(21)	$	(71)
	First lien (3)(15)(18) - Undrawn	—	—	—	08/2021	08/2023	5,386		—		(181)
									(21)		(252)		(0.02)	%
Paw Midco, Inc.
AAH Topco, LLC
Consumer Services	First lien (3)(15)(18) - Undrawn	—	—	—	12/2021	12/2027	3,659		(37)		(45)
	First lien (4)(15)(18) - Undrawn	—	—	—	01/2022	12/2023	4,231		(42)		(52)
	First lien (3)(15)(18) - Undrawn	—	—	—	12/2021	12/2023	13,041		(130)		(162)
									(209)		(259)		(0.02)	%
AmeriVet Partners Management, Inc.
Consumer Services	First lien (3)(15)(18) - Undrawn	—	—	—	02/2022	02/2028	1,969		(10)		(39)
	First lien (3)(15)(18) - Undrawn	—	—	—	02/2022	02/2024	11,718		—		(234)
									(10)		(273)		(0.02)	%
DOCS, MSO, LLC
Healthcare	First lien (3)(15)(18) - Undrawn	—	—	—	06/2022	06/2028	2,405		—		(66)
	First lien (4)(15)(18) - Undrawn	—	—	—	06/2022	06/2024	2,457		—		(67)
	First lien (3)(15)(18) - Undrawn	—	—	—	06/2022	06/2024	6,561		—		(180)
									—		(313)		(0.02)	%
Deca Dental Holdings LLC
Healthcare	First lien (3)(15)(18) - Undrawn	—	—	—	08/2021	08/2027	404		(4)		(17)
	First lien (3)(15)(18) - Undrawn	—	—	—	08/2021	08/2023	9,080		—		(390)
									(4)		(407)		(0.03)	%
Total Unfunded Debt Investments - United States									$	(934)	$	(3,261)	(0.25)	%
Unfunded Debt Investments - Netherlands
Tahoe Finco, LLC**
Information Technology	First lien (3)(15)(18) - Undrawn	—	—	—	10/2021	10/2027	$	4,439	$	(44)	$	(71)	(0.01)	%
Total Unfunded Debt Investments - Netherlands									$	(44)	$	(71)	(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, 2022

(in thousands, except shares)


Portfolio Company, Location and Industry(1)	Type of Investment	Reference	Spread	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 - Australia
Atlas AU Bidco Pty Ltd**
Business Services	First lien (3)(18) - Undrawn	—	—	—	12/2022	12/2028	$	320	$	(5)	$	(5)	—	%
Total Unfunded Debt Investments - Australia									$	(5)	$	(5)	—	%
Total Unfunded Debt Investments									$	(983)	$	(3,337)	(0.25)	%
Total Non-Controlled/Non-Affiliated Investments									$	2,523,522	$	2,400,425	181.00	%
Non-Controlled/Affiliated Investments (44)
Funded Debt Investments - United States
TVG-Edmentum Holdings, LLC (24)
Edmentum Ultimate Holdings, LLC
Education	Subordinated (3)(15)	FIXED(Q)*	6.50% + 6.50%/PIK	13.00%	12/2020	01/2027	$	16,473	$	16,362	$	16,473	1.24	%
Sierra Hamilton Holdings Corporation
Energy	Second lien (3)(15)	FIXED(Q)(42)*	15.00%/PIK	15.00%	09/2019	09/2023	5		5		—		—	%
Permian Holdco 3, Inc.
Permian Trust
Energy	First lien (10)(15)	FIXED(Q)(42)*	10.00%/PIK	10.00%	03/2021	—	247		—		—
	First lien (3)(15)	L(M)(42)*	10.00%/PIK	11.00%	07/2020	—	3,409		—		—
									—		—		—	%
Total Funded Debt Investments - United States									$	16,367	$	16,473	1.24	%
Equity - United States
TVG-Edmentum Holdings, LLC
Education	Ordinary shares (3)(15)	—	—	—	12/2020	—	48,899		$	56,821	$	110,314	8.32	%
Sierra Hamilton Holdings Corporation
Energy	Ordinary shares (2)(15)	—	—	—	07/2017	—	25,000,000		11,501		3,599
	Ordinary shares (3)(15)	—	—	—	07/2017	—	2,786,000		1,282		401
									12,783		4,000		0.30	%
Total Shares - United States									$	69,604	$	114,314	8.62	%
Total Non-Controlled/Affiliated Investments									$	85,971	$	130,787	9.86	%

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, 2022

(in thousands, except shares)


Portfolio Company, Location and Industry(1)	Type of Investment	Reference	Spread	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	First lien (2)(15)	L(Q)*	2.50% + 7.00%/PIK	14.23%	10/2020	04/2025	$	35,541	$	35,541	$	35,541
	First lien (8)(15)	L(Q)*	2.50% + 7.00%/PIK	14.23%	10/2020	04/2025	8,720		8,720		8,720
	First lien (3)(15)	L(Q)*	2.50% + 7.00%/PIK	14.23%	10/2020	04/2025	4,282		4,282		4,282
	Subordinated (3)(15)	FIXED(M)*	12.00%/PIK	12.00%	10/2020	10/2025	18,687		16,874		14,950
									65,417		63,493		4.79	%
UniTek Global Services, Inc.
Business Services	First lien (2)(15)	SOFR(S)*	5.50% + 2.00%/PIK	10.76%	06/2018	08/2024	22,367		21,885		22,367
	First lien (2)(15)	SOFR(S)*	5.50% + 2.00%/PIK	10.76%	06/2018	08/2024	3,949		3,855		3,949
	Second lien (3)(15)	FIXED(Q)*	15.00%/PIK	15.00%	12/2020	02/2025	11,575		11,574		10,384
	Second lien (3)(15)	FIXED(Q)*	15.00%/PIK	15.00%	07/2022	02/2025	5,131		5,131		4,603
									42,445		41,303		3.11	%
New Permian Holdco, Inc.
New Permian Holdco, L.L.C.
Energy	First lien (3)(15)	FIXED(M)*	18.00%/PIK	18.00%	10/2020	12/2024	21,779		21,779		21,779
	First lien (3)(15)(18) - Drawn	L(M)*	9.00%/PIK	13.12%	10/2020	12/2024	9,785		9,785		9,785
									31,564		31,564		2.38	%
NHME Holdings Corp. (28)
National HME, Inc.
Healthcare	Second lien (3)(15)	FIXED(Q)(42)*	12.00%/PIK	12.00%	11/2018	05/2024	13,013		12,583		5,381
	Second lien (3)(15)	FIXED(Q)(42)*	12.00%/PIK	12.00%	11/2018	05/2024	14,500		12,693		—
									25,276		5,381		0.41	%
Total Funded Debt Investments - United States									$	164,702	$	141,741	10.69	%
Equity - United States
NMFC Senior Loan Program III LLC**
Investment Fund	Membership interest (3)(15)	—	—	—	05/2018	—	—		$	140,000	$	140,000	10.56	%
NMFC Senior Loan Program IV LLC**
Investment Fund	Membership interest (3)(15)	—	—	—	05/2021	—	—		112,400		112,400		8.48	%

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, 2022

(in thousands, except shares)


Portfolio Company, Location and Industry(1)	Type of Investment	Reference	Spread	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)	—	—	—	06/2018	—	—	$	76,370	$	94,305	7.11	%
New Benevis Topco, LLC (32)
Healthcare	Ordinary shares (2)(15)	—	—	—	10/2020	—	269,027	27,154		34,490
	Ordinary shares (8)(15)	—	—	—	10/2020	—	66,007	6,662		8,462
	Ordinary shares (3)(15)	—	—	—	10/2020	—	60,068	6,106		7,701
								39,922		50,653		3.82	%
QID TRH Holdings LLC (21)
Haven Midstream Holdings LLC(21)
Specialty Chemicals & Materials	Ordinary shares (14)(15)	—	—	—	10/2021	—	80	—		35,679
	Profit Interest (6)(15)	—	—	—	10/2021	—	5	—		109
								—		35,788		2.70	%
New Permian Holdco, Inc.
Energy	Ordinary shares (3)(15)	—	—	—	10/2020	—	100	11,155		26,000		1.96	%
UniTek Global Services, Inc.
Business Services	Preferred shares (3)(15)(27)	—	—	—	08/2018	—	15,434,113	15,434		11,626
	Preferred shares (3)(15)(27)	—	—	—	08/2019	—	9,173,217	9,173		7,670
	Preferred shares (3)(15)(26)(42)	—	—	—	06/2017	—	19,795,435	19,795		6,491
	Preferred shares (2)(15)(25)(42)	—	—	—	01/2015	—	29,326,545	26,946		—
	Preferred shares (3)(15)(25)(42)	—	—	—	01/2015	—	8,104,462	7,447		—
	Ordinary shares (2)(15)	—	—	—	01/2015	—	2,096,477	1,926		—
	Ordinary shares (3)(15)	—	—	—	01/2015	—	1,993,749	533		—
								81,254		25,787		1.94	%
NM CLFX LP
Net Lease	Membership interest (7)(15)	—	—	—	10/2017	—	—	12,538		16,172		1.22	%
NM YI, LLC
Net Lease	Membership interest (7)(15)	—	—	—	09/2019	—	—	6,272		9,481		0.71	%
NM GP Holdco, LLC**
Net Lease	Membership interest (7)(15)	—	—	—	06/2018	—	—	861		1,028		0.08	%
NHME Holdings Corp.(28)
Healthcare	Ordinary shares (3)(15)	—	—	—	11/2018	—	640,000	4,000		—		—	%
NM GLCR LP
Net Lease	Membership interest (7)(15)	—	—	—	02/2018	—	—	—		—		—	%

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, 2022

(in thousands, except shares)


Portfolio Company, Location and Industry(1)	Type of Investment	Reference	Spread	Interest Rate (19)	Acquisition Date	Maturity/Expiration Date	Principal Amount, Par Value or Shares (17)		Cost		Fair Value		Percent of Net Assets
NM APP US LLC
Net Lease	Membership interest (7)(15)	—	—	—	09/2016	—	—		$	—	$	—	—	%
NM DRVT LLC
Net Lease	Membership interest (7)(15)	—	—	—	11/2016	—	—		—		—		—	%
NM JRA LLC
Net Lease	Membership interest (7)(15)	—	—	—	08/2016	—	—		—		—		—	%
NM KRLN LLC
Net Lease	Membership interest (7)(15)	—	—	—	11/2016	—	—		—		—		—	%
Total Shares - United States									$	484,772	$	511,614	38.58	%
Equity - Canada
NM APP Canada Corp.**
Net Lease	Membership interest (7)(15)	—	—	—	09/2016	—	—		$	—	$	—	—	%
Total Shares - Canada									$	—	$	—	—	%
Total Shares									$	484,772	$	511,614	38.58	%
Warrants - United States
UniTek Global Services, Inc.
Business Services	Warrants (3)(15)	—	—	—	12/2020	02/2025	13,305		$	—	$	36,680	2.77	%
NHME Holdings Corp. (28)
Healthcare	Warrants (3)(15)	—	—	—	11/2018	—	160,000		1,000		—		—	%
Total Warrants - United States									$	1,000	$	36,680	2.77	%
Total Funded Investments									$	650,474	$	690,035	52.03	%
Unfunded Debt Investments - United States
New Permian Holdco, Inc.
New Permian Holdco, L.L.C.
Energy	First lien (3)(15)(18) - Undrawn	—	—	—	10/2020	12/2024	$	1,577	$	—	$	—	—	%
Haven Midstream Holdings LLC (21)
Haven Midstream LLC
Specialty Chemicals & Materials	First lien (3)(15)(18) - Undrawn	—	—	—	12/2021	10/2026	8,000		—		—		—	%
Total Unfunded Debt Investments - United States									—		—		—	%
Total Controlled Investments									$	650,474	$	690,035	52.03	%
Total Investments									$	3,259,967	$	3,221,247	242.89	%

(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, Wells Fargo Securities, LLC, as the Administrative Agent and Wells Fargo Bank, National Association, as the ~~Administrative Agent~~Lender and Collateral Custodian. See Note 7. Borrowings, 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, 2022

(in thousands, except shares)

(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.

(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

(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.~~

~~Table of Contents~~

~~New Mountain Finance Corporation~~

~~Consolidated Schedule of Investments (Continued)~~

~~December 31, 2021~~

~~(in thousands, except shares)~~

(13)Investment is held in NMF Pioneer, Inc

(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.

(16)Investment is denominated in foreign currency and is translated into U.S. dollars as of the valuation date. As of December 31, ~~2021,~~2022, the par value U.S. dollar equivalent of the first lien term loan and drawn first lien term loan is $15,562 and ~~the undrawn first lien term loan is $17,428, $5,103 and $12,884,~~$13,941, 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 ("£") and/or Euro ("€").

(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)~~(SONIA), Secured Overnight Financing Rate (SOFR), Euro Interbank Offered Rate (EURIBOR) 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, ~~2021.~~2022.

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

(23)The Company holds investments in two wholly-owned subsidiaries of Appriss Health Holdings, Inc. The ~~Company~~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.

(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.

(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.

(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.

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

(30)The Company holds preferred equity in Dealer Tire Holdings, LLC that is entitled to receive cumulative preferential dividends at a rate of 7.00% per annum.

(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.

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, 2022

(in thousands, except shares)

(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.

(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)~~

(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~~subsidiary of OA Topco, L.P.

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

~~(42)~~(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~~$16,539 as of December 31, ~~2021.~~2022. See Note 2. Summary of Significant Accounting Policies, for details.

~~(43)~~(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 December 31, ~~2021~~2022 and December 31, ~~2020~~2021 along with transactions during the year ended December 31, ~~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 December 31, 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 December 31, 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		—		24		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		5,575		(27,287)		20,549		54,251		130,775		1,825		5,123		321		TVG-Edmentum Holdings, LLC / Edmentum Ultimate Holdings, LLC	130,775		5,168		—		(9,156)		126,787		—		2,105		4,109		250
Total Non-Controlled/Affiliated Investments	Total Non-Controlled/Affiliated Investments	$	103,012	$	5,811	$	(40,553)	$	8,338	$	66,505	$	134,775	$	2,013	$	5,123	$	345	Total Non-Controlled/Affiliated Investments	$	134,775	$	5,168	$	—	$	(9,156)	$	130,787	$	—	$	2,105	$	4,109	$	250

(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.

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

5459

Table of Contents

New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

December 31, ~~2021~~2022

(in thousands, except shares)

~~(44)~~(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 December 31, ~~2021~~2022 and December 31, ~~2020~~2021 along with transactions during the year ended December 31, ~~2021~~2022 in which the issuer was a controlled investment, is as follows:

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 Inc. $ — $ — $ — $ 2,207 $ — $ — $ — $ — $ 1,200
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. 98,442 5,417 — — 5,736 109,595 6,956 — 1,500
New Permian Holdco, Inc. / New Permian Holdco, L.L.C. 29,336 5,423 — — — 34,759 3,522 — 634
NM APP CANADA CORP 12,302 — — — (2,880) 9,422 — 978 —
NM APP US LLC 7,410 — — — 7,481 14,891 — 561 —
NM CLFX LP 14,885 — — — 9,791 24,676 — 1,521 —
NM DRVT LLC 7,084 — — — 900 7,984 — 466 —
NM JRA LLC 3,830 — — — 166 3,996 — 268 —
NM GLCR LP 29,130 — — — 21,557 50,687 — 1,892 —
NM KRLN LLC 1,501 641 — — (1,898) 244 — — —
NM NL Holdings, L.P. 67,132 32,757 — — 7,981 107,870 — 7,414 —
NM GP Holdco, LLC 703 415 — — 79 1,197 — 52 —
NM YI LLC 6,852 — — — 1,434 8,286 — 877 —
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 120,000 20,000 — — — 140,000 — 16,712 —
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) — 64,776 (45,892) (11,243) 15,937 34,821 845 — 8
UniTek Global Services, Inc. 72,338 6,669 (2,712) 1 (8,660) 67,635 3,880 4,497 738
Total Controlled Investments $ 600,875 $ 266,592 $ (161,004) $ (9,035) $ 49,347 $ 755,810 $ 19,797 $ 46,156 $ 4,580


Portfolio Company	Fair Value at December 31, 2021		Gross Additions (A)		Gross Redemptions (B)		Net Change In Unrealized Appreciation (Depreciation)		Fair Value at December 31, 2022		Net Realized Gains (Losses)		Interest Income		Dividend Income		Other Income
Edmentum Inc.	$	—	$	—	$	—	$	—	$	—	$	54	$	—	$	—	$	—
National HME, Inc./NHME Holdings Corp.	27,347		(8,161)		—		(13,805)		5,381		—		(9,661)		—		(1,500)
New Benevis Topco, LLC / New Benevis Holdco, Inc.	109,595		5,914		—		(1,363)		114,146		—		8,057		—		1,500
New Permian Holdco, Inc. / New Permian Holdco, L.L.C.	34,759		7,805		—		15,000		57,564		—		4,504		—		511
NM APP CANADA CORP	9,422		—		(7,345)		(2,077)		—		4,212		—		620		713
NM APP US LLC	14,891		—		(5,080)		(9,811)		—		4,489		—		255		483
NM CLFX LP	24,676		—		—		(8,504)		16,172		—		—		1,596		—
NM DRVT LLC	7,984		—		(5,152)		(2,832)		—		3,439		—		173		475
NM JRA LLC	3,996		—		(2,043)		(1,953)		—		2,049		—		72		188
NM GLCR LP	50,687		—		(14,750)		(35,937)		—		35,713		—		400		2,150
NM KRLN LLC	244		97		(9,319)		8,978		—		(9,318)		—		—		—
NM NL Holdings, L.P.	107,870		53		(10,885)		(2,733)		94,305		—		—		8,453		—
NM GP Holdco, LLC	1,197		1		(138)		(32)		1,028		—		—		94		—
NM YI LLC	8,286		—		—		1,195		9,481		—		—		828		—


NMFC Senior Loan Program III LLC	140,000		—		—		—		140,000		—		—		17,485		—
NMFC Senior Loan Program IV LLC	112,400		—		—		—		112,400		—		—		13,173		—
Haven Midstream LLC / Haven Midstream Holdings LLC / QID TRH Holdings LLC	34,821		3,865		(38,685)		35,787		35,788		12,802		6,316		—		1,902
UniTek Global Services, Inc.	67,635		13,378		(1,549)		24,306		103,770		—		4,738		4,363		724
Total Controlled Investments	$	755,810	$	22,952	$	(94,946)	$	6,219	$	690,035	$	53,440	$	13,954	$	47,512	$	7,146

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

* 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, ~~2021, 18.0%~~2022, 15.3% 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.

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New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

December 31, ~~2021~~2022

(in thousands, except shares)


	December 31, 2022
Investment Type	Percent of Total Investments at Fair Value
First lien	54.45	%
Second lien	17.42	%
Subordinated	2.38	%
Equity and other	25.75	%
Total investments	100.00	%


			December 31, ~~2021~~2022
~~Investment~~Industry Type			Percent of Total Investments at Fair Value
~~First lien~~	Software		~~52.23~~27.85		%
~~Second lien~~Business Services		~~19.76~~18.39		%
~~Subordinated~~Healthcare		~~1.60~~17.01		%
~~Equity and other~~Investment Funds (includes investments in joint ventures)	7.84	~~26.41~~%
Education	7.43	%
Consumer Services	3.85	%
Net Lease	3.76	%
Distribution & Logistics	3.18	%
Financial Services	2.98	%
Energy	1.91	%
Specialty Chemicals & Materials	1.87	%
Information Technology	1.81	%
Packaging	1.26	%
Consumer Products	0.64	%
Business Products	0.22	%
Total investments			100.00		%


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


		~~December 31, 2021~~2022
Interest Rate Type		Percent of Total Investments at Fair Value
Floating rates	~~88.54~~88.53		%
Fixed rates	~~11.46~~11.47		%
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

~~September 30, 2022~~March 31, 2023

(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”). Since NMFC’s IPO, and through ~~September 30, 2022,~~March 31, 2023, NMFC raised approximately $945,617 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, other current and former New Mountain Capital professionals and related vehicles and a minority investor. 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, credit and net lease investment strategies. The Investment Adviser manages the Company's day-to-day operations and provides it with investment advisory and management services. The Investment Adviser also manages other funds that may have investment mandates that are similar, in whole or in part, to the Company's. New Mountain Finance Administration, L.L.C. (the "Administrator”), a wholly-owned subsidiary of New Mountain Capital, provides the administrative services necessary to conduct the Company's day-to-day operations.

The Company has established the following wholly-owned direct and indirect subsidiaries:

•New Mountain Finance Holdings, L.L.C. ("NMF Holdings") 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 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 NGL Holdings, Inc. ("NMF QID"), NMF YP Holdings, Inc. ("NMF YP"), 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" 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~~primarily consisting of senior secured loans, and ~~second lien debt, notes, bonds and mezzanine securities.~~select junior capital positions, to growing businesses in defensive industries that offer attractive risk-adjusted returns. The first lien debt may include traditional first lien senior secured loans or unitranche loans. ~~Unitranche~~The Company invests a significant portion of its portfolio in unitranche loans, which are loans that combine both senior and subordinated debt, generally in a first-lien position. Because unitranche loans combine characteristics of ~~traditional first lien~~ senior ~~secured loans as well as second lien~~ and subordinated ~~loans. Unitranche loans will expose the Company~~debt, they have risks similar to the risks associated with ~~second lien~~secured debt and subordinated ~~loans~~debt according to the ~~extent~~combination of loan characteristics of the ~~Company invests in~~unitranche loan. Certain unitranche loan investments may include “last-out” positions, which generally heighten the ~~“last out” tranche.~~risk of loss. Unitranche loans generally allow the borrower to make a large lump sum payment of principal at the end of the loan term and there is a

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heightened risk of loss if the borrower is unable to pay the lump sum or refinance the amount owed at maturity. In some cases, the Company’s investments may also include equity interests. The ~~Company's~~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

~~Table of Contents~~

capital expenditure and working capital needs, (iv) high returns on assets and (v) niche market dominance. Similar to the 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~~SBA eligible small businesses. The Company’s portfolio may be concentrated in a limited number of industries. As of ~~September 30, 2022,~~March 31, 2023, the Company’s top five industry concentrations were software, business services, healthcare, ~~services,~~ investment funds (which includes the Company's investments in its joint ventures) and education.

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 United States ~~("GAAP"~~(“GAAP”). The Company is an investment company following accounting and reporting guidance in Accounting Standards Codification Topic 946, Financial Services—Investment Companies, (“ASC 946”). The Company 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 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, ~~2022.~~2023.

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

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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; 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 ~~September 30, 2022.~~March 31, 2023.

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 ~~September 30, 2022:~~March 31, 2023:

Lease

Total

Fair Value as of

Lease

Total

Fair Value as of

Portfolio Company

Tenant

Expiration Date

Location

Square Feet

September 30, 2022

Portfolio Company

Tenant

Expiration Date

Location

Square Feet

March 31, 2023

NM NL Holdings LP / NM GP Holdco LLC

Various

96,394

NM NL Holdings LP / NM GP Holdco LLC

Various

95,605

NM CLFX LP

Victor Equipment Company

8/31/2033

423

17,522

NM CLFX LP

Victor Equipment Company

8/31/2033

423

15,437

NM APP Canada, Corp.

A.P. Plasman, Inc.

9/30/2031

Canada

436

11,620

NM YI, LLC

Young Innovations, Inc.

10/31/2039

IL / MO

212

9,375

NM YI, LLC

Young Innovations, Inc.

10/31/2039

IL / MO

212

9,581

134,911

120,623

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 ~~September 30, 2022~~March 31, 2023 and December 31, ~~2021,~~2022, the Company held one collateralized agreement to resell with a cost basis of $30,000 and $30,000, respectively, and a fair value of ~~$19,401~~$16,539 and ~~$21,422,~~$16,539, 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 ~~September 30, 2022~~March 31, 2023 and December 31, ~~2021.~~2022.

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 nine~~ months ended ~~September 30,~~March 31, 2023 and March 31, 2022, the Company recognized PIK and non-cash interest from investments of ~~$6,193~~$9,023 and ~~$21,993,~~$8,523, respectively, and PIK and non-cash dividends from investments of ~~$5,995~~$6,501 and $16,338, respectively. For the three and nine months ended September 30, 2021, the Company recognized PIK and non-cash interest from investments of $5,699 and $17,067, respectively, and PIK and non-cash dividends from investments of $3,705 and $14,738,$5,079, respectively.

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.

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income earned from counterparties on trades that do not settle within a set number of business days after the 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 nine~~ months ended ~~September 30,~~March 31, 2023 and March 31, 2022, the Company recognized a total income tax ~~benefit (provision)~~provision of approximately ~~$43~~$227 and ~~$(122),~~$97, respectively, for the Company’s consolidated subsidiaries. For the three ~~and nine~~ months ended ~~September 30, 2022,~~March 31, 2023, the Company recorded a current income tax ~~benefit~~expense of approximately ~~$13~~$96 and ~~$5,~~$95, respectively, and deferred income tax ~~benefit (provision)~~provision of approximately ~~$30~~$131 and $(127), respectively. For the three and nine months ended September 30, 2021, the Company recognized a total income tax benefit (provision) of approximately $9 and $(129), respectively, for the Company’s consolidated subsidiaries. For the three and nine months ended September 30, 2021, the Company recorded current income tax (benefit) expense of approximately $(8) and $15, respectively, and deferred income tax benefit (provision) of approximately $1 and $(114),$2, respectively.

As of ~~September 30, 2022~~March 31, 2023 and December 31, ~~2021,~~2022, the Company had ~~$140~~$2,988 and ~~$13,~~$8,487, respectively, of deferred tax 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, ~~2021.~~2022. The ~~2018~~2019 through ~~2021~~2022 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.

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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' 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 common stock on the NASDAQ Global Select Market (the "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' 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 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 stockholders have been tabulated.

~~Share~~Stock 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 22, ~~2021,~~2022, 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, ~~2022~~2023 or until $50,000 of its outstanding shares of common stock have been repurchased. During the three ~~and nine~~ months ended ~~September 30,~~March 31, 2023 and March 31, 2022, ~~and September 30, 2021,~~ the Company did not repurchase any shares of the Company's common stock. The Company previously repurchased $2,948 outstanding shares of its common stock under the Repurchase Program.

Earnings per share—The Company's earnings per share ("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 translated into U.S. dollars based on the rate of exchange of such currencies on the respective dates of the transactions. The Company 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 change in unrealized appreciation (depreciation)" and "Net realized gains (losses)" in the 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 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 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.

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Note 3. Investments

At ~~September 30, 2022,~~March 31, 2023, 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	$	1,811,879	$	1,770,125	First lien	$	1,862,802	$	1,798,746
Second lien	Second lien	642,943		573,535		Second lien	616,660		562,413
Subordinated	Subordinated	80,484		73,763		Subordinated	87,726		78,282
Equity and other	Equity and other	723,597		817,010		Equity and other	735,426		830,885
Total investments	Total investments	$	3,258,903	$	3,234,433	Total investments	$	3,302,614	$	3,270,326

Investment Cost and Fair Value by Industry


		Cost		Fair Value			Cost		Fair Value
Software	Software	$	898,673	$	885,447	Software	$	951,994	$	933,923
Business Services	Business Services	566,853		494,874		Business Services	639,640		577,406
Healthcare Services		520,449		482,067
Healthcare						Healthcare	582,366		558,625
Investment Funds (includes investments in joint ventures)	Investment Funds (includes investments in joint ventures)	252,400		252,400		Investment Funds (includes investments in joint ventures)	252,400		252,400
Education	Education	198,050		247,882		Education	202,706		243,339
Consumer Services	Consumer Services	178,805		178,097		Consumer Services	152,247		150,766
Net Lease	Net Lease	103,387		134,911		Net Lease	96,041		120,623
Specialty Chemicals & Materials		58,430		97,959
Distribution & Logistics	Distribution & Logistics	106,081		96,759		Distribution & Logistics	111,266		103,157
Financial Services	Financial Services	76,961		76,911		Financial Services	98,346		99,197
Healthcare Information Technology		69,009		68,858
Energy						Energy	56,820		62,876
Information Technology	Information Technology	58,621		58,553		Information Technology	58,654		58,865
Energy		54,262		50,319
Specialty Chemicals & Materials						Specialty Chemicals & Materials	25,354		40,795
Packaging	Packaging	42,121		40,689		Packaging	43,177		40,731
Consumer Products	Consumer Products	20,750		20,737		Consumer Products	20,833		19,976
Federal Services		12,700		12,372
Insurance Services		15,634		11,990
Business Products	Business Products	10,767		8,787		Business Products	10,770		7,647
Industrial Services		7,863		7,823
Information Services		7,087		6,998
Total investments	Total investments	$	3,258,903	$	3,234,433	Total investments	$	3,302,614	$	3,270,326

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At December 31, ~~2021,~~2022, 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	$	1,682,541	$	1,657,815	First lien	$	1,816,091	$	1,753,967
Second lien	Second lien	645,370		627,356		Second lien	632,990		561,207
Subordinated	Subordinated	54,996		50,742		Subordinated	85,774		76,659
Equity and other	Equity and other	743,585		838,451		Equity and other	725,112		829,414
Total investments	Total investments	$	3,126,492	$	3,174,364	Total investments	$	3,259,967	$	3,221,247

Investment Cost and Fair Value by Industry


		Cost		Fair Value			Cost		Fair Value
Software	Software	$	782,714	$	781,304	Software	$	916,259	$	897,008
Business Services	Business Services	578,635		514,013		Business Services	661,079		592,868
Healthcare Services		510,832		509,941
Healthcare						Healthcare	586,311		548,383
Investment Funds (includes investments in joint ventures)	Investment Funds (includes investments in joint ventures)	252,400		252,400		Investment Funds (includes investments in joint ventures)	252,400		252,400
Education	Education	200,895		250,351		Education	200,117		239,301
Consumer Services						Consumer Services	126,392		123,880
Net Lease	Net Lease	150,603		229,253		Net Lease	96,041		120,986
Consumer Services		111,464		111,140
Distribution & Logistics	Distribution & Logistics	106,211		104,112		Distribution & Logistics	111,096		102,410
Insurance Services		76,307		75,094
Financial Services						Financial Services	96,021		95,839
Energy						Energy	55,507		61,564
Specialty Chemicals & Materials	Specialty Chemicals & Materials	60,295		60,367		Specialty Chemicals & Materials	25,363		60,268
Information Technology	Information Technology	58,570		58,553		Information Technology	58,638		58,165
Financial Services		55,424		55,745
Healthcare Information Technology		52,804		52,946
Energy		47,702		38,759
Packaging	Packaging	34,763		33,723		Packaging	43,124		40,547
Federal Services		12,797		12,790
Consumer Products						Consumer Products	20,850		20,624
Business Products	Business Products	10,764		10,586		Business Products	10,769		7,004
Consumer Products		10,218		10,206
Industrial Services		7,368		7,362
Information Services		5,726		5,719
Total investments	Total investments	$	3,126,492	$	3,174,364	Total investments	$	3,259,967	$	3,221,247

During the first quarter of 2023, the Company placed its second lien term loan position in ADG, LLC ("ADG") on non-accrual status. As of March 31, 2023, the Company's position in ADG on non-accrual status had an aggregate cost basis of $7,413, an aggregate fair value of $2,667 and total unearned interest income of $275 for the three months then ended.

During the third quarter of 2022, the Company placed its first lien term loan and first lien delayed draw term loan positions in Ansira Holdings, Inc. ("Ansira") on non-accrual status. As of ~~September 30, 2022,~~March 31, 2023, the Company's positions in Ansira on non-accrual status had an aggregate cost basis of ~~$41,313,~~$41,295, an aggregate fair value of ~~$19,708,~~$9,211 and total unearned interest income of ~~$979 and $979, respectively,~~$2,495 for the three ~~and nine~~ months then ended.

As of ~~September 30, 2022,~~March 31, 2023, the Company's aggregate principal amount of its second lien term loan in Integro Parent Inc. ("Integro") was ~~$11,068.~~$12,000. During the second quarter of 2022, the Company placed an aggregate principal amount of ~~$3,874~~$4,200 of its second lien position on non-accrual status. As of ~~September 30, 2022,~~March 31, 2023, the Company's position in Integro on non-accrual status had an aggregate cost basis of ~~$3,787,~~$4,002, an aggregate fair value of ~~$2,509,~~$3,346 and total unearned interest income of ~~$117 and $218, respectively,~~$170 for the three ~~and nine months then ended and total unearned other income of $0 and $36, respectively, for the three and nine~~ 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 ~~September 30, 2022,~~March 31, 2023, the Company's second lien ~~positions~~position in National HME had an aggregate cost basis of ~~$36,512,~~$7,872, an aggregate fair value of ~~$7,021,~~$5,000 and total unearned interest income of ~~$1,488 and $2,651, respectively,~~$413 for the three ~~and nine~~ months then ended. During the fourth quarter of 2022, the Company reversed $11,236 of previously recorded PIK interest in National HME and $1,500 of previously recorded other income in NHME Holdings Corp. as the Company believes this PIK interest and other income will ultimately not be collectible.

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As of ~~September 30, 2022,~~March 31, 2023, the Company's aggregate principal amount of its subordinated position and first lien term loans in American Achievement Corporation ("AAC") was $5,230 and ~~$29,986,~~$30,778, 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 ~~$12,911~~$13,227 of its first lien term loans on non-accrual status. As of ~~September 30, 2022,~~March 31, 2023, the Company's positions in AAC on non-accrual status had an aggregate cost basis of ~~$12,893,~~$13,212, an aggregate fair value of ~~$8,134~~$8,739 and total unearned interest income of ~~$382 and $988, respectively,~~$514 for the three ~~and nine~~ months then ended.

During the third quarter of 2021, the Company placed its second lien position in Sierra Hamilton Holdings Corporation ("Sierra") on non-accrual status. As of ~~September 30, 2022,~~March 31, 2023, 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 ~~$1 and $1, respectively,~~$0 for the three ~~and nine~~ months then ended.

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 ~~September 30, 2022,~~March 31, 2023, 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 ~~$1,703 and $4,944, respectively,~~$1,820, for the three ~~and nine~~ months then ended. During the third quarter of 2021, the Company placed an aggregate principal amount of $19,795 of its investment in the senior preferred shares of UniTek on non-accrual status. As of ~~September 30, 2022,~~March 31, 2023, the Company's senior preferred shares in UniTek had an aggregate cost basis of $19,795, an aggregate fair value of approximately ~~$2,194~~$10,145 and total unearned dividend income of approximately ~~$1,190 and $3,410, respectively,~~$1,305 for the three ~~and nine~~ months then 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 ~~September 30, 2022,~~March 31, 2023, the Company's investment in EDMC, which was placed on non-accrual status, represented an aggregate cost basis of ~~$956,~~$953, an aggregate fair value of $0 and total unearned interest income of ~~$8 and $17, respectively,~~$14 for the three ~~and nine~~ months then ended.

As of ~~September 30, 2022,~~March 31, 2023, the Company had unfunded commitments on revolving credit facilities and bridge facilities of ~~$97,859~~$107,125 and $0, respectively. As of ~~September 30, 2022,~~March 31, 2023, the Company had unfunded commitments in the form of delayed draws or other future funding commitments of ~~$156,538.~~$109,064. The unfunded commitments on revolving credit facilities and delayed draws are disclosed on the Company’s Consolidated Schedule of Investments as of ~~September 30, 2022.~~March 31, 2023.

As of December 31, ~~2021,~~2022, the Company had unfunded commitments on revolving credit facilities and bridge facilities of ~~$86,989~~$100,315 and $0, respectively. As of December 31, ~~2021,~~2022, the Company had unfunded commitments in the form of delayed draws or other future funding commitments of ~~$128,446.~~$123,748. The unfunded commitments on revolving credit facilities and delayed draws are disclosed on the Company’s Consolidated Schedule of Investments as of December 31, ~~2021.~~2022.

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 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 ~~September 30, 2022~~March 31, 2023 and December 31, ~~2021,~~2022, the SPP Agreement has a cost basis of $14,500 and $14,500, respectively and a fair value of ~~$9,377~~$7,995 and ~~$10,354,~~$7,995, respectively, which is reflective of the higher inherent risk in this transaction.

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NMFC Senior Loan Program III LLC

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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 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 ~~September 30, 2022,~~March 31, 2023, 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 ~~September 30, 2022~~March 31, 2023 and December 31, ~~2021.~~2022.

On May 2, 2018, SLP III entered into its revolving credit facility with Citibank, N.A., which matures on 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 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%.~~ Effective November 23, 2020, SLP III's revolving credit facility has a maximum borrowing capacity of $525,000. As of ~~September 30, 2022~~March 31, 2023 and December 31, ~~2021,~~2022, SLP III had total investments with an aggregate fair value of approximately ~~$635,750~~$651,129 and ~~$702,148,~~$639,327, respectively, and debt outstanding under its credit facility of ~~$501,500~~$498,000 and ~~$510,900,~~$512,100, respectively. As of ~~September 30, 2022~~March 31, 2023 and December 31, ~~2021,~~2022, none of SLP III's investments were on non-accrual. Additionally, as of ~~September 30, 2022~~March 31, 2023 and December 31, ~~2021,~~2022, SLP III had unfunded commitments in the form of delayed draws of ~~$4,171~~$2,016 and ~~$4,569,~~$2,948, 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 ~~September 30, 2022~~March 31, 2023 and December 31, ~~2021:~~2022:


		September 30, 2022			December 31, 2021				March 31, 2023			December 31, 2022
First lien investments (1)	First lien investments (1)	$	681,054		$	709,517		First lien investments (1)	$	694,046		$	690,017
Weighted average interest rate on first lien investments (2)	Weighted average interest rate on first lien investments (2)	7.30		%	4.50		%	Weighted average interest rate on first lien investments (2)	9.09		%	8.51		%
Number of portfolio companies in SLP III	Number of portfolio companies in SLP III	81			80			Number of portfolio companies in SLP III	86			83
Largest portfolio company investment (1)	Largest portfolio company investment (1)	$	18,355		$	23,489		Largest portfolio company investment (1)	$	18,149		$	18,197
Total of five largest portfolio company investments (1)	Total of five largest portfolio company investments (1)	$	88,767		$	95,504		Total of five largest portfolio company investments (1)	$	85,727		$	85,948

(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 III's portfolio as of ~~September 30, 2022:~~March 31, 2023:


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	Reference	Spread	Interest Rate (1)	Maturity Date	Principal Amount or Par Value		Cost		Fair Value (2)
Funded Investments - First lien	Funded Investments - First lien										Funded Investments - First lien
ADMI Corp. (aka Aspen Dental)	ADMI Corp. (aka Aspen Dental)	Healthcare Services	6.87% (L + 3.75%)	12/23/2027	$	2,406	$	2,396	$	2,134	ADMI Corp. (aka Aspen Dental)	Healthcare	L(M)	3.75%	8.59%	12/2027	$	2,394	$	2,385	$	2,228
Advisor Group Holdings, Inc.	Advisor Group Holdings, Inc.	Financial Services	7.62% (L + 4.50%)	7/31/2026	9,725		9,696		9,258		Advisor Group Holdings, Inc.	Financial Services	L(M)	4.50%	9.34%	07/2026	9,675		9,649		9,551
AG Parent Holdings, LLC	AG Parent Holdings, LLC	Healthcare Services	8.12% (L + 5.00%)	7/31/2026	12,157		12,120		11,789		AG Parent Holdings, LLC	Healthcare	L(M)	5.00%	9.84%	07/2026	12,094		12,062		11,747
Artera Services, LLC	Artera Services, LLC	Distribution & Logistics	7.17% (L + 3.50%)	3/6/2025	6,855		6,820		5,633		Artera Services, LLC	Distribution & Logistics	L(Q)	3.50%	8.66%	03/2025	6,821		6,792		5,809
Aretec Group, Inc. (fka RCS Capital Corporation)											Aretec Group, Inc. (fka RCS Capital Corporation)	Financial Services	SOFR(Q)	4.50%	9.41%	03/2030	4,936		4,838		4,838
AssuredPartners, Inc.											AssuredPartners, Inc.	Insurance Services	SOFR(M)	4.25%	9.06%	02/2027	1,990		1,925		1,988
Aston FinCo S.a.r.l. / Aston US Finco, LLC	Aston FinCo S.a.r.l. / Aston US Finco, LLC	Software	7.37% (L + 4.25%)	10/9/2026	5,850		5,814		5,484		Aston FinCo S.a.r.l. / Aston US Finco, LLC	Software	L(M)	4.25%	9.09%	10/2026	5,820		5,788		5,005
athenahealth Group Inc.	athenahealth Group Inc.	Healthcare I.T.	6.58% (SOFR + 3.50%)	2/15/2029	3,227		3,212		2,900		athenahealth Group Inc.	Healthcare	SOFR(M)	3.50%	8.26%	02/2029	6,895		6,636		6,429
BCPE Empire Holdings, Inc.	BCPE Empire Holdings, Inc.	Distribution & Logistics	7.12% (L + 4.00%)	6/11/2026	4,269		4,245		4,109		BCPE Empire Holdings, Inc.	Distribution & Logistics	L(M)	4.00%	8.84%	06/2026	4,247		4,226		4,177
BCPE Empire Holdings, Inc.	BCPE Empire Holdings, Inc.	Distribution & Logistics	7.76% (SOFR + 4.63%)	6/11/2026	3,265		3,158		3,175		BCPE Empire Holdings, Inc.	Distribution & Logistics	SOFR(M)	4.63%	9.53%	06/2026	3,249		3,154		3,219
Bella Holding Company, LLC	Bella Holding Company, LLC	Healthcare Services	6.87% (L + 3.75%)	5/10/2028	2,243		2,225		2,098		Bella Holding Company, LLC	Healthcare	SOFR(M)	3.75%	8.66%	05/2028	2,232		2,215		2,162
Bluefin Holding, LLC	Bluefin Holding, LLC	Software	6.33% (L + 4.25%)	9/4/2026	9,725		9,637		9,442		Bluefin Holding, LLC	Software	L(Q)	5.75%	10.91%	09/2026	9,675		9,597		9,503
Bluefin Holding, LLC	Bluefin Holding, LLC	Software	7.08% (L + 5.00%)	9/4/2026	2,569		2,535		2,494		Bluefin Holding, LLC	Software	L(Q)	5.75%	10.91%	09/2026	2,556		2,526		2,511
Bracket Intermediate Holding Corp.	Bracket Intermediate Holding Corp.	Healthcare Services	6.54% (L + 4.25%)	9/5/2025	14,400		14,367		13,662		Bracket Intermediate Holding Corp.	Healthcare	L(Q)	4.25%	9.04%	09/2025	14,325		14,297		14,137
Brave Parent Holdings, Inc.	Brave Parent Holdings, Inc.	Software	7.12% (L + 4.00%)	4/18/2025	4,277		4,271		4,095		Brave Parent Holdings, Inc.	Software	L(M)	4.00%	8.84%	04/2025	4,254		4,249		4,173
Brown Group Holding, LLC	Brown Group Holding, LLC	Distribution & Logistics	6.78% (SOFR + 3.75%)	7/2/2029	7,063		6,888		6,857		Brown Group Holding, LLC	Distribution & Logistics	SOFR(Q)	3.75%	8.46%	07/2029	7,027		6,863		7,040
Cano Health, LLC		Healthcare Services	7.13% (SOFR + 4.00%)	11/23/2027	10,260		10,226		9,926
Cardinal Parent, Inc.	Cardinal Parent, Inc.	Software	8.17% (L + 4.50%)	11/12/2027	6,932		6,851		6,603		Cardinal Parent, Inc.	Software	L(Q)	4.50%	9.66%	11/2027	9,897		9,693		9,228
CE Intermediate I, LLC	CE Intermediate I, LLC	Software	6.91% (L + 4.00%)	11/10/2028	10,948		10,879		10,236		CE Intermediate I, LLC	Software	L(Q)	4.00%	8.86%	11/2028	10,893		10,829		10,430
CentralSquare Technologies, LLC	CentralSquare Technologies, LLC	Software	7.42% (L + 3.75%)	8/29/2025	14,438		14,421		12,683		CentralSquare Technologies, LLC	Software	L(Q)	3.75%	8.91%	08/2025	14,362		14,349		12,668
CHA Holdings, Inc.	CHA Holdings, Inc.	Business Services	8.17% (L + 4.50%)	4/10/2025	959		959		943		CHA Holdings, Inc.	Business Services	L(Q)	4.50%	9.66%	04/2025	954		954		954
CommerceHub, Inc.	CommerceHub, Inc.	Software	7.67% (L + 4.00%)	12/29/2027	5,731		5,709		5,177		CommerceHub, Inc.	Software	SOFR(S)	4.00%	8.78%	12/2027	5,702		5,681		5,341
Confluent Health, LLC	Confluent Health, LLC	Healthcare Services	7.12% (L + 4.00%)	11/30/2028	11,993		11,938		10,614		Confluent Health, LLC	Healthcare	L(M)	4.00%	8.84%	11/2028	14,562		14,498		11,904
Confluent Health, LLC		Healthcare Services	7.12% (L + 4.00%)	11/30/2028	712		708		630
Confluent Medical Technologies, Inc.	Confluent Medical Technologies, Inc.	Healthcare Products	7.30% (SOFR + 3.75%)	2/16/2029	6,965		6,933		6,582		Confluent Medical Technologies, Inc.	Healthcare	SOFR(Q)	3.75%	8.65%	02/2029	6,930		6,900		6,722
Convey Health Solutions, Inc.											Convey Health Solutions, Inc.	Healthcare	SOFR(Q)	5.25%	10.25%	09/2026	12,935		12,588		12,935
Cornerstone OnDemand, Inc.	Cornerstone OnDemand, Inc.	Software	6.87% (L + 3.75%)	10/16/2028	4,523		4,503		3,822		Cornerstone OnDemand, Inc.	Software	L(M)	3.75%	8.59%	10/2028	4,500		4,481		4,168
Covenant Surgical Partners, Inc.	Covenant Surgical Partners, Inc.	Healthcare Services	7.12% (L + 4.00%)	7/1/2026	2,000		1,983		1,860		Covenant Surgical Partners, Inc.	Healthcare	SOFR(S)	4.00%	8.82%	07/2026	2,000		1,986		1,698
Covenant Surgical Partners, Inc.	Covenant Surgical Partners, Inc.	Healthcare Services	7.12% (L + 4.00%)	7/1/2026	9,704		9,648		9,025		Covenant Surgical Partners, Inc.	Healthcare	SOFR(S)	4.00%	8.82%	07/2026	9,656		9,607		8,195
CRCI Longhorn Holdings, Inc.	CRCI Longhorn Holdings, Inc.	Business Services	6.18% (L + 3.50%)	8/8/2025	14,401		14,368		13,498		CRCI Longhorn Holdings, Inc.	Business Services	L(M)	3.50%	8.31%	08/2025	14,325		14,298		14,030
CVET Midco 2, L.P.	CVET Midco 2, L.P.	Software	8.14% (SOFR + 5.00%)	10/13/2029	6,965		6,547		6,539		CVET Midco 2, L.P.	Software	SOFR(Q)	5.00%	9.90%	10/2029	6,965		6,566		6,547
Dealer Tire, LLC		Distribution & Logistics	7.37% (L + 4.25%)	12/12/2025	9,725		9,711		9,506
DG Investment Intermediate Holdings 2, Inc.	DG Investment Intermediate Holdings 2, Inc.	Business Services	6.87% (L + 3.75%)	3/31/2028	7,406		7,382		6,923		DG Investment Intermediate Holdings 2, Inc.	Business Services	SOFR(M)	3.75%	8.56%	03/2028	7,369		7,346		7,185
Dealer Tire Financial, LLC											Dealer Tire Financial, LLC	Distribution & Logistics	SOFR(M)	4.50%	9.31%	12/2027	9,701		9,688		9,655
Discovery Purchaser Corporation	Discovery Purchaser Corporation	Specialty Chemicals & Materials	7.52% (SOFR + 4.38%)	10/4/2029	7,100		6,532		6,625		Discovery Purchaser Corporation	Specialty Chemicals & Materials	SOFR(Q)	4.38%	8.96%	10/2029	7,082		6,542		6,707
Dispatch Acquisition Holdings, LLC	Dispatch Acquisition Holdings, LLC	Industrial Services	7.92% (L + 4.25%)	3/27/2028	14,027		13,882		11,572		Dispatch Acquisition Holdings, LLC	Industrial Services	SOFR(Q)	4.25%	9.30%	03/2028	15,567		15,173		14,107
Drilling Info Holdings, Inc.		Business Services	7.37% (L + 4.25%)	7/30/2025	18,245		18,202		17,606
Enverus Holdings, Inc. (fka Drilling Info Holdings, Inc.)											Enverus Holdings, Inc. (fka Drilling Info Holdings, Inc.)	Business Services	L(M)	4.25%	9.09%	07/2025	18,149		18,115		17,423
Eisner Advisory Group LLC											Eisner Advisory Group LLC	Financial Services	SOFR(M)	5.25%	10.17%	07/2028	2,207		2,120		2,209
EAB Global, Inc.	EAB Global, Inc.	Education	6.31% (L + 3.50%)	8/16/2028	3,220		3,206		3,033		EAB Global, Inc.	Education	L(M)	3.50%	8.34%	08/2028	3,204		3,191		3,133
Energize Holdco LLC	Energize Holdco LLC	Business Services	6.87% (L + 3.75%)	12/8/2028	12,519		12,462		11,893		Energize Holdco LLC	Business Services	L(M)	3.75%	8.59%	12/2028	12,456		12,404		12,114
eResearchTechnology, Inc.	eResearchTechnology, Inc.	Healthcare Services	7.62% (L + 4.50%)	2/4/2027	7,289		7,264		6,817		eResearchTechnology, Inc.	Healthcare	L(M)	4.50%	9.34%	02/2027	7,252		7,230		6,841
EyeCare Partners, LLC	EyeCare Partners, LLC	Healthcare Services	7.42% (L + 3.75%)	2/18/2027	14,648		14,636		13,317		EyeCare Partners, LLC	Healthcare	L(M)	3.75%	8.59%	02/2027	14,573		14,562		12,050
Foundational Education Group, Inc.	Foundational Education Group, Inc.	Education	7.56% (SOFR + 3.75%)	8/31/2028	9,429		9,346		9,161		Foundational Education Group, Inc.	Education	SOFR(Q)	3.75%	8.91%	08/2028	9,674		9,569		9,132
Frontline Technologies Intermediate Holdings, LLC		Software	11.00% (P + 4.75%)	9/18/2023	10,000		10,000		10,000
Frontline Technologies Intermediate Holdings, LLC		Software	11.00% (P + 4.75%)	9/18/2023	6,368		6,368		6,368
Frontline Technologies Intermediate Holdings, LLC		Software	11.00% (P + 4.75%)	9/18/2023	1,987		1,987		1,987
Greenway Health, LLC		Healthcare I.T.	6.87% (L + 3.75%)	2/16/2024	14,257		14,260		12,840
Greenway Health, LLC (fka Vitera Healthcare Solutions, LLC)											Greenway Health, LLC (fka Vitera Healthcare Solutions, LLC)	Healthcare	L(S)	3.75%	8.96%	02/2024	14,181		14,183		10,494
Groundworks, LLC											Groundworks, LLC	Consumer Services	SOFR(M)	6.50%	11.36%	03/2030	1,272		1,234		1,234
Heartland Dental, LLC	Heartland Dental, LLC	Healthcare Services	6.62% (L + 3.50%)	4/30/2025	18,208		18,170		16,831		Heartland Dental, LLC	Healthcare	L(M)	3.75%	8.59%	04/2025	18,113		18,082		16,973
Help/Systems Holdings, Inc.	Help/Systems Holdings, Inc.	Software	7.13% (SOFR + 4.00%)	11/19/2026	18,116		17,993		16,702		Help/Systems Holdings, Inc.	Software	SOFR(Q)	4.00%	8.78%	11/2026	18,022		17,914		16,125
Higginbotham Insurance Agency, Inc.	Higginbotham Insurance Agency, Inc.	Insurance Services	8.37% (L + 5.25%)	11/25/2026	9,102		9,038		8,994		Higginbotham Insurance Agency, Inc.	Business Services	L(M)	5.25%	10.09%	11/2026	9,056		8,999		9,002
HighTower Holding, LLC		Financial Services	6.73% (L + 4.00%)	4/21/2028	4,790		4,750		4,461
Houghton Mifflin Harcourt Company		Education	8.38% (SOFR + 5.25%)	4/9/2029	5,667		5,502		5,185
Idera, Inc.		Software	6.32% (L + 3.75%)	3/2/2028	15,843		15,832		14,703
Kestra Advisor Services Holdings A, Inc.		Financial Services	7.93% (L + 4.25%)	6/3/2026	11,965		11,917		11,532
LI Group Holdings, Inc.		Software	6.87% (L + 3.75%)	3/11/2028	4,585		4,576		4,402
LSCS Holdings, Inc.		Healthcare Services	8.17% (L + 4.50%)	12/16/2028	7,586		7,552		7,283
Mamba Purchaser, Inc.		Healthcare Services	6.55% (L + 3.50%)	10/16/2028	5,744		5,719		5,464

6772

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	Reference	Spread	Interest Rate (1)	Maturity Date	Principal Amount or Par Value		Cost		Fair Value (2)
HighTower Holding, LLC											HighTower Holding, LLC	Financial Services	L(Q)	4.00%	8.82%	04/2028	$	4,766	$	4,729	$	4,516
Houghton Mifflin Harcourt Company											Houghton Mifflin Harcourt Company	Education	SOFR(M)	5.25%	10.16%	04/2029	6,706		6,470		6,029
Idera, Inc.											Idera, Inc.	Software	L(Q)	3.75%	8.51%	03/2028	15,763		15,752		15,073
Kestra Advisor Services Holdings A, Inc.											Kestra Advisor Services Holdings A, Inc.	Financial Services	SOFR(Q)	4.25%	9.25%	06/2026	11,904		11,861		11,695
LI Group Holdings, Inc.											LI Group Holdings, Inc.	Software	L(M)	3.75%	8.59%	03/2028	4,562		4,553		4,545
LSCS Holdings, Inc.											LSCS Holdings, Inc.	Healthcare	L(M)	4.50%	9.34%	12/2028	7,548		7,516		7,246
Mamba Purchaser, Inc.											Mamba Purchaser, Inc.	Healthcare	L(M)	3.50%	8.34%	10/2028	1,601		1,597		1,583
Maverick Bidco Inc.											Maverick Bidco Inc.	Software	L(Q)	3.75%	8.58%	05/2028	3,950		3,935		3,769
Maverick Bidco Inc.	Maverick Bidco Inc.	Software	6.56% (L + 3.75%)	5/18/2028	$	3,970	$	3,954	$	3,816	Maverick Bidco Inc.	Software	SOFR(M)	4.25%	9.17%	05/2028	2,500		2,375		2,375
Maverick Bidco Inc.	Maverick Bidco Inc.	Software	7.59% (SOFR + 5.00%)	5/18/2028	2,000		1,901		1,923		Maverick Bidco Inc.	Software	SOFR(Q)	5.00%	9.79%	05/2028	2,000		1,908		1,908
Mavis Tire Express Services Topco Corp.	Mavis Tire Express Services Topco Corp.	Retail	7.25% (SOFR + 4.00%)	5/4/2028	4,184		4,167		3,937		Mavis Tire Express Services Topco Corp.	Retail	SOFR(M)	4.00%	8.92%	05/2028	4,163		4,147		4,092
MED ParentCo, LP	MED ParentCo, LP	Healthcare Services	7.37% (L + 4.25%)	8/31/2026	12,621		12,548		10,702		MED ParentCo, LP	Healthcare	L(M)	4.25%	9.09%	08/2026	12,556		12,492		11,049
Mercury Borrower, Inc.	Mercury Borrower, Inc.	Business Services	7.19% (L + 3.50%)	8/2/2028	4,189		4,170		3,823		Mercury Borrower, Inc.	Business Services	L(M)	3.50%	8.38%	08/2028	4,168		4,150		4,059
MH Sub I, LLC (Micro Holding Corp.)	MH Sub I, LLC (Micro Holding Corp.)	Software	6.87% (L + 3.75%)	9/13/2024	10,722		10,702		10,240		MH Sub I, LLC (Micro Holding Corp.)	Software	L(M)	3.75%	8.59%	09/2024	10,667		10,652		10,513
Mitnick Corporate Purchaser, Inc.	Mitnick Corporate Purchaser, Inc.	Software	7.39% (SOFR + 4.75%)	5/2/2029	4,667		4,644		4,449		Mitnick Corporate Purchaser, Inc.	Software	SOFR(Q)	4.75%	9.53%	05/2029	4,643		4,622		4,385
National Intergovernmental Purchasing Alliance Company	National Intergovernmental Purchasing Alliance Company	Business Services	5.75% (L + 3.50%)	5/23/2025	8,500		8,498		8,266		National Intergovernmental Purchasing Alliance Company	Business Services	SOFR(Q)	3.50%	8.40%	05/2025	2,420		2,407		2,394
Navex Topco, Inc.		Software	6.37% (L + 3.25%)	9/5/2025	10,916		10,866		10,597
Netsmart, Inc.	Netsmart, Inc.	Healthcare I.T.	7.12% (L + 4.00%)	10/1/2027	3,950		3,950		3,777		Netsmart, Inc.	Healthcare	L(M)	4.00%	8.84%	10/2027	3,930		3,930		3,887
Nielsen Consumer Inc.											Nielsen Consumer Inc.	Business Services	SOFR(M)	6.25%	11.06%	03/2028	4,897		4,359		4,322
Nielsen Consumer Inc.											Nielsen Consumer Inc.	Business Services	SOFR(M)	6.25%	11.06%	03/2028	10,103		8,992		8,916
Outcomes Group Holdings, Inc.	Outcomes Group Holdings, Inc.	Healthcare Services	7.17% (L + 3.50%)	10/24/2025	3,340		3,336		3,198		Outcomes Group Holdings, Inc.	Healthcare	L(M)	3.25%	8.09%	10/2025	3,322		3,319		3,241
Pearls (Netherlands) Bidco B.V.	Pearls (Netherlands) Bidco B.V.	Specialty Chemicals & Materials	6.78% (SOFR + 3.75%)	2/26/2029	1,732		1,728		1,587		Pearls (Netherlands) Bidco B.V.	Specialty Chemicals & Materials	SOFR(Q)	3.75%	8.43%	02/2029	1,723		1,719		1,693
Peraton Corp.	Peraton Corp.	Federal Services	6.87% (L + 3.75%)	2/1/2028	7,253		7,224		6,893		Peraton Corp.	Federal Services	L(M)	3.75%	8.59%	02/2028	7,216		7,189		7,131
PetVet Care Centers, LLC (fka Pearl Intermediate Parent LLC)	PetVet Care Centers, LLC (fka Pearl Intermediate Parent LLC)	Consumer Services	6.62% (L + 3.50%)	2/14/2025	4,584		4,582		4,275		PetVet Care Centers, LLC (fka Pearl Intermediate Parent LLC)	Consumer Services	L(M)	3.50%	8.34%	02/2025	4,561		4,559		4,432
Physician Partners, LLC	Physician Partners, LLC	Healthcare Services	7.13% (SOFR + 4.00%)	12/26/2028	8,076		8,000		7,632		Physician Partners, LLC	Healthcare	SOFR(Q)	4.00%	9.05%	12/2028	4,263		4,226		4,014
Planview Parent, Inc.	Planview Parent, Inc.	Software	7.67% (L + 4.00%)	12/17/2027	7,859		7,798		7,499		Planview Parent, Inc.	Software	L(Q)	4.00%	9.16%	12/2027	10,804		10,580		10,273
Premise Health Holding Corp.	Premise Health Holding Corp.	Healthcare Services	7.92% (SOFR + 3.75%)	7/10/2025	7,425		7,408		7,202		Premise Health Holding Corp.	Healthcare	L(Q)	3.75%	8.91%	07/2025	7,386		7,372		7,091
Project Ruby Ultimate Parent Corp.	Project Ruby Ultimate Parent Corp.	Healthcare I.T.	6.37% (L + 3.25%)	3/10/2028	4,363		4,345		4,087		Project Ruby Ultimate Parent Corp.	Healthcare	L(M)	3.25%	8.09%	03/2028	4,341		4,324		4,196
Project Ruby Ultimate Parent Corp.	Project Ruby Ultimate Parent Corp.	Healthcare I.T.	8.89% (SOFR + 5.75%)	3/10/2028	5,000		4,851		4,850		Project Ruby Ultimate Parent Corp.	Healthcare	SOFR(M)	5.75%	10.56%	03/2028	4,975		4,837		5,058
RealPage, Inc.	RealPage, Inc.	Business Services	6.12% (L + 3.00%)	4/24/2028	10,185		10,164		9,558		RealPage, Inc.	Software	L(M)	3.00%	7.84%	04/2028	10,134		10,115		9,852
Renaissance Holding Corp.											Renaissance Holding Corp.	Education	SOFR(M)	4.75%	9.58%	04/2030	6,629		6,430		6,442
RLG Holdings, LLC	RLG Holdings, LLC	Packaging	7.12% (L + 4.00%)	7/7/2028	5,800		5,775		5,471		RLG Holdings, LLC	Packaging	L(M)	4.00%	8.84%	07/2028	5,771		5,748		5,597
Sierra Enterprises, LLC	Sierra Enterprises, LLC	Food & Beverage	7.12% (L + 4.00%)	11/11/2024	2,387		2,386		2,173		Sierra Enterprises, LLC	Food & Beverage	SOFR(Q)	6.75%	11.43%	05/2027	2,424		2,423		1,687
Snap One Holdings Corp.	Snap One Holdings Corp.	Distribution & Logistics	7.38% (L + 4.50%)	12/8/2028	6,639		6,579		6,058		Snap One Holdings Corp.	Distribution & Logistics	L(Q)	4.50%	9.66%	12/2028	6,606		6,550		6,077
Sovos Brands Intermediate, Inc.	Sovos Brands Intermediate, Inc.	Food & Beverage	6.62% (L + 3.50%)	6/8/2028	9,429		9,410		9,013		Sovos Brands Intermediate, Inc.	Food & Beverage	L(Q)	3.50%	8.33%	06/2028	7,365		7,350		7,243
Spring Education Group, Inc. (fka SSH Group Holdings, Inc.)	Spring Education Group, Inc. (fka SSH Group Holdings, Inc.)	Education	7.92% (L + 4.25%)	7/30/2025	11,965		11,951		11,406		Spring Education Group, Inc. (fka SSH Group Holdings, Inc.)	Education	SOFR(Q)	4.00%	8.90%	07/2025	11,902		11,891		11,837
Storable, Inc.	Storable, Inc.	Software	6.38% (SOFR + 3.50%)	4/17/2028	3,833		3,825		3,603		Storable, Inc.	Software	SOFR(M)	3.50%	8.30%	04/2028	3,814		3,807		3,693
Symplr Software, Inc.	Symplr Software, Inc.	Healthcare I.T.	7.63% (SOFR + 4.50%)	12/22/2027	15,760		15,645		14,880		Symplr Software, Inc.	Healthcare	SOFR(Q)	4.50%	9.28%	12/2027	15,680		15,575		14,034
Syndigo LLC	Syndigo LLC	Software	7.32% (L + 4.50%)	12/15/2027	14,775		14,689		14,338		Syndigo LLC	Software	L(M)	4.50%	9.28%	12/2027	14,700		14,621		13,902
Therapy Brands Holdings LLC	Therapy Brands Holdings LLC	Healthcare I.T.	6.99% (L + 4.00%)	5/18/2028	3,374		3,360		3,223		Therapy Brands Holdings LLC	Software	L(M)	4.00%	8.78%	05/2028	4,089		4,072		3,843
Thermostat Purchaser III, Inc.	Thermostat Purchaser III, Inc.	Business Services	7.57% (L + 4.50%)	8/31/2028	6,018		5,992		5,814		Thermostat Purchaser III, Inc.	Business Services	L(Q)	4.50%	9.45%	08/2028	5,988		5,963		5,748
USI, Inc. (fka Compass Investors Inc.)											USI, Inc. (fka Compass Investors Inc.)	Insurance Services	SOFR(Q)	3.75%	8.65%	11/2029	5,473		5,367		5,466
Valcour Packaging, LLC	Valcour Packaging, LLC	Packaging	5.22% (L + 3.75%)	10/4/2028	4,516		4,503		4,143		Valcour Packaging, LLC	Packaging	L(S)	3.75%	7.98%	10/2028	4,493		4,481		3,737
VT Topco, Inc.	VT Topco, Inc.	Business Services	6.87% (L + 3.75%)	8/1/2025	31		31		30		VT Topco, Inc.	Business Services	L(M)	3.75%	8.59%	08/2025	25		25		24
VT Topco, Inc.	VT Topco, Inc.	Business Services	6.62% (L + 3.50%)	8/1/2025	2,736		2,736		2,637		VT Topco, Inc.	Business Services	L(M)	3.50%	8.34%	08/2025	2,722		2,722		2,691
VT Topco, Inc.	VT Topco, Inc.	Business Services	6.87% (L + 3.75%)	8/1/2025	840		837		808		VT Topco, Inc.	Business Services	L(M)	3.75%	8.59%	08/2025	866		864		857
WatchGuard Technologies, Inc.	WatchGuard Technologies, Inc.	Software	8.28% (SOFR + 5.25%)	7/2/2029	5,303		4,960		4,949		WatchGuard Technologies, Inc.	Software	SOFR(S)	5.25%	10.11%	07/2029	5,277		4,953		5,013
Waystar Technologies, Inc.	Waystar Technologies, Inc.	Healthcare Services	7.12% (L + 4.00%)	10/22/2026	4,035		4,028		3,879		Waystar Technologies, Inc.	Healthcare	L(M)	4.00%	8.84%	10/2026	4,014		4,008		4,003
WP CityMD Bidco LLC		Healthcare Services	6.92% (L + 3.25%)	12/22/2028	4,159		4,132		3,986
Wrench Group LLC	Wrench Group LLC	Consumer Services	7.67% (L + 4.00%)	4/30/2026	7,844		7,828		7,589		Wrench Group LLC	Consumer Services	L(Q)	4.00%	9.16%	04/2026	7,803		7,790		7,677
YI, LLC		Healthcare Services	7.12% (L + 4.00%)	11/7/2024	9,515		9,512		9,309

Total Funded Investments					$	676,883	$	672,359	$	636,093

Unfunded Investments - First lien
athenahealth Group Inc.		Healthcare I.T.	—	1/26/2024	$	548	$	—	$	(56)
Confluent Health, LLC		Healthcare Services	—	11/30/2023	1,926		(9)		(221)
Therapy Brands Holdings LLC		Healthcare I.T.	—	5/18/2023	735		—		(33)
Thermostat Purchaser III, Inc.		Business Services	—	8/31/2023	937		—		(32)
VT Topco, Inc.		Business Services	—	8/1/2023	25		—		(1)
Total Unfunded Investments					$	4,171	$	(9)	$	(343)
Total Investments					$	681,054	$	672,350	$	635,750
Wrench Group LLC											Wrench Group LLC	Consumer Services	SOFR(Q)	4.75%	9.54%	04/2026	5,500		5,390		5,473

Table of Contents


Portfolio Company and Type of Investment	Industry	Reference	Spread	Interest Rate (1)	Maturity Date	Principal Amount or Par Value		Cost		Fair Value (2)
YI, LLC	Healthcare	L(M)	4.00%	8.84%	11/2024	$	9,465	$	9,462	$	9,149
Zest Acquisition Corp.	Healthcare	SOFR(M)	5.50%	10.22%	02/2028	4,103		3,935		3,975
Total Funded Investments						$	692,030	$	684,098	$	651,226
Unfunded Investments - First lien
athenahealth Group Inc.	Healthcare	—	—	—	01/2024	$	847	$	(44)	$	(57)
Groundworks, LLC	Consumer Services	—	—	—	03/2025	232		(3)		(3)
Thermostat Purchaser III, Inc.	Business Services	—	—	—	08/2023	937		—		(37)
VT Topco, Inc.	Business Services	—	—	—	08/2023	—		—		—
Total Unfunded Investments						$	2,016	$	(47)	$	(97)
Total Investments						$	694,046	$	684,051	$	651,129

(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 ~~September 30, 2022.~~March 31, 2023.

(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 III.

6874

Table of Contents

The following table is a listing of the individual investments in SLP III's portfolio as of December 31, ~~2021:~~2022:


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	Reference	Spread	Interest Rate (1)	Maturity Date	Principal Amount or Par Value		Cost		Fair Value (2)

Funded Investments - First lien	Funded Investments - First lien										Funded Investments - First lien
ADMI Corp. (aka Aspen Dental)	ADMI Corp. (aka Aspen Dental)	Healthcare Services	4.00% (L + 3.50%)	12/23/2027	$	2,424	$	2,413	$	2,424	ADMI Corp. (aka Aspen Dental)	Healthcare	L(M)	3.75%	8.13%	12/2027	$	2,400	$	2,391	$	2,194
Advisor Group Holdings, Inc.	Advisor Group Holdings, Inc.	Financial Services	4.60% (L + 4.50%)	7/31/2026	9,800		9,766		9,832		Advisor Group Holdings, Inc.	Financial Services	L(M)	4.50%	8.88%	07/2026	9,700		9,672		9,512
AG Parent Holdings, LLC	AG Parent Holdings, LLC	Healthcare Services	5.10% (L + 5.00%)	7/31/2026	12,250		12,207		12,227		AG Parent Holdings, LLC	Healthcare	L(M)	5.00%	9.38%	07/2026	12,125		12,092		11,769
Artera Services, LLC	Artera Services, LLC	Distribution & Logistics	4.50% (L + 3.50%)	3/6/2025	6,907		6,861		6,706		Artera Services, LLC	Distribution & Logistics	L(Q)	3.50%	8.23%	03/2025	6,838		6,806		5,624
AssuredPartners, Inc.											AssuredPartners, Inc.	Insurance Services	SOFR(M)	4.25%	8.57%	02/2027	1,995		1,926		1,985
Aston FinCo S.a.r.l. / Aston US Finco, LLC	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		Aston FinCo S.a.r.l. / Aston US Finco, LLC	Software	L(M)	4.25%	8.63%	10/2026	5,835		5,801		4,989
athenahealth Group Inc.											athenahealth Group Inc.	Healthcare	SOFR(M)	3.50%	7.82%	02/2029	6,912		6,644		6,258
BCPE Empire Holdings, Inc.	BCPE Empire Holdings, Inc.	Distribution & Logistics	4.10% (L + 4.00%)	6/11/2026	4,302		4,273		4,278		BCPE Empire Holdings, Inc.	Distribution & Logistics	L(M)	4.00%	8.38%	06/2026	4,258		4,235		4,141
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	4,033		4,018		4,033
BCPE Empire Holdings, Inc.											BCPE Empire Holdings, Inc.	Distribution & Logistics	SOFR(M)	4.63%	9.05%	06/2026	3,257		3,156		3,205
Bella Holding Company, LLC	Bella Holding Company, LLC	Healthcare Services	4.50% (L + 3.75%)	5/10/2028	2,260		2,240		2,262		Bella Holding Company, LLC	Healthcare	L(M)	3.75%	8.13%	05/2028	2,238		2,220		2,123
Bluefin Holding, LLC											Bluefin Holding, LLC	Software	L(Q)	5.75%	10.48%	09/2026	9,700		9,617		9,418
Bluefin Holding, LLC	Bluefin Holding, LLC	Software	4.43% (L + 4.25%)	9/4/2026	9,800		9,696		9,800		Bluefin Holding, LLC	Software	L(Q)	5.75%	10.48%	09/2026	2,562		2,530		2,488
Bracket Intermediate Holding Corp.	Bracket Intermediate Holding Corp.	Healthcare Services	4.38% (L + 4.25%)	9/5/2025	14,513		14,471		14,498		Bracket Intermediate Holding Corp.	Healthcare	L(Q)	4.25%	7.99%	09/2025	14,362		14,333		13,689
Brave Parent Holdings, Inc.	Brave Parent Holdings, Inc.	Software	4.10% (L + 4.00%)	4/18/2025	4,347		4,339		4,352		Brave Parent Holdings, Inc.	Software	L(M)	4.00%	8.38%	04/2025	4,266		4,260		4,145
Brown Group Holding, LLC											Brown Group Holding, LLC	Distribution & Logistics	SOFR(Q)	3.75%	7.91%	07/2029	7,045		6,875		7,033
Cano Health, LLC	Cano Health, LLC	Healthcare Services	5.25% (L + 4.50%)	11/23/2027	6,948		6,910		6,961		Cano Health, LLC	Healthcare	SOFR(M)	4.00%	8.42%	11/2027	9,508		9,476		7,642
Cardinal Parent, Inc.	Cardinal Parent, Inc.	Software	5.25% (L + 4.50%)	11/12/2027	6,985		6,893		6,977		Cardinal Parent, Inc.	Software	L(Q)	4.50%	9.23%	11/2027	9,922		9,709		9,522
CE Intermediate I, LLC	CE Intermediate I, LLC	Software	4.50% (L + 4.00%)	11/10/2028	11,004		10,927		10,934		CE Intermediate I, LLC	Software	L(Q)	4.00%	8.59%	11/2028	10,920		10,854		10,388
CentralSquare Technologies, LLC	CentralSquare Technologies, LLC	Software	3.97% (L + 3.75%)	8/29/2025	14,550		14,529		13,761		CentralSquare Technologies, LLC	Software	L(Q)	3.75%	8.48%	08/2025	14,400		14,385		12,488
CHA Holdings, Inc.	CHA Holdings, Inc.	Business Services	5.50% (L + 4.50%)	4/10/2025	967		967		967		CHA Holdings, Inc.	Business Services	L(Q)	4.50%	9.23%	04/2025	957		957		945
CommerceHub, Inc.	CommerceHub, Inc.	Software	4.75% (L + 4.00%)	12/29/2027	5,775		5,750		5,724		CommerceHub, Inc.	Software	SOFR(S)	4.00%	8.78%	12/2027	5,717		5,695		5,274
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	Confluent Health, LLC	Healthcare Services	4.50% (L + 4.00%)	11/30/2028	12,054		11,993		12,053		Confluent Health, LLC	Healthcare	L(M)	4.00%	8.38%	11/2028	11,962		11,909		10,212
Confluent Health, LLC											Confluent Health, LLC	Healthcare	L(M)	4.00%	8.38%	11/2028	1,499		1,492		1,280
Confluent Medical Technologies, Inc.											Confluent Medical Technologies, Inc.	Healthcare	SOFR(Q)	3.75%	8.33%	02/2029	6,947		6,916		6,617
Convey Health Solutions, Inc.											Convey Health Solutions, Inc.	Healthcare	SOFR(Q)	5.25%	9.93%	09/2026	12,967		12,598		12,578
Cornerstone OnDemand, Inc.	Cornerstone OnDemand, Inc.	Software	4.25% (L + 3.75%)	10/16/2028	4,545		4,523		4,541		Cornerstone OnDemand, Inc.	Software	L(M)	3.75%	8.13%	10/2028	4,511		4,492		4,049
Covenant Surgical Partners, Inc.	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	L(Q)	4.00%	8.41%	07/2026	2,000		1,984		1,710
Covenant Surgical Partners, Inc.	Covenant Surgical Partners, Inc.	Healthcare Services	4.10% (L + 4.00%)	7/1/2026	2,000		1,980		1,975		Covenant Surgical Partners, Inc.	Healthcare	L(Q)	4.00%	8.41%	07/2026	9,680		9,628		8,276
CRCI Longhorn Holdings, Inc.	CRCI Longhorn Holdings, Inc.	Business Services	3.60% (L + 3.50%)	8/8/2025	14,513		14,471		14,408		CRCI Longhorn Holdings, Inc.	Business Services	L(M)	3.50%	7.77%	08/2025	14,363		14,333		13,597
Dealer Tire, LLC		Distribution & Logistics	4.35% (L + 4.25%)	12/12/2025	9,800		9,783		9,817
CVET Midco 2, L.P.											CVET Midco 2, L.P.	Software	SOFR(Q)	5.00%	9.58%	10/2029	6,965		6,556		6,539
DG Investment Intermediate Holdings 2, Inc.	DG Investment Intermediate Holdings 2, Inc.	Business Services	4.25% (L + 3.50%)	3/31/2028	7,463		7,435		7,471		DG Investment Intermediate Holdings 2, Inc.	Business Services	SOFR(M)	3.75%	8.13%	03/2028	7,388		7,364		7,088
Dealer Tire Financial, LLC											Dealer Tire Financial, LLC	Distribution & Logistics	SOFR(M)	4.50%	8.82%	12/2027	9,725		9,690		9,628
Discovery Purchaser Corporation											Discovery Purchaser Corporation	Specialty Chemicals & Materials	SOFR(Q)	4.38%	7.97%	10/2029	7,100		6,543		6,499
Dispatch Acquisition Holdings, LLC	Dispatch Acquisition Holdings, LLC	Industrial Services	5.00% (L + 4.25%)	3/27/2028	14,133		13,970		14,124		Dispatch Acquisition Holdings, LLC	Industrial Services	L(Q)	4.25%	8.98%	03/2028	15,606		15,196		13,265
Drilling Info Holdings, Inc.	Drilling Info Holdings, Inc.	Business Services	4.35% (L + 4.25%)	7/30/2025	18,387		18,335		18,249		Drilling Info Holdings, Inc.	Business Services	L(M)	4.25%	8.63%	07/2025	18,197		18,159		17,560
EAB Global, Inc.	EAB Global, Inc.	Education	4.00% (L + 3.50%)	8/16/2028	4,250		4,230		4,234		EAB Global, Inc.	Education	L(M)	3.50%	7.88%	08/2028	3,212		3,199		3,098
Energize Holdco LLC	Energize Holdco LLC	Business Services	4.25% (L + 3.75%)	12/8/2028	12,582		12,519		12,550		Energize Holdco LLC	Business Services	L(M)	3.75%	8.13%	12/2028	12,488		12,433		11,863
eResearchTechnology, Inc.	eResearchTechnology, Inc.	Healthcare Services	5.50% (L + 4.50%)	2/4/2027	7,345		7,316		7,388		eResearchTechnology, Inc.	Healthcare	L(M)	4.50%	8.88%	02/2027	7,271		7,247		6,459
EyeCare Partners, LLC	EyeCare Partners, LLC	Healthcare Services	3.97% (L + 3.75%)	2/18/2027	14,760		14,745		14,678		EyeCare Partners, LLC	Healthcare	L(Q)	3.75%	8.48%	02/2027	14,611		14,599		12,431
Foundational Education Group, Inc.	Foundational Education Group, Inc.	Education	4.75% (L + 4.25%)	8/31/2028	9,500		9,408		9,524		Foundational Education Group, Inc.	Education	SOFR(Q)	3.75%	8.59%	08/2028	9,405		9,326		8,840
Frontline Technologies Intermediate Holdings, LLC		Software	6.25% (L + 5.25%)	9/18/2023	6,448		6,448		6,448
Frontline Technologies Intermediate Holdings, LLC		Software	6.25% (L + 5.25%)	9/18/2023	2,012		2,012		2,012
Greenway Health, LLC	Greenway Health, LLC	Healthcare I.T.	4.75% (L + 3.75%)	2/16/2024	14,369		14,374		13,790		Greenway Health, LLC	Healthcare	L(Q)	3.75%	8.48%	02/2024	14,219		14,221		9,971
Heartland Dental, LLC	Heartland Dental, LLC	Healthcare Services	3.60% (L + 3.50%)	4/30/2025	18,350		18,302		18,191		Heartland Dental, LLC	Healthcare	L(M)	3.75%	8.13%	04/2025	18,160		18,126		16,847
Help/Systems Holdings, Inc.	Help/Systems Holdings, Inc.	Software	4.75% (L + 4.00%)	11/19/2026	18,254		18,112		18,214		Help/Systems Holdings, Inc.	Software	SOFR(Q)	4.00%	8.19%	11/2026	18,068		17,953		16,335
Higginbotham Insurance Agency, Inc.	Higginbotham Insurance Agency, Inc.	Insurance Services	6.25% (L + 5.50%)	11/25/2026	9,170		9,096		9,239		Higginbotham Insurance Agency, Inc.	Business Services	L(M)	5.25%	9.63%	11/2026	9,079		9,018		8,972
HighTower Holding, LLC	HighTower Holding, LLC	Financial Services	4.75% (L + 4.00%)	4/21/2028	4,826		4,781		4,838		HighTower Holding, LLC	Financial Services	L(Q)	4.00%	8.28%	04/2028	4,778		4,739		4,402
Houghton Mifflin Harcourt Company											Houghton Mifflin Harcourt Company	Education	SOFR(M)	5.25%	9.67%	04/2029	5,652		5,493		5,394
Idera, Inc.	Idera, Inc.	Software	4.50% (L + 3.75%)	3/2/2028	15,964		15,951		15,997		Idera, Inc.	Software	L(Q)	3.75%	7.50%	03/2028	15,803		15,792		14,944
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	5.00% (L + 4.50%)	12/16/2028	7,644		7,605		7,663
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	4.75% (L + 3.75%)	10/19/2027	2,939		2,914		2,956
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	4.35% (L + 4.25%)	8/31/2026	12,718		12,633		12,727

6975

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	Reference	Spread	Interest Rate (1)	Maturity Date	Principal Amount or Par Value		Cost		Fair Value (2)

Kestra Advisor Services Holdings A, Inc.											Kestra Advisor Services Holdings A, Inc.	Financial Services	L(Q)	4.25%	8.98%	06/2026	$	11,935	$	11,889	$	11,572
LI Group Holdings, Inc.											LI Group Holdings, Inc.	Software	L(M)	3.75%	8.13%	03/2028	4,573		4,565		4,493
LSCS Holdings, Inc.											LSCS Holdings, Inc.	Healthcare	L(M)	4.50%	8.88%	12/2028	7,567		7,534		7,236
Mamba Purchaser, Inc.											Mamba Purchaser, Inc.	Healthcare	L(M)	3.50%	7.89%	10/2028	5,730		5,706		5,486
Maverick Bidco Inc.											Maverick Bidco Inc.	Software	L(Q)	3.75%	8.16%	05/2028	3,960		3,945		3,763
Maverick Bidco Inc.											Maverick Bidco Inc.	Software	SOFR(Q)	5.00%	9.28%	05/2028	2,000		1,905		1,901
Mavis Tire Express Services Topco Corp.											Mavis Tire Express Services Topco Corp.	Retail	SOFR(M)	4.00%	8.50%	05/2028	4,174		4,157		3,993
MED ParentCo, LP											MED ParentCo, LP	Healthcare	L(M)	4.25%	8.63%	08/2026	12,588		12,520		10,800
Mercury Borrower, Inc.	Mercury Borrower, Inc.	Business Services	4.00% (L + 3.50%)	8/2/2028	$	4,211	$	4,189	$	4,204	Mercury Borrower, Inc.	Business Services	L(Q)	3.50%	8.25%	08/2028	4,179		4,160		3,996
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		MH Sub I, LLC (Micro Holding Corp.)	Software	L(M)	3.75%	8.13%	09/2024	10,695		10,677		10,406
Mitnick Corporate Purchaser, Inc.											Mitnick Corporate Purchaser, Inc.	Software	SOFR(Q)	4.75%	8.94%	05/2029	4,655		4,633		4,373
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		National Intergovernmental Purchasing Alliance Company	Business Services	SOFR(Q)	3.50%	8.08%	05/2025	8,485		8,483		8,416
Navex Topco, Inc.	Navex Topco, Inc.	Software	3.36% (L + 3.25%)	9/5/2025	17,024		16,927		16,946		Navex Topco, Inc.	Software	L(M)	3.25%	7.64%	09/2025	10,887		10,841		10,811
Netsmart, Inc.	Netsmart, Inc.	Healthcare I.T.	4.75% (L + 4.00%)	10/1/2027	3,980		3,980		3,992		Netsmart, Inc.	Healthcare	L(M)	4.00%	8.38%	10/2027	3,940		3,940		3,805
Newport Group Holdings II, Inc.		Business Services	3.72% (L + 3.50%)	9/12/2025	4,838		4,824		4,835
Outcomes Group Holdings, Inc.	Outcomes Group Holdings, Inc.	Healthcare Services	3.47% (L + 3.25%)	10/24/2025	3,366		3,361		3,335		Outcomes Group Holdings, Inc.	Healthcare	L(Q)	3.25%	7.98%	10/2025	3,331		3,327		3,237
Pearls (Netherlands) Bidco B.V.											Pearls (Netherlands) Bidco B.V.	Specialty Chemicals & Materials	SOFR(Q)	3.75%	7.84%	02/2029	1,728		1,724		1,682
Peraton Corp.	Peraton Corp.	Federal Services	4.50% (L + 3.75%)	2/1/2028	7,444		7,410		7,460		Peraton Corp.	Federal Services	L(M)	3.75%	8.13%	02/2028	7,235		7,206		7,082
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		PetVet Care Centers, LLC (fka Pearl Intermediate Parent LLC)	Consumer Services	L(M)	3.50%	7.88%	02/2025	4,573		4,570		4,321
Physician Partners, LLC											Physician Partners, LLC	Healthcare	SOFR(M)	4.00%	8.42%	12/2028	5,627		5,575		5,383
Planview Parent, Inc.	Planview Parent, Inc.	Software	4.75% (L + 4.00%)	12/17/2027	7,919		7,850		7,929		Planview Parent, Inc.	Software	L(Q)	4.00%	8.73%	12/2027	10,832		10,598		10,109
Premise Health Holding Corp.	Premise Health Holding Corp.	Healthcare Services	3.72% (L + 3.50%)	7/10/2025	7,483		7,462		7,455		Premise Health Holding Corp.	Healthcare	L(S)	3.75%	7.92%	07/2025	7,405		7,390		7,183
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		Project Ruby Ultimate Parent Corp.	Healthcare	L(M)	3.25%	7.63%	03/2028	4,352		4,335		4,124
Quest Software US Holdings Inc.		Software	4.38% (L + 4.25%)	5/16/2025	14,550		14,511		14,555
Project Ruby Ultimate Parent Corp.											Project Ruby Ultimate Parent Corp.	Healthcare	SOFR(M)	5.75%	10.07%	03/2028	4,988		4,844		4,838
RealPage, Inc.	RealPage, Inc.	Business Services	3.75% (L + 3.25%)	4/24/2028	13,965		13,933		13,941		RealPage, Inc.	Software	L(M)	3.00%	7.38%	04/2028	10,159		10,139		9,687
RLG Holdings, LLC	RLG Holdings, LLC	Packaging	5.00% (L + 4.25%)	7/7/2028	5,844		5,816		5,841		RLG Holdings, LLC	Packaging	L(M)	4.00%	8.38%	07/2028	5,785		5,761		5,462
Sierra Enterprises, LLC	Sierra Enterprises, LLC	Food & Beverage	5.00% (L + 4.00%)	11/11/2024	2,406		2,405		2,406		Sierra Enterprises, LLC	Food & Beverage	L(Q)	4.00%	8.41%	11/2024	2,381		2,380		1,661
Snap One Holdings Corp.	Snap One Holdings Corp.	Distribution & Logistics	5.00% (L + 4.50%)	12/8/2028	6,672		6,606		6,664		Snap One Holdings Corp.	Distribution & Logistics	L(M)	4.50%	8.88%	12/2028	6,622		6,564		6,093
Sovos Brands Intermediate, Inc.	Sovos Brands Intermediate, Inc.	Food & Beverage	4.50% (L + 3.75%)	6/8/2028	9,429		9,407		9,437		Sovos Brands Intermediate, Inc.	Food & Beverage	L(Q)	3.50%	7.91%	06/2028	9,429		9,410		9,225
Spring Education Group, Inc. (fka SSH Group Holdings, Inc.)	Spring Education Group, Inc. (fka SSH Group Holdings, Inc.)	Education	4.47% (L + 4.25%)	7/30/2025	12,058		12,041		11,666		Spring Education Group, Inc. (fka SSH Group Holdings, Inc.)	Education	L(Q)	4.00%	8.73%	07/2025	11,933		11,921		11,692
Storable, Inc.	Storable, Inc.	Software	3.75% (L + 3.25%)	4/17/2028	3,862		3,853		3,854		Storable, Inc.	Software	SOFR(M)	3.50%	7.98%	04/2028	3,823		3,816		3,657
Symplr Software, Inc.	Symplr Software, Inc.	Healthcare I.T.	5.25% (L + 4.50%)	12/22/2027	15,880		15,750		15,938		Symplr Software, Inc.	Healthcare	SOFR(Q)	4.50%	8.69%	12/2027	15,720		15,610		13,205
Syndigo LLC	Syndigo LLC	Software	5.25% (L + 4.50%)	12/15/2027	14,888		14,790		14,925		Syndigo LLC	Software	L(M)	4.50%	8.84%	12/2027	14,738		14,655		14,340
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		Therapy Brands Holdings LLC	Software	L(M)	4.00%	8.35%	05/2028	4,099		4,082		3,853
Thermostat Purchaser III, Inc.	Thermostat Purchaser III, Inc.	Business Services	5.25% (L + 4.50%)	8/31/2028	5,953		5,924		5,953		Thermostat Purchaser III, Inc.	Business Services	L(Q)	4.50%	9.23%	08/2028	6,003		5,978		5,800
TIBCO Software Inc.		Software	3.86% (L + 3.75%)	6/30/2026	7,577		7,563		7,535
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		Healthcare Services	5.00% (L + 4.25%)	12/20/2027	9,950		9,883		9,984
USI, Inc. (fka Compass Investors Inc.)											USI, Inc. (fka Compass Investors Inc.)	Insurance Services	SOFR(Q)	3.75%	8.33%	11/2029	5,486		5,377		5,441
Valcour Packaging, LLC	Valcour Packaging, LLC	Packaging	4.25% (L + 3.75%)	10/4/2028	4,538		4,524		4,538		Valcour Packaging, LLC	Packaging	L(S)	3.75%	7.98%	10/2028	4,504		4,492		3,772
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.	Business Services	L(M)	3.75%	8.13%	08/2025	31		31		30
VT Topco, Inc.	VT Topco, Inc.	Business Services	4.50% (L + 3.75%)	8/1/2025	849		845		844		VT Topco, Inc.	Business Services	L(M)	3.50%	7.88%	08/2025	2,729		2,729		2,647
VT Topco, Inc.											VT Topco, Inc.	Business Services	L(M)	3.75%	8.13%	08/2025	838		835		815
WatchGuard Technologies, Inc.											WatchGuard Technologies, Inc.	Software	SOFR(M)	5.25%	9.57%	07/2029	5,290		4,957		5,075
Waystar Technologies, Inc.	Waystar Technologies, Inc.	Healthcare Services	4.10% (L + 4.00%)	10/22/2026	4,066		4,058		4,069		Waystar Technologies, Inc.	Healthcare	L(M)	4.00%	8.38%	10/2026	4,025		4,018		3,972
WP CityMD Bidco LLC	WP CityMD Bidco LLC	Healthcare Services	3.75% (L + 3.25%)	12/22/2028	9,180		9,136		9,182		WP CityMD Bidco LLC	Healthcare	L(M)	3.25%	7.63%	12/2028	4,148		4,123		4,145
Wrench Group LLC	Wrench Group LLC	Consumer Services	4.22% (L + 4.00%)	4/30/2026	7,905		7,886		7,905		Wrench Group LLC	Consumer Services	L(Q)	4.00%	8.73%	04/2026	7,824		7,809		7,565
YI, LLC	YI, LLC	Healthcare Services	5.00% (L + 4.00%)	11/7/2024	9,590		9,586		9,542		YI, LLC	Healthcare	L(M)	4.00%	8.38%	11/2024	9,490		9,487		9,174
Total Funded Investments	Total Funded Investments				704,948		701,756		702,149		Total Funded Investments						$	687,069	$	681,338	$	639,607
Unfunded Investments - First lien
Confluent Health, LLC		Healthcare Services	—	11/30/2023	2,638		(13)		—
Therapy Brands Holdings LLC		Healthcare I.T.	—	5/18/2023	735		—		—
Thermostat Purchaser III, Inc.		Business Services	—	8/31/2023	1,047		—		—
VT Topco, Inc.		Business Services	—	8/1/2023	149		—		(1)

Total Unfunded Investments					$	4,569	$	(13)	$	(1)
Total Investments					$	709,517	$	701,743	$	702,148

Table of Contents


Portfolio Company and Type of Investment	Industry	Reference	Spread	Interest Rate (1)	Maturity Date	Principal Amount or Par Value		Cost		Fair Value (2)

Unfunded Investments - First lien
athenahealth Group Inc.	Healthcare	—	—	—	01/2024	$	847	$	(44)	$	(80)
Confluent Health, LLC	Healthcare	—	—	—	11/2023	1,139		(6)		(167)
Thermostat Purchaser III, Inc.	Business Services	—	—	—	08/2023	937		—		(32)
VT Topco, Inc.	Business Services	—	—	—	08/2023	25		—		(1)
Total Unfunded Investments						$	2,948	$	(50)	$	(280)
Total Investments						$	690,017	$	681,288	$	639,327

(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 December 31, ~~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 III.

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Below is certain summarized financial information for SLP III as of ~~September 30, 2022~~March 31, 2023 and December 31, ~~2021~~2022 and for the three ~~and nine~~ months ended ~~September 30, 2022~~March 31, 2023 and ~~September 30, 2021:~~March 31, 2022:


Selected Balance Sheet Information:	Selected Balance Sheet Information:	September 30, 2022		December 31, 2021		Selected Balance Sheet Information:	March 31, 2023		December 31, 2022
Investments at fair value (cost of $672,350 and $701,743)		$	635,750	$	702,148
Investments at fair value (cost of $684,051 and $681,288)						Investments at fair value (cost of $684,051 and $681,288)	$	651,129	$	639,327
Cash and other assets	Cash and other assets	25,474		16,505		Cash and other assets	19,548		17,149
Receivable from unsettled securities sold	Receivable from unsettled securities sold	—		7,351		Receivable from unsettled securities sold	8,816		—
Total assets	Total assets	$	661,224	$	726,004	Total assets	$	679,493	$	656,476

Credit facility	Credit facility	$	501,500	$	510,900	Credit facility	$	498,000	$	512,100
Deferred financing costs (net of accumulated amortization of $3,708 and $3,338, respectively)		(2,074)		(3,198)
Deferred financing costs (net of accumulated amortization of $5,211 and $4,840, respectively)						Deferred financing costs (net of accumulated amortization of $5,211 and $4,840, respectively)	(1,325)		(1,695)
Payable for unsettled securities purchased	Payable for unsettled securities purchased	13,079		34,552		Payable for unsettled securities purchased	28,024		—
Distribution payable	Distribution payable	4,922		5,031		Distribution payable	5,578		5,688
Other liabilities	Other liabilities	5,059		2,378		Other liabilities	7,203		6,492
Total liabilities	Total liabilities	522,486		549,663		Total liabilities	537,480		522,585

Members' capital	Members' capital	$	138,738	$	176,341	Members' capital	$	142,013	$	133,891
Total liabilities and members' capital	Total liabilities and members' capital	$	661,224	$	726,004	Total liabilities and members' capital	$	679,493	$	656,476


Selected Statement of Operations Information:	Selected Statement of Operations Information:	Three Months Ended				Nine Months Ended				Selected Statement of Operations Information:	Three Months Ended
		September 30, 2022		September 30, 2021		September 30, 2022		September 30, 2021				March 31, 2023		March 31, 2022
Interest income	Interest income	$	11,113	$	8,080	$	27,767	$	23,278	Interest income		$	15,086	$	7,930
Other income	Other income	110		172		463		487		Other income		91		130
Total investment income	Total investment income	11,223		8,252		28,230		23,765		Total investment income		15,177		8,060

Interest and other financing expenses	Interest and other financing expenses	5,468		2,679		11,875		7,954		Interest and other financing expenses		8,406		2,751
Other expenses	Other expenses	205		207		641		585		Other expenses		243		219
Total expenses	Total expenses	5,673		2,886		12,516		8,539		Total expenses		8,649		2,970

Net investment income	Net investment income	5,550		5,366		15,714		15,226		Net investment income		6,528		5,090

Net realized (losses) gains on investments		(128)		(83)		(145)		488
Net change in unrealized (depreciation) appreciation of investments		(1,566)		887		(37,004)		6,439
Net realized losses on investments										Net realized losses on investments		(1,867)		(13)
Net change in unrealized appreciation (depreciation) of investments										Net change in unrealized appreciation (depreciation) of investments		9,039		(5,495)
Net increase (decrease) in members' capital	Net increase (decrease) in members' capital	$	3,856	$	6,170	$	(21,435)	$	22,153	Net increase (decrease) in members' capital		$	13,700	$	(418)

For the three ~~and nine~~ months ended ~~September 30,~~March 31, 2023 and March 31, 2022, the Company earned approximately ~~$3,938~~$4,462 and $12,935, respectively, of dividend income related to SLP III, which is included in dividend income. For the three and nine months ended September 30, 2021, the Company earned approximately $3,675 and $12,687,$4,638, respectively, of dividend income related to SLP III, which is included in dividend income. As of ~~September 30, 2022~~March 31, 2023 and December 31, ~~2021,~~2022, approximately ~~$3,938~~$4,462 and ~~$4,025,~~$4,550, 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.

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NMFC Senior Loan Program IV LLC

NMFC Senior Loan Program IV LLC ("SLP IV") 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 I") and NMFC Senior Loan Program II LLC ("SLP II") 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, 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 ~~September 30, 2022,~~March 31, 2023, 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 ~~September 30, 2022~~March 31, 2023 and December 31, ~~2021.~~2022.

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~~2026. As of the most recent amendment on April 28, 2023, the facility bears interest at a rate of SOFR plus 1.70%. Prior to the amendment on April 28, 2023, the facility bore interest at a rate of LIBOR plus 1.60% per annum. As of ~~September 30, 2022~~March 31, 2023 and December 31, ~~2021,~~2022, SLP IV had total investments with an aggregate fair value of approximately ~~$475,893~~$477,724 and ~~$504,948,~~$473,762, respectively, and debt outstanding under its credit facility of ~~$359,537~~$355,937 and ~~$360,137,~~$365,537, respectively. As of ~~September 30, 2022~~March 31, 2023 and December 31, ~~2021,~~2022, none of SLP IV’s investments were on non-accrual. Additionally, as of ~~September 30, 2022~~March 31, 2023 and December 31, ~~2021,~~2022, SLP IV had unfunded commitments in the form of delayed draws of ~~$4,066~~$967 and ~~$6,103,~~$1,973, 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 ~~September 30, 2022~~March 31, 2023 and December 31, ~~2021:~~2022:


		September 30, 2022			December 31, 2021			March 31, 2023			December 31, 2022
First lien investments (1)	First lien investments (1)	$	508,640		513,298		First lien investments (1)	$	509,213		$	510,372
Weighted average interest rate on first lien investments (2)	Weighted average interest rate on first lien investments (2)	7.19		%	4.64	%	Weighted average interest rate on first lien investments (2)	9.13		%	8.54		%
Number of portfolio companies in SLP IV	Number of portfolio companies in SLP IV	73			68		Number of portfolio companies in SLP IV	75			74
Largest portfolio company investment (1)	Largest portfolio company investment (1)	$	22,041		22,215		Largest portfolio company investment (1)	$	21,924		$	21,982
Total of five largest portfolio company investments (1)	Total of five largest portfolio company investments (1)	$	94,230		99,875		Total of five largest portfolio company investments (1)	$	93,539		$	93,734

(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 IV's consolidated portfolio as of ~~September 30, 2022:~~March 31, 2023:


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	Reference	Spread	Interest Rate (1)	Maturity Date	Principal Amount or Par Value		Cost		Fair Value (2)
Funded Investments - First lien	Funded Investments - First lien										Funded Investments - First lien
ADG, LLC	ADG, LLC	Healthcare Services	8.38% (L + 4.75% + 0.50%% PIK)	9/28/2023	$	16,627	$	16,601	$	16,627	ADG, LLC	Healthcare	L(Q)	4.75% + 0.50% PIK	10.56%	09/2023	$	16,343	$	16,329	$	15,205
ADMI Corp. (aka Aspen Dental)	ADMI Corp. (aka Aspen Dental)	Healthcare Services	6.87% (L + 3.75%)	12/23/2027	1,856		1,849		1,646		ADMI Corp. (aka Aspen Dental)	Healthcare	L(M)	3.75%	8.59%	12/2027	1,847		1,840		1,719
Advisor Group Holdings, Inc.	Advisor Group Holdings, Inc.	Financial Services	7.62% (L + 4.50%)	7/31/2026	11,607		11,538		11,050		Advisor Group Holdings, Inc.	Financial Services	L(M)	4.50%	9.34%	07/2026	11,548		11,487		11,399
Aretec Group, Inc. (fka RCS Capital Corporation)											Aretec Group, Inc. (fka RCS Capital Corporation)	Financial Services	SOFR(Q)	4.50%	9.41%	03/2030	3,808		3,732		3,732
Artera Services, LLC	Artera Services, LLC	Distribution & Logistics	7.17% (L + 3.50%)	3/6/2025	5,288		5,261		4,345		Artera Services, LLC	Distribution & Logistics	L(Q)	3.50%	8.66%	03/2025	5,262		5,240		4,481
athenahealth Group Inc.	athenahealth Group Inc.	Healthcare Information Technology	6.58% (SOFR + 3.50%)	2/15/2029	2,305		2,295		2,071		athenahealth Group Inc.	Healthcare	SOFR(M)	3.50%	8.26%	02/2029	2,391		2,381		2,230
Barracuda Networks, Inc.		Software	7.53% (SOFR + 4.50%)	8/15/2029	5,000		4,852		4,715
Barracuda Parent, LLC											Barracuda Parent, LLC	Software	SOFR(Q)	4.50%	9.18%	08/2029	4,988		4,848		4,798
Bayou Intermediate II, LLC	Bayou Intermediate II, LLC	Healthcare Services	7.30% (L + 4.50%)	8/2/2028	8,628		8,591		8,218		Bayou Intermediate II, LLC	Healthcare	L(Q)	4.50%	9.30%	08/2028	9,008		8,962		8,648
Bella Holding Company, LLC	Bella Holding Company, LLC	Healthcare Services	6.87% (L + 3.75%)	5/10/2028	1,755		1,750		1,641		Bella Holding Company, LLC	Healthcare	SOFR(M)	3.75%	8.66%	05/2028	1,747		1,741		1,692
Bleriot US Bidco Inc.	Bleriot US Bidco Inc.	Federal Services	7.67% (L + 4.00%)	10/30/2026	3,950		3,950		3,831		Bleriot US Bidco Inc.	Federal Services	L(Q)	4.00%	9.16%	10/2026	3,930		3,930		3,937
Bracket Intermediate Holding Corp.	Bracket Intermediate Holding Corp.	Healthcare Services	6.54% (L + 4.25%)	9/5/2025	4,439		4,428		4,211		Bracket Intermediate Holding Corp.	Healthcare	L(Q)	4.25%	9.04%	09/2025	4,416		4,407		4,358
Brave Parent Holdings, Inc.	Brave Parent Holdings, Inc.	Software	7.12% (L + 4.00%)	4/18/2025	2,351		2,348		2,251		Brave Parent Holdings, Inc.	Software	L(M)	4.00%	8.84%	04/2025	2,339		2,336		2,294
Brown Group Holding, LLC	Brown Group Holding, LLC	Distribution & Logistics	6.78% (SOFR + 3.75%)	7/2/2029	5,438		5,302		5,279		Brown Group Holding, LLC	Distribution & Logistics	SOFR(Q)	3.75%	8.46%	07/2029	5,410		5,283		5,420
Cano Health, LLC		Healthcare Services	7.13% (SOFR + 4.00%)	11/23/2027	8,069		8,063		7,807
CE Intermediate I, LLC	CE Intermediate I, LLC	Software	6.91% (L + 4.00%)	11/10/2028	8,198		8,145		7,665		CE Intermediate I, LLC	Software	L(Q)	4.00%	8.86%	11/2028	8,157		8,108		7,810
CentralSquare Technologies, LLC	CentralSquare Technologies, LLC	Software	7.42% (L + 3.75%)	8/29/2025	14,437		14,420		12,683		CentralSquare Technologies, LLC	Software	L(Q)	3.75%	8.91%	08/2025	14,363		14,349		12,668
Certara Holdco, Inc.		Healthcare Information Technology	6.62% (L + 3.50%)	8/15/2026	3,910		3,902		3,788
CHA Holdings, Inc.	CHA Holdings, Inc.	Business Services	8.17% (L + 4.50%)	4/10/2025	10,834		10,814		10,649		CHA Holdings, Inc.	Business Services	L(Q)	4.50%	9.66%	04/2025	1,979		1,975		1,979
CHA Holdings, Inc.	CHA Holdings, Inc.	Business Services	8.17% (L + 4.50%)	4/10/2025	1,989		1,984		1,955		CHA Holdings, Inc.	Business Services	L(Q)	4.50%	9.66%	04/2025	10,777		10,762		10,777
Confluent Health, LLC	Confluent Health, LLC	Healthcare Services	7.12% (L + 4.00%)	11/30/2028	8,035		7,998		7,111		Confluent Health, LLC	Healthcare	L(M)	4.00%	8.84%	11/2028	9,752		9,709		7,972
Confluent Health, LLC		Healthcare Services	7.12% (L + 4.00%)	11/30/2028	475		473		420
Confluent Medical Technologies, Inc.	Confluent Medical Technologies, Inc.	Healthcare Products	7.30% (SOFR + 3.75%)	2/16/2029	6,965		6,933		6,582		Confluent Medical Technologies, Inc.	Healthcare	SOFR(Q)	3.75%	8.65%	02/2029	6,930		6,900		6,722
Corgi Bidco, Inc.		Software	8.14% (SOFR + 5.00%)	9/20/2029	2,687		2,525		2,522
Convey Health Solutions, Inc.											Convey Health Solutions, Inc.	Healthcare	SOFR(Q)	5.25%	10.25%	09/2026	4,975		4,841		4,975
Cornerstone OnDemand, Inc.	Cornerstone OnDemand, Inc.	Software	6.87% (L + 3.75%)	10/16/2028	3,231		3,216		2,730		Cornerstone OnDemand, Inc.	Software	L(M)	3.75%	8.59%	10/2028	3,214		3,201		2,977
Dealer Tire, LLC		Distribution & Logistics	7.37% (L + 4.25%)	12/12/2025	10,666		10,651		10,426
CVET Midco 2, L.P.											CVET Midco 2, L.P.	Software	SOFR(Q)	5.00%	9.90%	10/2029	2,687		2,533		2,525
Dealer Tire Financial, LLC											Dealer Tire Financial, LLC	Distribution & Logistics	SOFR(M)	4.50%	9.31%	12/2027	10,639		10,614		10,590
Discovery Purchaser Corporation	Discovery Purchaser Corporation	Specialty Chemicals & Materials	7.52% (SOFR + 4.38%)	10/4/2029	5,400		4,968		5,039		Discovery Purchaser Corporation	Specialty Chemicals & Materials	SOFR(Q)	4.38%	8.96%	10/2029	5,387		4,975		5,101
Dispatch Acquisition Holdings, LLC	Dispatch Acquisition Holdings, LLC	Industrial Services	7.92% (L + 4.25%)	3/27/2028	9,900		9,789		8,167		Dispatch Acquisition Holdings, LLC	Industrial Services	SOFR(Q)	4.25%	9.30%	03/2028	9,850		9,748		8,926
Drilling Info Holdings, Inc.		Business Services	7.37% (L + 4.25%)	7/30/2025	20,341		20,301		19,629
EAB Global, Inc.	EAB Global, Inc.	Education	6.31% (L + 3.50%)	8/16/2028	6,438		6,410		6,064		EAB Global, Inc.	Education	L(M)	3.50%	8.34%	08/2028	6,405		6,380		6,263
Eisner Advisory Group LLC											Eisner Advisory Group LLC	Financial Services	SOFR(M)	5.25%	10.17%	07/2028	1,702		1,635		1,704
Emerald 2 Limited	Emerald 2 Limited	Business Services	6.92% (L + 3.25%)	7/12/2028	442		441		426		Emerald 2 Limited	Business Services	L(Q)	3.25%	8.41%	07/2028	439		439		437
Energize Holdco LLC	Energize Holdco LLC	Business Services	6.87% (L + 3.75%)	12/8/2028	9,023		8,982		8,572		Energize Holdco LLC	Business Services	L(M)	3.75%	8.59%	12/2028	8,978		8,940		8,731
Enverus Holdings, Inc. (fka Drilling Info Holdings, Inc.)											Enverus Holdings, Inc. (fka Drilling Info Holdings, Inc.)	Business Services	L(M)	4.25%	9.09%	07/2025	20,235		20,202		19,426
eResearchTechnology, Inc.	eResearchTechnology, Inc.	Healthcare Services	7.62% (L + 4.50%)	2/4/2027	4,396		4,366		4,111		eResearchTechnology, Inc.	Healthcare	L(M)	4.50%	9.34%	02/2027	4,373		4,347		4,125
EyeCare Partners, LLC	EyeCare Partners, LLC	Healthcare Services	7.42% (L + 3.75%)	11/15/2028	9,950		9,928		9,030		EyeCare Partners, LLC	Healthcare	L(M)	3.75%	8.59%	11/2028	9,900		9,879		8,087
Foundational Education Group, Inc.	Foundational Education Group, Inc.	Education	7.56% (SOFR + 3.75%)	8/31/2028	6,451		6,395		6,268		Foundational Education Group, Inc.	Education	SOFR(Q)	3.75%	8.91%	08/2028	6,419		6,367		6,059
Geo Parent Corporation	Geo Parent Corporation	Business Services	8.37% (L + 5.25%)	12/19/2025	9,735		9,508		9,566		Geo Parent Corporation	Business Services	SOFR(S)	5.25%	10.17%	12/2025	9,684		9,490		9,443
Greenway Health, LLC		Healthcare Information Technology	6.87% (L + 3.75%)	2/16/2024	20,784		20,760		18,718
Greenway Health, LLC (fka Vitera Healthcare Solutions, LLC)											Greenway Health, LLC (fka Vitera Healthcare Solutions, LLC)	Healthcare	L(S)	3.75%	8.96%	02/2024	20,674		20,659		15,299
Heartland Dental, LLC	Heartland Dental, LLC	Healthcare Services	6.62% (L + 3.50%)	4/30/2025	3,545		3,537		3,277		Heartland Dental, LLC	Healthcare	L(M)	3.75%	8.59%	04/2025	3,526		3,520		3,304
Heartland Dental, LLC	Heartland Dental, LLC	Healthcare Services	7.08% (L + 4.00%)	4/30/2025	6,221		6,200		5,792		Heartland Dental, LLC	Healthcare	L(M)	4.00%	8.84%	04/2025	6,190		6,172		5,854
Help/Systems Holdings, Inc.	Help/Systems Holdings, Inc.	Software	7.13% (SOFR + 4.00%)	11/19/2026	9,833		9,806		9,066		Help/Systems Holdings, Inc.	Software	SOFR(Q)	4.00%	8.78%	11/2026	9,783		9,758		8,753
Houghton Mifflin Harcourt Company	Houghton Mifflin Harcourt Company	Education	8.38% (SOFR + 5.25%)	4/9/2029	4,048		3,932		3,704		Houghton Mifflin Harcourt Company	Education	SOFR(M)	5.25%	10.16%	04/2029	4,851		4,680		4,361
Hunter Holdco 3 Limited	Hunter Holdco 3 Limited	Healthcare Services	7.92% (L + 4.25%)	8/19/2028	3,949		3,915		3,742		Hunter Holdco 3 Limited	Healthcare	L(Q)	4.25%	9.41%	08/2028	3,949		3,917		3,885
Idera, Inc.	Idera, Inc.	Software	6.32% (L + 3.75%)	3/2/2028	9,248		9,183		8,582		Idera, Inc.	Software	L(Q)	3.75%	8.51%	03/2028	9,201		9,141		8,798
Kestra Advisor Services Holdings A, Inc.	Kestra Advisor Services Holdings A, Inc.	Financial Services	7.93% (L + 4.25%)	6/3/2026	5,444		5,400		5,247		Kestra Advisor Services Holdings A, Inc.	Financial Services	SOFR(Q)	4.25%	9.25%	06/2026	5,416		5,377		5,321
LSCS Holdings, Inc.	LSCS Holdings, Inc.	Healthcare Services	8.17% (L + 4.50%)	12/16/2028	8,691		8,655		8,344		LSCS Holdings, Inc.	Healthcare	L(M)	4.50%	9.34%	12/2028	8,648		8,613		8,302
Mamba Purchaser, Inc.	Mamba Purchaser, Inc.	Healthcare Services	6.55% (L + 3.50%)	10/16/2028	4,103		4,085		3,903		Mamba Purchaser, Inc.	Healthcare	L(M)	3.50%	8.34%	10/2028	1,144		1,139		1,131
Mandolin Technology Intermediate Holdings, Inc.	Mandolin Technology Intermediate Holdings, Inc.	Software	6.56% (L + 3.75%)	7/31/2028	9,925		9,883		9,565		Mandolin Technology Intermediate Holdings, Inc.	Software	L(Q)	3.75%	8.58%	07/2028	9,875		9,836		9,110
Maverick Bidco Inc.	Maverick Bidco Inc.	Software	6.56% (L + 3.75%)	5/18/2028	7,940		7,908		7,633		Maverick Bidco Inc.	Software	SOFR(Q)	5.00%	9.79%	05/2028	2,000		1,908		1,908
Maverick Bidco Inc.	Maverick Bidco Inc.	Software	7.59% (SOFR + 5.00%)	5/18/2028	2,000		1,901		1,923		Maverick Bidco Inc.	Software	L(Q)	3.75%	8.58%	05/2028	7,901		7,870		7,538
Mavis Tire Express Services Topco Corp.		Retail	7.25% (SOFR + 4.00%)	5/4/2028	8,369		8,334		7,874
Mercury Borrower, Inc.		Business Services	7.19% (L + 3.50%)	8/2/2028	6,203		6,177		5,660

7380

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	Reference	Spread	Interest Rate (1)	Maturity Date	Principal Amount or Par Value		Cost		Fair Value (2)
Mavis Tire Express Services Topco Corp.											Mavis Tire Express Services Topco Corp.	Retail	SOFR(M)	4.00%	8.92%	05/2028	$	8,326	$	8,295	$	8,185
Mercury Borrower, Inc.											Mercury Borrower, Inc.	Business Services	L(M)	3.50%	8.38%	08/2028	6,172		6,147		6,010
MH Sub I, LLC (Micro Holding Corp.)	MH Sub I, LLC (Micro Holding Corp.)	Software	6.87% (L + 3.75%)	9/13/2024	$	7,838	$	7,824	$	7,485	MH Sub I, LLC (Micro Holding Corp.)	Software	L(M)	3.75%	8.59%	09/2024	7,798		7,787		7,685
National Intergovernmental Purchasing Alliance Company	National Intergovernmental Purchasing Alliance Company	Business Services	5.75% (L + 3.50%)	5/23/2025	1,321		1,322		1,285		National Intergovernmental Purchasing Alliance Company	Business Services	SOFR(Q)	3.50%	8.40%	05/2025	376		375		372
Netsmart, Inc.	Netsmart, Inc.	Healthcare Information Technology	7.12% (L + 4.00%)	10/1/2027	6,912		6,912		6,610		Netsmart, Inc.	Healthcare	L(M)	4.00%	8.84%	10/2027	6,877		6,877		6,802
Nielsen Consumer Inc.											Nielsen Consumer Inc.	Business Services	SOFR(M)	6.25%	11.06%	03/2028	3,265		2,905		2,881
Nielsen Consumer Inc.											Nielsen Consumer Inc.	Business Services	SOFR(M)	6.25%	11.06%	03/2028	6,735		5,995		5,944
OEConnection LLC	OEConnection LLC	Business Services	7.56% (L + 4.00%)	9/25/2026	4,091		4,065		3,917		OEConnection LLC	Software	SOFR(M)	4.00%	8.91%	09/2026	4,070		4,047		4,006
Pearls (Netherlands) Bidco B.V.	Pearls (Netherlands) Bidco B.V.	Specialty Chemicals & Materials	6.78% (SOFR + 3.75%)	2/26/2029	1,336		1,333		1,224		Pearls (Netherlands) Bidco B.V.	Specialty Chemicals & Materials	SOFR(Q)	3.75%	8.43%	02/2029	1,329		1,326		1,306
PetVet Care Centers, LLC (fka Pearl Intermediate Parent LLC)	PetVet Care Centers, LLC (fka Pearl Intermediate Parent LLC)	Consumer Services	6.62% (L + 3.50%)	2/14/2025	7,996		7,981		7,456		PetVet Care Centers, LLC (fka Pearl Intermediate Parent LLC)	Consumer Services	L(M)	3.50%	8.34%	02/2025	7,955		7,943		7,731
Physician Partners, LLC	Physician Partners, LLC	Healthcare Services	7.13% (SOFR + 4.00%)	12/23/2028	6,103		6,047		5,767		Physician Partners, LLC	Healthcare	SOFR(Q)	4.00%	9.05%	12/2028	3,222		3,194		3,033
Premise Health Holding Corp.	Premise Health Holding Corp.	Healthcare Services	7.92% (L + 3.50%)	7/10/2025	1,951		1,947		1,892		Premise Health Holding Corp.	Healthcare	L(Q)	3.75%	8.91%	07/2025	1,941		1,937		1,863
Project Boost Purchaser, LLC	Project Boost Purchaser, LLC	Business Services	6.62% (L + 3.50%)	5/30/2026	2,469		2,464		2,344		Project Boost Purchaser, LLC	Business Services	L(M)	3.50%	8.34%	05/2026	2,456		2,452		2,422
RealPage, Inc.	RealPage, Inc.	Business Services	6.12% (L + 3.00%)	4/24/2028	3,638		3,626		3,414		RealPage, Inc.	Software	L(M)	3.00%	7.84%	04/2028	3,619		3,609		3,519
RLG Holdings, LLC		Packaging	7.12% ( L+ 4.00%)	7/7/2028	4,731		4,711		4,463
Renaissance Holding Corp.											Renaissance Holding Corp.	Education	SOFR(M)	4.75%	9.58%	04/2030	5,114		4,960		4,970
Sierra Enterprises, LLC	Sierra Enterprises, LLC	Food & Beverage	7.12% (L + 4.00%)	11/11/2024	4,183		4,174		3,806		Sierra Enterprises, LLC	Food & Beverage	SOFR(Q)	6.75%	11.43%	05/2027	4,247		4,239		2,955
Snap One Holdings Corp.	Snap One Holdings Corp.	Distribution & Logistics	7.38% (L + 4.50%)	12/8/2028	8,606		8,528		7,853		Snap One Holdings Corp.	Distribution & Logistics	L(Q)	4.50%	9.66%	12/2028	8,563		8,490		7,878
Sovos Brands Intermediate, Inc.	Sovos Brands Intermediate, Inc.	Food & Beverage	6.62% (L + 3.50%)	6/8/2028	8,290		8,272		7,924		Sovos Brands Intermediate, Inc.	Food & Beverage	L(Q)	3.50%	8.33%	06/2028	6,474		6,462		6,367
STATS Intermediate Holdings, LLC											STATS Intermediate Holdings, LLC	Business Services	SOFR(Q)	7.25%	12.02%	07/2026	2,289		2,203		2,197
Storable, Inc.	Storable, Inc.	Software	6.38% (SOFR + 3.50%)	4/17/2028	3,970		3,950		3,732		Storable, Inc.	Software	SOFR(M)	3.50%	8.30%	04/2028	3,950		3,931		3,825
Symplr Software, Inc.	Symplr Software, Inc.	Healthcare Information Technology	7.63% (SOFR + 4.50%)	12/22/2027	3,774		3,766		3,563		Symplr Software, Inc.	Healthcare	SOFR(Q)	4.50%	9.28%	12/2027	3,755		3,747		3,361
Syndigo LLC	Syndigo LLC	Software	7.32% (L + 4.50%)	12/15/2027	9,784		9,768		9,495		Syndigo LLC	Software	L(M)	4.50%	9.28%	12/2027	9,735		9,720		9,206
Therapy Brands Holdings LLC	Therapy Brands Holdings LLC	Healthcare Information Technology	6.99% (L + 4.00%)	5/18/2028	4,575		4,556		4,369		Therapy Brands Holdings LLC	Software	L(M)	4.00%	8.78%	05/2028	6,015		5,990		5,654
Thermostat Purchaser III, Inc.	Thermostat Purchaser III, Inc.	Business Services	7.57% (L + 4.50%)	8/31/2028	4,299		4,280		4,153		Thermostat Purchaser III, Inc.	Business Services	L(Q)	4.50%	9.45%	08/2028	4,277		4,260		4,106
USIC Holdings, Inc.	USIC Holdings, Inc.	Business Services	6.62% (L + 3.50%)	5/12/2028	3,811		3,798		3,583		USIC Holdings, Inc.	Business Services	L(M)	3.50%	8.34%	05/2028	3,791		3,779		3,684
Valcour Packaging, LLC	Valcour Packaging, LLC	Packaging	5.22% (L + 3.75%)	10/4/2028	3,286		3,277		3,015		Valcour Packaging, LLC	Packaging	L(S)	3.75%	7.98%	10/2028	3,268		3,260		2,718
Virtusa Corporation		Information Technology	6.81% (SOFR + 3.75%)	2/15/2029	2,286		2,265		2,150
VT Topco, Inc.	VT Topco, Inc.	Business Services	6.87% (L + 3.75%)	8/1/2025	8,399		8,368		8,084		VT Topco, Inc.	Business Services	L(M)	3.75%	8.59%	08/2025	247		245		244
VT Topco, Inc.	VT Topco, Inc.	Business Services	6.87% (L + 3.75%)	8/1/2025	309		309		298		VT Topco, Inc.	Business Services	L(M)	3.75%	8.59%	08/2025	8,663		8,637		8,569
WatchGuard Technologies, Inc.	WatchGuard Technologies, Inc.	Software	8.28% (SOFR + 5.25%)	7/2/2029	4,091		3,826		3,818		WatchGuard Technologies, Inc.	Software	SOFR(S)	5.25%	10.11%	07/2029	4,070		3,821		3,867
WP CityMD Bidco LLC		Healthcare Services	6.92% (L + 3.25%)	12/22/2028	1,735		1,724		1,663
Wrench Group LLC	Wrench Group LLC	Consumer Services	7.67% (L + 4.00%)	4/30/2026	9,493		9,443		9,185		Wrench Group LLC	Consumer Services	L(Q)	4.00%	9.16%	04/2026	9,444		9,400		9,291
YI, LLC	YI, LLC	Healthcare Services	7.12% (L + 4.00%)	11/7/2024	22,041		22,032		21,563		YI, LLC	Healthcare	L(M)	4.00%	8.84%	11/2024	21,924		21,917		21,193
Zest Acquisition Corp.											Zest Acquisition Corp.	Healthcare	SOFR(M)	5.50%	10.22%	02/2028	3,165		3,037		3,067
Zone Climate Services, Inc.	Zone Climate Services, Inc.	Consumer Services	7.53% (SOFR + 4.75%)	3/9/2028	9,950		9,767		9,791		Zone Climate Services, Inc.	Business Services	SOFR(Q)	4.75%	9.54%	03/2028	9,899		9,732		9,901
Zone Climate Services, Inc.	Zone Climate Services, Inc.	Consumer Services	7.60% (SOFR + 4.75%)	3/9/2028	2,187		2,147		2,152		Zone Climate Services, Inc.	Business Services	SOFR(Q)	4.75%	9.54%	03/2028	2,175		2,140		2,185

Total Funded Investments	Total Funded Investments				$	504,574	$	501,135	$	476,179	Total Funded Investments						$	508,246	$	503,359	$	477,771

Unfunded Investments - First lien	Unfunded Investments - First lien										Unfunded Investments - First lien
athenahealth Group Inc.	athenahealth Group Inc.	Healthcare Information Technology	—	1/26/2024	$	392	$	—	$	(40)	athenahealth Group Inc.	Healthcare				01/2024	$	294	$	—	$	(20)
Confluent Health, LLC		Healthcare Services	—	11/30/2023	1,284		(6)		(148)
Therapy Brands Holdings LLC		Healthcare Information Technology	—	5/18/2023	1,470		—		(66)
Thermostat Purchaser III, Inc.	Thermostat Purchaser III, Inc.	Business Services	—	8/31/2023	669		—		(23)		Thermostat Purchaser III, Inc.	Business Services				08/2023	669		—		(27)
VT Topco, Inc.	VT Topco, Inc.	Business Services	—	8/1/2023	251		—		(9)		VT Topco, Inc.	Business Services				08/2023	4		—		—
Total Unfunded Investments	Total Unfunded Investments				$	4,066	$	(6)	$	(286)	Total Unfunded Investments						967		—		(47)
Total Investments	Total Investments				$	508,640	$	501,129	$	475,893	Total Investments						$	509,213	$	503,359	$	477,724

(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.

7481

Table of Contents

The following table is a listing of the individual investments in SLP IV's consolidated portfolio as of December 31, ~~2021:~~2022:


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	Reference	Spread	Interest Rate (1)	Maturity Date	Principal Amount or Par Value		Cost		Fair Value (2)

Funded Investments - First lien	Funded Investments - First lien										Funded Investments - First lien
ADG, LLC	ADG, LLC	Healthcare Services	6.25% (L + 4.75% + 0.50% PIK)	9/28/2023	$	16,565	$	16,518	$	16,565	ADG, LLC	Healthcare	L (M)	4.75% + 0.50%/PIK	9.69%	09/2023	$	16,335	$	16,315	$	15,674
ADMI Corp. (aka Aspen Dental)	ADMI Corp. (aka Aspen Dental)	Healthcare Services	4.00% (L + 3.50%)	12/23/2027	1,870		1,862		1,870		ADMI Corp. (aka Aspen Dental)	Healthcare	L (M)	3.75%	8.13%	12/2027	1,852		1,844		1,693
Advisor Group Holdings, Inc.	Advisor Group Holdings, Inc.	Financial Services	4.60% (L + 4.50%)	7/31/2026	11,697		11,615		11,735		Advisor Group Holdings, Inc.	Financial Services	L (M)	4.50%	8.88%	07/2026	11,577		11,513		11,353
Artera Services, LLC	Artera Services, LLC	Distribution & Logistics	4.50% (L + 3.50%)	3/6/2025	5,329		5,293		5,173		Artera Services, LLC	Distribution & Logistics	L (Q)	3.50%	8.23%	03/2025	5,275		5,251		4,339
athenahealth Group Inc.											athenahealth Group Inc.	Healthcare	SOFR (M)	3.50%	7.82%	02/2029	2,397		2,387		2,171
Barracuda Parent, LLC											Barracuda Parent, LLC	Software	SOFR (Q)	4.50%	8.59%	08/2029	5,000		4,856		4,822
Bayou Intermediate II, LLC	Bayou Intermediate II, LLC	Healthcare Services	5.25% (L + 4.50%)	8/2/2028	8,693		8,652		8,704		Bayou Intermediate II, LLC	Healthcare	L (Q)	4.50%	8.96%	08/2028	8,607		8,571		8,305
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	Bella Holding Company, LLC	Healthcare Services	4.50% (L + 3.75%)	5/10/2028	1,769		1,763		1,770		Bella Holding Company, LLC	Healthcare	L (M)	3.75%	8.13%	05/2028	1,751		1,746		1,661
Bleriot US Bidco Inc.	Bleriot US Bidco Inc.	Federal Services	4.22% (L + 4.00%)	10/30/2026	3,980		3,980		3,983		Bleriot US Bidco Inc.	Federal Services	L (Q)	4.00%	8.73%	10/2026	3,940		3,940		3,907
Bracket Intermediate Holding Corp.	Bracket Intermediate Holding Corp.	Healthcare Services	4.38% (L + 4.25%)	9/5/2025	4,473		4,461		4,469		Bracket Intermediate Holding Corp.	Healthcare	L (Q)	4.25%	7.99%	09/2025	4,427		4,418		4,220
Brave Parent Holdings, Inc.	Brave Parent Holdings, Inc.	Software	4.10% (L + 4.00%)	4/18/2025	2,390		2,385		2,392		Brave Parent Holdings, Inc.	Software	L (M)	4.00%	8.38%	04/2025	2,345		2,342		2,278
Brown Group Holding, LLC											Brown Group Holding, LLC	Distribution & Logistics	SOFR (Q)	3.75%	7.91%	07/2029	5,424		5,293		5,416
Cano Health, LLC	Cano Health, LLC	Healthcare Services	5.25% (L + 4.50%)	11/23/2027	5,737		5,731		5,748		Cano Health, LLC	Healthcare	SOFR (M)	4.00%	8.42%	11/2027	7,478		7,473		6,011
CE Intermediate I, LLC	CE Intermediate I, LLC	Software	4.50% (L + 4.00%)	11/10/2028	8,239		8,182		8,188		CE Intermediate I, LLC	Software	L (Q)	4.00%	8.59%	11/2028	8,178		8,127		7,779
CentralSquare Technologies, LLC	CentralSquare Technologies, LLC	Software	3.97% (L + 3.75%)	8/29/2025	14,550		14,530		13,761		CentralSquare Technologies, LLC	Software	P (Q)	3.75%	8.48%	08/2025	14,400		14,385		12,488
Certara Holdco, Inc.	Certara Holdco, Inc.	Healthcare Information Technology	3.60% (L + 3.50%)	8/15/2026	3,940		3,931		3,932		Certara Holdco, Inc.	Healthcare	L (M)	3.50%	7.88%	08/2026	3,900		3,893		3,849
CHA Holdings, Inc.	CHA Holdings, Inc.	Business Services	5.50% (L + 4.50%)	4/10/2025	10,919		10,894		10,919		CHA Holdings, Inc.	Business Services	L (Q)	4.50%	9.23%	04/2025	1,984		1,979		1,960
CHA Holdings, Inc.	CHA Holdings, Inc.	Business Services	5.50% (L + 4.50%)	4/10/2025	2,004		1,998		2,004		CHA Holdings, Inc.	Business Services	L (Q)	4.50%	9.23%	04/2025	10,806		10,788		10,679
Confluent Health, LLC	Confluent Health, LLC	Healthcare Services	4.50% (L + 4.00%)	11/30/2028	8,076		8,035		8,076		Confluent Health, LLC	Healthcare	L (M)	4.00%	8.68%	11/2028	999		991		853
Confluent Health, LLC											Confluent Health, LLC	Healthcare	L (M)	4.00%	8.38%	11/2028	8,014		7,979		6,842
Confluent Medical Technologies, Inc.											Confluent Medical Technologies, Inc.	Healthcare	SOFR (Q)	3.75%	8.33%	02/2029	6,948		6,916		6,617
Convey Health Solutions, Inc.											Convey Health Solutions, Inc.	Healthcare	SOFR (Q)	5.25%	9.83%	09/2026	4,988		4,846		4,838
Cornerstone OnDemand, Inc.	Cornerstone OnDemand, Inc.	Software	4.25% (L + 3.75%)	10/16/2028	3,247		3,231		3,244		Cornerstone OnDemand, Inc.	Software	L (M)	3.75%	8.13%	10/2028	3,222		3,209		2,892
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
CVET Midco 2, L.P.											CVET Midco 2, L.P.	Software	SOFR (Q)	5.00%	9.58%	10/2029	2,687		2,529		2,522
Dealer Tire Financial, LLC											Dealer Tire Financial, LLC	Distribution & Logistics	SOFR (M)	4.50%	8.82%	12/2027	10,666		10,640		10,559
Discovery Purchaser Corporation											Discovery Purchaser Corporation	Specialty Chemicals & Materials	SOFR (Q)	4.38%	7.97%	10/2029	5,400		4,976		4,943
Dispatch Acquisition Holdings, LLC	Dispatch Acquisition Holdings, LLC	Industrial Services	5.00% (L + 4.25%)	3/27/2028	9,975		9,851		9,969		Dispatch Acquisition Holdings, LLC	Industrial Services	L (Q)	4.25%	8.98%	03/2028	9,875		9,769		8,393
Drilling Info Holdings, Inc.	Drilling Info Holdings, Inc.	Business Services	4.35% (L + 4.25%)	7/30/2025	20,500		20,449		20,346		Drilling Info Holdings, Inc.	Business Services	L (M)	4.25%	8.63%	07/2025	20,288		20,251		19,578
EAB Global, Inc.	EAB Global, Inc.	Education	4.00% (L + 3.50%)	8/16/2028	10,000		9,952		9,961		EAB Global, Inc.	Education	L (M)	3.50%	7.88%	08/2028	6,422		6,395		6,193
Emerald 2 Limited	Emerald 2 Limited	Business Services	3.47% (L + 3.25%)	7/12/2028	445		444		443		Emerald 2 Limited	Business Services	L (Q)	3.25%	7.98%	07/2028	441		440		437
Energize Holdco LLC	Energize Holdco LLC	Business Services	4.25% (L + 3.75%)	12/8/2028	9,068		9,023		9,045		Energize Holdco LLC	Business Services	L (M)	3.75%	8.13%	12/2028	9,000		8,961		8,550
eResearchTechnology, Inc.	eResearchTechnology, Inc.	Healthcare Services	5.50% (L + 4.50%)	2/4/2027	4,429		4,396		4,455		eResearchTechnology, Inc.	Healthcare	L (M)	4.50%	8.88%	02/2027	4,384		4,357		3,895
EyeCare Partners, LLC	EyeCare Partners, LLC	Healthcare Services	4.25% (L + 3.75%)	11/15/2028	8,000		7,980		7,982		EyeCare Partners, LLC	Healthcare	L (Q)	3.75%	8.48%	11/2028	9,925		9,904		8,445
EyeCare Partners, LLC		Healthcare Services	6.00% (P + 2.75%)	11/15/2028	1,364		1,360		1,360
Foundational Education Group, Inc.	Foundational Education Group, Inc.	Education	4.75% (L + 4.25%)	8/31/2028	6,500		6,438		6,516		Foundational Education Group, Inc.	Education	SOFR (Q)	3.75%	8.59%	08/2028	6,435		6,381		6,048
Geo Parent Corporation											Geo Parent Corporation	Business Services	SOFR (Q)	5.25%	9.44%	12/2025	9,709		9,499		9,470
Greenway Health, LLC	Greenway Health, LLC	Healthcare Information Technology	4.75% (L + 3.75%)	2/16/2024	20,948		20,912		20,104		Greenway Health, LLC	Healthcare	L (Q)	3.75%	8.48%	02/2024	20,729		20,710		14,536
Heartland Dental, LLC	Heartland Dental, LLC	Healthcare Services	3.60% (L + 3.50%)	4/30/2025	3,572		3,563		3,541		Heartland Dental, LLC	Healthcare	L (M)	3.75%	8.13%	04/2025	3,535		3,529		3,280
Heartland Dental, LLC	Heartland Dental, LLC	Healthcare Services	4.10% (L + 4.00%)	4/30/2025	6,269		6,241		6,261		Heartland Dental, LLC	Healthcare	L (M)	4.00%	8.39%	04/2025	6,206		6,186		5,785
Help/Systems Holdings, Inc.	Help/Systems Holdings, Inc.	Software	4.75% (L + 4.00%)	11/19/2026	9,909		9,876		9,888		Help/Systems Holdings, Inc.	Software	SOFR (Q)	4.00%	8.19%	11/2026	9,808		9,782		8,867
Houghton Mifflin Harcourt Company											Houghton Mifflin Harcourt Company	Education	SOFR (M)	5.25%	9.67%	04/2029	4,037		3,926		3,854
Hunter Holdco 3 Limited	Hunter Holdco 3 Limited	Healthcare Services	4.75% (L + 4.25%)	8/19/2028	3,949		3,911		3,959		Hunter Holdco 3 Limited	Healthcare	L (Q)	4.25%	8.98%	08/2028	3,949		3,916		3,886
Idera, Inc.	Idera, Inc.	Software	4.50% (L + 3.75%)	3/2/2028	9,318		9,245		9,338		Idera, Inc.	Software	L (Q)	3.75%	7.50%	03/2028	9,224		9,162		8,723
Kestra Advisor Services Holdings A, Inc.	Kestra Advisor Services Holdings A, Inc.	Financial Services	4.36% (L + 4.25%)	6/3/2026	5,486		5,434		5,459		Kestra Advisor Services Holdings A, Inc.	Financial Services	L (Q)	4.25%	8.98%	06/2026	5,430		5,389		5,265
Keystone Acquisition Corp.		Healthcare Services	6.25% (L + 5.25%)	5/1/2024	5,171		5,150		5,146
LSCS Holdings, Inc.	LSCS Holdings, Inc.	Healthcare Services	5.00% (L + 4.50%)	12/16/2028	5,897		5,867		5,911		LSCS Holdings, Inc.	Healthcare	L (M)	4.50%	8.88%	12/2028	8,669		8,634		8,290
Mamba Purchaser, Inc.	Mamba Purchaser, Inc.	Healthcare Services	4.25% (L + 3.75%)	10/16/2028	4,124		4,104		4,126		Mamba Purchaser, Inc.	Healthcare	L (M)	3.50%	7.89%	10/2028	4,092		4,075		3,919
Mandolin Technology Intermediate Holdings, Inc.	Mandolin Technology Intermediate Holdings, Inc.	Software	4.25% (L + 3.75%)	7/31/2028	10,000		9,953		9,975		Mandolin Technology Intermediate Holdings, Inc.	Software	L (Q)	3.75%	8.16%	07/2028	9,900		9,859		9,281
Maverick Bidco Inc.	Maverick Bidco Inc.	Software	4.50% (L + 3.75%)	5/18/2028	8,000		7,963		8,015		Maverick Bidco Inc.	Software	SOFR (Q)	5.00%	9.28%	05/2028	2,000		1,905		1,901
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
Maverick Bidco Inc.											Maverick Bidco Inc.	Software	L (Q)	3.75%	8.16%	05/2028	7,921		7,889		7,527

7582

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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	Reference	Spread	Interest Rate (1)	Maturity Date	Principal Amount or Par Value		Cost		Fair Value (2)

Mavis Tire Express Services Topco Corp.											Mavis Tire Express Services Topco Corp.	Retail	SOFR (M)	4.00%	8.50%	05/2028	$	8,348	$	8,314	$	7,985
Mercury Borrower, Inc.											Mercury Borrower, Inc.	Business Services	L (Q)	3.50%	8.25%	08/2028	6,188		6,162		5,917
MH Sub I, LLC (Micro Holding Corp.)											MH Sub I, LLC (Micro Holding Corp.)	Software	L (M)	3.75%	8.13%	09/2024	7,818		7,805		7,606
National Intergovernmental Purchasing Alliance Company											National Intergovernmental Purchasing Alliance Company	Business Services	SOFR (Q)	3.50%	8.08%	05/2025	1,319		1,320		1,308
Netsmart, Inc.											Netsmart, Inc.	Healthcare	L (M)	4.00%	8.38%	10/2027	6,894		6,895		6,658
OEConnection LLC	OEConnection LLC	Business Services	4.10% (L + 4.00%)	9/25/2026	$	4,123	$	4,092	$	4,118	OEConnection LLC	Software	SOFR (M)	4.00%	8.42%	09/2026	4,081		4,056		3,899
PetVet Care Centers, LLC		Consumer Services	4.25% (L + 3.50%)	2/14/2025	9,974		9,950		9,987
Pearls (Netherlands) Bidco B.V.											Pearls (Netherlands) Bidco B.V.	Specialty Chemicals & Materials	SOFR (Q)	3.75%	7.84%	02/2029	1,333		1,330		1,298
PetVet Care Centers, LLC (fka Pearl Intermediate Parent LLC)											PetVet Care Centers, LLC (fka Pearl Intermediate Parent LLC)	Consumer Services	L (M)	3.50%	7.88%	02/2025	7,975		7,962		7,537
Physician Partners, LLC											Physician Partners, LLC	Healthcare	SOFR (M)	4.00%	8.42%	12/2028	4,252		4,214		4,068
Premise Health Holding Corp.	Premise Health Holding Corp.	Healthcare Services	3.72% (L + 3.50%)	7/10/2025	1,966		1,961		1,959		Premise Health Holding Corp.	Healthcare	L (S)	3.75%	7.92%	07/2025	1,946		1,942		1,888
Project Boost Purchaser, LLC	Project Boost Purchaser, LLC	Business Services	4.00% (L + 3.50%)	5/30/2026	2,488		2,482		2,491		Project Boost Purchaser, LLC	Business Services	L (M)	3.50%	7.88%	05/2026	2,463		2,458		2,377
Quest Software US Holdings Inc.		Software	4.38% (L + 4.25%)	5/16/2025	14,550		14,512		14,555
RealPage, Inc.	RealPage, Inc.	Business Services	3.75% (L + 3.25%)	4/24/2028	4,988		4,970		4,979		RealPage, Inc.	Software	L (M)	3.00%	7.38%	04/2028	3,628		3,617		3,460
RLG Holdings, LLC	RLG Holdings, LLC	Packaging	5.00% (L + 4.25%)	7/7/2028	4,767		4,744		4,765		RLG Holdings, LLC	Packaging	L (M)	4.00%	8.38%	07/2028	4,719		4,700		4,456
Sierra Enterprises, LLC	Sierra Enterprises, LLC	Food & Beverage	5.00% (L + 4.00%)	11/11/2024	4,216		4,204		4,216		Sierra Enterprises, LLC	Food & Beverage	L (Q)	4.00%	8.41%	11/2024	4,172		4,164		2,910
Snap One Holdings Corp.	Snap One Holdings Corp.	Distribution & Logistics	5.00% (L + 4.50%)	12/8/2028	8,649		8,563		8,639		Snap One Holdings Corp.	Distribution & Logistics	L (M)	4.50%	8.88%	12/2028	8,584		8,509		7,898
Sovos Brands Intermediate, Inc.	Sovos Brands Intermediate, Inc.	Food & Beverage	4.50% (L + 3.75%)	6/8/2028	8,290		8,270		8,296		Sovos Brands Intermediate, Inc.	Food & Beverage	L (Q)	3.50%	7.91%	06/2028	8,290		8,273		8,110
STATS Intermediate Holdings, LLC											STATS Intermediate Holdings, LLC	Business Services	SOFR (Q)	7.25%	11.52%	07/2026	2,294		2,204		2,202
Storable, Inc.	Storable, Inc.	Software	3.75% (L + 3.25%)	4/17/2028	4,000		3,977		3,991		Storable, Inc.	Software	SOFR (M)	3.50%	7.98%	04/2028	3,960		3,940		3,788
Symplr Software, Inc.											Symplr Software, Inc.	Healthcare	SOFR (Q)	4.50%	8.69%	12/2027	3,765		3,756		3,163
Syndigo LLC	Syndigo LLC	Software	5.25% (L + 4.50%)	12/15/2027	7,839		7,834		7,858		Syndigo LLC	Software	L (M)	4.50%	8.84%	12/2027	9,760		9,744		9,497
Therapy Brands Holdings LLC	Therapy Brands Holdings LLC	Healthcare Information Technology	4.75% (L + 4.00%)	5/18/2028	4,609		4,588		4,609		Therapy Brands Holdings LLC	Software	L (M)	4.00%	8.35%	05/2028	6,030		6,004		5,668
Thermostat Purchaser III, Inc.	Thermostat Purchaser III, Inc.	Business Services	5.25% (L + 4.50%)	8/31/2028	4,252		4,231		4,252		Thermostat Purchaser III, Inc.	Business Services	L (Q)	4.50%	9.23%	08/2028	4,288		4,270		4,143
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.	USIC Holdings, Inc.	Business Services	4.25% (L + 3.50%)	5/12/2028	3,839		3,825		3,839		USIC Holdings, Inc.	Business Services	L (M)	3.50%	7.88%	05/2028	3,801		3,788		3,638
Valcour Packaging, LLC	Valcour Packaging, LLC	Packaging	4.25% (L + 3.75%)	10/4/2028	3,301		3,291		3,301		Valcour Packaging, LLC	Packaging	L (S)	3.75%	7.98%	10/2028	3,276		3,268		2,744
VetCor Professional Practices LLC		Consumer Services	5.00% (L + 4.25%)	7/2/2025	9,972		9,779		9,889
Virtusa Corporation											Virtusa Corporation	Information Technology	SOFR (M)	3.75%	8.17%	02/2029	2,281		2,260		2,208
VT Topco, Inc.	VT Topco, Inc.	Business Services	4.50% (L + 3.75%)	8/1/2025	8,489		8,451		8,436		VT Topco, Inc.	Business Services	L (M)	3.75%	6.16%	08/2025	308		306		293
WP CityMD Bidco LLC		Healthcare Services	3.75% (L + 3.25%)	12/22/2028	7,044		7,002		7,045
VT Topco, Inc.											VT Topco, Inc.	Business Services	L (M)	3.75%	8.13%	08/2025	8,378		8,350		8,154
WatchGuard Technologies, Inc.											WatchGuard Technologies, Inc.	Software	SOFR (M)	5.25%	9.57%	07/2029	4,081		3,824		3,915
Wrench Group LLC	Wrench Group LLC	Consumer Services	4.22% (L + 4.00%)	4/30/2026	9,567		9,506		9,567		Wrench Group LLC	Consumer Services	L (Q)	4.00%	8.73%	04/2026	9,469		9,421		9,155
YI, LLC	YI, LLC	Healthcare Services	5.00% (L + 4.00%)	11/7/2024	22,215		22,203		22,104		YI, LLC	Healthcare	L (M)	4.00%	8.38%	11/2024	21,982		21,975		21,251

Zone Climate Services, Inc.											Zone Climate Services, Inc.	Business Services	SOFR (S)	4.75%	8.62%	03/2028	9,950		9,773		9,791
Zone Climate Services, Inc.											Zone Climate Services, Inc.	Business Services	SOFR (S)	4.75%	8.64%	03/2028	2,187		2,149		2,152
Total Funded Investments	Total Funded Investments				$	507,195	$	505,052	$	504,958	Total Funded Investments						$	508,399	$	504,879	$	473,931

Unfunded Investments - First lien	Unfunded Investments - First lien										Unfunded Investments - First lien
athenahealth Group Inc.											athenahealth Group Inc.	Healthcare	—	—	—	01/2024	$	294	$	—	$	(28)
Confluent Health, LLC	Confluent Health, LLC	Healthcare Services	—	11/30/2023	$	1,759	$	(9)	$	—	Confluent Health, LLC	Healthcare	—	—	—	11/2023	759		(4)		(111)
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.	Thermostat Purchaser III, Inc.	Business Services	—	8/31/2023	748		—		—		Thermostat Purchaser III, Inc.	Business Services	—	—	—	08/2023	669		—		(23)
VT Topco, Inc.	VT Topco, Inc.	Business Services	—	8/4/2023	1,490		—		(9)		VT Topco, Inc.	Business Services	—	—	—	08/2023	251		—		(7)
Total Unfunded Investments	Total Unfunded Investments				$	6,103	$	(9)	$	(10)	Total Unfunded Investments						$	1,973	$	(4)	$	(169)
Total Investments	Total Investments				$	513,298	$	505,043	$	504,948	Total Investments						$	510,372	$	504,875	$	473,762

(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 December 31, ~~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 ~~September 30, 2022~~March 31, 2023 and December 31, ~~2021~~2022 and for the three ~~and nine~~ months ended ~~September 30,~~March 31, 2023 and March 31, 2022:

Selected Consolidated Balance Sheet Information: September 30, 2022 December 31, 2021
Investments at fair value (cost of $501,129 and $505,043, respectively) $ 475,893 $ 504,948
Receivable from unsettled securities sold — 2,595
Cash and other assets 15,697 12,912
Total assets $ 491,590 $ 520,455
Credit facility $ 359,537 $ 360,137
Deferred financing costs (net of accumulated amortization of $845 and $396, respectively) (2,160) (2,609)
Payable for unsettled securities purchased 7,493 13,893
Distribution payable 4,022 3,396
Other liabilities 4,178 1,910
Total liabilities 373,070 376,727
Members' capital $ 118,520 $ 143,728
Total liabilities and members' capital $ 491,590 $ 520,455

Selected Consolidated Statement of Operations Information: Three Months Ended Nine Months Ended
September 30, 2022 September 30, 2021 September 30, 2022 September 30, 2021(1)
Interest income $ 8,333 $ 5,806 $ 20,749 $ 9,034
Other income 102 143 257 157
Total investment income 8,435 5,949 21,006 9,191
Interest and other financing expenses 3,940 1,649 8,288 2,523
Other expenses 188 206 596 475
Total expenses 4,128 1,855 8,884 2,998
Net investment income 4,307 4,094 12,122 6,193
Net realized (losses) gains on investments (85) (85) (77) 139
Net change in unrealized (depreciation) appreciation of investments (1,013) 2,214 (25,142) 4,265
Net increase (decrease) in members' capital $ 3,209 $ 6,223 $ (13,097) $ 10,597


Selected Consolidated Balance Sheet Information:	March 31, 2023		December 31, 2022
Investments at fair value (cost of $503,359 and $504,875, respectively)	$	477,724	$	473,762
Receivable from unsettled securities sold	7,525		—
Cash and other assets	14,645		12,853
Total assets	$	499,894	$	486,615

Credit facility	$	355,937	$	365,537
Deferred financing costs (net of accumulated amortization of $1,145 and $997, respectively)	(1,860)		(2,008)
Payable for unsettled securities purchased	4,558		—
Distribution payable	17,592		4,648
Other liabilities	6,051		5,410
Total liabilities	382,278		373,587

Members' capital	$	117,616	$	113,028
Total liabilities and members' capital	$	499,894	$	486,615

~~(1)~~


Selected Consolidated Statement of Operations Information:	Three Months Ended
		March 31, 2023		March 31, 2022
Interest income		$	11,258	$	5,936
Other income		116		103
Total investment income		11,374		6,039

Interest and other financing expenses		5,832		1,803
Other expenses		205		221
Total expenses		6,037		2,024


Net investment income		5,337		4,015

Net realized losses on investments		(1,669)		(2)
Net change in unrealized appreciation (depreciation) of investments		5,478		(3,710)
Net increase in members' capital		$	9,146	$	303

~~Reflects the results of operations for the period from May 5, 2021 through September 30, 2021.~~

For the three ~~and nine~~ months ended ~~September 30,~~March 31, 2023 and March 31, 2022, the Company earned approximately ~~$3,161~~$3,583 and $9,520, respectively, of dividend income related to SLP IV, which is included in dividend income. For the three months ended September 30, 2021, and the period from May 5, 2021 through September 30, 2021, the Company earned approximately $2,670 and $5,098,$3,372, respectively, of dividend income related to SLP IV, which is included in dividend income. As of ~~September 30, 2022~~March 31, 2023 and December 31, ~~2021,~~2022, approximately ~~$3,161~~$3,583 and ~~$2,670,~~$3,653, 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.” 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 ~~September 30, 2022,~~March 31, 2023, the Company did not have any 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", "high yield" or "junk" debt investments, and may be considered "high risk" compared to debt investments that are rated investment grade. These debt investments are considered speculative because of the credit risk of the issuers. Such issuers are considered more likely than investment grade issuers to default on their payments of interest and principal, and such risk of default could reduce the net asset value and income distributions of the Company. In addition, some of the Company's debt investments will not fully amortize during their lifetime, which could result in a loss or a substantial amount of unpaid principal and interest due upon maturity. First and second lien debt may also lose significant market value before a default occurs. Furthermore, an active trading market may not exist for these first and second lien debt investments. This illiquidity may make it more difficult to value the debt.

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

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

The Company’s operating results and portfolio companies may be negatively impacted by the COVID-19 pandemic. 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 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 may prolong the effects of the COVID-19 pandemic. To the extent its portfolio companies are adversely impacted by the effects of the COVID-19 pandemic, the Company may have 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 see reductions in business activity and financial transactions, supply chain interruptions and overall economic and financial market instability both in the United States and globally. The COVID-19 pandemic has and continues to 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. Any potential impact to 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 the Company's control. These potential impacts, while uncertain, could adversely affect the Company's and 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.

Note 4. Fair Value

Pursuant to Rule 2a-5, a market quotation is readily available for purposes of Section 2(a)(41) of the 1940 Act with respect to a security only when that “quotation is a quoted price (unadjusted) in active markets for identical investments that the fund can access at the measurement date, provided that a quotation will not be readily available if it is not reliable.” Fair value is the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. 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

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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.

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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 ~~September 30, 2022:~~March 31, 2023:


		Total		Level I		Level II		Level III			Total		Level I		Level II		Level III
First lien	First lien	$	1,770,125	$	—	$	11,434	$	1,758,691	First lien	$	1,798,746	$	—	$	—	$	1,798,746
Second lien	Second lien	573,535		—		67,839		505,696		Second lien	562,413		—		82,015		480,398
Subordinated	Subordinated	73,763		—		—		73,763		Subordinated	78,282		—		3,934		74,348
Equity and other	Equity and other	817,010		—		—		817,010		Equity and other	830,885		—		—		830,885
Total investments	Total investments	$	3,234,433	$	—	$	79,273	$	3,155,160	Total investments	$	3,270,326	$	—	$	85,949	$	3,184,377

The following table summarizes the levels in the fair value hierarchy that the Company’s portfolio investments fall into as of December 31, ~~2021:~~2022:


		Total		Level I		Level II		Level III			Total		Level I		Level II		Level III
First lien	First lien	$	1,657,815	$	—	$	22,672	$	1,635,143	First lien	$	1,753,967	$	—	$	—	$	1,753,967
Second lien	Second lien	627,356		—		308,236		319,120		Second lien	561,207		—		81,139		480,068
Subordinated	Subordinated	50,742		—		—		50,742		Subordinated	76,659		—		3,817		72,842
Equity and other	Equity and other	838,451		—		—		838,451		Equity and other	829,414		—		—		829,414
Total investments	Total investments	$	3,174,364	$	—	$	330,908	$	2,843,456	Total investments	$	3,221,247	$	—	$	84,956	$	3,136,291

The following table summarizes the changes in fair value of Level III portfolio investments for the three months ended March 31, 2023, 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 March 31, 2023:


	Total		First Lien		Second Lien		Subordinated		Equity and other
Fair Value, December 31, 2022	$	3,136,291	$	1,753,967	$	480,068	$	72,842	$	829,414
Total gains or losses included in earnings:
Net realized gains (losses) on investments	708		(13,956)		(4,711)		—		19,375
Net change in unrealized appreciation (depreciation)	7,083		12,093		4,096		(263)		(8,843)
Purchases, including capitalized PIK and revolver fundings(1)	130,933		117,905		945		1,769		10,314
Proceeds from sales and paydowns of investments(1)	(90,638)		(71,263)		—		—		(19,375)


Fair Value, March 31, 2023	$	3,184,377	$	1,798,746	$	480,398	$	74,348	$	830,885
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:	$	(6,956)	$	(2,055)	$	4,096	$	(156)	$	(8,841)

(1)Includes non-cash reorganizations and restructurings.

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The following table summarizes the changes in fair value of Level III portfolio investments for the three months ended ~~September 30,~~March 31, 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 ~~September 30,~~March 31, 2022:


		Total		First Lien		Second Lien		Subordinated		Equity and other			Total		First Lien		Second Lien		Subordinated		Equity and other
Fair Value, June 30, 2022		$	3,129,485	$	1,835,954	$	434,069	$	55,968	$	803,494
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 gains on investments		62		45		—		—		17
Net realized gains (losses) on investments												Net realized gains (losses) on investments	19,164		(77)		—		—		19,241
Net change in unrealized (depreciation) appreciation	Net change in unrealized (depreciation) appreciation	(24,503)		(19,170)		(13,958)		(526)		9,151		Net change in unrealized (depreciation) appreciation	(10,152)		1,553		(16,232)		(1,408)		5,935
Purchases, including capitalized PIK and revolver fundings	Purchases, including capitalized PIK and revolver fundings	147,022		116,907		7,422		18,321		4,372		Purchases, including capitalized PIK and revolver fundings	172,371		155,395		7,351		5,533		4,092
Proceeds from sales and paydowns of investments	Proceeds from sales and paydowns of investments	(176,517)		(175,045)		(1,448)		—		(24)		Proceeds from sales and paydowns of investments	(101,580)		(53,073)		(14,500)		—		(34,007)
Transfers into Level III(1)	Transfers into Level III(1)	79,611		—		79,611		—		—		Transfers into Level III(1)	151,175		—		151,175		—		—

Fair Value, September 30, 2022		$	3,155,160	$	1,758,691	$	505,696	$	73,763	$	817,010
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:		$	(24,455)	$	(19,123)	$	(13,958)	$	(526)	$	9,152
Transfers out of Level III(1)												Transfers out of Level III(1)	(27,441)		(27,441)		—		—		—
Fair Value, March 31, 2022												Fair Value, March 31, 2022	$	3,046,993	$	1,711,500	$	446,914	$	54,867	$	833,712
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:	$	(10,267)	$	1,438	$	(16,232)	$	(1,408)	$	5,935

(1)As of ~~September 30,~~March 31, 2022, ~~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.~~

The following table summarizes the changes in fair value of Level III portfolio investments for the three months ended September 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 September 30, 2021:

Total First Lien Second Lien Subordinated Equity and
other
Fair Value, June 30, 2021 $ 2,582,889 $ 1,443,896 $ 312,771 $ 37,982 $ 788,240
Total gains or losses included in earnings:
Net realized gains on investments 22,904 629 — — 22,275
Net change in unrealized (depreciation) appreciation (26,009) (10,360) (2,774) 222 (13,097)
Purchases, including capitalized PIK and revolver fundings 481,619 287,564 106,480 659 86,916
Proceeds from sales and paydowns of investments (431,533) (304,180) (21,451) — (105,902)
Transfers into Level III(1) 43,027 — 43,027 — —
Transfers out of Level III(1) (57,589) (36,673) (20,916) — —
Fair Value, September 30, 2021 $ 2,615,308 $ 1,380,876 $ 417,137 $ 38,863 $ 778,432
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: $ 8,381 $ (9,395) $ (2,774) $ 222 $ 20,328

~~(1)~~As of September 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 nine months ended September 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 September 30, 2022:

Total First Lien Second Lien Subordinated Equity and
other
Fair Value, December 31, 2021 $ 2,843,456 $ 1,635,143 $ 319,120 $ 50,742 $ 838,451
Total gains or losses included in earnings:
Net realized gains (losses) on investments 35,753 (618) — — 36,371
Net change in unrealized depreciation (64,552) (13,309) (47,712) (2,078) (1,453)
Purchases, including capitalized PIK and revolver fundings 587,780 515,997 19,269 25,099 27,415
Proceeds from sales and paydowns of investments (478,245) (378,522) (15,949) — (83,774)
Transfers into Level III(1) 230,968 — 230,968 — —
Fair Value, September 30, 2022 $ 3,155,160 $ 1,758,691 $ 505,696 $ 73,763 $ 817,010
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: $ (23,102) $ (13,414) $ (47,712) $ (2,078) $ 40,102

~~(1)As of September 30, 2022, 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.~~

The following table summarizes the changes in fair value of Level III portfolio investments for the nine months ended September 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 September 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 gains (losses) on investments 10,912 848 2 (5,150) 15,212
Net change in unrealized appreciation (depreciation) 56,689 (9,663) (2,145) 5,502 62,995
Purchases, including capitalized PIK and revolver fundings 767,313 477,631 129,501 1,572 158,609
Proceeds from sales and paydowns of investments (737,067) (535,475) (95,690) — (105,902)
Transfers out of Level III(1) (220,396) (35,832) (184,564) — —
Fair Value, September 30, 2021 $ 2,615,308 $ 1,380,876 $ 417,137 $ 38,863 $ 778,432
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: $ 50,567 $ (9,393) $ (2,347) $ 352 $ 61,955

~~(1)As of September 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.

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 nine~~ months ended ~~September 30, 2022~~March 31, 2023 and ~~September 30, 2021.~~March 31, 2022. 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.

The Company generally uses the following framework when determining the fair value of investments where there are little, if any, market activity or observable pricing inputs. The Company typically determines the fair value of its performing debt investments utilizing an income approach. Additional consideration is given using a market based approach, as well as

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reviewing the overall underlying portfolio company's performance and associated financial risks. The following outlines additional details on the approaches considered:

Company Performance, Financial Review, and Analysis: Prior to investment, as part of its due diligence process, the Company evaluates the overall performance and financial stability of the portfolio company. Post investment, the Company analyzes each portfolio company's current operating performance and relevant financial trends versus prior year and budgeted results, including, but not limited to, factors affecting its revenue and earnings before interest, taxes, depreciation, and amortization ("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.

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Market Based Approach: The Company may estimate the total enterprise value of each portfolio company by utilizing EBITDA or revenue multiples of publicly traded comparable companies and comparable transactions. The Company considers numerous factors when selecting the appropriate companies whose trading multiples are used to value its portfolio companies. These factors include, but are not limited to, the type of organization, similarity to the business being valued, and relevant risk factors, as well as size, profitability and growth expectations. The Company may apply an average of various relevant comparable company EBITDA or revenue multiples to the portfolio company's latest twelve month ("LTM") EBITDA or revenue or projected EBITDA or revenue to calculate the enterprise value of the portfolio company. Significant increases or decreases in the EBITDA or revenue 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 ~~September 30, 2022~~March 31, 2023 and December 31, ~~2021,~~2022, the Company used the relevant EBITDA or revenue multiple ranges set forth in the table below to determine the enterprise value of its portfolio companies. The Company believes these were reasonable ranges in light of current comparable company trading levels and the specific portfolio companies involved.

Income Based Approach: The Company also may use a discounted cash flow analysis to estimate the fair value of the investment. Projected cash flows represent the relevant security's contractual interest, fee and principal payments plus the assumption of full principal recovery at the investment's expected maturity date. These cash flows are discounted at a rate established utilizing a combination of a yield calibration approach and a comparable investment approach. The yield calibration approach incorporates changes in the credit quality (as measured by relevant statistics) of the portfolio company, as compared to changes in the yield associated with comparable credit quality market indices, between the date of origination and the valuation date. The comparable investment approach utilizes an average yield-to maturity of a selected set of high-quality, liquid investments to determine a comparable investment discount rate. Significant increases or decreases in the discount rate would result in a decrease or increase in the fair value measurement. In applying the income based approach as of ~~September 30, 2022~~March 31, 2023 and December 31, ~~2021,~~2022, 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 ~~September 30, 2022~~March 31, 2023 were as follows:

Range

Type

Fair Value as of September 30, 2022

Approach

Unobservable Input

Low

High

Weighted
Average

Type

Fair Value as of March 31, 2023

Approach

Unobservable Input

Low

High

Weighted
Average(1)

First lien

1,581,331

Market & income approach

EBITDA multiple

3.5x

38.0x

15.7x

First lien

1,739,314

Market & income approach

EBITDA multiple

4.0x

37.8x

15.3x

Revenue multiple

4.0x

19.5x

8.9x

Revenue multiple

4.5x

18.0x

9.0x

Discount rate

9.0

27.9

11.5

Discount rate

8.0

32.8

10.9

177,360

Other

N/A(1)

N/A

59,432

Other

N/A(2)

N/A

Second lien

498,527

Market & income approach

EBITDA multiple

8.0x

33.0x

15.2x

Second lien

472,731

Market & income approach

EBITDA multiple

7.5x

22.0x

14.7x

Discount rate

11.0

43.8

13.3

Discount rate

10.7

21.7

13.0

7,169

Other

N/A(1)

N/A

7,667

Other

N/A(2)

N/A

Subordinated

73,763

Market & income approach

EBITDA multiple

6.5x

24.5x

16.7x

Subordinated

74,348

Market & income approach

EBITDA multiple

9.0x

24.5x

16.0x

Discount rate

12.7

23.9

17.0

Discount rate

13.1

31.7

18.1

Equity and other

789,644

Market & income approach

EBITDA multiple

5.0x

26.5x

12.7x

Equity and other

810,242

Market & income approach

EBITDA multiple

6.0x

26.5x

12.4x

Revenue multiple

4.0x

19.5x

6.9x

Revenue multiple

4.5x

18.0x

7.1x

Discount rate

6.1

42.4

12.9

Discount rate

6.4

46.9

12.6

27,366

Other

N/A(1)

N/A

20,643

Other

N/A(2)

N/A

3,155,160

3,184,377

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

~~(1)~~(2)Fair value was determined based on transaction pricing or recent acquisition or sale as the best measure of fair value with no material changes in operations of the related portfolio company since the transaction date.

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The unobservable inputs used in the fair value measurement of the Company's Level III investments as of December 31, ~~2021~~2022 were as follows:

Range

Type

Fair Value as of December 31, 2021

Approach

Unobservable Input

Low

High

Weighted
Average

Type

Fair Value as of December 31, 2022

Approach

Unobservable Input

Low

High

Weighted
Average(1)

First lien

1,478,445

Market & income approach

EBITDA multiple

4.5x

32.5x

14.7x

First lien

1,663,116

Market & income approach

EBITDA multiple

4.8x

38.0x

15.3x

Revenue multiple

4.0x

19.5x

7.0x

Revenue multiple

5.0x

19.5x

9.5x

Discount rate

4.8

17.0

7.6

Discount rate

8.3

29.4

11.1

55,326

Market quote

Broker quote

N/A

101,372

Other

N/A(1)

N/A

90,851

Other

N/A(2)

N/A

Second lien

253,587

Market & income approach

EBITDA multiple

7.5x

32.0x

15.2x

Second lien

471,350

Market & income approach

EBITDA multiple

8.2x

32.0x

15.2x

Discount rate

11.2

47.1

13.7

Discount rate

7.5

28.2

11.3

22,528

Market quote

Broker quote

N/A

8,718

Other

N/A(2)

N/A

43,005

Other

N/A(1)

N/A

Subordinated

39,798

Market & income approach

EBITDA multiple

8.0x

14.5x

11.5x

Subordinated

72,842

Market & income approach

EBITDA multiple

8.0x

23.5x

16.3x

Discount rate

11.1

18.4

16.0

Discount rate

13.5

29.7

17.0

10,944

Other

N/A(1)

N/A

Equity and other

824,151

Market & income approach

EBITDA multiple

5.0x

26.5x

12.7x

Equity and other

793,468

Market & income approach

EBITDA multiple

4.8x

26.5x

13.0x

Revenue multiple

5.0x

19.5x

14.3x

Revenue multiple

10.5x

19.5x

14.6x

Discount rate

4.0

31.3

10.0

Discount rate

6.4

44.0

13.0

14,300

Other

N/A(1)

N/A

35,946

Other

N/A(2)

N/A

2,843,456

3,136,291

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

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

The carrying value of the collateralized agreement approximates fair value as of ~~September 30, 2022~~March 31, 2023 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.

The Holdings Credit Facility, NMFC Credit Facility, DB Credit Facility, SBA-guaranteed debentures, Unsecured Notes and NMNLC Credit Facility II are considered Level III. The fair value of the 2018 Convertible Notes ~~(defined below) was~~and 2022 Convertible Notes (the "Convertible Notes") were based on quoted prices and isare considered Level II. See Note 7. Borrowings, for details.

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The following are the principal amounts and fair values of the Company’s borrowings as of ~~September 30,~~March 31, 2023 and December 31, 2022. Fair value is estimated by discounting remaining payments using applicable current market rates, which take into account changes in the Company’s marketplace credit ratings or market quotes, if available.


		As of					As of
		September 30, 2022					March 31, 2023				December 31, 2022
		Principal Amount		Fair Value			Principal Amount		Fair Value		Principal Amount		Fair Value
Holdings Credit Facility	Holdings Credit Facility	$	630,663	$	617,558	Holdings Credit Facility	$	614,663	$	601,760	$	618,963	$	604,971
Unsecured Notes	Unsecured Notes	531,500		498,018		Unsecured Notes	441,500		415,130		531,500		499,551
SBA-guaranteed debentures	SBA-guaranteed debentures	300,000		257,090		SBA-guaranteed debentures	300,000		264,070		300,000		250,442
Convertible Notes	Convertible Notes	201,250		199,238		Convertible Notes	376,816		379,911		316,816		317,071
DB Credit Facility	DB Credit Facility	186,400		184,127		DB Credit Facility	186,400		183,970		186,400		183,734
NMFC Credit Facility (1)	NMFC Credit Facility (1)	127,210		125,434		NMFC Credit Facility (1)	87,949		86,618		40,359		39,699
NMNLC Credit Facility II	NMNLC Credit Facility II	2,934		2,933		NMNLC Credit Facility II	3,120		3,128		3,785		3,775
Total Borrowings	Total Borrowings	$	1,979,957	$	1,884,398	Total Borrowings	$	2,010,448	$	1,934,587	$	1,997,823	$	1,899,243

(1) As of ~~September 30,~~March 31, 2023, the principal amount of the NMFC Credit Facility was $87,949, which includes £22,850 denominated in GBP and €700 denominated in EUR that has been converted to U.S. dollars. As of March 31, 2023, the fair value of the NMFC Credit Facility was $86,618, which included £22,504 denominated in GBP and €689

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denominated in EUR that has been converted to U.S. dollars. As of December 31, 2022, the principal amount of the NMFC Credit Facility was ~~$127,210,~~$40,359, which included £22,850 denominated in GBP and €700 denominated in EUR that has been converted to U.S. dollars. As of ~~September 30,~~December 31, 2022, the fair value of the NMFC Credit Facility was ~~$125,434,~~$39,699, which included ~~£22,531~~£22,476 denominated in GBP and ~~€690~~€689 denominated in EUR that has been converted to U.S. dollars.

Fair value risk factors—The Company seeks investment opportunities that offer the possibility of attaining substantial capital appreciation. Certain events particular to each industry in which the Company's portfolio companies conduct their operations, as well as general economic, political and public health conditions, ~~(including the COVID-19 pandemic),~~ may have a significant negative impact on the operations and profitability of the Company's investments and/or on the fair value of the Company's investments. The Company's investments are subject to the risk of non-payment of scheduled interest or principal, resulting in a reduction in income to the Company and their corresponding fair valuations. Also, there may be risk associated with the concentration of investments in one geographic region or in certain industries. These events are beyond the control of the Company and cannot be predicted. Furthermore, the ability to liquidate investments and realize value is subject to uncertainties.

Note 5. Agreements

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 23, 2022~~January 24, 2023, at ~~a virtual~~an in-person 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 "SEC") in response to the COVID-19 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.March 1, 2023. Under the Investment Management Agreement, the Investment Adviser manages the day-to-day operations of, and provides investment advisory services to, the Company. For providing these services, the Investment Adviser receives a fee from the Company, consisting of two components—a base management fee and an incentive fee. On November 1, 2021, the Company entered into Amendment No. 1 to the Investment Management Agreement ("(“Amendment No. 1"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~~Company’s gross assets to 1.4% of the ~~Company's~~Company’s gross assets.

Pursuant to Amendment No. 1, the base management fee is calculated at an annual rate of 1.4% of the Company's gross assets, which equals the 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 gross assets, which equals the Company's total assets, as determined in accordance with GAAP, less 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

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the actual value of the derivatives, as reported on the Consolidated Statements of Assets and Liabilities, for purposes of calculating its base management fee.

Effective as of and for the quarter ended March 31, 2021 through the quarter ending December 31, 2023, the Investment Adviser 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”). The Investment Adviser cannot recoup management fees that the Investment Adviser has previously waived. For the three ~~and nine~~ months ended ~~September 30,~~March 31, 2023 and March 31, 2022, management fees waived were approximately ~~$1,115~~$1,063 and ~~$3,349, respectively. For the three and nine months ended September 30, 2021, management fees waived were approximately $3,752 and $11,193,~~$1,092, 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 were none as of ~~September 30, 2022)~~March 31, 2023), 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" of 2.0% per quarter (8.0% annualized), subject to a "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:

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•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" or "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-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". 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 Pre-Incentive Fee Net Investment Income exceeds 2.5% in any calendar quarter.

•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.

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The following table summarizes the management fees and incentive fees incurred by the Company for the three ~~and nine~~ months ended ~~September 30, 2022~~March 31, 2023 and ~~September 30, 2021:~~March 31, 2022:


		Three Months Ended				Nine Months Ended					Three Months Ended
		September 30, 2022		September 30, 2021		September 30, 2022		September 30, 2021			March 31, 2023		March 31, 2022
Management fee	Management fee	$	11,717	$	13,740	$	35,040	$	40,885	Management fee	$	11,638	$	11,553
Less: management fee waiver	Less: management fee waiver	(1,115)		(3,752)		(3,349)		(11,193)		Less: management fee waiver	(1,063)		(1,092)
Total management fee	Total management fee	10,602		9,988		31,691		29,692		Total management fee	10,575		10,461
Incentive fee, excluding accrued capital gains incentive fees	Incentive fee, excluding accrued capital gains incentive fees	$	8,202	$	7,661	$	23,605	$	22,207	Incentive fee, excluding accrued capital gains incentive fees	$	9,597	$	7,477

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

(1)As of ~~September 30,~~March 31, 2023 and March 31, 2022, ~~and September 30, 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~~January 24, 2023 for a period of 12 months commencing on ~~May 5, 2022.~~March 1, 2023. 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 expenses and oversees the performance of administrative and professional services rendered by others. The Company reimburses the Administrator for the Company's allocable portion of overhead and other expenses incurred by the Administrator in performing its obligations to the Company under the Administration Agreement. 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 nine~~ months ended ~~September 30,~~March 31, 2023 and March 31, 2022, approximately ~~$496~~$595 and ~~$1,854,~~$791, respectively, of indirect administrative

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expenses were included in administrative expenses of which $0 and $238, respectively, were waived by the Administrator. ~~For the three and nine months ended~~ ~~September 30, 2021, approximately $616 and $2,037, respectively, of indirect administrative expenses were included in administrative expenses of which $0 and $0, respectively, were waived by the Administrator.~~ As of ~~September 30, 2022~~March 31, 2023 and December 31, ~~2021,~~2022, approximately ~~$496~~$595 and ~~$545,~~$605, respectively, of indirect administrative expenses were included in payable to affiliates. For the three ~~and nine~~ months ended ~~September 30,~~March 31, 2023 and March 31, 2022 ~~the reimbursement to the Administrator represented approximately 0.01% and 0.05%, respectively, of the Company's gross assets. For the three and nine months ended~~ ~~September 30, 2021~~, the reimbursement to the Administrator represented approximately 0.02% and ~~0.06%~~0.02%, 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" and the "New Mountain 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" and "New Mountain 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" or the "New Mountain 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~~complete follow-on investments in our existing portfolio companies with certain affiliates that are private funds if such private funds ~~did~~do not ~~have~~hold 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

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action, to the extent that any BDC with an existing co-investment order ~~continues~~continued to engage in certain transactions described in the Temporary Relief, pursuant to the same terms and conditions described therein. The Temporary Relief is no longer effective; however, the Company filed an application to amend its existing Exemptive Order (as defined below) on May 24, 2022, as amended on June 22, 2022.

On August 30, 2022, the Company received an Order from the SEC which amended its existing Exemptive Order to permit the Company to continue to ~~co-invest~~complete follow-on investments in its existing portfolio companies with certain affiliates that are private funds if such private funds ~~did~~do not ~~have~~hold an investment in such existing portfolio company, subject to certain conditions.

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 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

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Company, 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.

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 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. The Exemptive Order was amended on August 30, 2022 to permit the Company to ~~co-invest~~complete follow-on investments in its existing portfolio companies with certain affiliates that are private funds if such private funds ~~did~~do not ~~have~~hold an investment in such existing portfolio company, subject to certain conditions.

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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 ~~2018~~ Convertible Notes (as defined below) and the Unsecured Notes ~~(each~~(as 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 ~~September 30, 2022,~~March 31, 2023, the Company’s asset coverage ratio was ~~179.3%~~177.6%.

Holdings Credit Facility—On October 24, 2017, the Company entered into the Third Amended and Restated Loan and Security Agreement (as amended from time to time, the "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~~(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 ~~September 30, 2022,~~March 31, 2023, 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

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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 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,~~28, 2023, the Holdings Credit Facility bears interest at a rate of SOFR plus 1.70% for Broadly Syndicated Loans (as defined in the Seventh Amendment to the Loan and Security Agreement) and SOFR plus 2.20% per annum for all other investments. From April 20, 2021 to April 27, 2023, the Holdings Credit Facility bore 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).

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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 nine~~ months ended ~~September 30, 2022~~March 31, 2023 and ~~September 30, 2021:~~March 31, 2022:


		Three Months Ended						Nine Months Ended							Three Months Ended
		September 30, 2022			September 30, 2021			September 30, 2022			September 30, 2021				March 31, 2023			March 31, 2022
Interest expense	Interest expense	$	6,734		$	2,446		$	13,937		$	7,606		Interest expense	$	10,287		$	2,934
Non-usage fee	Non-usage fee	$	154		$	311		$	558		$	1,004		Non-usage fee	$	118		$	222
Amortization of financing costs	Amortization of financing costs	$	807		$	806		$	2,395		$	2,046		Amortization of financing costs	$	464		$	789
Weighted average interest rate	Weighted average interest rate	4.4		%	2.0		%	3.2		%	2.2		%	Weighted average interest rate	6.6		%	2.2		%
Effective interest rate	Effective interest rate	5.0		%	2.9		%	3.9		%	3.0		%	Effective interest rate	7.0		%	2.9		%
Average debt outstanding	Average debt outstanding	$	607,585		$	483,131		$	580,699		$	467,570		Average debt outstanding	$	634,146		$	550,063

As of ~~September 30, 2022~~March 31, 2023 and December 31, ~~2021,~~2022, the outstanding balance on the Holdings Credit Facility was ~~$630,663~~$614,663 and ~~$545,263,~~$618,963, 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 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 ~~September 30, 2022,~~March 31, 2023, the maximum amount of revolving borrowings available under the NMFC Credit Facility was $198,500. The Company is permitted to borrow at various advance rates depending on the type of portfolio investment, as outlined in the 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, Sterling Overnight Interbank Average Rate ("SONIA") or Euro Interbank Offered Rate ("EURIBOR") 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).

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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 nine~~ months ended ~~September 30, 2022~~March 31, 2023 and ~~September 30, 2021:~~March 31, 2022:


		Three Months Ended						Nine Months Ended							Three Months Ended
		September 30, 2022			September 30, 2021			September 30, 2022			September 30, 2021				March 31, 2023			March 31, 2022
Interest expense	Interest expense	$	1,872		$	655		$	3,798		$	2,262		Interest expense	$	1,617		$	871
Non-usage fee	Non-usage fee	$	25		$	69		$	118		$	188		Non-usage fee	$	92		$	43
Amortization of financing costs	Amortization of financing costs	$	60		$	61		$	175		$	137		Amortization of financing costs	$	53		$	62
Weighted average interest rate	Weighted average interest rate	4.3		%	2.2		%	3.2		%	2.5		%	Weighted average interest rate	6.5		%	2.3		%
Effective interest rate	Effective interest rate	4.5		%	2.7		%	3.5		%	2.8		%	Effective interest rate	7.1		%	2.6		%
Average debt outstanding	Average debt outstanding	$	171,850		$	117,146		$	156,303		$	122,537		Average debt outstanding	$	101,025		$	152,570

As of ~~September 30, 2022 and December~~March 31, ~~2021,~~2023, the outstanding balance on the NMFC Credit Facility was ~~$127,210 and $127,192,~~$87,949, which included £22,850 ~~and £16,400, respectively,~~ denominated in British Pound Sterling ("GBP") and €700 ~~and €0, respectively,~~ denominated in Euro ("EUR") that ~~has~~have been converted to U.S. dollars. ~~NMFC was in compliance with~~As of December 31, 2022, the ~~applicable covenants in~~outstanding balance on the NMFC Credit Facility ~~on such dates.~~was $40,359, which included £22,850 denominated in GBP and €700 denominated in EUR that have been converted to U.S. dollars.

Unsecured Management Company Revolver—The Uncommitted Revolving Loan Agreement (the "Uncommitted Revolving Loan Agreement"), 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 credit facility.

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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 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 ~~September 30, 2022,~~March 31, 2023, 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 nine~~ months ended ~~September 30,~~March 31, 2023 and March 31, 2022, amortization of financing costs were $4$1 and ~~$10, respectively. For the three and nine months ended September 30, 2021, amortization of financing costs were $2 and $8,~~$3, respectively.

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 the maturity date is March 25, 2026.

As of ~~September 30, 2022,~~March 31, 2023, 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 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 LFSA) and a facility agent fee of 0.25% per annum on the total facility amount.

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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 nine~~ months ended ~~September 30, 2022~~March 31, 2023 and ~~September 30, 2021:~~March 31, 2022:


		Three Months Ended						Nine Months Ended							Three Months Ended
		September 30, 2022			September 30, 2021			September 30, 2022			September 30, 2021				March 31, 2023			March 31, 2022
Interest expense(1)	Interest expense(1)	$	2,682		$	1,384		$	6,555		$	4,517		Interest expense(1)	$	3,486		$	1,766
Non-usage fee(1)	Non-usage fee(1)	$	103		$	105		$	236		$	269		Non-usage fee(1)	$	102		$	53
Amortization of financing costs	Amortization of financing costs	$	272		$	272		$	809		$	708		Amortization of financing costs	$	267		$	267
Weighted average interest rate	Weighted average interest rate	5.3		%	2.8		%	4.0		%	2.9		%	Weighted average interest rate	7.6		%	3.0		%
Effective interest rate	Effective interest rate	6.1		%	3.5		%	4.7		%	3.5		%	Effective interest rate	8.4		%	3.6		%
Average debt outstanding	Average debt outstanding	$	199,442		$	198,938		$	217,817		$	209,417		Average debt outstanding	$	186,400		$	237,267

(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.

As of ~~September 30, 2022~~March 31, 2023 and December 31, ~~2021,~~2022, the outstanding balance on the DB Credit Facility was $186,400 and ~~$226,300,~~$186,400, respectively, and NMFDB was in compliance with the applicable covenants in the DB Credit Facility on such dates.

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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 ~~amendment on March 16, 2022, the NMNLC Credit Facility II matures on February 25, 2023. As of the~~most recent amendment on November 1, 2022, NM CLFX LP has been added as a co-borrower and the NMNLC ~~Credit Facility II~~CA will mature on November 1, 2024. 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 September 30, 2022, the maximum amount of revolving borrowings available under the NMNLC Credit Facility II was $10,000.~~refinancing existing loans on properties held.

~~Prior to the amendment on~~From 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,through November 1, 2022, the NMNLC Credit Facility II bore interest at a rate of the ~~Secured Overnight Financing Rate ("SOFR")~~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). As of the amendment on November 1, 2022, the NMNLC Credit Facility II bears interest at a rate of SOFR plus 2.25%.

Prior to the amendment on March 16, 2022, the maximum amount of revolving borrowings available under the NMNLC Credit Facility II was $20,000. As of the March 16, 2022 amendment and effective May 1, 2022 through November 1, 2022, the maximum amount of revolving borrowings available under the NMNLC Credit Facility II was $10,000. As of the amendment on November 1, 2022, the maximum amount of revolving borrowings available to all borrowers under the NMNLC Credit Facility II is $27,500, ~~and~~of which $25,675 is outstanding as of March 31, 2023.

The following table summarizes the ~~facility bears interest at a rate of SOFR plus 2.25%. For the three and nine months ended September 30, 2022,~~ interest expense, non-usage fees and amortization of financing costs ~~were $25 and $225, $1 and $2, and $5 and $40, respectively and~~incurred on the ~~weighted average interest rate and effective interest rate was 5.0% and 3.4% and 6.1% and 4.0%, respectively. For~~NMNLC Credit Facillity II for the three ~~and nine~~ months ended ~~September 30, 2021, interest expense, non-usage fees~~March 31, 2023 and ~~amortization of financing costs were $27 and $27, $1 and $3, and $24 and $55, respectively.~~ March 31, 2022:


	Three Months Ended
	March 31, 2023			March 31, 2022
Interest expense	$	53		$	118
Non-usage fee	$	—		$	1
Amortization of financing costs	$	23		$	27
Weighted average interest rate	7.2		%	3.1		%
Effective interest rate	10.4		%	3.9		%
Average debt outstanding	$	2,973		$	15,200

As of ~~September 30, 2022~~March 31, 2023 and December 31, ~~2021,~~2022, the outstanding balance on the NMNLC Credit Facility II was ~~$2,934~~$3,120 and ~~$15,200,~~$3,785, respectively, and NMNLC was in compliance with the applicable covenants in the NMNLC Credit Facility II on such date.

Convertible Notes

2018 Convertible Notes—On August 20, 2018, the Company closed a registered public offering of $100,000 aggregate principal amount of unsecured convertible notes (the “2018 Convertible Notes”), pursuant to an indenture, dated August 20,

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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 2018 Convertible Notes pursuant to the exercise of an overallotment option by the underwriter of the 2018 Convertible Notes. On June 7, 2019, the Company closed a registered public offering of an additional $86,250 aggregate principal amount of the 2018 Convertible Notes. These additional 2018 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 2018 Convertible Notes that the Company issued in August 2018.

The 2018 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 2018 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 2018 Convertible Notes prior to May 15, 2023. On or after May 15, 2023, the Company may redeem the 2018 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 2018 Convertible Notes to be redeemed, (ii) accrued and unpaid interest thereon to, but excluding, the redemption date and (iii) a make-whole premium.

On November 4, 2022, the Company launched a tender offer to purchase, upon the terms and subject to the conditions set forth in the Offer to Purchase, dated November 4, 2022, up to $201,250 aggregate principal amount of outstanding 2018 Convertible Notes for cash in an amount equal to $1,000 per $1,000 principal amount of Notes purchased (exclusive of accrued and unpaid interest on such notes) (the "Tender Offer"). The Tender Offer expired on December 6, 2022. As of the expiration of the Tender Offer, $84,434 aggregate principal amount of the 2018 Convertible Notes were validly tendered and not validly withdrawn pursuant to the Tender Offer. The Company accepted for purchase all of the 2018 Convertible Notes that were validly tendered and not validly withdrawn at the expiration of the Tender Offer. Following settlement of the Tender Offer on December 9, 2022, approximately $116,816 aggregate principal amount of the 2018 Convertible Notes remained outstanding.

No sinking fund is provided for the 2018 Convertible Notes. Holders of 2018 Convertible Notes may, at their option, convert their 2018 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 2018 Convertible Notes. In addition, if certain corporate events occur, holders of the 2018 Convertible Notes may require the Company to repurchase for cash all or part of their 2018 Convertible Notes at a repurchase price equal to ~~100%~~100.0% of the principal amount of the 2018 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 2018 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.

2022 Convertible Notes—On November 2, 2022, the Company closed a private offering of $200,000 aggregate principal amount of unsecured convertible notes (the “2022 Convertible Notes”), pursuant to an indenture, dated August 20, 2018, as supplemented by a third supplemental indenture thereto, dated November 2, 2022 (together the “2018C Indenture”). On March 14, 2023, the Company issued an additional $60,000 aggregate principal amount of the 2022 Convertible Notes. These additional 2022 Convertible Notes constitute a further issuance of, rank equally in right of payment with, and form a single series with the $200,000 aggregate principal amount of 2022 Convertible Notes that the Company issued in November 2022.

The 2022 Convertible Notes bear interest at an annual rate of 7.50%, payable semi-annually in arrears on April 15 and October 15 of each year, commencing on April 15, 2023. The 2022 Convertible Notes will mature on October 15, 2025 unless earlier converted, repurchased or redeemed pursuant to the terms of the 2018C Indenture. The Company may not redeem the 2022 Convertible Notes prior to July 15, 2025. On or after July 15, 2025, the Company may redeem the 2022 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 2022 Convertible Notes to be redeemed, (ii) accrued and unpaid interest thereon to, but excluding, the redemption date and (iii) a make-whole premium.

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The following table summarizes certain key terms related to the convertible features of the Company’s 2018 Convertible Notes and the 2022 Convertible Notes (together, the "Convertible Notes") as of ~~September 30, 2022:~~March 31, 2023:


	~~2018 Convertible Notes~~
~~Initial conversion premium~~	~~10.0~~		%
~~Initial conversion rate(1)~~	~~65.8762~~
~~Initial conversion price~~	$	~~15.18~~
~~Conversion premium at September 30, 2022~~	~~10.0~~		%
~~Conversion rate at September 30, 2022(1)(2)~~	~~65.8762~~
~~Conversion price at September 30, 2022(2)(3)~~	$	~~15.18~~
~~Last conversion price calculation date~~	~~August 20, 2022~~


	2018 Convertible Notes			2022 Convertible Notes
Initial conversion premium(1)	10.0		%	14.7		%
Initial conversion rate(2)	65.8762			70.4225
Initial conversion price	$	15.18		$	14.20
Conversion premium at March 31, 2023	10.0		%	14.7		%
Conversion rate at March 31, 2023(1)(2)	65.8762			70.6582
Conversion price at March 31, 2023(2)(3)	$	15.18		$	14.15
Last conversion price calculation date	August 20, 2022			March 17, 2023

(1)Conversion rates denominated in shares of common stock per $1 principal amount of the ~~2018~~ 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 ~~September 30, 2022~~March 31, 2023 on the 2018 Convertible Notes 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 price in effect at March 31, 2023 on the 2022 Convertible Notes was calculated on March 17, 2023.

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 for the 2018 Convertible Notes and $0.30 per share per quarter for the 2022 Convertible Notes 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.~~share for the 2018 Convertible Notes and $12.38 per share for the 2022 Convertible Notes. In no event will the total number of shares of common stock issuable upon conversion exceed 72.4637 per $1 principal ~~amount.~~amount of the 2018 Convertible Notes and 80.7754 per $1 principal amount of the 2022 Convertible Notes. The Company has determined that the embedded conversion option in the ~~2018~~ Convertible Notes is not required to be separately accounted for as a derivative under GAAP.

The ~~2018~~ 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 ~~2018~~ 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 ~~2018~~ Convertible Notes for the three ~~and nine~~ months ended ~~September 30, 2022~~March 31, 2023 and ~~September 30, 2021:~~March 31, 2022:


		Three Months Ended						Nine Months Ended							Three Months Ended
		September 30, 2022			September 30, 2021			September 30, 2022			September 30, 2021				March 31, 2023			March 31, 2022
Interest expense	Interest expense	$	2,893		$	2,893		$	8,679		$	8,679		Interest expense	$	5,642		$	2,893
Amortization of financing costs	Amortization of financing costs	$	100		$	100		$	296		$	296		Amortization of financing costs	$	374		$	97
Amortization of premium	Amortization of premium	$	(26)		$	(26)		$	(77)		$	(77)		Amortization of premium	$	(18)		$	(26)
Weighted average interest rate	Weighted average interest rate	5.8		%	5.8		%	5.8		%	5.8		%	Weighted average interest rate	6.9		%	5.8		%
Effective interest rate	Effective interest rate	5.9		%	5.9		%	5.9		%	5.9		%	Effective interest rate	7.3		%	5.9		%
Average debt outstanding	Average debt outstanding	$	201,250		$	201,250		$	201,250		$	201,250		Average debt outstanding	$	328,816		$	201,250

As of ~~September 30, 2022~~March 31, 2023 and December 31, ~~2021,~~2022, the outstanding balance on the ~~2018~~ Convertible Notes was ~~$201,250~~$376,816 and ~~$201,250, respectively, and~~$316,816, respectively. NMFC was in compliance with the terms of the 2018A Indenture and 2018C 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

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principal amount of five-year unsecured notes that matured on July 15, 2022 (the "2017A Unsecured Notes"), pursuant to the NPA and a supplement to the NPA. On July 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 January 30, 2018, the Company issued ~~$90,000~~

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$90,000 in aggregate principal amount of five year unsecured notes that ~~mature~~matured on January 30, 2023 (the "2018A Unsecured Notes") pursuant to the NPA and a second supplement to the NPA. On January 30, 2023, the Company caused notices to be issued to holders of the Company's 2018A Unsecured Notes regarding the exercise of the Company's option to repay all of the Company's $90,000 in aggregate principal amount of issued and outstanding 2018A Unsecured Notes, which was repaid on January 27, 2023. 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 (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 (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 bore 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.~~year. The 2018A Unsecured Notes ~~bear~~bore 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.~~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, which commenced on January 15, 2019.~~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, which commenced on October 15, 2019.~~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.~~year. 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.~~year, which commenced on December 14, 2022. 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, 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,The 2017A Unsecured Notes, 2018A Unsecured Notes, 2018B Unsecured Notes, 2019A Unsecured Notes, ~~the~~ 2021A Unsecured Notes and ~~the~~ 2022A Unsecured Notes (together, 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

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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 nine~~ months ended ~~September 30, 2022~~March 31, 2023 and ~~September 30, 2021:~~March 31, 2022:


		Three Months Ended						Nine Months Ended							Three Months Ended
		September 30, 2022			September 30, 2021			September 30, 2022			September 30, 2021				March 31, 2023			March 31, 2022
Interest expense	Interest expense	$	6,512		$	5,958		$	18,624		$	18,443		Interest expense	$	5,667		$	5,958
Amortization of financing costs	Amortization of financing costs	$	202		$	204		$	607		$	1,661		Amortization of financing costs	$	209		$	199
Weighted average interest rate	Weighted average interest rate	4.8		%	4.7		%	4.7		%	4.7		%	Weighted average interest rate	4.8		%	4.7		%
Effective interest rate	Effective interest rate	5.0		%	4.8		%	4.9		%	5.2		%	Effective interest rate	5.0		%	4.8		%
Average debt outstanding	Average debt outstanding	$	539,870		$	511,500		$	525,456		$	518,333		Average debt outstanding	$	471,500		$	511,500

As of ~~September 30, 2022~~March 31, 2023 and December 31, ~~2021,~~2022, the outstanding balance on the Unsecured Notes was ~~$531,500~~$441,500 and ~~$511,500,~~$531,500, respectively, and the Company was in compliance with the terms of the NPA 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 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 ~~September 30, 2022~~March 31, 2023 and December 31, ~~2021,~~2022, 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 ~~September 30, 2022~~March 31, 2023 and December 31, ~~2021,~~2022, 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 ~~September 30, 2022:~~March 31, 2023:


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 nine~~ months ended ~~September 30, 2022~~March 31, 2023 and ~~September 30, 2021:~~March 31, 2022:


		Three Months Ended						Nine Months Ended							Three Months Ended
		September 30, 2022			September 30, 2021			September 30, 2022			September 30, 2021				March 31, 2023			March 31, 2022
Interest expense	Interest expense	$	2,042		$	2,042		$	6,061		$	6,061		Interest expense	$	1,998		$	1,998
Amortization of financing costs	Amortization of financing costs	$	253		$	253		$	750		$	750		Amortization of financing costs	$	247		$	247
Weighted average interest rate	Weighted average interest rate	2.7		%	2.7		%	2.7		%	2.7		%	Weighted average interest rate	2.7		%	2.7		%
Effective interest rate	Effective interest rate	3.0		%	3.0		%	3.0		%	3.0		%	Effective interest rate	3.0		%	3.0		%
Average debt outstanding	Average debt outstanding	$	300,000		$	300,000		$	300,000		$	300,000		Average debt outstanding	$	300,000		$	300,000

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 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 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 ~~September 30, 2022~~March 31, 2023 and December 31, ~~2021,~~2022, 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 generally 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" 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 ~~September 30,~~March 31, 2023, the Company had unfunded commitments on revolving credit facilities of $107,125, no outstanding bridge financing commitments and other future funding commitments of $109,064. As of December 31, 2022, the Company had unfunded commitments on revolving credit facilities of ~~$97,859,~~$100,315, no outstanding bridge financing commitments and other future funding commitments of $156,538. As of December 31, 2021, the Company had unfunded commitments on revolving credit facilities of $86,989, no outstanding bridge financing commitments and other future funding commitments of $128,446.$123,748. 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 ~~September 30, 2022~~March 31, 2023 and December 31, ~~2021.~~2022. See Note 7. Borrowings, for details.

The Company may from time to time enter into financing commitment letters. As of ~~September 30, 2022~~March 31, 2023 and December 31, ~~2021,~~2022, the Company had commitment letters to purchase investments in the aggregate par amount of ~~$62,239~~$4,858 and ~~$6,800,~~$45,634, respectively, which could require funding in the future.

~~COVID-19 Developments~~

102

The Company's operating results and portfolio companies may be negatively impacted by the ongoing COVID-19 pandemic. The Company has been closely monitoring, and will continue to monitor, 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. Any effects of 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 the Company's 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 the Company's portfolio companies are adversely impacted by the effects of the COVID-19 pandemic, it may have a material adverse impact on the Company's future net investment income, the fair value of the Company's portfolio investments and the Company's financial condition.

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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 nine~~ months ended ~~September 30, 2022:~~March 31, 2023:


							Accumulated 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, 2021		97,907,441	$	979	$	1,272,796	$	118,330	$	(92,099)	$	21,239	$	1,321,245	$	21,367	$	1,342,612
Net assets at December 31, 2022																			Net assets at December 31, 2022	100,937,026	$	1,009	$	1,305,945	$	147,593	$	(68,072)	$	(72,002)	$	1,314,473	$	11,718	$	1,326,191
Issuances of common stock	Issuances of common stock	1,591,121	16		21,556		—		—		—		21,572		—		21,572		Issuances of common stock	—	—		—		—		—		—		—		—		—

Offering costs	Offering costs	—	—		(52)		—		—		—		(52)		—		(52)		Offering costs	—	—		(56)		—		—		—		(56)		—		(56)
Distributions declared	Distributions declared	—	—		—		(29,589)		—		—		(29,589)		(3,750)		(33,339)		Distributions declared	—	—		—		(32,300)		—		—		(32,300)		(153)		(32,453)

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		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		1,218,366	12		16,565		—		—		—		16,577		—		16,577
Net increase in net assets resulting from operations																			Net increase in net assets resulting from operations	—	—		—		38,113		677		5,783		44,573		239		44,812
Net assets at March 31, 2023																			Net assets at March 31, 2023	100,937,026	$	1,009	$	1,305,889	$	153,406	$	(67,395)	$	(66,219)	$	1,326,690	$	11,804	$	1,338,494

Offering costs		—	—		(74)		—		—		—		(74)				(74)
Distributions declared		—	—		—		(30,215)		—		—		(30,215)		(4,190)		(34,405)
Contributions related to non-controlling interest in NMNLC		—	—		—		—		—		—		—		123		123
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		100,716,928	$	1,007	$	1,310,791	$	119,495	$	(59,654)	$	(20,029)	$	1,351,610	$	13,591	$	1,365,201
Issuances of common stock		220,098	2		2,953		—		—		—		2,955		—		2,955

Offering costs		—	—		(34)		—		—		—		(34)		—		(34)
Distributions declared		—	—		—		(30,281)		—		—		(30,281)		(257)		(30,538)
Contributions related to non-controlling interest in NMNLC		—	—		—		—		—		—		—		—		—
Net increase (decrease) in net assets resulting from operations		—	—		—		32,527		(390)		(24,432)		7,705		(191)		7,514
Net assets at September 30, 2022		100,937,026	$	1,009	$	1,313,710	$	121,741	$	(60,044)	$	(44,461)	$	1,331,955	$	13,143	$	1,345,098

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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 nine~~ months ended ~~September 30, 2021:~~March 31, 2022:

Accumulated Undistributed (Overdistributed) Earnings
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 (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
Issuances of common stock 79,646 1 1,048 — — — 1,049 — 1,049
Distributions declared — — — (29,048) — — (29,048) (330) (29,378)
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
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
Distributions declared — — — (29,072) — — (29,072) (278) (29,350)
Contributions related to non-controlling interest in NMNLC — — — — — — — 317 317
Net increase (decrease) in net assets resulting from operations — — — 30,338 23,008 (31,499) 21,847 1,058 22,905
Net assets at September 30, 2021 96,906,988 $ 969 $ 1,270,719 $ 106,664 $ (75,558) $ (17,889) $ 1,284,905 $ 20,053 $ 1,304,958


						Accumulated Undistributed (Overdistributed) Earnings
	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		(Depreciation)		of NMFC		NMNLC		Net Assets
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	1,591,121	16		21,556		—		—		—		21,572		—		21,572



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

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	99,498,562	$	995	$	1,294,300	$	118,314	$	(74,503)	$	10,262	$	1,349,368	$	18,472	$	1,367,840

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 nine~~ months ended ~~September 30, 2022,~~March 31, 2023, the Company ~~sold 220,098 and 2,950,300, respectively,~~did not sell any shares of common stock under the Distribution Agreement. For the ~~same period,~~three months ended March 31, 2022, the Company sold 1,511,836 shares of common stock under the Distribution Agreement. For the three months ended March 31, 2022, the Company received total accumulated net proceeds of approximately ~~$2,956 and $40,007, respectively,~~$20,474, including ~~$12 and $439, respectively,~~$295 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 ~~September 30, 2022,~~March 31, 2023, shares representing approximately $196,938 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 in the Company’s net assets per share resulting from operations for the three ~~and nine~~ months ended ~~September 30, 2022~~March 31, 2023 and ~~September 30, 2021:~~March 31, 2022:


		Three Months Ended				Nine Months Ended					Three Months Ended
		September 30, 2022		September 30, 2021		September 30, 2022		September 30, 2021			March 31, 2023		March 31, 2022
Earnings per share—basic	Earnings per share—basic									Earnings per share—basic
Numerator for basic earnings per share:	Numerator for basic earnings per share:	$	7,705	$	21,847	$	59,851	$	149,149	Numerator for basic earnings per share:	$	44,573	$	36,192
Denominator for basic weighted average share:	Denominator for basic weighted average share:	100,830,075		96,906,988		99,955,432		96,854,474		Denominator for basic weighted average share:	100,937,026		98,413,476
Basic earnings per share:	Basic earnings per share:	$	0.08	$	0.23	$	0.60	$	1.54	Basic earnings per share:	$	0.44	$	0.37
Earnings per share—diluted(1)	Earnings per share—diluted(1)									Earnings per share—diluted(1)
Numerator for increase in net assets per share	Numerator for increase in net assets per share	$	7,705	$	21,847	$	59,851	$	149,149	Numerator for increase in net assets per share	$	44,573	$	36,192
Adjustment for interest on 2018 Convertible Notes and incentive fees, net		2,314		2,314		6,943		6,943
Adjustment for interest on Convertible Notes and incentive fees, net										Adjustment for interest on Convertible Notes and incentive fees, net	4,513		2,314
Numerator for diluted earnings per share:	Numerator for diluted earnings per share:	$	10,019	$	24,161	$	66,794	$	156,092	Numerator for diluted earnings per share:	$	49,086	$	38,506
Denominator for basic weighted average share	Denominator for basic weighted average share	100,830,075		96,906,988		99,955,432		96,854,474		Denominator for basic weighted average share	100,937,026		98,413,476
Adjustment for dilutive effect of 2018 Convertible Notes		13,257,585		13,257,585		13,257,585		13,257,585
Adjustment for dilutive effect of Convertible Notes										Adjustment for dilutive effect of Convertible Notes	22,654,406		13,257,586
Denominator for diluted weighted average share	Denominator for diluted weighted average share	114,087,660		110,164,573		113,213,017		110,112,059		Denominator for diluted weighted average share	123,591,432		111,671,062
Diluted earnings per share:	Diluted earnings per share:	$	0.08	$	0.22	$	0.59	$	1.42	Diluted earnings per share:	$	0.40	$	0.34

(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 three months ended ~~September 30,~~March 31, 2023 and March 31, 2022, ~~there was anti-dilution. For the nine months ended September 30, 2022 and the three and nine months ended September 30, 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 ~~nine~~three months ended ~~September 30, 2022~~March 31, 2023 and ~~September 30, 2021:~~March 31, 2022:


		Nine Months Ended							Three Months Ended
		September 30, 2022			September 30, 2021				March 31, 2023			March 31, 2022
Per share data(1):	Per share data(1):							Per share data(1):
Net asset value, January 1, 2022 and January 1, 2021, respectively		$	13.49		$	12.62
Net asset value, January 1, 2023 and January 1, 2022, respectively								Net asset value, January 1, 2023 and January 1, 2022, respectively	$	13.02		$	13.49
Net investment income	Net investment income	0.94			0.91			Net investment income	0.38			0.30
Net realized and unrealized (losses) gains (2)		(0.33)			0.63
Net realized and unrealized gains								Net realized and unrealized gains	0.06			0.07
Total net increase	Total net increase	0.61			1.54			Total net increase	0.44			0.37
Distributions declared to stockholders from net investment income	Distributions declared to stockholders from net investment income	(0.90)			(0.90)			Distributions declared to stockholders from net investment income	(0.32)			(0.30)
Net asset value, September 30, 2022 and September 30, 2021, respectively		$	13.20		$	13.26
Per share market value, September 30, 2022 and September 30, 2021, respectively		$	11.53		$	13.31
Net asset value, March 31, 2023 and March 31, 2022, respectively								Net asset value, March 31, 2023 and March 31, 2022, respectively	$	13.14		$	13.56
Per share market value, March 31, 2023 and March 31, 2022, respectively								Per share market value, March 31, 2023 and March 31, 2022, respectively	$	12.17		$	13.85
Total return based on market value~~(3)~~(2)	Total return based on market value~~(3)~~(2)	(9.64)		%	25.41		%	Total return based on market value~~(3)~~(2)	0.94		%	3.28		%
Total return based on net asset value~~(4)~~(3)	Total return based on net asset value~~(4)~~(3)	4.54		%	12.42		%	Total return based on net asset value~~(4)~~(3)	3.39		%	2.76		%
Shares outstanding at end of period	Shares outstanding at end of period	100,937,026			96,906,988			Shares outstanding at end of period	100,937,026			99,498,562
Average weighted shares outstanding for the period	Average weighted shares outstanding for the period	99,955,432			96,854,474			Average weighted shares outstanding for the period	100,937,026			98,413,476
Average net assets for the period	Average net assets for the period	$	1,348,479		$	1,253,263		Average net assets for the period	$	1,314,609		$	1,321,557
Ratio to average net assets:
Ratio to average net assets(4):								Ratio to average net assets(4):
Net investment income	Net investment income	9.27		%	9.48		%	Net investment income	11.76		%	9.08		%
Total expenses, before waivers/reimbursements	Total expenses, before waivers/reimbursements	12.85		%	13.35		%	Total expenses, before waivers/reimbursements	16.85		%	12.38		%
Total expenses, net of waivers/reimbursements	Total expenses, net of waivers/reimbursements	12.50		%	12.15		%	Total expenses, net of waivers/reimbursements	16.52		%	11.98		%
Average debt outstanding—Holdings Credit Facility	Average debt outstanding—Holdings Credit Facility	$	580,699		$	467,570		Average debt outstanding—Holdings Credit Facility	$	634,146		$	550,063
Average debt outstanding—Unsecured Notes	Average debt outstanding—Unsecured Notes	525,456			518,333			Average debt outstanding—Unsecured Notes	471,500			511,500
Average debt outstanding—SBA-guaranteed debentures	Average debt outstanding—SBA-guaranteed debentures	300,000			300,000			Average debt outstanding—SBA-guaranteed debentures	300,000			300,000
Average debt outstanding—DB Credit Facility	Average debt outstanding—DB Credit Facility	217,817			209,417			Average debt outstanding—DB Credit Facility	186,400			237,267
Average debt outstanding—2018 Convertible Notes		201,250			201,250
Average debt outstanding—Convertible Notes								Average debt outstanding—Convertible Notes	328,816			201,250
Average debt outstanding—NMFC Credit Facility(5)	Average debt outstanding—NMFC Credit Facility(5)	156,303			122,537			Average debt outstanding—NMFC Credit Facility(5)	101,025			152,570
Average debt outstanding—NMNLC Credit Facility II~~(6)~~	Average debt outstanding—NMNLC Credit Facility II~~(6)~~	8,939			1,533			Average debt outstanding—NMNLC Credit Facility II~~(6)~~	2,973			15,200
Asset coverage ratio~~(7)~~(6)	Asset coverage ratio~~(7)~~(6)	179.28		%	183.99		%	Asset coverage ratio~~(7)~~(6)	177.55		%	181.26		%
Portfolio turnover	Portfolio turnover	14.38		%	25.47		%	Portfolio turnover	2.10		%	2.94		%

(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)~~Includes the effective of common stock issuances per share, which for the nine months ended September 30, 2022 and September 30, 2021 were $0.01 and $0.00, respectively.~~

~~(3)~~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.

~~(4)~~(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)Interim periods are annualized.

(5)Under the NMFC Credit Facility, the Company may borrow in U.S. dollars or certain other permitted currencies. As of ~~September 30,~~March 31, 2023 and March 31, 2022, the Company had borrowings denominated in GBP of £22,850 and £17,400, respectively, and borrowings denominated in EUR of €700 and €0, respectively, that ~~has~~have been converted to U.S. dollars.

(6)~~For the nine months ended September 30, 2021, average debt outstanding represents the period from February 26, 2021 (commencement of the NMNLC Credit Facility II) to September 30, 2021.~~

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~~(7)~~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 ~~September 30, 2022.~~March 31, 2023. In December 2022, the FASB issued ASU No. 2022-06, Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848, which deferred the sunset day of this guidance to December 31, 2024. The Company is currently evaluating the impact of this guidance on its consolidated financial statements.

In December 2020, the U.S. Securities and Exchange Commission (the “SEC”) adopted a rule providing a framework for fund valuation practices. Rule 2a-5 under the 1940 Act (“Rule 2a-5”) establishes requirements for determining fair value in good faith for purposes of the 1940 Act. Rule 2a-5 ~~will permit~~permits boards, subject to board oversight and certain other conditions, to designate certain parties to perform fair value determinations. Rule 2a-5 also defines when market quotations are “readily available” for purposes of the 1940 Act and the threshold for determining whether a fund must determine the fair value of a security. The SEC also adopted Rule 31a-4 under the 1940 Act (“Rule 31a-4”), which provides the recordkeeping requirements associated with fair value determinations. Finally, the SEC ~~is rescinding~~rescinded previously issued guidance on related issues, including the role of the board in determining fair value and the accounting and auditing of fund investments. Rule 2a-5 and Rule 31a-4 became effective on March 8, 2021, and had a compliance date of September 8, 2022. While our board of directors has not elected to designate the Investment Adviser as the valuation designee, the Company has adopted certain revisions to its valuation policies and procedures in order comply with the applicable requirements of Rule 2a-5 and Rule 31a-4.

Note 14. Subsequent Events

On October 27, 2022, the Company entered into a private placement purchase agreement with several purchasers, each of whom is an “accredited investor” as defined in Rule 501(a) of Regulation D under the Securities Act of 1933, as amended (the “Securities Act”) or a “qualified institutional buyer” within the meaning of Rule 144A promulgated under the Securities Act (the “Purchasers”), for the sale of $200,000 in aggregate principal amount of the Company's 7.50% convertible notes due 2025 (the “2022 Convertible Notes”). Oppenheimer & Co. Inc. acted as a placement agent for the offering. Subject to the terms and conditions of an indenture, dated as of August 20, 2018, as supplemented by a third supplemental indenture dated as of November 2, 2022 (together, the “2018C Indenture”), between the Company and U.S. Bank Trust Company, National Association (as successor in interest to U.S. Bank National Association) governing the 2022 Convertible Notes that was entered into in connection with the closing of the offering, the 2022 Convertible Notes are convertible into shares of the Company’s common stock (together with cash in lieu of fractional shares) at an initial conversion rate of 70.4225 shares of the Company’s common stock per $1,000 principal amount of 2022 Convertible Notes (subject to adjustments by the Company as provided in the 2018C Indenture), which is equal to a conversion price of approximately $14.20 per share of the Company's common stock. The conversion rate and conversion price will be subject to adjustment upon the occurrence of certain events. A holder may convert its 2022 Convertible Notes in whole or in part any time prior to the close of business on the scheduled business day immediately preceding the maturity date of October 15, 2025. The 2022 Convertible Notes will accrue interest at an annual rate of 7.50%, payable semi-annually in arrears on April 15 and October 15 of each year, commencing on April 15, 2023. The Company will use the net proceeds from the 2022 Convertible Notes to launch a tender offer for its existing 2018 Convertible Notes and then, to the extent any net proceeds remain, to repay other outstanding indebtedness and for general corporate purposes.

~~On November 2, 2022,~~25, 2023, the Company’s board of directors declared a ~~fourth~~regular second quarter ~~2022~~2023 distribution of $0.32 per share and a supplemental distribution related to Q1 earnings of $0.03 per share, each payable on ~~December~~June 30, ~~2022~~2023 to holders of record as of ~~December~~June 16, ~~2022.~~2023.

On ~~November 4, 2022,~~April 25, 2023, Alice W. Handy notified the Company launched a tender offer to purchase, upon the terms and subject to the conditions set forth in the Offer to Purchase, dated November 4, 2022, up to $201,250 aggregate principal amount of outstanding 2018 Convertible Notes for cash in an amount equal to $1,000 per $1,000 principal amount of Notes purchased (exclusive of accrued and unpaid interest on such notes) (the "Tender Offer"). The Tender Offer will expire at 11:59 P.M., New York City time, on December 6, 2022.

~~On November 7, 2022, the Company’s~~Company's board of directors ~~appointed John R. Kline~~that she was resigning as a director, effective immediately. In submitting her resignation, Ms. Handy did not express any disagreement on any matter relating to the ~~Chief Executive Officer of the Company, effective January 1, 2023, in addition to continuing in his role as President~~Company's operations, policies or practices. The Nominating and a director. Mr. Kline joined New Mountain in 2008 and has been a senior executive within New Mountain Capital's credit effort since its inception that year. Also on November 7, 2022, the Company’s board of directors received and accepted the resignation of Robert A. Hamwee as Chief Executive Officer and appointed him Vice ChairmanCorporate Governance Committee of the board of directors ~~effective January 1, 2023,~~has been actively searching for Ms. Handy’s successor in accordance with its policies and procedures, and expects to appoint a new director in the ~~continued ability to allocate half of his time to activities outside of credit and NMFC. As part of his responsibilities, Mr.~~near future.

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Hamwee will continue to: (i) serve as a director of the Company and (ii) serve as a senior member of the Investment Committee of the Company’s Investment Adviser. The Company’s Investment Adviser believes that its management team, with the overall support of New Mountain Capital’s team of 215 professionals, is adequately staffed to support the Company.

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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~~Board of ~~directors~~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 ~~September 30, 2022,~~March 31, 2023, and the related consolidated statements of operations, ~~and~~ changes in net assets, ~~for the three-month~~ and ~~nine-month periods ended September 30, 2022 and 2021, the consolidated statement of~~ cash flows for the ~~nine-month~~three-month periods ended ~~September 30,~~March 31, 2023 and 2022, ~~and 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, ~~2021,~~2022, 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 ~~28, 2022,~~27, 2023, 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, ~~2021,~~2022, 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

~~November~~May 8, ~~2022~~2023

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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;~~capital;

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

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

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

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

•the risk factors set forth in Item 1A.—Risk Factors contained in our Annual Report on Form 10-K for the year ended December 31, ~~2021~~2022 and in this Quarterly Report on Form 10-Q.

Forward-looking statements are identified by their use of such terms and phrases such as "anticipate", "believe", "continue", "could", "estimate", "expect", "intend", "may", "plan", "potential", "project", "seek", "should", "target", "will", "would" or similar expressions. Actual results could differ materially from those projected in the forward-looking statements for any reason, including the factors set forth in Item 1A.—Risk Factors contained in our Annual Report on Form 10-K for the year ended December 31, ~~2021~~2022 and in this Quarterly Report on Form 10-Q.

We have based the forward-looking statements included in this report on information available to us on the date of this report. We assume no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law. Although we undertake no obligation to revise or update any forward-looking statements, you are advised to consult any additional disclosures that we may make directly to you or through reports that we have filed or in the future may file with the U.S. Securities and Exchange Commission (the "SEC"), including annual reports on Form 10-K, registration statements on Form 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"). Since our IPO, and through ~~September 30, 2022,~~March 31, 2023, we raised approximately $945.6 million in net proceeds from additional offerings of our common stock.

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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 across its private equity, credit and net lease investment strategies. The Investment Adviser manages our day-to-day operations and provides us with investment advisory and management services. The Investment Adviser also manages other funds that

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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 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 NGL Holdings, Inc. ("NMF QID"), NMF YP Holdings, Inc. ("NMF YP"), 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" 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~~primarily consisting of senior secured loans, and ~~second lien debt, notes, bonds and mezzanine securities.~~select junior capital positions, to growing businesses in defensive industries that offer attractive risk-adjusted returns. 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 ~~September 30, 2022,~~March 31, 2023, our top five industry concentrations were software, business services, healthcare, ~~services,~~ investment funds (which includes our investments in our joint ventures) and education.

As of ~~September 30, 2022,~~March 31, 2023, our net asset value was approximately ~~$1,332.0~~$1,326.7 million and our portfolio had a fair value, as determined in good faith by the board of directors, of approximately ~~$3,234.4~~$3,270.3 million in ~~107~~111 portfolio companies, with a weighted average yield to maturity at cost for income producing investments ("YTM at Cost") of approximately ~~11.3%~~10.9% and a weighted average yield to maturity at cost for all investments ("YTM at Cost for Investments") of approximately 9.8%. 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"), Secured Overnight Financing Rate ("SOFR") and Euro Interbank Offered Rate ("EURIBOR") 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, SOFR and EURIBOR contracts by the individual companies in our portfolio or other factors.

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Recent Developments

On October 27, 2022, we entered into a private placement purchase agreement with several purchasers, each of whom is an “accredited investor” as defined in Rule 501(a) of Regulation D under the Securities Act of 1933, as amended (the “Securities Act”) or a “qualified institutional buyer” within the meaning of Rule 144A promulgated under the Securities Act (the “Purchasers”), for the sale of $200.0 million in aggregate principal amount of the 7.50% convertible notes due 2025 (the “2022 Convertible Notes”). Oppenheimer & Co. Inc. acted as a placement agent for the offering. Subject to the terms and conditions of an indenture, dated as of August 20, 2018, as supplemented by a third supplemental indenture as of November 2, 2022 (together, the “2018C Indenture”), between us and U.S. Bank Trust Company, National Association (as successor in interest to U.S. Bank National Association) governing the 2022 Convertible Notes entered into in connection with the closing of the offering, the 2022 Convertible Notes are convertible into shares of our common stock (together with cash in lieu of fractional shares) at an initial conversion rate of 70.4225 shares of our common stock per $1,000 principal amount of 2022 Convertible Notes (subject to adjustments by us as provided in the 2018C Indenture), which is equal to a conversion price of approximately $14.20 per share of our common stock. The conversion rate and conversion price will be subject to adjustment upon the occurrence of certain events. A holder may convert its 2022 Convertible Notes in whole or in part any time prior to the close of business on the scheduled business day immediately preceding the maturity date of October 15, 2025. The 2022 Convertible Notes will accrue interest at an annual rate of 7.50% and will be payable semi-annually in arrears on April 15 and October 15 of each year, commencing on April 15, 2023. We will use the net proceeds from the 2022 Convertible Notes to launch a tender offer for its existing 2018 Convertible Notes and then, to the extent any net proceeds remain, to repay other outstanding indebtedness and for general corporate purposes.

~~On November 2, 2022,~~25, 2023, our board of directors declared a ~~fourth~~second quarter ~~2022~~2023 distribution of $0.32 per share and a supplemental distribution related to Q1 earnings of $0.03 per share, each payable on ~~December~~June 30, ~~2022~~2023 to holders of record as of ~~December~~June 16, ~~2022.~~

On November 4, 2022, we launched a tender offer to purchase, upon the terms and subject to the conditions set forth in the Offer to Purchase, dated November 4, 2022, up to $201.3 million aggregate principal amount of outstanding 2018 Convertible Notes for cash in an amount equal to $1,000 per $1,000 principal amount of Notes purchased (exclusive of accrued and unpaid interest on such notes) (the "Tender Offer"). The Tender Offer will expire at 11:59 P.M. New York City time, on December 6, 2022.

On November 7, 2022, our board of directors appointed John R. Kline as the Chief Executive Officer, effective January 1, 2023, in addition to continuing in his role as President and a director. Mr. Kline joined New Mountain in 2008 and has been a senior executive within New Mountain Capital's credit effort since its inception that year. Also on November 7, 2022, our board of directors received and accepted the resignation of Robert A. Hamwee as Chief Executive Officer and appointed him Vice Chairman of the board of directors, effective January 1, 2023, with the continued ability to allocate half of his time to activities outside of credit and NMFC. As part of his responsibilities, Mr. Hamwee will continue to: (i) serve as a director and (ii) serve as a senior member of the Investment Committee of our Investment Adviser. Our Investment Adviser believes that our management team, with the overall support of New Mountain Capital’s team of 215 professionals, is adequately staffed to support NMFC.

~~COVID-19 Developments~~

Our operating results and portfolio companies may be negatively impacted by the ongoing COVID-19 pandemic. We have been closely monitoring, and will continue to monitor, the impact of the COVID-19 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 financial markets. Any effects of 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 activity and financial 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 we anticipate our business and operations could be materially adversely affected by a prolonged recession in the United States and other major markets.

~~For additional discussion on our portfolio companies, see “Monitoring of Portfolio Investments”.~~

2023.

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On April 25, 2023, Alice W. Handy notified our board of directors that she was resigning as a director, effective immediately. In submitting her resignation, Ms. Handy did not express any disagreement on any matter relating to our operations, policies or practices. The Nominating and Corporate Governance Committee of our board of directors has been actively searching for Ms. Handy’s successor in accordance with its policies and procedures, and expects to appoint a new director in the near future.

Critical Accounting Estimates

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

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 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:

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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

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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.

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

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

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

•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 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.

See Item 1.1.—Financial Statements and Supplementary Data—Note 4. Fair Value in this Quarterly Report on Form 10-Q for additional information on fair value hierarchy as of ~~September 30, 2022.~~March 31, 2023.

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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

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

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

See Item 1.1.—Financial Statements and Supplementary Data—Note 4. Fair Value in this Quarterly Report on Form 10-Q for additional information on unobservable inputs used in the fair value measurement of our Level III investments as of ~~September 30, 2022.~~March 31, 2023.

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.

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$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 ~~September 30, 2022~~March 31, 2023 and December 31, ~~2021.~~2022.

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of $525.0 million. As of ~~September 30, 2022~~March 31, 2023 and December 31, ~~2021,~~2022, SLP III had total investments with an aggregate fair value of approximately ~~$635.8~~$651.1 million and ~~$702.1~~$639.3 million, respectively, and debt outstanding under its credit facility of ~~$501.5~~$498.0 million and ~~$510.9~~$512.1 million, respectively. As of ~~September 30, 2022~~March 31, 2023 and December 31, ~~2021,~~2022, none of SLP III's investments were on non-accrual. Additionally, as of ~~September 30, 2022~~March 31, 2023 and December 31, ~~2021,~~2022, SLP III had unfunded commitments in the form of delayed draws of ~~$4.2~~$2.0 million and ~~$4.6~~$2.9 million, respectively.

Below is a summary of SLP III's portfolio as of ~~September 30, 2022~~March 31, 2023 and December 31, ~~2021:~~2022:


(in thousands)	(in thousands)	September 30, 2022			December 31, 2021			(in thousands)	March 31, 2023			December 31, 2022
First lien investments (1)	First lien investments (1)	$	681,054		$	709,517		First lien investments (1)	$	694,046		$	690,017
Weighted average interest rate on first lien investments (2)	Weighted average interest rate on first lien investments (2)	7.30		%	4.50		%	Weighted average interest rate on first lien investments (2)	9.09		%	8.51		%
Number of portfolio companies in SLP III	Number of portfolio companies in SLP III	81			80			Number of portfolio companies in SLP III	86			83
Largest portfolio company investment (1)	Largest portfolio company investment (1)	$	18,355		$	23,489		Largest portfolio company investment (1)	$	18,149		$	18,197
Total of five largest portfolio company investments (1)	Total of five largest portfolio company investments (1)	$	88,767		$	95,504		Total of five largest portfolio company investments (1)	$	85,727		$	85,948

(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.

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 ~~September 30, 2022~~March 31, 2023 and December 31, ~~2021~~2022 and additional information on certain summarized financial information for SLP III as of ~~September 30, 2022~~March 31, 2023 and December 31, ~~2021~~2022 and for the three ~~and nine~~ months ended ~~September 30, 2022~~March 31, 2023 and ~~September 30, 2021.~~March 31, 2022.

NMFC Senior Loan Program IV LLC

NMFC Senior Loan Program IV LLC ("SLP IV") 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 us 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 I") and NMFC Senior Loan Program II LLC ("SLP II") 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 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, 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 ~~September 30, 2022,~~March 31, 2023, 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 ~~September 30, 2022~~March 31, 2023 and December 31, ~~2021.~~2022.

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~~2026. As of the most recent amendment on April 28, 2023, the facility bears interest at a rate of SOFR plus 1.70%. Prior to the amendment on April 28, 2023, the facility bore interest at a rate of LIBOR plus 1.60% per annum. As of ~~September 30, 2022~~March 31, 2023 and December 31, ~~2021,~~2022, SLP IV had total investments with an aggregate fair value of approximately ~~$475.9~~$477.7 million and ~~$504.9~~$473.8 million, respectively, and debt outstanding under its credit facility of ~~$359.5~~$355.9 million and ~~$360.1~~$365.5 million, respectively. As of ~~September 30, 2022~~March 31, 2023 and December 31, ~~2021,~~2022, none of SLP IV’s investments were on non-accrual. Additionally, as of ~~September 30, 2022~~March 31, 2023 and December 31, ~~2021,~~2022, SLP IV had unfunded commitments in the form of delayed draws of ~~$4.1~~$1.0 million and ~~$6.1~~$2.0 million, respectively.

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Below is a summary of SLP IV's consolidated portfolio as of ~~September 30, 2022~~March 31, 2023 and December 31, ~~2021:~~2022:


(in thousands)	(in thousands)	September 30, 2022			December 31, 2021			(in thousands)	March 31, 2023			December 31, 2022
First lien investments (1)	First lien investments (1)	$	508,640		$	513,298		First lien investments (1)	$	509,213		$	510,372
Weighted average interest rate on first lien investments (2)	Weighted average interest rate on first lien investments (2)	7.19		%	4.64		%	Weighted average interest rate on first lien investments (2)	9.13		%	8.54		%
Number of portfolio companies in SLP IV	Number of portfolio companies in SLP IV	73			68			Number of portfolio companies in SLP IV	75			74
Largest portfolio company investment (1)	Largest portfolio company investment (1)	$	22,041		$	22,215		Largest portfolio company investment (1)	$	21,924		$	21,982
Total of five largest portfolio company investments (1)	Total of five largest portfolio company investments (1)	$	94,230		$	99,875		Total of five largest portfolio company investments (1)	$	93,539		$	93,734

(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.

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 IV's consolidated portfolio as of ~~September 30, 2022~~March 31, 2023 and December 31, ~~2021~~2022 and additional information on certain summarized financial information for SLP IV as of ~~September 30, 2022~~March 31, 2023 and December 31, ~~2021 and for the three and nine months ended September 30,~~ 2022 and for the three months ended ~~September 30, 2021,~~March 31, 2023 and ~~the period from May 5, 2021 through September 30, 2021.~~March 31, 2022.

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 ~~September 30, 2022.~~March 31, 2023.

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.

Below is certain summarized property information for NMNLC as of ~~September 30, 2022:~~March 31, 2023:

Lease

Total

Fair Value as of

Lease

Total

Fair Value as of

Portfolio Company

Tenant

Expiration Date

Location

Square Feet

September 30, 2022

Portfolio Company

Tenant

Expiration Date

Location

Square Feet

March 31, 2023

(in thousands)

NM NL Holdings LP / NM GP Holdco LLC

Various

96,394

NM NL Holdings LP / NM GP Holdco LLC

Various

95,605

NM CLFX LP

Victor Equipment Company

8/31/2033

423

17,522

NM CLFX LP

Victor Equipment Company

8/31/2033

423

15,437

NM APP Canada, Corp.

A.P. Plasman, Inc.

9/30/2031

Canada

436

11,620

NM YI, LLC

Young Innovations, Inc.

10/31/2039

IL / MO

212

9,375

NM YI, LLC

Young Innovations, Inc.

10/31/2039

IL / MO

212

9,581

134,911

120,623

Collateralized agreements or repurchase financings

We follow 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 ~~September 30, 2022~~March 31, 2023 and December 31, ~~2021,~~2022, 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 ~~$19.4~~$16.5 million and ~~$21.4~~$16.5 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

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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.

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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 filed a Chapter 11 bankruptcy petition pursuant to the 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 ~~September 30, 2022~~March 31, 2023 and December 31, ~~2021,~~2022, the SPP Agreement has a cost basis of $14.5 million and $14.5 million, respectively, and a fair value of ~~$9.4~~$8.0 million and ~~$10.4~~$8.0 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.

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 nine~~ months ended ~~September 30,~~March 31, 2023 and March 31, 2022, we recognized PIK and non-cash interest from investments of approximately ~~$6.2~~$9.0 million and ~~$22.0~~$8.5 million, respectively, and PIK and non-cash dividends from investments of approximately ~~$6.0~~$6.5 million and $16.3 million, respectively. For the three and nine months ended September 30, 2021, we recognized PIK and non-cash interest from investments of approximately $5.7 million and $17.1 million, respectively, and PIK and non-cash dividends from investments of approximately $3.7 million and $14.7$5.1 million, respectively.

Other income: Other income represents delayed compensation, consent or amendment fees, revolver fees, structuring fees, upfront fees and other miscellaneous fees received and are typically non-recurring in nature. Delayed compensation is income earned from counterparties on trades that do not settle within a set number of business days after 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-~~

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~~term~~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

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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 Our portfolio monitoring procedures are designed to provide a simple yet comprehensive analysis of our portfolio companies based on their operating performance and underlying business characteristics, which in turn forms the basis of its Risk Rating (as defined below).

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

•Operating Performance assesses the health of the investment in context of its financial performance and the market environment it faces. The metric is expressed in Tiers of “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

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

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

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

•Orange – 2C and 1B

•Yellow – 3C, 2B, and 1A

•Green – 4C, 3B, 2A, 4B, 3A, and 4A

The following table shows the Risk Rating of our portfolio companies as of ~~September 30, 2022:~~March 31, 2023:


(in millions)	(in millions)	As of September 30, 2022									(in millions)	As of March 31, 2023
Risk Rating	Risk Rating		Cost		Percent		Fair Value		Percent		Risk Rating		Cost		Percent		Fair Value			Percent
Red	Red		$	95.6	2.9	%	$	30.7	0.9	%	Red		$	62.3	1.9	%	$	17.6		0.5	%
Orange	Orange		46.0		1.4	%	32.9		1.0	%	Orange		60.1		1.8	%	41.0			1.3	%
Yellow	Yellow		195.1		5.9	%	166.5		5.1	%	Yellow		187.7		5.6	%	138.7			4.2	%
Green	Green		2,952.3		89.8	%	3,023.7		93.0	%	Green		3,022.5		90.7	%	3,089.6			94.0	%
			$	3,289.0	100.0	%	$	3,253.8	100.0	%			$	3,332.6	100.0	%	$	3,286.9	3286.9	100.0	%

As of ~~September 30, 2022,~~March 31, 2023, all investments in our portfolio had a Green Risk Rating with the exception of eight portfolio companies that had a Yellow Risk Rating, ~~three~~four portfolio companies that had an Orange Risk Rating and three portfolio companies that had a Red Risk Rating.

~~115~~

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2023, we placed our second lien term loan in ADG, LLC ("ADG") on non-accrual status. As of March 31, 2023, our position in ADG on non-accrual status had an aggregate cost basis of $7.4 million, an aggregate fair value of $2.7 million and total unearned interest income of $0.3 million for the three months then ended. As of March 31, 2023, our ADG portfolio company has a Red Risk Rating.

During the third quarter of 2022, we placed our first lien term loan and first lien delayed draw term loan positions in Ansira Holdings, Inc. ("Ansira") on non-accrual status. As of ~~September 30, 2022,~~March 31, 2023, our first lien positions in Ansira on non-accrual status had an aggregate cost basis of $41.3 million, an aggregate fair value of ~~$19.7~~$9.2 million and total unearned interest income of ~~$1.0~~$2.5 million ~~and $1.0 million, respectively,~~ for the three ~~and nine~~ months then ended. As of ~~September 30, 2022,~~March 31, 2023, our Ansira portfolio company has a Red Risk Rating.

As of ~~September 30, 2022,~~March 31, 2023, our aggregate principal amount of our second lien term loan in Integro Parent Inc. ("Integro") was ~~$11.1~~$12.0 million. During the second quarter of 2022, we placed an aggregate principal amount of ~~$3.9~~$4.2 million of our second

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lien position on non-accrual status. As of ~~September 30, 2022,~~March 31, 2023, our position in Integro on non-accrual status had an aggregate cost basis of ~~$3.8~~$4.0 million, an aggregate fair value of ~~$2.5~~$3.3 million and total unearned interest income of ~~$0.1 million and~~ $0.2 million ~~respectively,~~ for the three ~~and nine months then ended and total unearned other income of $0 and $36 thousand, respectively, for the three and nine~~ months then ended. As of ~~September 30, 2022,~~March 31, 2023, 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 ~~September 30, 2022,~~March 31, 2023, our second lien ~~positions~~position in National HME had an aggregate cost basis of ~~$36.5~~$7.9 million, an aggregate fair value of ~~$7.0~~$5.0 million and total unearned interest income of ~~$1.5~~$0.4 million ~~and $2.7 million, respectively,~~ for the three ~~and nine~~ months then ended. During the fourth quarter of 2022, we reversed $11.2 million of previously recorded PIK interest in National HME and $1.5 million of previously recorded other income in NHME Holdings Corp. as we believe this PIK interest and other income will ultimately not be collectible. As of ~~September 30, 2022,~~March 31, 2023, our National HME portfolio company has a Red Risk Rating.

As of ~~September 30, 2022,~~March 31, 2023, our aggregate principal amount of our subordinated position and first lien term loans in American Achievement Corporation ("AAC") was $5.2 million and ~~$30.0~~$30.8 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 ~~$12.9~~$13.2 million of our first lien term loans on non-accrual status. As of ~~September 30, 2022,~~March 31, 2023, our positions in AAC on non-accrual status had an aggregate cost basis of ~~$12.9~~$13.2 million, an aggregate fair value of ~~$8.1~~$8.7 million and total unearned interest income of ~~$0.4~~$0.5 million, ~~and $1.0 million, respectively,~~ for the three ~~and nine~~ months then ended. As of ~~September 30, 2022,~~March 31, 2023, our AAC portfolio company has an Orange 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 ~~September 30, 2022,~~March 31, 2023, 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 nine~~ months then ended. As of ~~September 30, 2022,~~March 31, 2023, our Sierra portfolio company has a ~~Red~~Orange 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. As of ~~September 30, 2022,~~March 31, 2023, 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 ~~$1.7~~$1.8 million ~~and $4.9 million, respectively,~~ for the three ~~and nine~~ months then ended. During the third quarter of 2021, we placed an aggregate principal amount of $19.8 million of our investment in our senior preferred shares of UniTek on non-accrual status. As of ~~September 30, 2022,~~March 31, 2023, our senior preferred shares of UniTek had an aggregate cost basis of $19.8 million, an aggregate fair value of approximately ~~$2.2~~$10.1 million and total unearned dividend income of approximately ~~$1.2~~$1.3 million, ~~and $3.4 million, respectively,~~ for the three ~~and nine~~ months then ended. As of ~~September 30, 2022,~~March 31, 2023, 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. As of ~~September 30, 2022,~~March 31, 2023, our Education Management Corporation ~~portfolio company has an Orange Risk Rating and~~had an aggregate cost basis of ~~$1.4~~$1.0 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 nine~~ months then ended. As of March 31, 2023, our Education Management Corporation portfolio company has an Orange Risk Rating

During the year ended December 31, 2019, our security purchased under collateralized agreements to resell was placed on non-accrual. As of ~~September 30, 2022,~~March 31, 2023, our investment in this security has a Yellow Risk Rating and has an aggregate cost basis of $30.0 million and an aggregate fair value of approximately ~~$19.4~~$16.5 million.

Portfolio and Investment Activity

The fair value of our investments, as determined in good faith by our board of directors, was approximately ~~$3,234.4~~$3,270.3 million in 111 portfolio companies at March 31, 2023 and approximately $3,221.2 million in 107 portfolio companies at ~~September 30, 2022 and approximately $3,174.4 million in 106 portfolio companies at~~ December 31, ~~2021.~~

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2022.

The following table shows our portfolio and investment activity for the ~~nine~~three months ended ~~September 30, 2022~~March 31, 2023 and ~~September 30, 2021:~~March 31, 2022:

Nine Months Ended
(in millions) September 30, 2022 September 30, 2021
New investments in 44 and 46 portfolio companies, respectively $ 526.6 $ 769.4
Debt repayments in existing portfolio companies 289.3 710.5
Sales of securities in 9 and 8 portfolio companies, respectively 177.2 105.7
Change in unrealized appreciation on 25 and 38 portfolio companies, respectively 67.2 107.7
Change in unrealized depreciation on 85 and 80 portfolio companies, respectively (134.8) (55.2)


	Three Months Ended
(in millions)	March 31, 2023		March 31, 2022
New investments in 25 and 24 portfolio companies, respectively	$	94.2	$	153.8
Debt repayments in existing portfolio companies	31.5		44.1
Sales of securities in 2 and 3 portfolio companies, respectively	36.2		49.2
Change in unrealized appreciation on 55 and 28 portfolio companies, respectively	45.3		29.7
Change in unrealized depreciation on 47 and 73 portfolio companies, respectively	(39.4)		(39.6)

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Recent Accounting Standards Updates

See Item 1.1.—Financial 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 ~~September 30,~~March 31, 2023 and March 31, 2022 ~~and September 30, 2021~~

Revenue


		Three Months Ended					Three Months Ended
(in thousands)	(in thousands)	September 30, 2022		September 30, 2021		(in thousands)	March 31, 2023		March 31, 2022
Total interest income	Total interest income	$	58,778	$	47,788	Total interest income	$	71,234	$	47,878
Total dividend income	Total dividend income	15,871		14,546		Total dividend income	17,543		16,772
Other income	Other income	3,800		6,140		Other income	3,176		4,313
Total investment income	Total investment income	$	78,449	$	68,474	Total investment income	$	91,953	$	68,963

Our total investment income increased by approximately ~~$10.0~~$23.0 million, or ~~15%~~33%, for the three months ended ~~September 30, 2022~~March 31, 2023 as compared to the three months ended ~~September 30, 2021.~~March 31, 2022. For the three months ended ~~September 30, 2022,~~March 31, 2023, total investment income of approximately ~~$78.4~~$92.0 million consisted of approximately ~~$50.6~~$60.7 million in cash interest from investments, approximately ~~$6.2~~$9.0 million in PIK and non-cash interest from investments, ~~$0.7 million in prepayment fees,~~ net amortization of purchase premiums and discounts of approximately ~~$1.3~~$1.6 million, approximately ~~$9.8~~$11.0 million in cash dividends from investments, approximately ~~$6.0~~$6.5 million in PIK and non-cash dividends from investments and approximately ~~$3.8~~$3.2 million in other income. The increase in interest income of approximately ~~$11.0~~$23.4 million during the three months ended ~~September 30, 2022~~March 31, 2023 as compared to the three months ended ~~September 30, 2021~~March 31, 2022 was primarily due to a higher effective interest rate of our portfolio on larger invested balances. The increase in dividend income for the three months ended ~~September 30, 2022~~March 31, 2023 as compared to the three months ended ~~September 30, 2021~~March 31, 2022 was primarily driven by an increase in ~~cash~~PIK dividends ~~from our~~and PIK dividends related to new investments, ~~in SLP III and SLP IV,~~ partially offset by a decrease in cash dividends from our investment in NMNLC. Other income during the three months ended ~~September 30, 2022,~~March 31, 2023, which represents fees that are generally non-recurring in nature, was primarily attributable to upfront, consent and amendment fees received from 1314 different portfolio companies.

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Operating Expenses


		Three Months Ended					Three Months Ended
(in thousands)	(in thousands)	September 30, 2022		September 30, 2021		(in thousands)	March 31, 2023		March 31, 2022
Management fee	Management fee	$	11,717	$	13,740	Management fee	$	11,638	$	11,553
Less: management fee waiver	Less: management fee waiver	(1,115)		(3,752)		Less: management fee waiver	(1,063)		(1,092)
Total management fee	Total management fee	10,602		9,988		Total management fee	10,575		10,461
Incentive fee	Incentive fee	8,202		7,661		Incentive fee	9,597		7,477

Interest and other financing expenses	Interest and other financing expenses	24,648		17,693		Interest and other financing expenses	30,796		18,637
Administrative expenses	Administrative expenses	881		1,082		Administrative expenses	1,048		1,209
Professional fees	Professional fees	775		923		Professional fees	965		937
Other general and administrative expenses	Other general and administrative expenses	545		490		Other general and administrative expenses	488		477

Total expenses						Total expenses	53,469		39,198
Less: expenses waived and reimbursed						Less: expenses waived and reimbursed	—		(238)
Net expenses before income taxes	Net expenses before income taxes	45,653��		37,837		Net expenses before income taxes	53,469		38,960
Income tax benefit		(13)		(8)
Income tax expense						Income tax expense	96		95
Net expenses after income taxes	Net expenses after income taxes	$	45,640	$	37,829	Net expenses after income taxes	$	53,565	$	39,055

Our total net operating expenses increased by approximately ~~$7.8~~$14.5 million for the three months ended ~~September 30, 2022~~March 31, 2023 as compared to the three months ended ~~September 30, 2021.~~March 31, 2022. Our management fee, ~~increased by approximately $0.6 million,~~ net of a management fee waiver, remained relatively flat and our incentive fee increased by approximately ~~$0.5~~$2.1 million for the three months ended ~~September 30, 2022~~March 31, 2023 as compared to the three months ended ~~September 30, 2021.~~March 31, 2022. The increase in ~~management and~~ incentive fees was attributable to higher invested balances.

Interest and other financing expenses increased by approximately ~~$7.0~~$12.2 million during the three months ended ~~September 30, 2022~~March 31, 2023 as compared to the three months ended ~~September 30, 2021,~~March 31, 2022, primarily due to ~~larger drawn balances~~higher LIBOR rates on ~~the Holdings Credit Facility and DB Credit Facility,~~our floating

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rate borrowings, higher interest ~~rates~~expense on ~~those facilities and interest costs associated with the~~our 2022A Unsecured Notes, issued in the second quarter of 2022, and higher interest expense on ~~June 15,~~our 2022 Convertibles Notes, issued in the fourth quarter of 2022 with an upsize in the first quarter of 2023. Higher interest expense was partially offset by lower interest ~~costs~~expense on ~~the~~our 2017A Unsecured Notes, which were fully repaid in the third quarter of 2022, lower interest expense on ~~July 14, 2022.~~our 2018A Unsecured Notes, which were fully repaid in the first quarter of 2023 and lower interest expense on the 2018 Convertible Notes, which were partially repaid in the fourth quarter of 2022 as a result of our tender offer to purchase $84.4 million aggregate principal amount of outstanding 2018 Convertible Notes. Our total professional fees, administrative expenses and total other general and administrative expenses for the three months ended ~~September 30, 2022~~March 31, 2023 as compared to the three months ended ~~September 30, 2021~~March 31, 2022 remained relatively ~~consistent.~~

flat.

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

Three Months Ended
(in thousands) September 30, 2022 September 30, 2021
Net realized (losses) gains on investments $ (222) $ 23,008
Net realized losses on foreign currency (166) —
Net change in unrealized depreciation of investments (24,927) (30,736)
Net change in unrealized depreciation on foreign currency (10) (13)
Benefit for taxes 30 1
Net realized and unrealized losses $ (25,295) $ (7,740)


	Three Months Ended
(in thousands)	March 31, 2023		March 31, 2022
Net realized gains on investments	$	665	$	19,172
Net realized gains on foreign currency	12		345
Net change in unrealized appreciation (depreciation) of investments	5,852		(9,933)
Net change in unrealized depreciation securities purchased under collateralized agreements to resell	—		(2,021)
Net change in unrealized appreciation (depreciation) on foreign currency	26		(422)
Provision for taxes	(131)		(2)
Net realized and unrealized gains	$	6,424	$	7,139

Our net realized and unrealized ~~losses~~gains resulted in a net ~~loss~~gain of approximately ~~$25.3~~$6.4 million for the three months ended ~~September 30, 2022~~March 31, 2023 compared to net realized gains and unrealized losses resulting in a net ~~loss~~gain of approximately ~~$7.7~~$7.1 million for the same period in ~~2021.~~2022. 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~~gain for the three months ended ~~September 30, 2022~~March 31, 2023 was primarily driven by realized gains in Haven Midstream Holdings LLC and unrealized gains in UniTek, partially offset by realized losses in National HME and unrealized losses in ~~TVG-Edmentum Ultimate Holdings, LLC ("Edmentum"),~~ Ansira ~~New Trojan Parent, Inc., TMK Hawk Parent, Corp.~~ and ~~NM CLFX LP, which was partially offset by unrealized appreciation in Haven Midstream LLC, AAC and Phynet Dermatology LLC.~~ADG. The provision for income taxes was attributable to equity investments that are held as of ~~September 30, 2022~~March 31, 2023 in eight of our corporate subsidiaries. The net ~~loss~~gain for the three months ended ~~September 30, 2021~~March 31, 2022 was primarily driven by a realized gain in NM GLCR LP and unrealized appreciation in TVG-Edmentum Holdings, LLC, UniTek and Haven Midstream LLC which offset unrealized depreciation in ~~Tenawa Resource Management LLC ("Tenawa"), CentralSquare Technologies, LLC~~NHME Holdings Corp. and ~~UniTek and was partially offset by unrealized appreciation on our investments in New Benevis Topco, LLC and NM GLCR LP.~~Integro Parent Inc. See Monitoring of Portfolio Investments above for more details regarding the health of our portfolio companies.

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Investment Income and Net Realized and Unrealized (Losses) Gains Related to Non-Controlling Interest in New Mountain Net Lease Corporation

Three Months Ended
(in thousands) September 30, 2022 September 30, 2021
Total investment income $ 78,449 $ 68,474
Net expenses after income taxes 45,640 37,829
Net investment income 32,809 30,645
Less: Net investment income related to non-controlling interests in NMNLC 282 307
Net investment income related to NMFC $ 32,527 $ 30,338
Net change in realized (losses) gains on investments (222) 23,008
Net change in realized losses on foreign currency (166) —
Less: Net change in realized gains on investments related to non-controlling interest in NMNLC 2 —
Net change in realized (losses) gains of investments related to NMFC $ (390) $ 23,008
Net change in unrealized depreciation of investments (24,927) (30,736)
Net change in unrealized depreciation on foreign currency (10) (13)
Benefit for taxes 30 1
Less: Net change in unrealized (depreciation) appreciation of investments related to non-controlling interest in NMNLC (475) 751
Net change in unrealized depreciation of investments related to NMFC $ (24,432) $ (31,499)

~~Results of Operations for the Nine Months Ended September 30, 2022 and September 30, 2021~~

~~Revenue~~

Nine Months Ended
(in thousands) September 30, 2022 September 30, 2021
Total interest income $ 157,000 $ 141,878
Total dividend income 48,665 47,171
Other income 14,857 13,694
Total investment income $ 220,522 $ 202,743

Our total investment income increased by approximately $17.8 million, or 9%, for the nine months ended September 30, 2022 as compared to the nine months ended September 30, 2021. For the nine months ended September 30, 2022, total investment income of approximately $220.5 million consisted of approximately $129.5 million in cash interest from investments, approximately $22.0 million in PIK and non-cash interest from investments, $1.1 million in prepayment fees, net amortization of purchase premiums and discounts of approximately $4.4 million, approximately $32.3 million in cash dividends from investments, approximately $16.3 million in PIK and non-cash dividends from investments and approximately $14.9 million in other income. The increase in interest income of approximately $15.1 million during the nine months ended September 30, 2022 as compared to the nine months ended September 30, 2021 was primarily due to higher LIBOR and SOFR rates on larger invested balances. The increase in dividend income for the nine months ended September 30, 2022 as compared to the nine months ended September 30, 2021 was primarily driven by an increase in cash dividends from our investments in SLP III and SLP IV, partially offset by a decrease in cash dividends from our investment in NMNLC. Other income during the nine months ended September 30, 2022, which represents fees that are generally non-recurring in nature, was primarily attributable to upfront, consent and amendment fees received from 36 different portfolio companies.

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~~Operating Expenses~~

Nine Months Ended
(in thousands) September 30, 2022 September 30, 2021
Management fee $ 35,040 $ 40,885
Less: management fee waiver (3,349) (11,193)
Total management fee 31,691 29,692
Incentive fee 23,605 22,207
Interest and other financing expenses 63,957 54,949
Administrative expenses 3,022 3,240
Professional fees 2,529 2,413
Other general and administrative expenses 1,540 1,398
Total expenses 126,344 113,899
Less: expenses waived and reimbursed (238) —
Net expenses before income taxes 126,106 113,899
Income tax (benefit) expense (5) 15
Net expenses after income taxes $ 126,101 $ 113,914

Our total net operating expenses increased by approximately $12.2 million for the nine months ended September 30, 2022 as compared to the nine months ended September 30, 2021. Our management fee increased by approximately $2.0 million, net of a management fee waiver, and our incentive fee increased by approximately $1.4 million for the nine months ended September 30, 2022 as compared to the nine months ended September 30, 2021. The increase in management and incentive fees was attributable to higher invested balances.

Interest and other financing expenses increased by approximately $9.0 million during the nine months ended September 30, 2022 as compared to the nine months ended September 30, 2021, primarily due to larger drawn balances on the Holdings Credit Facility and DB Credit Facility, higher interest rates on those facilities and interest costs associated with the 2022A Unsecured Notes, issued on June 15, 2022, partially offset by lower interest costs on the 2017A Unsecured Notes, which were repaid on July 14, 2022. Our total professional fees, administrative expenses and total other general and administrative expenses for the nine months ended September 30, 2022 as compared to the nine months ended September 30, 2021 remained relatively consistent.

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

Nine Months Ended
(in thousands) September 30, 2022 September 30, 2021
Net realized gains on investments $ 35,468 $ 12,692
Net realized gains on foreign currency 219 —
Net change in unrealized (depreciation) appreciation of investments (67,634) 52,544
Net change in unrealized depreciation securities purchased under collateralized agreements to resell (2,021) —
Net change in unrealized depreciation on foreign currency (625) (13)
Provision for taxes (127) (114)
Net realized and unrealized (losses) gains $ (34,720) $ 65,109

Our net realized gains and unrealized losses resulted in a net loss of approximately $34.7 million for the nine months ended September 30, 2022 compared to net realized and unrealized gains resulting in a net gain of approximately $65.1 million for the same period in 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 nine months ended September 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 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 September 30, 2022 in eight of our corporate subsidiaries. The net gain for the nine months ended September 30, 2021 was primarily driven by realized gains and unrealized appreciation on our investments in Edmentum and unrealized appreciation on our investments in NM CLFX LP and NM GLCR LP, which offset unrealized depreciation on our investments in AAC,

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~~Tenawa and UniTek. See~~ ~~Monitoring of Portfolio Investments~~ ~~above for more details regarding the health of our portfolio companies.~~

~~Investment Income and Net Realized and Unrealized (Losses) Gains Related to Non-Controlling Interest in New Mountain Net Lease Corporation~~


		Nine Months Ended					Three Months Ended
(in thousands)	(in thousands)	September 30, 2022		September 30, 2021		(in thousands)	March 31, 2023		March 31, 2022
Total investment income	Total investment income	$	220,522	$	202,743	Total investment income	$	91,953	$	68,963
Net expenses after income taxes	Net expenses after income taxes	126,101		113,914		Net expenses after income taxes	53,565		39,055
Net investment income	Net investment income	94,421		88,829		Net investment income	38,388		29,908
Less: Net investment income related to non-controlling interests in NMNLC	Less: Net investment income related to non-controlling interests in NMNLC	924		977		Less: Net investment income related to non-controlling interests in NMNLC	275		334
Net investment income related to NMFC	Net investment income related to NMFC	$	93,497	$	87,852	Net investment income related to NMFC	$	38,113	$	29,574

Net change in realized gains on investments	Net change in realized gains on investments	35,468		12,692		Net change in realized gains on investments	665		19,172
Net change in realized gains on foreign currency	Net change in realized gains on foreign currency	219		—		Net change in realized gains on foreign currency	12		345
Less: Net change in realized gains on investments related to non-controlling interest in NMNLC	Less: Net change in realized gains on investments related to non-controlling interest in NMNLC	3,634		—		Less: Net change in realized gains on investments related to non-controlling interest in NMNLC	—		1,922
Net change in realized gains of investments related to NMFC	Net change in realized gains of investments related to NMFC	$	32,053	$	12,692	Net change in realized gains of investments related to NMFC	$	677	$	17,595

Net change in unrealized (depreciation) appreciation of investments		(67,634)		52,544
Net change in unrealized appreciation (depreciation) of investments						Net change in unrealized appreciation (depreciation) of investments	5,852		(9,933)
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)		—		Net change in unrealized depreciation of securities purchased under collateralized agreements to resell	—		(2,021)
Net change in unrealized depreciation on foreign currency		(625)		(13)
Net change in unrealized appreciation (depreciation) on foreign currency						Net change in unrealized appreciation (depreciation) on foreign currency	26		(422)
Provision for taxes	Provision for taxes	(127)		(114)		Provision for taxes	(131)		(2)
Less: Net change in unrealized (depreciation) appreciation of investments related to non-controlling interest in NMNLC		(4,708)		3,812
Net change in unrealized (depreciation) appreciation of investments related to NMFC		$	(65,699)	$	48,605
Less: Net change in unrealized depreciation of investments related to non-controlling interest in NMNLC						Less: Net change in unrealized depreciation of investments related to non-controlling interest in NMNLC	(36)		(1,401)
Net change in unrealized appreciation (depreciation) of investments related to NMFC						Net change in unrealized appreciation (depreciation) of investments related to NMFC	$	5,783	$	(10,977)

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

Liquidity and Capital Resources

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

Since our IPO, and through ~~September 30, 2022,~~March 31, 2023, we raised approximately $945.6 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 ~~2018~~ 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 ~~September 30, 2022,~~March 31, 2023, our asset coverage ratio was ~~179.3%~~177.6%.

At ~~September 30, 2022~~March 31, 2023 and December 31, ~~2021,~~2022, we had cash and cash equivalents of approximately ~~$48.9~~$46.4 million and ~~$58.1~~$71.2 million, respectively. Our cash ~~(used in) provided by~~used in operating activities during the ~~nine~~three months ended ~~September 30,~~March 31, 2023 and March 31, 2022 ~~and September 30, 2021~~ was approximately ~~$(8.8)~~$3.5 million and ~~$84.7~~$45.2 million, respectively. We expect that all current liquidity needs will be met with cash flows from operations and other activities.

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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 nine~~ months ended ~~September 30, 2022,~~March 31, 2023, we ~~sold 220,098~~did not sell any shares ~~and 2,950,300 shares, respectively,~~ of common stock under the Distribution Agreement. For the ~~same period,~~three months ended March 31, 2022, we sold 1,511,836 shares of common stock under the Distribution Agreement and received total accumulated net proceeds of approximately ~~$2.9~~$20.5 million, ~~and $40.0~~including $0.3 million ~~respectively, including $0.0 million and $0.4 million, respectively,~~ of offering expenses from these sales.

We generally use net proceeds from these ATM offerings to make investments, to pay down liabilities and for general corporate purposes. As of ~~September 30, 2022,~~March 31, 2023, shares representing approximately $196.9 million of our common stock ~~remain~~remains available for issuance and sale under the Distribution Agreement.

Off-Balance Sheet ~~Arrangements~~Agreements

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 ~~September 30, 2022~~March 31, 2023 and December 31, ~~2021,~~2022, we had outstanding commitments to third parties to fund investments totaling ~~$254.4~~$216.2 million and ~~$215.4~~$224.1 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 ~~September 30, 2022~~March 31, 2023 and December 31, ~~2021,~~2022, we had commitment letters to purchase investments in an aggregate par amount of ~~$62.2~~$4.9 million and ~~$6.8~~$45.6 million, respectively. As of ~~September 30, 2022~~March 31, 2023 and December 31, ~~2021,~~2022, 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 (as amended from time to time, the "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~~(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 ~~September 30, 2022,~~March 31, 2023, 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,~~28, 2023, the Holdings Credit Facility bears interest at a rate of SOFR plus 1.70% for Broadly Syndicated Loans (as defined in the Seventh Amendment to the Loan and Security Agreement) and SOFR plus 2.20% per annum for all other investments. From April 20, 2021 to April 27, 2023, the Holdings Credit Facility bore 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 ~~September 30, 2022~~March 31, 2023 and December 31, ~~2021,~~2022, the outstanding balance on the Holdings Credit Facility was ~~$630.7~~$614.7 million and ~~$545.3~~$619.0 million, respectively, and NMF Holdings was in compliance with the applicable covenants in the Holdings Credit Facility on such dates.

See Item 1.1.—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 nine~~ months ended ~~September 30, 2022~~March 31, 2023 and ~~September 30, 2021.~~March 31, 2022.

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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.

As of ~~September 30, 2022,~~March 31, 2023, 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, SONIA or EURIBOR 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 ~~September 30, 2022~~March 31, 2023 and December 31, ~~2021,~~2022, the outstanding balance on the NMFC Credit Facility was ~~$127.2~~$87.9 million and ~~$127.2~~$40.4 million, which included £22.9 million and ~~£16.4~~£22.9 million, respectively, denominated in British Pound Sterling ("GBP") and €0.7 million and ~~€0.0~~€0.7 million, respectively, denominated in Euro ("EUR") that ~~has~~have been converted to U.S. dollars. NMFC was in compliance with the applicable covenants in the NMFC Credit Facility on such dates.

See Item 1.1.—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 nine~~ months ended ~~September 30, 2022~~March 31, 2023 and ~~September 30, 2021.~~March 31, 2022.

Unsecured Management Company Revolver—The Uncommitted Revolving Loan Agreement (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 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 ~~September 30, 2022,~~March 31, 2023, 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 nine~~ months ended ~~September 30,~~March 31, 2023 and March 31, 2022, ~~and September 30, 2021,~~ amortization of financing costs were each less than $50.0 thousand, respectively.

As of ~~September 30, 2022,~~March 31, 2023, 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.

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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.

As of ~~September 30, 2022~~March 31, 2023 and December 31, ~~2021,~~2022, the outstanding balance on the DB Credit Facility was $186.4 million and ~~$226.3~~$186.4 million, respectively, and NMFDB was in compliance with the applicable covenants in the DB Credit Facility on such date.

See Item 1.1.—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 nine~~ months ended ~~September 30, 2022~~March 31, 2023 and ~~September 30, 2021.~~March 31, 2022.

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 amendment on ~~March 16, 2022, the NMNLC Credit Facility II matures on February 25, 2023. As of the amendment on~~ November 1, 2022, NM CLFX LP has been added as a co-borrower and the NMNLC ~~Credit Facility II~~CA will mature on November 1, 2024. 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 September 30, 2022,~~refinancing existing loans on the ~~maximum amount of revolving borrowings available under the NMNLC Credit Facility II was $10.0 million.~~properties held.

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~~From December 7, 2021 to November 1, 2022, the NMNLC Credit Facility II bore interest at a rate of the 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). As of the amendment on November 1, 2022, the NMNLC Credit Facility II bears interest at a rate of SOFR plus 2.25%.

Prior to the amendment on March 16, 2022, the maximum amount of revolving borrowings available under the NMNLC Credit Facility II was ~~$20.0~~$20 million. As of the March 16, 2022 amendment and effective May 1, 2022 through November 1, 2022, the maximum amount of revolving borrowings available under the NMNLC Credit Facility II was ~~$10.0~~$10 million. As of the amendment on November 1, 2022, the maximum amount of revolving borrowings available under the NMNLC Credit Facility II is $27.5 million, ~~and the facility bears interest at a rate~~ of ~~SOFR plus 2.25%.~~which $26.3 million is outstanding for all borrowers. As of ~~September 30, 2022~~March 31, 2023 and December 31, ~~2021,~~2022, the outstanding balance on the NMNLC Credit Facility II was ~~$2.9~~$3.1 million and ~~$15.2~~$3.8 million, respectively, and NMNLC was in compliance with the applicable covenants in the NMNLC Credit Facility II on such date.

See Item 1.1.—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 nine~~ months ended ~~September 30, 2022~~March 31, 2023 and ~~September 30, 2021.~~March 31, 2022.

Convertible Notes

2018 Convertible Notes—On August 20, 2018, we closed a registered public offering of $100.0 million aggregate principal amount of unsecured convertible notes (the "2018 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 2018 Convertible Notes pursuant to the exercise of an overallotment option by the underwriter of the 2018 Convertible Notes. On June 7, 2019, we closed a registered public offering of an additional $86.3 million aggregate principal amount of the 2018 Convertible Notes. These additional 2018 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 2018 Convertible Notes that we issued in August 2018.

The 2018 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 2018 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 2018 Convertible Notes prior to May 15, 2023. On or after May 15, 2023, we may redeem the 2018 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 2018 Convertible Notes to be redeemed, (ii) accrued and unpaid interest thereon to, but excluding, the redemption date and (iii) a make-whole premium.

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On November 4, 2022, we launched a tender offer to purchase, upon the terms and subject to the conditions set forth in the Offer to Purchase, dated November 4, 2022, up to $201.25 million aggregate principal amount of outstanding 2018 Convertible Notes for cash in an amount equal to $1,000 per $1,000 principal amount of 2018 Convertible Notes purchased (exclusive of accrued and unpaid interest on such notes) (the "Tender Offer"). The Tender Offer expired on December 6, 2022. As of the expiration of the Tender Offer, $84.43 million aggregate principal amount of the 2018 Convertible Notes were validly tendered and not validly withdrawn pursuant to the Tender Offer. The Company accepted for purchase all of the 2018 Convertible Notes that were validly tendered and not validly withdrawn at the expiration of the Tender Offer. Following settlement of the Tender Offer on December 9, 2022, approximately $116.8 million aggregate principal amount of the 2018 Convertible Notes remained outstanding.

No sinking fund is provided for the 2018 Convertible Notes. Holders of 2018 Convertible Notes may, at their option, convert their 2018 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 2018 Convertible Notes. In addition, if certain corporate events

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occur, holders of the 2018 Convertible Notes may require us to repurchase for cash all or part of their 2018 Convertible Notes at a repurchase price equal to 100.0% of the principal amount of the 2018 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 2018 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 exceptions that are described in the 2018A Indenture.

2022 Convertible Notes—On November 2, 2022, we closed a private offering of $200.0 million aggregate principal amount of unsecured convertible notes (the “2022 Convertible Notes”), pursuant to an indenture, dated August 20, 2018, as supplemented by a third supplemental indenture thereto, dated November 2, 2022 (together the “2018C Indenture”). On March 14, 2023, in connection with the registered public offering, we issued an additional $60.0 million aggregate principal amount of the 2022 Convertible Notes. These additional 2022 Convertible Notes constitute a further issuance of, rank equally in right of payment with, and form a single series with the $200,000 aggregate principal amount of 2022 Convertible Notes that the we issued in November 2022.

The 2022 Convertible Notes bear interest at an annual rate of 7.50%, payable semi-annually in arrears on April 15 and October 15 of each year, commencing on April 15, 2023. The 2022 Convertible Notes will mature on October 15, 2025 unless earlier converted, repurchased or redeemed pursuant to the terms of the 2018C Indenture. We may not redeem the 2022 Convertible Notes prior to July 15, 2025. On or after July 15, 2025, we may redeem the 2022 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 2022 Convertible Notes to be redeemed, (ii) accrued and unpaid interest thereon to, but excluding, the redemption date and (iii) a make-whole premium.

The following table summarizes certain key terms related to the convertible features of our 2018 Convertible Notes and 2022 Convertible Notes (together, the "Convertible Notes") as of ~~September 30, 2022:~~March 31, 2023:


	~~2018 Convertible Notes~~
~~Initial conversion premium~~	~~10.0~~		%
~~Initial conversion rate(1)~~	~~65.8762~~
~~Initial conversion price~~	$	~~15.18~~
~~Conversion premium at September 30, 2022~~	~~10.0~~		%
~~Conversion rate at September 30, 2022(1)(2)~~	~~65.8762~~
~~Conversion price at September 30, 2022(2)(3)~~	$	~~15.18~~
~~Last conversion price calculation date~~	~~August 20, 2022~~


	2018 Convertible Notes			2022 Convertible Notes
Initial conversion premium(1)	10.0		%	14.7		%
Initial conversion rate(2)	65.8762			70.4225
Initial conversion price	$	15.18		$	14.20
Conversion premium at March 31, 2023	10.0		%	14.7		%
Conversion rate at March 31, 2023(1)(2)	65.8762			70.6582
Conversion price at March 31, 2023(2)(3)	$	15.18		$	14.15
Last conversion price calculation date	August 20, 2022			March 17, 2023

(1)Conversion rates denominated in shares of common stock per $1.0 thousand principal amount of our ~~2018~~ 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.

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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 for the 2018 Convertible Notes and $0.30 per share per quarter for the 2022 Convertible Notes 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.~~share for the 2018 Convertible Notes and $12.38 per share for the 2022 Convertible Notes. In no event will the total number of shares of common stock issuable upon conversion exceed 72.4637 per $1 principal ~~amount.~~amount of the 2018 Convertible Notes and 80.7754 per $1 principal amount of the 2022 Convertible Notes. We have determined that the embedded conversion option in the ~~2018~~ Convertible Notes is not required to be separately accounted for as a derivative under GAAP.

The ~~2018~~ 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 ~~2018~~ 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.

As of ~~September 30, 2022~~March 31, 2023 and December 31, ~~2021,~~2022, the outstanding balance on the 2018 Convertible Notes was ~~$201.2~~$116.8 million and ~~$201.2~~$116.8 million, ~~respectively,~~respectively. As of March 31, 2023 and December 31, 2022, the outstanding balance on the 2022 Convertible Notes was $260.0 million and $200.0 million, respectively. NMFC was in compliance with the terms of the 2018A Indenture and 2018C Indenture on such date.

See Item 1.1.—Financial Statements and Supplementary Data—Note 7. Borrowings in this Quarterly Report on Form 10-Q for additional information on costs incurred on the ~~2018~~ Convertible Notes for the three ~~and nine~~ months ended ~~September 30, 2022~~March 31, 2023 and ~~September 30, 2021.~~March 31, 2022.

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 matured on July 15, 2022 (the "2017A Unsecured Notes"), pursuant to ~~the NPA~~an amended and restated note purchase agreement, dated September 30, 2016 (the "NPA"), and a supplement to the NPA. On July 15,

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2022, we caused notices to be issued to holders of our 2017A Unsecured Notes regarding the exercise of our option to repay all of our $55.0 million in aggregate principal amount of issued and outstanding 2017A Unsecured Notes, which was repaid on July 14, 2022. On January 30, 2018, we issued $90.0 million in aggregate principal amount of five year unsecured notes that ~~mature~~matured on January 30, 2023 (the "2018A Unsecured Notes") pursuant to the NPA and a second supplement to the NPA. On January 30, 2023, we caused notices to be issued to holders of our 2018A Unsecured Notes regarding the exercise of our option to repay all of our $90.0 million in aggregate principal amount of issued and outstanding 2018A Unsecured Notes, which was repaid on January 27, 2023. 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 "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 bore 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~~bore 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.~~year. 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.~~year, which commenced on December 14, 2022. 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.

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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,The 2017A Unsecured Notes, 2018A Unsecured Notes, 2018B Unsecured Notes, 2019A Unsecured Notes, 2021A Unsecured Notes and ~~the~~ 2022A Unsecured Notes (together, 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.

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As of ~~September 30, 2022~~March 31, 2023 and December 31, ~~2021,~~2022, the outstanding balance on the Unsecured Notes was ~~$531.5~~$441.5 million and ~~$511.5~~$531.5 million, respectively, and we were in compliance with the terms of the NPA as of such dates, as applicable.

See Item 1.1.—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 nine~~ months ended ~~September 30, 2022~~March 31, 2023 and ~~September 30, 2021.~~March 31, 2022.

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.~~maturity with interest payable semi-annually. 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 ~~September 30, 2022~~March 31, 2023 and December 31, ~~2021,~~2022, 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 ~~September 30, 2022~~March 31, 2023 and December 31, ~~2021,~~2022, 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 ~~September 30, 2022~~March 31, 2023 and December 31, ~~2021,~~2022, SBIC I and SBIC II were in compliance with SBA regulatory requirements.

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See Item 1.1.—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 ~~September 30, 2022~~March 31, 2023 and costs incurred on the SBA-guaranteed debentures for the three ~~and nine~~ months ended ~~September 30, 2022~~March 31, 2023 and ~~September 30, 2021.~~March 31, 2022.

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Contractual Obligations

A summary of our significant contractual payment obligations as of ~~September 30, 2022~~March 31, 2023 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)	$	630.7	$	—	$	—	$	630.7	$	—	Holdings Credit Facility(1)	$	614.7	$	—	$	—	$	614.7	$	—
Unsecured Notes(2)	Unsecured Notes(2)	531.5		140.0		116.5		275.0		—		Unsecured Notes(2)	441.5		50.0		316.5		75.0		—
SBA-guaranteed debentures(3)		300.0		—		103.8		30.9		165.3
Convertible Notes(4)		201.2		201.2		—		—		—
Convertible Notes(3)												Convertible Notes(3)	376.8		116.8		260.0		—		—
SBA-guaranteed debentures(4)												SBA-guaranteed debentures(4)	300.0		—		117.7		32.3		150.0
DB Credit Facility(5)	DB Credit Facility(5)	186.4		—		—		186.4		—		DB Credit Facility(5)	186.4		—		186.4		—		—
NMFC Credit Facility(6)	NMFC Credit Facility(6)	127.2		—		—		127.2		—		NMFC Credit Facility(6)	87.9		—		—		87.9		—
NMNLC Credit Facility II(7)	NMNLC Credit Facility II(7)	2.9		2.9		—		—		—		NMNLC Credit Facility II(7)	3.1		—		3.1		—		—
Total Contractual Obligations	Total Contractual Obligations	$	1,979.9	$	344.1	$	220.3	$	1,250.2	$	165.3	Total Contractual Obligations	$	2,010.4	$	166.8	$	883.7	$	809.9	$	150.0

(1)Under the terms of the $730.0 million Holdings Credit Facility, all outstanding borrowings under that facility ($~~630.7~~614.7 million as of ~~September 30, 2022)~~March 31, 2023) must be repaid on or before April 20, 2026. As of ~~September 30, 2022,~~March 31, 2023, there was approximately ~~$99.3~~$115.3 million of possible capacity remaining under the Holdings Credit Facility.

(2)$~~90.0 million of the 2018A Unsecured Notes will mature on January 30, 2023 unless earlier repurchased, $50.0~~50.0 million of the 2018B Unsecured Notes will mature on June 28, 2023 unless earlier repurchased, $116.5 million of the 2019A Unsecured Notes will mature on April 30, 2024 unless earlier repurchased, $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)~~The 2018 Convertible Notes will mature on August 15, 2023 unless earlier converted or repurchased at the holder's option or redeemed by us. The 2022 Convertible Notes will mature on October 15, 2025 unless earlier converted or purchased at the holder's option or redeemed by us.

(4)Our SBA-guaranteed debentures will begin to mature on March 1, 2025.

(5)Under the terms of the $280.0 million DB Credit Facility, all outstanding borrowings under that facility ($~~189.3~~186.4 million as of ~~September 30, 2022)~~March 31, 2023) must be repaid on or before March 25, 2026. As of ~~September 30, 2022,~~March 31, 2023, there was approximately $93.6 million of possible capacity remaining under the DB Credit Facility.

(6)Under the terms of the $198.5 million NMFC Credit Facility, all outstanding borrowings under that facility ($~~127.2~~87.9 million, which included £22.9 million denominated in GBP and €0.7 million denominated in EUR that have been converted to U.S. dollars as of ~~September 30, 2022)~~March 31, 2023) must be repaid on or before June 4, 2026. As of ~~September 30, 2022,~~March 31, 2023, there was approximately ~~$71.3~~$110.6 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 September 30, 2022)~~ must be repaid on or before ~~February 25, 2023.~~November 1, 2024. As of ~~September 30, 2022, there~~March 31, 2023, the outstanding borrowings for all borrowers was ~~approximately $7.1~~$25.7 million, of ~~available capacity remaining under the NMNLC Credit Facility II.~~which $3.1 million was outstanding for NMNLC.

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.

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 ~~nine~~three months ended ~~September 30, 2022~~March 31, 2023 totaled approximately ~~$90.1~~$32.3 million.

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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, 2023

First Quarter

January 24, 2023

March 17, 2023

March 31, 2023

0.32

December 31, 2022

Fourth Quarter

November 2, 2022

December 16, 2022

December 30, 2022

0.32

Third Quarter

August 3, 2022

September 16, 2022

September 30, 2022

0.30

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

~~0.90~~1.22

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

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~~

(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, ~~2021~~2022 and December 31, ~~2020,~~2021, total distributions were ~~$116.5~~$122.4 million and ~~$120.1~~$116.5 million, respectively, of which the distributions were comprised of approximately ~~90.99%~~70.59% and ~~84.58%~~90.99%, respectively, of ordinary income, ~~0.00%~~20.79% and 0.00%, respectively, of long-term capital gains and approximately ~~9.01%~~8.62% and ~~15.42%~~9.01%, 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 31, 2021 through the quarter ending December 31, 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

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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 nine~~ months ended ~~September 30, 2022~~March 31, 2023 approximately ~~$0.5~~$0.6 million ~~and $1.9 million, respectively,~~ of indirect administrative expenses were included in administrative expenses, of which approximately ~~$0 and $0.2~~$0.0 million ~~respectively,~~ were waived by the Administrator. As of ~~September 30, 2022,~~March 31, 2023, approximately ~~$0.5~~$0.6 million of indirect administrative expenses were included in payable to affiliates. For the three ~~and nine~~ months ended ~~September 30, 2022,~~March 31, 2023, the reimbursement to the Administrator represented approximately ~~0.01% and 0.05%, respectively,~~0.02% 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 co-investment transaction is consistent with the interests of our stockholders and is consistent with our then-current investment

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objective and strategies. The Exemptive Order was amended on August 30, 2022 to permit us to ~~co-invest~~complete follow-on investments in ~~its~~our existing portfolio companies with certain affiliates that are private funds if such private funds ~~did~~do not ~~have~~hold an investment in such existing portfolio company, subject to certain conditions.

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 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~~Since March 2022, the ~~COVID-19 pandemic, the U.S.~~ Federal Reserve ~~and other central banks had reduced certain~~has been rapidly raising interest rates and ~~LIBOR~~ has ~~decreased.~~indicated that it would consider additional rate hikes in response to ongoing inflation concerns. In ~~addition,~~a rising interest rate environment, our net investment income would increase due to an increase in interest income generated by our investment portfolio. However, our cost of funds would also increase, which could also impact net investment income. It is possible that the Federal Reserve's tightening cycle could result in a recession in the United States, which would likely decrease interest rates. Alternatively, in a prolonged low interest rate environment, including a reduction of base rates, such as LIBOR, SONIA or SOFR, to zero, the difference between the total interest income earned on interest earning assets and the total interest expense incurred on interest bearing liabilities may be compressed, reducing our net interest income and potentially adversely affecting our operating results. 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 3.50%, most recently by 0.75% in November 2022, and indicated that it would consider future rate hikes if inflation does not slow. During the ~~nine~~three months ended ~~September 30, 2022,~~March 31, 2023, certain of the loans held in our portfolio had floating LIBOR, SONIA or SOFR interest rates. As of ~~September 30, 2022,~~March 31, 2023, approximately ~~85.60%~~87.30% 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 ~~14.40%~~12.70% 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 ~~September 30, 2022.~~March 31, 2023. 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 ~~September 30, 2022.~~March 31, 2023. Interest expense on our floating rate credit facilities is calculated using the interest rate as of ~~September 30, 2022,~~March 31, 2023, 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 ~~September 30, 2022.~~March 31, 2023. These hypothetical calculations are based on a model of the investments in our portfolio, held as of ~~September 30, 2022,~~March 31, 2023, 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	~~(1.58)~~(1.99)	%
Base Interest Rate	—	%
+100 Basis Points	~~6.31~~7.98	%
+200 Basis Points	~~12.68~~15.96	%
+300 Basis Points	~~19.04~~23.94	%

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Item 4. Controls and Procedures

(a)Evaluation of Disclosure Controls and Procedures

As of ~~September 30, 2022~~March 31, 2023 (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 ~~September 30, 2022~~March 31, 2023 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 ~~September 30, 2022.~~March 31, 2023. 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, ~~2021,~~2022, 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.~~we face. Additional risks and uncertainties not currently known to us or that we currently deem to be immaterial also may materially and adversely affect our business, financial condition and/or operating results. There have been no material changes during the ~~nine~~three months ended ~~September 30, 2022~~March 31, 2023 to the risk factors discussed in Item 1A. Risk Factors in our Annual Report on Form 10-K for the year ended December 31, ~~2021.~~2022 other than those set forth below.

Our business is dependent on bank relationships and recent strain on the banking system may adversely impact us.

The financial markets recently have encountered volatility associated with concerns about the balance sheets of banks, especially small and regional banks that may have significant losses associated with investments that make it difficult to fund demands to withdraw deposits and other liquidity needs. Although the federal government has announced measures to assist these banks and protect depositors, some banks have already been impacted and others may be materially and adversely impacted. Our business is dependent on bank relationships, and we are proactively monitoring the financial health of banks with which we (or our portfolio companies) do or may in the future do business. Continued strain on the banking system may adversely impact our business, financial condition and results of operations.

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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 three months ended ~~September 30, 2022.~~March 31, 2023.

Issuer Purchases of Equity Securities

Dividend Reinvestment Plan

During the ~~nine~~three months ended ~~September 30, 2022,~~March 31, 2023, as part of our dividend reinvestment plan for our common stockholders, our dividend reinvestment plan administrator purchased ~~97,086~~101,878 shares of our common stock for approximately ~~$1.2~~$1.3 million in the open market in order to satisfy the reinvestment portion of our distribution. The following table outlines purchases by our dividend reinvestment plan administrator of our common stock for this purpose during the ~~nine~~three months ended ~~September 30, 2022.~~March 31, 2023.

(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 2022 — $ — — $ —
February 2022 — — — —
March 2022 — — — —
April 2022 — — — —
May 2022 — — — —
June 2022 — — — —
July 2022 97,086 12.20 — —
August 2022 — — — —
September 2022 — — — —
Total 97,086 $ 12.20 — $ —


(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 2023	101,878	$	12.46	—	$	—
February 2023	—	—		—	—
March 2023	—	—		—	—









Total	101,878	$	12.46	—	$	—

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 22, ~~2021,~~2022, our board of directors extended our Repurchase Program and we expect the Repurchase Program to be in place until the earlier of December 31, ~~2022~~2023 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 ~~nine~~three months ended ~~September 30, 2022.~~March 31, 2023.

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 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)

~~4.2~~						~~Third Supplemental Indenture, dated as of November 2, 2022, relating to the 7.50%~~ N ~~otes due 2025, by and between New Mountain Finance Corporation and U.S. Bank Trust Company, National Association (as successor in interest to U.S. Bank National Association), as trustee(6)~~

10.1						Form of Private Placement Purchase Agreement, dated as of ~~October 27, 2022,~~March 8, 2023, by and among New Mountain Finance Corporation and the investor named therein, on behalf of itself and the accounts listed on Exhibit A thereto for whom such investor holds contractual and investment authority, relating to the 7.50% Convertible Notes due October 15, ~~2025~~2025.(5)

10.2						(Seventh Amendment to Loan and Security Agreement, dated as of April 28, 2023, 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.*

10.3						5 )First Amendment to Loan and Security Agreement, dated as of April 28, 2023, by and among New Mountain Finance Corporation, as the collateral manager, NMFC Senior Loan Program IV LLC as the borrower, NMFC Senior Loan Program I LLC and NMFC Senior Loan Program II as guarantor subsidiaries, Wells Fargo Bank, National Association, as the administrative agent, the lender party thereto and Wells Fargo Bank, National Association, as the collateral custodian.*

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 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~~Current Report on Form 8-K filed on August 25, 2011.

(4)Previously filed in connection with New Mountain Finance Corporation's ~~report~~Current Report on Form 8-K filed on April 3, 2019.

(5)Previously filed in connection with New Mountain Finance Corporation's ~~report~~Current Report on Form 8-K filed on ~~October 28, 2022.~~March 10, 2023.

~~(6)Previously filed in connection with New Mountain Finance Corporation's report on Form 8-K filed on November 2, 2022.~~

*Filed herewith.

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SIGNATURES

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized on ~~November~~May 8, ~~2022.~~2023.


			NEW MOUNTAIN FINANCE CORPORATION

			By:			/s/ ~~ROBERT A. HAMWEE~~JOHN R. KLINE
						~~Robert A. Hamwee~~John R. Kline
						President and Chief Executive Officer
						(Principal Executive Officer), and Director

			By:			/s/ ~~SHIRAZ Y. KAJEE~~LAURA C. HOLSON
						~~Shiraz Y. Kajee~~Laura C. Holson
						Chief Financial Officer (Principal Financial and
						~~(Principal Financial and~~ Accounting Officer), Chief Operating Officer and
						Treasurer

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