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~~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, ~~addresses~~address of principal executive offices, telephone ~~numbers~~number and states or other jurisdictions of incorporation or organization

I.R.S. Employer

Identification Number

000-56123

NMF SLF I, Inc.

1633 Broadway, 48th Floor

New York, New York 10019

Telephone: (212) 720-0300

State of Incorporation: Maryland

83-3291673

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

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

None

N/A

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


			~~Title of each class~~
~~Common Stock, par value $0.001~~

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 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 oý No o

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


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

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

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

The number of the registrant's common stock shares outstanding as of November 14, ~~2022~~2023 was ~~73,750,032.~~82,381,922. As of September 30, ~~2022,~~2023, there was no established public market for the registrant's common stock.

Table of Contents

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

TABLE OF CONTENTS


		PAGE
PART I. FINANCIAL INFORMATION

Item 1.	Financial Statements

	~~NMF SLF I, Inc.~~
	Consolidated Statements of Assets and Liabilities as of ~~September~~Septem ber 30, ~~2022~~2023 (unaudited) and December 31, ~~2021~~2022	3
	Consolidated Statements of Operations for the three and nine months ended September 30, ~~2022~~2023 (unaudited) and ~~September~~Sept ember 30, ~~2021~~2022 (unaudited)	4
	Consolidated Statements of Changes in Net Assets for the three and nine months ended September 30, ~~2022~~2023 (unaudited) and ~~September~~Sept ember 30, ~~2021~~2022 (unaudited)	5
	Consolidated Statements of Cash Flows for the nine months ended September 30, ~~2022~~2023 (unaudited) and September 30, ~~2021~~2022 (unaudited)	6
	Consolidated Schedule of Investments as of ~~September~~September 30, ~~2022~~2023 (unaudited)	7
	Consolidated Schedule of Investments as of December 31, ~~2021~~2022	2224
	Notes to the Consolidated Financial Statements of NMF SLF I, Inc. (unaudited)	3540
	Report of Independent Registered Public Accounting Firm	5558

Item 2.	Management's Discussion and Analysis of Financial Condition and Results of Operations	5659
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	7071
Item 4.	Controls and Procedures	7172

PART II. OTHER INFORMATION

Item 1.	Legal Proceedings	7273
Item 1A.	Risk Factors	7273
Item 2.	Unregistered Sales of Equity Securities, ~~and~~ Use of Proceeds, and Issuer Purchases of Equity Securities	7274
Item 3.	Defaults Upon Senior Securities	7274
Item 4.	Mine Safety Disclosures	7274
Item 5.	Other Information	7274
Item 6.	Exhibits	7375
	Signatures	7476

Table of Contents

PART I. FINANCIAL INFORMATION

Item 1. Financial Statements

NMF SLF I, Inc.

Consolidated Statements of Assets and Liabilities

(in thousands, except shares and per share data)

(unaudited)


		September 30, 2022		December 31, 2021			September 30, 2023		December 31, 2022
Assets	Assets					Assets
Non-controlled/non-affiliated investments at fair value (cost of $1,177,219 and $1,060,947, respectively)		$	1,165,982	$	1,070,088
Non-controlled/non-affiliated investments at fair value (cost of $1,237,106 and $1,191,246, respectively)						Non-controlled/non-affiliated investments at fair value (cost of $1,237,106 and $1,191,246, respectively)	$	1,230,366	$	1,173,399
Cash and cash equivalents	Cash and cash equivalents	17,076		21,426		Cash and cash equivalents	17,469		16,012
Interest receivable	Interest receivable	4,978		5,237		Interest receivable	8,376		6,833
Receivable from affiliate		6		—

Other assets	Other assets	328		337		Other assets	268		328
Total assets	Total assets	$	1,188,370	$	1,097,088	Total assets	$	1,256,479	$	1,196,572
Liabilities	Liabilities					Liabilities
Borrowings	Borrowings					Borrowings
Wells Credit Facility	Wells Credit Facility	$	401,000	$	318,000	Wells Credit Facility	$	360,300	$	394,500
Deferred financing costs (net of accumulated amortization of $1,752 and $1,088, respectively)		(2,867)		(3,531)
Deferred financing costs (net of accumulated amortization of $2,640 and $1,975, respectively)						Deferred financing costs (net of accumulated amortization of $2,640 and $1,975, respectively)	(1,990)		(2,644)
Net borrowings	Net borrowings	398,133		314,469		Net borrowings	358,310		391,856
Distribution payable	Distribution payable	18,659		32,021		Distribution payable	27,268		40,489
Payable for unsettled securities purchased	Payable for unsettled securities purchased	1,471		27,781		Payable for unsettled securities purchased	5,602		—
Interest payable						Interest payable	2,286		2,181
Management fee payable	Management fee payable	1,887		1,460		Management fee payable	1,952		1,878
Interest payable		1,627		646
Payable to affiliates	Payable to affiliates	—		114		Payable to affiliates	64		160

Accrued organizational and offering expenses						Accrued organizational and offering expenses	—		61
Other liabilities	Other liabilities	935		498		Other liabilities	870		872
Total liabilities	Total liabilities	422,712		376,989		Total liabilities	396,352		437,497
Commitments and contingencies (See Note 8)	Commitments and contingencies (See Note 8)					Commitments and contingencies (See Note 8)
Net Assets	Net Assets					Net Assets
Common stock, par value $0.001, 500,000,000 shares authorized, 73,750,032 and 67,739,484 shares issued and outstanding, respectively		74		68
Common stock, par value 0.001, 500,000,000 shares authorized, 82,381,922 and 73,750,032 shares issued and outstanding, respectively						Common stock, par value 0.001, 500,000,000 shares authorized, 82,381,922 and 73,750,032 shares issued and outstanding, respectively	82		74
Paid in capital in excess of par	Paid in capital in excess of par	771,472		707,361		Paid in capital in excess of par	860,861		771,472
Accumulated undistributed earnings	Accumulated undistributed earnings	(5,888)		12,670		Accumulated undistributed earnings	(816)		(12,471)
Total net assets	Total net assets	$	765,658	$	720,099	Total net assets	$	860,127	$	759,075
Total liabilities and net assets	Total liabilities and net assets	$	1,188,370	$	1,097,088	Total liabilities and net assets	$	1,256,479	$	1,196,572

Net asset value per share	Net asset value per share	$	10.38	$	10.63	Net asset value per share	$	10.44	$	10.29

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

Table of Contents

NMF SLF I, Inc.

Consolidated Statements of Operations

(in thousands, except shares and per share data)

(unaudited)


		Three Months Ended				Nine Months Ended					Three Months Ended				Nine Months Ended
		September 30, 2022		September 30, 2021		September 30, 2022		September 30, 2021			September 30, 2023		September 30, 2022		September 30, 2023		September 30, 2022
Investment income	Investment income									Investment income
Interest income (excluding Payment-in-kind ("PIK") interest income)	Interest income (excluding Payment-in-kind ("PIK") interest income)	$	24,434	$	14,683	$	62,237	$	36,623	Interest income (excluding Payment-in-kind ("PIK") interest income)	$	35,251	$	24,434	$	98,972	$	62,237
PIK interest income	PIK interest income	1,039		427		2,727		754		PIK interest income	1,663		1,039		4,366		2,727

Fee income	Fee income	942		2,861		3,822		4,860		Fee income	788		942		2,101		3,822
Total investment income	Total investment income	26,415		17,971		68,786		42,237		Total investment income	37,702		26,415		105,439		68,786
Expenses	Expenses									Expenses
Interest and other financing expenses	Interest and other financing expenses	4,940		1,608		10,557		3,738		Interest and other financing expenses	7,209		4,940		21,198		10,557
Management fee	Management fee	1,887		1,272		5,137		3,158		Management fee	1,952		1,887		5,794		5,137
Administrative expenses										Administrative expenses	280		263		862		777
Professional fees	Professional fees	232		173		779		480		Professional fees	224		232		738		779
Administrative expenses		263		182		777		446
Other general and administrative expenses	Other general and administrative expenses	74		70		221		211		Other general and administrative expenses	116		74		314		221
Organizational expenses		—		—		—		18

Total expenses	Total expenses	7,396		3,305		17,471		8,051		Total expenses	9,781		7,396		28,906		17,471

Net investment income before income taxes		19,019		14,666		51,315		34,186
Income tax expense		—		—		—		3

Net investment income	Net investment income	19,019		14,666		51,315		34,183		Net investment income	27,921		19,019		76,533		51,315
Net realized and unrealized gains (losses)	Net realized and unrealized gains (losses)									Net realized and unrealized gains (losses)
Net realized (losses) gains on investments		(138)		65		1,260		65
Net change in unrealized depreciation of investments		(7,948)		(5,228)		(20,378)		(7,666)
Net realized gains (losses) on investments										Net realized gains (losses) on investments	72		(138)		191		1,260
Net change in unrealized appreciation (depreciation) of investments										Net change in unrealized appreciation (depreciation) of investments	5,374		(7,948)		11,107		(20,378)

Net realized and unrealized losses		(8,086)		(5,163)		(19,118)		(7,601)
Net realized and unrealized gains (losses)										Net realized and unrealized gains (losses)	5,446		(8,086)		11,298		(19,118)
Net increase in net assets resulting from operations	Net increase in net assets resulting from operations	$	10,933	$	9,503	$	32,197	$	26,582	Net increase in net assets resulting from operations	$	33,367	$	10,933	$	87,831	$	32,197
Earnings per share (basic & diluted)	Earnings per share (basic & diluted)	$	0.15	$	0.22	$	0.45	$	0.70	Earnings per share (basic & diluted)	$	0.41	$	0.15	$	1.12	$	0.45
Weighted average shares of common stock outstanding - basic & diluted (See Note 10)	Weighted average shares of common stock outstanding - basic & diluted (See Note 10)	73,125,855		42,251,397		71,404,519		38,116,661		Weighted average shares of common stock outstanding - basic & diluted (See Note 10)	81,401,276		73,125,855		78,632,968		71,404,519

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

Table of Contents

NMF SLF I, Inc.

Consolidated Statements of Changes in Net Assets

(in thousands, except shares)

(unaudited)


		Three Months Ended				Nine Months Ended					Three Months Ended				Nine Months Ended
		September 30, 2022		September 30, 2021		September 30, 2022		September 30, 2021			September 30, 2023		September 30, 2022		September 30, 2023		September 30, 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	$	19,019	$	14,666	$	51,315	$	34,183	Net investment income	$	27,921	$	19,019	$	76,533	$	51,315
Net realized (losses) gains on investments		(138)		65		1,260		65
Net change in unrealized depreciation of investments		(7,948)		(5,228)		(20,378)		(7,666)
Net realized gains (losses) on investments										Net realized gains (losses) on investments	72		(138)		191		1,260
Net change in unrealized appreciation (depreciation) of investments										Net change in unrealized appreciation (depreciation) of investments	5,374		(7,948)		11,107		(20,378)
Net increase in net assets resulting from operations	Net increase in net assets resulting from operations	10,933		9,503		32,197		26,582		Net increase in net assets resulting from operations	33,367		10,933		87,831		32,197
Capital transactions	Capital transactions									Capital transactions
Net proceeds from shares of common stock sold		—		151,800		—		151,800

Distributions declared to stockholders from net investment income	Distributions declared to stockholders from net investment income	(18,659)		(14,673)		(50,755)		(34,534)		Distributions declared to stockholders from net investment income	(27,268)		(18,659)		(76,177)		(50,755)

Reinvestment of distributions	Reinvestment of distributions	32,096		10,746		64,117		19,861		Reinvestment of distributions	48,909		32,096		89,398		64,117
Total net increase (decrease) in net assets resulting from capital transactions		13,437		147,873		13,362		137,127
Total net increase in net assets resulting from capital transactions										Total net increase in net assets resulting from capital transactions	21,641		13,437		13,221		13,362
Net increase (decrease) in net assets	Net increase (decrease) in net assets	24,370		157,376		45,559		163,709		Net increase (decrease) in net assets	55,008		24,370		101,052		45,559
Net assets at the beginning of the period	Net assets at the beginning of the period	741,288		393,045		720,099		386,712		Net assets at the beginning of the period	805,119		741,288		759,075		720,099
Net assets at the end of the period	Net assets at the end of the period	$	765,658	$	550,421	$	765,658	$	550,421	Net assets at the end of the period	$	860,127	$	765,658	$	860,127	$	765,658

Capital share activity	Capital share activity									Capital share activity
Shares of common stock sold		—		14,094,708		—		14,094,708

Shares issued from the reinvestment of distributions	Shares issued from the reinvestment of distributions	3,022,333		989,490		6,010,548		1,829,609		Shares issued from the reinvestment of distributions	4,748,390		3,022,333		8,631,890		6,010,548
Net increase in shares of common stock outstanding		3,022,333		15,084,198		6,010,548		15,924,317

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

Table of Contents

NMF SLF I, Inc.

Consolidated Statements of Cash Flows

(in thousands)

(unaudited)


		Nine Months Ended					Nine Months Ended
		September 30, 2022		September 30, 2021			September 30, 2023		September 30, 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	$	32,197	$	26,582	Net increase in net assets resulting from operations	$	87,831	$	32,197
Adjustments to reconcile net increase in net assets resulting from operations to net cash used in operating activities:
Adjustments to reconcile net increase in net assets resulting from operations to net cash provided by (used in) operating activities:						Adjustments to reconcile net increase in net assets resulting from operations to net cash provided by (used in) operating activities:
Net realized gains on investments	Net realized gains on investments	(1,260)		(65)		Net realized gains on investments	(191)		(1,260)
Net change in unrealized depreciation of investments		20,378		7,666
Net change in unrealized (appreciation) depreciation of investments						Net change in unrealized (appreciation) depreciation of investments	(11,107)		20,378
Amortization of purchase discount	Amortization of purchase discount	(3,802)		(9,512)		Amortization of purchase discount	(2,722)		(3,802)
Amortization of deferred financing costs	Amortization of deferred financing costs	664		611		Amortization of deferred financing costs	665		664
Non-cash investment income	Non-cash investment income	(2,771)		(598)		Non-cash investment income	(4,154)		(2,771)
(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	(260,330)		(469,724)		Purchase of investments and delayed draw facilities	(90,783)		(260,330)
Proceeds from sales and paydowns of investments	Proceeds from sales and paydowns of investments	155,718		125,594		Proceeds from sales and paydowns of investments	54,337		155,718
Cash paid for purchase of drawn portion of revolving credit facilities	Cash paid for purchase of drawn portion of revolving credit facilities	(34)		(731)		Cash paid for purchase of drawn portion of revolving credit facilities	(140)		(34)
Cash paid on drawn revolving credit facilities	Cash paid on drawn revolving credit facilities	(22,071)		(3,052)		Cash paid on drawn revolving credit facilities	(23,726)		(22,071)
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	141		347		Cash received for purchase of undrawn portion of revolving credit or delayed draw facilities	64		141
Cash repayments on drawn revolvers	Cash repayments on drawn revolvers	18,137		3,390		Cash repayments on drawn revolvers	21,456		18,137
Interest receivable	Interest receivable	259		(1,995)		Interest receivable	(1,543)		259
Receivable from unsettled securities sold		—		(582)

Receivable from affiliate	Receivable from affiliate	(6)		—		Receivable from affiliate	—		(6)
Other assets	Other assets	9		(158)		Other assets	59		9
Increase (decrease) in operating liabilities:	Increase (decrease) in operating liabilities:					Increase (decrease) in operating liabilities:
Payable for unsettled securities purchased	Payable for unsettled securities purchased	(26,310)		(16,761)		Payable for unsettled securities purchased	5,602		(26,310)
Interest payable	Interest payable	981		425		Interest payable	105		981
Management fee payable	Management fee payable	427		590		Management fee payable	74		427

Accrued organizational and offering expenses						Accrued organizational and offering expenses	(61)		—

Payable to affiliates	Payable to affiliates	(114)		(6)		Payable to affiliates	(96)		(114)
Other liabilities	Other liabilities	443		184		Other liabilities	(6)		443
Net cash flows used in operating activities		(87,344)		(337,795)
Net cash flows provided by (used in) operating activities						Net cash flows provided by (used in) operating activities	35,664		(87,344)
Cash flows from financing activities	Cash flows from financing activities					Cash flows from financing activities
Distributions paid		—		(5,811)
Net proceeds from issuance of common stock		—		151,800

Repayment of Wells Subscription Line		—		(8,000)

Proceeds from Wells Credit Facility	Proceeds from Wells Credit Facility	203,000		390,000		Proceeds from Wells Credit Facility	40,000		203,000
Repayment of Wells Credit Facility	Repayment of Wells Credit Facility	(120,000)		(180,000)		Repayment of Wells Credit Facility	(74,200)		(120,000)

Deferred financing costs paid	Deferred financing costs paid	(6)		(955)		Deferred financing costs paid	(7)		(6)
Net cash flows provided by financing activities		82,994		347,034
Net decrease in cash and cash equivalents		(4,350)		9,239
Net cash flows (used in) provided by financing activities						Net cash flows (used in) provided by financing activities	(34,207)		82,994
Net increase (decrease) in cash and cash equivalents						Net increase (decrease) in cash and cash equivalents	1,457		(4,350)
Cash and cash equivalents at the beginning of the period	Cash and cash equivalents at the beginning of the period	21,426		37,073		Cash and cash equivalents at the beginning of the period	16,012		21,426
Cash and cash equivalents at the end of the period	Cash and cash equivalents at the end of the period	$	17,076	$	46,312	Cash and cash equivalents at the end of the period	$	17,469	$	17,076

Supplemental disclosure of cash flow information	Supplemental disclosure of cash flow information					Supplemental disclosure of cash flow information
Cash interest paid	Cash interest paid	$	8,626	$	2,359	Cash interest paid	$	20,148	$	8,626
Income taxes paid		—		23

Non-cash financing activities:	Non-cash financing activities:					Non-cash financing activities:
Distribution declared and payable	Distribution declared and payable	18,659		14,673		Distribution declared and payable	27,268		18,659
Value of shares issued in connection with reinvestment of distributions	Value of shares issued in connection with reinvestment of distributions	64,117		19,861		Value of shares issued in connection with reinvestment of distributions	89,398		64,117

Accrual for deferred financing costs	Accrual for deferred financing costs	—		21		Accrual for deferred financing costs	4		—

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

Table of Contents

NMF SLF I, Inc.

Consolidated Schedule of Investments

September 30, ~~2022~~2023

(in thousands, except shares)

(unaudited)


Portfolio Company, Location and Industry(1)	Portfolio Company, Location and Industry(1)	Type of Investment	Interest Rate (5)	Acquisition Date	Maturity/Expiration Date	Principal Amount, Par Value or Shares		Cost		Fair Value		Percent of Net Assets		Portfolio Company, Location and Industry(1)	Type of Investment	Reference (5)	Spread (5)	Interest Rate (5)	Acquisition Date	Maturity/Expiration Date	Principal Amount, Par Value or Shares		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
Frontline Technologies Group Holdings, LLC
Software		First lien (2)	11.00% (P + 4.75%/Q)	4/20/2020	9/18/2023	$	16,823	$	16,535	$	16,823
		First lien (2)	11.00% (P + 4.75%/Q)	12/30/2020	9/18/2023	9,777		9,777		9,777
		First lien (2)	11.00% (P + 4.75%/Q)	4/20/2020	9/18/2023	7,429		7,302		7,429
		First lien (2)	11.00% (P + 4.75%/Q)	6/15/2021	9/18/2023	3,230		3,230		3,230
						37,259		36,844		37,259		4.87	%
GS Acquisitionco, Inc.
Software		First lien (2)(3)	9.81% (L + 5.75%/S)	2/6/2020	5/22/2026	24,416		24,322		24,199
		First lien (3)	9.81% (L + 5.75%/S)	2/6/2020	5/22/2026	5,641		5,615		5,590
		First lien (3)(4) - Drawn	6.78% (L + 5.75%/S)	2/6/2020	5/22/2026	1,343		1,339		1,331
						31,400		31,276		31,120		4.06	%
Higginbotham Insurance Agency, Inc.
Insurance Services		First lien (2)(3)	8.37% (L + 5.25%/M)	11/19/2020	11/25/2026	23,727		23,596		23,447
		First lien (3)	8.37% (L + 5.25%/M)	11/19/2020	11/25/2026	6,699		6,657		6,620
						30,426		30,253		30,067		3.93	%
Pye-Barker Fire & Safety, LLC
Zone Climate Services, Inc.														Zone Climate Services, Inc.
Business Services	Business Services	First lien (3)	9.17% (L + 5.50%/Q)	10/15/2020	11/26/2027	19,684		19,456		19,122				Business Services	First lien (2)(3)	SOFR(M)	4.75%	10.23%	03/2022	03/2028	$	27,752	$	27,524	$	27,691
		First lien (3)	9.17% (L + 5.50%/Q)	11/26/2021	11/26/2027	10,477		10,381		10,177
		First lien (3)(4) - Drawn	9.15% (L + 5.50%/Q)	11/26/2021	11/26/2024	449		448		442					First lien (3)(4) - Drawn	P(Q)	3.75%	11.39%	03/2022	03/2028	3,551		3,528		3,543
						30,610		30,285		29,741		3.88	%								31,303		31,052		31,234		3.63	%
Wealth Enhancement Group, LLC (fka TA/WEG Holdings, LLC)	Wealth Enhancement Group, LLC (fka TA/WEG Holdings, LLC)													Wealth Enhancement Group, LLC (fka TA/WEG Holdings, LLC)
Financial Services	Financial Services	First lien (3)	9.41% (SOFR + 6.00%/S)	12/11/2020	10/4/2027	18,538		18,411		18,538				Financial Services	First lien (3)	SOFR(Q)	5.75%	11.26%	12/2020	10/2027	18,350		18,262		18,350
		First lien (3)	8.05% (SOFR + 6.00%/S)	6/3/2021	10/4/2027	4,973		4,952		4,973					First lien (3)	SOFR(S)	5.75%	10.78%	08/2021	10/2027	5,850		5,839		5,850
		First lien (3)	8.54% (SOFR + 6.00%/S)	8/13/2021	10/4/2027	5,907		5,894		5,907					First lien (3)	SOFR(S)	5.75%	10.67%	06/2021	10/2027	4,923		4,906		4,923
		First lien (3)(4) - Drawn	9.96% (SOFR + 6.00%/S)	5/2/2022	10/4/2027	214		214		214					First lien (3)(4) - Drawn	SOFR(Q)	5.75%	10.72%	05/2022	10/2027	1,898		1,895		1,898
						29,632		29,471		29,632		3.87	%								31,021		30,902		31,021		3.61	%
Zone Climate Services, Inc.
Consumer Services		First lien (2)(3)	7.53% (SOFR + 4.75%/M)	3/9/2022	3/9/2028	27,963		27,702		27,516
Higginbotham Insurance Agency, Inc.														Higginbotham Insurance Agency, Inc.
Business Services														Business Services	First lien (2)(3)	SOFR(M)	5.50%	10.92%	11/2020	11/2028	23,488		23,385		23,488
															First lien (3)	SOFR(M)	5.50%	10.92%	11/2020	11/2028	6,631		6,593		6,631
																					30,119		29,978		30,119		3.50	%
GS Acquisitionco, Inc.														GS Acquisitionco, Inc.
Software														Software	First lien (2)(3)	SOFR(Q)	5.75%	11.29%	02/2020	05/2026	24,166		24,095		24,166
															First lien (3)	SOFR(Q)	5.75%	11.29%	02/2020	05/2026	5,717		5,697		5,717
																					29,883		29,792		29,883		3.47	%
Pye-Barker Fire & Safety, LLC														Pye-Barker Fire & Safety, LLC
Business Services														Business Services	First lien (3)	SOFR(Q)	5.50%	11.04%	10/2020	11/2027	19,484		19,295		19,387
															First lien (3)	SOFR(Q)	5.50%	11.04%	11/2021	11/2027	10,371		10,288		10,319
																					29,855		29,583		29,706		3.45	%
Associations, Inc.														Associations, Inc.
Business Services														Business Services	First lien (2)(3)	SOFR(Q)*	4.00% + 2.50%/PIK	12.03%	07/2021	07/2027	15,206		15,160		15,206
		First lien (3)(4) - Drawn	7.89% (SOFR + 4.75%/M)	3/9/2022	3/9/2028	1,466		1,456		1,442					First lien (3)	SOFR(Q)*	4.00% + 2.50%/PIK	12.17%	07/2021	07/2027	3,741		3,729		3,741
						29,429		29,158		28,958		3.78	%		First lien (3)	SOFR(Q)*	4.00% + 2.50%/PIK	12.14%	07/2021	07/2027	3,741		3,729		3,741
															First lien (3)	SOFR(Q)*	4.00% + 2.50%/PIK	12.13%	07/2021	07/2027	2,259		2,252		2,259
															First lien (3)	SOFR(Q)*	4.00% + 2.50%/PIK	12.05%	07/2021	07/2027	1,797		1,791		1,797
																					26,744		26,661		26,744		3.11	%
Syndigo LLC														Syndigo LLC
Software														Software	First lien (2)	SOFR(M)	4.50%	9.93%	12/2020	12/2027	23,562		23,232		22,090
															Second Lien (3)	SOFR(Q)	8.00%	13.67%	12/2020	12/2028	4,000		3,977		3,849
																					27,562		27,209		25,939		3.02	%

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

Table of Contents

NMF SLF I, Inc.

Consolidated Schedule of Investments (Continued)

September 30, ~~2022~~2023

(in thousands, except shares)

(unaudited)


Portfolio Company, Location and Industry(1)	Portfolio Company, Location and Industry(1)	Type of Investment	Interest Rate (5)	Acquisition Date	Maturity/Expiration Date	Principal Amount, Par Value or Shares		Cost		Fair Value		Percent of Net Assets		Portfolio Company, Location and Industry(1)	Type of Investment	Reference (5)	Spread (5)	Interest Rate (5)	Acquisition Date	Maturity/Expiration Date	Principal Amount, Par Value or Shares		Cost		Fair Value		Percent of Net Assets

Diligent Corporation	Diligent Corporation													Diligent Corporation
Software	Software	First lien (2)(3)	9.13% (L + 6.25%/S)	8/4/2020	8/4/2025	$	14,785	$	14,672	$	14,785			Software	First lien (2)(3)	SOFR(Q)	6.25%	11.77%	08/2020	08/2025	$	14,634	$	14,558	$	14,268
		First lien (2)(3)	8.63% (L + 5.75%/S)	3/30/2021	8/4/2025	5,596		5,577		5,528					First lien (2)(3)	SOFR(Q)	5.75%	11.27%	03/2021	08/2025	5,539		5,526		5,378
		First lien (2)(3)	8.63% (L + 5.75%/S)	3/4/2021	8/4/2025	3,121		3,110		3,083					First lien (2)(3)	SOFR(Q)	5.75%	11.27%	03/2021	08/2025	3,089		3,082		2,999
		First lien (3)	9.13% (L + 6.25%/S)	8/4/2020	8/4/2025	1,237		1,228		1,222					First lien (3)	SOFR(Q)	6.25%	11.77%	08/2020	08/2025	1,224		1,218		1,189
		First lien (3)(4) - Drawn	8.49% (L + 6.25%/S)	8/4/2020	8/4/2025	1,184		1,187		1,184					First lien (3)(4) - Drawn	SOFR(Q)	6.25%	11.77%	08/2020	08/2025	971		980		947
		First lien (3)	9.13% (L + 6.25%/S)	8/4/2020	8/4/2025	780		774		780					First lien (3)	SOFR(Q)	6.25%	11.77%	08/2020	08/2025	772		768		753
						26,703		26,548		26,582		3.47	%								26,229		26,132		25,534		2.97	%
Associations, Inc.
iCIMS, Inc.														iCIMS, Inc.
Software														Software	First lien (2)	SOFR(Q)*	3.38% + 3.88%/PIK	12.63%	08/2022	08/2028	20,229		20,085		20,027
															First lien	SOFR(Q)	7.25%	12.63%	10/2022	08/2028	5,126		5,086		5,074
															First lien (4) - Drawn	SOFR(Q)	6.75%	12.14%	08/2022	08/2028	312		313		309
																					25,667		25,484		25,410		2.94	%
OA Buyer, Inc.														OA Buyer, Inc.
Healthcare														Healthcare	First lien (2)(3)	SOFR(M)	5.50%	10.82%	12/2021	12/2028	23,460		23,273		23,460
															First lien (2)(3)	SOFR(M)	5.50%	10.82%	05/2022	12/2028	1,485		1,473		1,485
																					24,945		24,746		24,945		2.90	%
Allworth Financial Group, L.P.														Allworth Financial Group, L.P.
Financial Services														Financial Services	First lien (2)(3)	SOFR(M)	5.50%	10.92%	12/2020	12/2026	17,613		17,506		17,489
															First lien (3)	SOFR(M)	5.50%	10.92%	12/2020	12/2026	5,331		5,297		5,294
															First lien (3)(4) - Drawn	SOFR(M)	5.50%	10.92%	01/2022	12/2026	2,034		2,021		2,020
																					24,978		24,824		24,803		2.88	%
Diamondback Acquisition, Inc.														Diamondback Acquisition, Inc.
Software														Software	First lien (2)(3)	SOFR(M)	5.50%	10.92%	09/2021	09/2028	24,885		24,696		23,536		2.74	%
Anaplan, Inc.														Anaplan, Inc.
Software														Software	First lien (2)(3)	SOFR(M)	6.50%	11.82%	06/2022	06/2029	22,941		22,743		22,941		2.67	%
IG Investments Holdings, LLC														IG Investments Holdings, LLC
Business Services														Business Services	First lien (2)(3)	SOFR(Q)	6.00%	11.45%	09/2021	09/2028	22,965		22,789		22,660		2.63	%
PDQ.com Corporation														PDQ.com Corporation
Software														Software	First lien (3)	SOFR(Q)	4.75%	10.24%	09/2021	08/2027	13,259		13,212		13,218
															First lien (3)	SOFR(Q)	4.75%	10.24%	09/2021	08/2027	9,083		9,051		9,055
																					22,342		22,263		22,273		2.59	%
KWOR Acquisition, Inc.														KWOR Acquisition, Inc.
Business Services														Business Services	First lien (2)(3)	SOFR(M)	5.25%	10.67%	12/2021	12/2028	20,557		20,434		20,557
															First lien (3)(4) - Drawn	P(Q)	4.25%	12.75%	12/2021	12/2027	1,584		1,578		1,584
																					22,141		22,012		22,141		2.57	%
AAH Topco, LLC														AAH Topco, LLC
Consumer Services	Consumer Services	First lien (2)(3)	9.32% (SOFR + 4.00% + 2.50% PIK/Q)*	7/2/2021	7/2/2027	14,826		14,771		14,826				Consumer Services	First lien (2)(3)	SOFR(M)	5.50%	10.92%	12/2021	12/2027	11,666		11,578		11,526
		First lien (3)	10.18% (SOFR + 4.00% + 2.50% PIK/Q)*	7/2/2021	7/2/2027	3,648		3,633		3,648					First lien (3)(4) - Drawn	SOFR(M)	5.50%	10.92%	12/2021	12/2027	10,667		10,589		10,539
		First lien (3)	9.62% (SOFR + 4.00% + 2.50% PIK/Q)*	7/2/2021	7/2/2027	3,647		3,633		3,647											22,333		22,167		22,065		2.57	%
		First lien (3)	9.40% (SOFR + 4.00% + 2.50% PIK/Q)*	7/2/2021	7/2/2027	2,203		2,194		2,203
		First lien (3)	8.98% (SOFR + 4.00% + 2.50% PIK/Q)*	7/2/2021	7/2/2027	1,752		1,745		1,752
						26,076		25,976		26,076		3.41	%
Apptio, Inc.
Software		First lien (3)	8.46% (L + 6.00%/Q)	4/20/2020	1/10/2025	25,000		24,263		25,000		3.27	%
OA Buyer, Inc.
Healthcare Information Technology		First lien (2)(3)	9.12% (L + 6.00%/M)	12/20/2021	12/20/2028	23,698		23,483		23,461
		First lien (2)(3)	9.12% (L + 6.00%/M)	5/6/2022	12/20/2028	1,500		1,486		1,485
						25,198		24,969		24,946		3.26	%
Diamondback Acquisition, Inc.
Software		First lien (2)(3)	8.62% (L + 5.50%/M)	9/13/2021	9/13/2028	25,139		24,919		24,560		3.21	%
IG Investments Holdings, LLC
Business Services		First lien (2)(3)	9.45% (L + 6.00%/Q)	9/22/2021	9/22/2028	23,200		22,995		23,200		3.03	%
Allworth Financial Group, L.P.
Financial Services		First lien (2)(3)	7.88% (SOFR + 4.75%/M)	12/21/2020	12/23/2026	17,794		17,658		17,304
		First lien (3)	7.88% (SOFR + 4.75%/M)	12/21/2020	12/23/2026	5,385		5,342		5,237
		First lien (3)(4) - Drawn	7.63% (SOFR + 4.75%/M)	1/20/2022	12/23/2026	638		633		621
						23,817		23,633		23,162		3.03	%
Syndigo LLC
Software		First lien (2)(3)	7.32% (L + 4.50%/M)	12/14/2020	12/15/2027	19,700		19,584		19,117
		Second Lien (3)	10.51% (L + 8.00%/S)	12/14/2020	12/15/2028	4,000		3,979		3,783
						23,700		23,563		22,900		2.99	%
Notorious Topco, LLC
Consumer Products		First lien (2)(3)	9.88% (SOFR + 6.75%/M)	11/23/2021	11/23/2027	21,106		20,967		20,948
		First lien (3)(4) - Drawn	9.88% (SOFR + 6.75%/M)	11/23/2021	11/23/2027	1,839		1,819		1,825
						22,945		22,786		22,773		2.97	%
Anaplan, Inc.
Software		First lien (2)(3)	9.53% (SOFR + 6.50%/M)	6/21/2022	6/21/2029	22,941		22,718		22,711		2.97	%

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

Table of Contents

NMF SLF I, Inc.

Consolidated Schedule of Investments (Continued)

September 30, ~~2022~~2023

(in thousands, except shares)

(unaudited)


Portfolio Company, Location and Industry(1)	Portfolio Company, Location and Industry(1)	Type of Investment	Interest Rate (5)	Acquisition Date	Maturity/Expiration Date	Principal Amount, Par Value or Shares		Cost		Fair Value		Percent of Net Assets		Portfolio Company, Location and Industry(1)	Type of Investment	Reference (5)	Spread (5)	Interest Rate (5)	Acquisition Date	Maturity/Expiration Date	Principal Amount, Par Value or Shares		Cost		Fair Value		Percent of Net Assets

PDQ.com Corporation
Information Technology		First lien (3)	8.42% (L + 4.75%/Q)	9/1/2021	8/27/2027	$	13,394	$	13,337	$	13,079
Thermostat Purchaser III, Inc.														Thermostat Purchaser III, Inc.
Business Services														Business Services	First lien (2)(3)	SOFR(Q)	4.50%	10.07%	08/2021	08/2028	$	18,713	$	18,677	$	18,535
		First lien (3)	8.42% (L + 4.75%/Q)	9/1/2021	8/27/2027	9,175		9,137		8,960					First lien (3)	SOFR(Q)	4.50%	10.07%	08/2021	08/2028	3,366		3,356		3,334
						22,569		22,474		22,039		2.88	%								22,079		22,033		21,869		2.54	%
CCBlue Bidco, Inc.	CCBlue Bidco, Inc.													CCBlue Bidco, Inc.
Healthcare Services		First lien (2)(3)	9.92% (L + 3.50% + 2.75% PIK/Q)*	12/20/2021	12/21/2028	20,885		20,700		20,467
		First lien (3)(4) - Drawn	5.93% (P + 3.50%/Q)	12/20/2021	12/21/2028	1,078		1,069		1,057
						21,963		21,769		21,524		2.81	%
KWOR Acquisition, Inc.
Business Services		First lien (2)(3)	8.91% (L + 5.25%/Q)	12/22/2021	12/22/2028	20,713		20,571		20,514
Healthcare														Healthcare	First lien (2)(3)	SOFR(Q)*	3.50% + 2.75%/PIK	11.75%	12/2021	12/2028	21,264		21,105		20,286
		First lien (3)(4) - Drawn	10.50% (P + 4.25%/Q)	12/22/2021	12/22/2027	836		833		828					First lien (3)	SOFR(Q)*	3.50% + 2.75%/PIK	11.75%	12/2021	12/2028	1,105		1,103		1,054
						21,549		21,404		21,342		2.79	%								22,369		22,208		21,340		2.48	%
Eisner Advisory Group LLC	Eisner Advisory Group LLC													Eisner Advisory Group LLC
Financial Services	Financial Services	First lien (2)	8.40% (SOFR + 5.25%/M)	8/16/2021	7/28/2028	19,704		19,588		18,669				Financial Services	First lien (2)	SOFR(M)	5.25%	10.68%	08/2021	07/2028	19,505		19,405		19,517
		First lien	8.40% (SOFR + 5.25%/M)	8/16/2021	7/28/2028	1,667		1,659		1,579					First lien	SOFR(M)	5.25%	10.68%	08/2021	07/2028	1,650		1,644		1,651
						21,371		21,247		20,248		2.64	%								21,155		21,049		21,168		2.46	%
Notorious Topco, LLC														Notorious Topco, LLC
Consumer Products														Consumer Products	First lien (2)(3)	SOFR(Q)	6.75%	12.27%	11/2021	11/2027	20,893		20,776		19,253
															First lien (3)(4) - Drawn	SOFR(Q)	6.75%	12.27%	11/2021	11/2027	1,821		1,804		1,678
															First lien (3)(4) - Drawn	SOFR(Q)	6.75%	12.27%	11/2021	05/2027	123		126		113
																					22,837		22,706		21,044		2.45	%
Avalara, Inc.														Avalara, Inc.
Software														Software	First lien (3)	SOFR(Q)	7.25%	12.64%	10/2022	10/2028	20,012		19,791		20,012		2.33	%
Recorded Future, Inc.	Recorded Future, Inc.													Recorded Future, Inc.
Software	Software	First lien (2)(3)	8.13% (L + 5.25%/Q)	12/30/2021	7/3/2025	7,444		7,414		7,407				Software	First lien (2)(3)	SOFR(S)	5.25%	10.69%	12/2021	07/2025	7,369		7,349		7,369
		First lien (2)(3)	8.13% (L + 5.25%/Q)	8/3/2020	7/3/2025	5,773		5,738		5,744					First lien (2)(3)	SOFR(S)	5.25%	10.69%	08/2020	07/2025	5,715		5,691		5,715
		First lien (3)	8.13% (L + 5.25%/Q)	8/3/2020	7/3/2025	4,115		4,071		4,094					First lien (3)	SOFR(S)	5.25%	10.69%	08/2020	07/2025	4,073		4,044		4,073
		First lien (2)(3)	8.13% (L + 5.25%/Q)	1/19/2022	7/3/2025	2,498		2,483		2,486					First lien (2)(3)	SOFR(S)	5.25%	10.69%	01/2022	07/2025	2,473		2,463		2,473
						19,830		19,706		19,731		2.58	%								19,630		19,547		19,630		2.28	%
Thermostat Purchaser III, Inc.
Business Services		First lien (2)(3)	7.57% (L + 4.50%/Q)	8/24/2021	8/31/2028	18,903		18,862		18,262
		First lien (3)	7.57% (L + 4.50%/Q)	8/24/2021	8/31/2028	1,301		1,297		1,257
						20,204		20,159		19,519		2.55	%
iCIMS, Inc.
Software		First lien (2)(3)	9.49% (SOFR + 6.75%/Q)	8/17/2022	8/18/2028	19,638		19,469		19,467		2.54	%
DECA Dental Holdings LLC	DECA Dental Holdings LLC													DECA Dental Holdings LLC
Healthcare Services		First lien (2)(3)	9.42% (L + 5.75%/Q)	8/26/2021	8/28/2028	16,905		16,758		16,577
Healthcare														Healthcare	First lien (2)(3)	SOFR(Q)	5.75%	11.24%	08/2021	08/2028	16,734		16,608		16,226
		First lien (3)(4) - Drawn	9.42% (L + 5.75%/Q)	8/26/2021	8/28/2028	1,779		1,764		1,745					First lien (3)	SOFR(Q)	5.75%	11.24%	08/2021	08/2028	1,762		1,758		1,708
		First lien (3)(4) - Drawn	9.40% (L + 5.75%/Q)	8/26/2021	8/26/2027	629		625		617					First lien (3)(4) - Drawn	SOFR(Q)	5.75%	11.24%	08/2021	08/2027	899		894		871
						19,313		19,147		18,939		2.47	%								19,395		19,260		18,805		2.19	%
Acutane, Inc. (fka Stamps.com Inc.)
Acutane Inc. (fka Stamps.com Inc.)														Acutane Inc. (fka Stamps.com Inc.)
Software	Software	First lien (2)(3)	8.38% (L + 5.75%/M)	10/5/2021	10/5/2028	11,662		11,559		11,464				Software	First lien (2)(3)	SOFR(M)	5.75%	11.17%	10/2021	10/2028	11,545		11,456		11,355
		First lien (2)(3)	8.38% (L + 5.75%/M)	12/13/2021	10/5/2028	7,330		7,263		7,205					First lien (2)(3)	SOFR(M)	5.75%	11.17%	12/2021	10/2028	7,256		7,199		7,136
						18,992		18,822		18,669		2.44	%								18,801		18,655		18,491		2.15	%
Project Essential Bidco, Inc.
Software		First lien (2)(3)	7.31% (L + 5.75%/S)	4/20/2021	4/20/2028	17,252		17,127		17,010		2.22	%
GraphPAD Software, LLC	GraphPAD Software, LLC													GraphPAD Software, LLC
Healthcare Information Technology		First lien (2)(3)	6.50% (L + 5.50%/S)	12/1/2021	4/27/2027	9,221		9,181		9,058
Healthcare														Healthcare	First lien (2)(3)	SOFR(S)	5.50%	11.22%	12/2021	04/2027	9,128		9,096		9,004
		First lien (2)(3)	8.31% (L + 5.50%/Q)	4/28/2021	4/27/2027	6,913		6,885		6,790					First lien (2)(3)	L(S)	5.50%	10.87%	04/2021	04/2027	6,843		6,820		6,749
		First lien (2)(3)	6.50% (L + 5.50%/S)	10/14/2021	4/27/2027	1,063		1,058		1,044					First lien (2)(3)	SOFR(S)	5.50%	11.22%	10/2021	04/2027	1,052		1,048		1,038
						17,197		17,124		16,892		2.21	%		First lien (3)(4) - Drawn	P(Q)	5.00%	13.50%	04/2021	04/2027	500		500		493
																					17,523		17,464		17,284		2.01	%

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

Table of Contents

NMF SLF I, Inc.

Consolidated Schedule of Investments (Continued)

September 30, ~~2022~~2023

(in thousands, except shares)

(unaudited)


Portfolio Company, Location and Industry(1)	Portfolio Company, Location and Industry(1)	Type of Investment	Interest Rate (5)	Acquisition Date	Maturity/Expiration Date	Principal Amount, Par Value or Shares		Cost		Fair Value		Percent of Net Assets		Portfolio Company, Location and Industry(1)	Type of Investment	Reference (5)	Spread (5)	Interest Rate (5)	Acquisition Date	Maturity/Expiration Date	Principal Amount, Par Value or Shares		Cost		Fair Value		Percent of Net Assets

Fortis Solutions Group, LLC	Fortis Solutions Group, LLC													Fortis Solutions Group, LLC
Packaging	Packaging	First lien (2)(3)	9.28% (L + 5.50%/Q)	10/15/2021	10/13/2028	$	12,309	$	12,199	$	12,179			Packaging	First lien (2)(3)	SOFR(Q)	5.50%	11.04%	10/2021	10/2028	$	12,185	$	12,091	$	12,051
		First lien (3)	9.28% (L + 5.50%/Q)	10/15/2021	10/13/2028	4,427		4,394		4,381					First lien (3)	SOFR(Q)	5.50%	11.04%	10/2021	10/2028	4,906		4,873		4,852
		First lien (3)(4) - Drawn	9.67% (L + 5.50%/S)	10/15/2021	10/15/2027	115		116		114
						16,851		16,709		16,674		2.18	%
AAH Topco, LLC
Consumer Services		First lien (2)(3)	8.58% (L + 5.50%/M)	12/22/2021	12/22/2027	11,784		11,678		11,666
		First lien (3)(4) - Drawn	8.36% (L + 5.50%/M)	12/22/2021	12/22/2027	4,354		4,315		4,310
						16,138		15,993		15,976		2.09	%
Foundational Education Group, Inc.
Education		First lien (2)(3)	7.56% (SOFR + 3.75%/Q)	8/19/2021	8/31/2028	9,404		9,362		9,136
		Second Lien (2)(3)	10.31% (SOFR + 6.50%/Q)	8/19/2021	8/31/2029	6,488		6,459		6,209
						15,892		15,821		15,345		2.00	%
Ocala Bidco, Inc.
Healthcare Information Technology		First lien (2)(3)	9.23% (L + 3.50% + 2.75% PIK/Q)*	12/27/2021	11/24/2028	15,524		15,349		15,330		2.00	%
FS WhiteWater Borrower, LLC
Consumer Services		First lien (2)(3)	9.42% (L + 5.75%/Q)	12/20/2021	12/21/2027	9,053		8,972		8,963
		First lien (3)	9.42% (L + 5.75%/Q)	12/20/2021	12/21/2027	3,020		2,993		2,989
		First lien (3)	8.92% (L + 5.75%/Q)	12/20/2021	12/21/2027	3,039		3,012		3,008
		First lien (3)(4) - Drawn	9.39% (L + 5.75%/Q)	12/20/2021	12/21/2027	243		243		241
		First lien (3)(4) - Drawn	8.98% (L + 6.00%/S)	7/1/2022	12/21/2027	5		5		5
						15,360		15,225		15,206		1.99	%
Granicus, Inc.
Software		First lien (2)(3)	10.25% (L + 6.50%/S)	1/27/2021	1/29/2027	10,641		10,580		10,641
		First lien (3)	10.25% (L + 6.50%/S)	1/27/2021	1/29/2027	2,980		2,962		2,980					First lien (3)(4) - Drawn	SOFR(Q)	5.50%	10.99%	06/2022	10/2028	188		187		186
		First lien (3)(4) - Drawn	10.17% (L + 6.00%/S)	4/23/2021	1/29/2027	1,379		1,368		1,379					First lien (3)	SOFR(Q)	5.50%	10.99%	10/2021	10/2028	49		44		48
						15,000		14,910		15,000		1.95	%								17,328		17,195		17,137		1.99	%
MRI Software LLC	MRI Software LLC													MRI Software LLC
Software	Software	First lien (2)	9.17% (L + 5.50%/Q)	1/31/2020	2/10/2026	10,945		10,911		10,699				Software	First lien (2)(3)	SOFR(Q)	5.50%	10.99%	01/2020	02/2026	10,833		10,808		10,729
		First lien (2)	9.17% (L + 5.50%/Q)	3/24/2021	2/10/2026	3,104		3,099		3,034					First lien (2)(3)	SOFR(Q)	5.50%	10.99%	03/2021	02/2026	3,072		3,068		3,043
		First lien	9.17% (L + 5.50%/Q)	3/24/2021	2/10/2026	928		927		907					First lien (3)	SOFR(Q)	5.50%	10.99%	03/2021	02/2026	2,874		2,869		2,847
		First lien	9.17% (L + 5.50%/Q)	1/31/2020	2/10/2026	316		315		309					First lien (3)	SOFR(Q)	5.50%	10.99%	01/2020	02/2026	313		312		310
						15,293		15,252		14,949		1.95	%								17,092		17,057		16,929		1.97	%
Project Essential Bidco, Inc.														Project Essential Bidco, Inc.
Software														Software	First lien (2)(3)	SOFR(Q)*	3.00% + 3.25%/PIK	11.78%	04/2021	04/2028	17,250		17,143		16,736		1.95	%
Granicus, Inc.														Granicus, Inc.
Software														Software	First lien (2)(3)	SOFR(Q)*	5.50% + 1.50%/PIK	12.47%	01/2021	01/2027	10,667		10,618		10,667
															First lien (3)	SOFR(Q)*	5.50% + 1.50%/PIK	12.47%	01/2021	01/2027	2,987		2,973		2,987
															First lien (3)	SOFR(Q)	6.00%	11.47%	04/2021	01/2027	2,277		2,262		2,277
															First lien (3)(4) - Drawn	SOFR(Q)	6.50%	11.96%	01/2021	01/2027	555		555		555
																					16,486		16,408		16,486		1.92	%
FS WhiteWater Borrower, LLC														FS WhiteWater Borrower, LLC
Consumer Services														Consumer Services	First lien (2)(3)	SOFR(Q)	5.75%	11.29%	12/2021	12/2027	8,962		8,894		8,813
															First lien (3)	SOFR(Q)	5.75%	11.31%	12/2021	12/2027	3,008		2,986		2,958
															First lien (3)	SOFR(Q)	5.75%	11.29%	12/2021	12/2027	2,989		2,967		2,940
															First lien (3)(4) - Drawn	SOFR(Q)	6.00%	11.54%	07/2022	12/2027	1,406		1,395		1,395
															First lien (3)(4) - Drawn	SOFR(M)	5.75%	11.22%	12/2021	12/2027	122		124		120
																					16,487		16,366		16,226		1.89	%
Foreside Financial Group, LLC	Foreside Financial Group, LLC													Foreside Financial Group, LLC
Business Services	Business Services	First lien (2)(3)	8.62% (L + 5.50%/M)	5/26/2022	9/30/2027	14,939		14,798		14,790				Business Services	First lien (2)(3)	SOFR(Q)	5.25%	10.82%	05/2022	09/2027	14,790		14,673		14,790
		First lien (3)	8.62% (L + 5.50%/M)	5/26/2022	9/30/2027	146		146		145					First lien (3)	SOFR(Q)	5.25%	10.82%	05/2022	09/2027	1,088		1,087		1,088
						15,085		14,944		14,935		1.95	%		First lien (3)(4) - Drawn	SOFR(Q)	5.25%	10.79%	05/2022	09/2027	254		254		254
Kaseya Inc.
																					16,132		16,014		16,132		1.88	%
Ocala Bidco, Inc.														Ocala Bidco, Inc.
Healthcare														Healthcare	First lien (2)(3)	SOFR(Q)*	3.50% + 2.75%/PIK	11.89%	12/2021	11/2028	15,962		15,810		15,943		1.85	%
Pioneer Topco I, L.P. (6)														Pioneer Topco I, L.P. (6)
Pioneer Buyer I, LLC														Pioneer Buyer I, LLC
Software	Software	First lien (2)(3)	8.29% (SOFR + 5.75%/S)	6/23/2022	6/25/2029	14,662		14,556		14,552		1.89	%	Software	First lien (3)	SOFR(Q)*	7.00%/PIK	12.39%	11/2021	11/2028	13,621		13,534		13,621
															First lien (3)	SOFR(Q)*	7.00%/PIK	12.39%	03/2022	11/2028	1,867		1,854		1,867
																					15,488		15,388		15,488		1.80	%

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

Table of Contents

NMF SLF I, Inc.

Consolidated Schedule of Investments (Continued)

September 30, ~~2022~~2023

(in thousands, except shares)

(unaudited)


Portfolio Company, Location and Industry(1)	Portfolio Company, Location and Industry(1)	Type of Investment	Interest Rate (5)	Acquisition Date	Maturity/Expiration Date	Principal Amount, Par Value or Shares		Cost		Fair Value		Percent of Net Assets		Portfolio Company, Location and Industry(1)	Type of Investment	Reference (5)	Spread (5)	Interest Rate (5)	Acquisition Date	Maturity/Expiration Date	Principal Amount, Par Value or Shares		Cost		Fair Value		Percent of Net Assets

Pioneer Topco I, L.P.(6)
Pioneer Buyer I, LLC
Foundational Education Group, Inc.														Foundational Education Group, Inc.
Education														Education	First lien (2)	SOFR(Q)	4.25%	9.88%	08/2021	08/2028	$	9,309	$	9,274	$	8,844
															Second Lien (2)(3)	SOFR(Q)	6.50%	12.13%	08/2021	08/2029	6,488		6,462		6,335
																					15,797		15,736		15,179		1.76	%
Kaseya Inc.														Kaseya Inc.
Software	Software	First lien (3)	10.67% (L + 7.00% PIK/Q)*	11/1/2021	11/1/2028	$	12,130	$	12,029	$	11,839			Software	First lien (2)(3)	SOFR(Q)*	3.75% + 2.50%/PIK	11.62%	06/2022	06/2029	14,694		14,599		14,694
		First lien (3)	10.67% (L + 7.00% PIK/Q)*	3/11/2022	11/1/2028	1,662		1,648		1,623					First lien (3)(4) - Drawn	SOFR(M)*	3.75% + 2.50%/PIK	11.57%	06/2022	06/2029	225		225		225
						13,792		13,677		13,462		1.76	%		First lien (3)(4) - Drawn	SOFR(Q)*	3.75% + 2.50%/PIK	11.62%	06/2022	06/2029	55		61		55
																					14,974		14,885		14,974		1.74	%
Oranje Holdco, Inc.														Oranje Holdco, Inc.
Education														Education	First lien (3)	SOFR(Q)	7.75%	13.12%	01/2023	02/2029	14,453		14,287		14,453		1.68	%
RealPage, Inc.	RealPage, Inc.													RealPage, Inc.
Business Services		Second Lien	9.62% (L + 6.50%/M)	2/18/2021	4/23/2029	13,612		13,523		13,204		1.72	%
Software														Software	Second Lien	SOFR(M)	6.50%	11.93%	02/2021	04/2029	13,612		13,534		13,684		1.59	%
Coupa Holdings, LLC														Coupa Holdings, LLC
Software														Software	First lien (2)(3)	SOFR(M)	7.50%	12.82%	02/2023	02/2030	13,366		13,209		13,366		1.55	%
Businessolver.com, Inc.	Businessolver.com, Inc.													Businessolver.com, Inc.
Software														Software	First lien (2)(3)	SOFR(Q)	5.50%	10.99%	12/2021	12/2027	12,360		12,314		12,360
															First lien (3)(4) - Drawn	SOFR(Q)	5.50%	10.99%	12/2021	12/2027	287		286		287
																					12,647		12,600		12,647		1.47	%
CentralSquare Technologies, LLC														CentralSquare Technologies, LLC
Software	Software	First lien (2)(3)	9.67% (L + 5.50%/S)	12/1/2021	12/1/2027	12,486		12,429		12,311		1.61	%	Software	First lien (2)	SOFR(Q)	3.75%	9.29%	04/2020	08/2025	13,268		12,318		12,616		1.47	%
Relativity ODA LLC	Relativity ODA LLC													Relativity ODA LLC
Software	Software	First lien (3)	10.59% (L + 6.50% PIK/M)*	5/12/2021	5/12/2027	11,805		11,698		11,805		1.54	%	Software	First lien (3)	SOFR(M)	6.50%	11.92%	05/2021	05/2027	12,414		12,327		12,414		1.44	%
CentralSquare Technologies, LLC
Software		First lien (2)	7.42% (L + 3.75%/Q)	4/1/2020	8/29/2025	13,408		12,020		11,779		1.54	%
CFS Management, LLC
Healthcare Services		First lien (2)(3)	9.73% (SOFR + 6.25%/Q)	9/1/2021	7/1/2024	8,810		8,775		8,427
Nielsen Consumer, Inc.**														Nielsen Consumer, Inc.**
Business Services														Business Services	First lien (2)	SOFR(M)	6.25%	11.57%	09/2023	03/2028	12,169		11,402		11,990		1.39	%
OB Hospitalist Group, Inc.														OB Hospitalist Group, Inc.
Healthcare														Healthcare	First lien (2)(3)	SOFR(Q)	5.50%	11.04%	09/2021	09/2027	11,249		11,168		10,895
		First lien (3)	9.73% (SOFR + 6.25%/Q)	9/1/2021	7/1/2024	3,353		3,340		3,208					First lien (3)(4) - Drawn	SOFR(M)	5.50%	10.92%	09/2021	09/2027	673		671		652
						12,163		12,115		11,635		1.52	%								11,922		11,839		11,547		1.34	%
DOCS, MSO, LLC	DOCS, MSO, LLC													DOCS, MSO, LLC
Healthcare Services		First lien (2)(3)	8.85% (SOFR + 5.75%/Q)	6/1/2022	6/1/2028	11,564		11,565		11,531		1.51	%
OB Hospitalist Group, Inc.
Healthcare Services		First lien (2)(3)	9.17% (L + 5.50%/Q)	9/21/2021	9/27/2027	11,364		11,266		11,183
Healthcare														Healthcare	First lien (2)(3)	SOFR(M)	5.75%	11.18%	06/2022	06/2028	11,477		11,477		11,296		1.31	%
Daxko Acquisition Corporation														Daxko Acquisition Corporation
Software														Software	First lien (2)(3)	SOFR(M)	5.50%	10.92%	10/2021	10/2028	10,361		10,281		10,185
															First lien (3)	SOFR(M)	5.50%	10.92%	10/2021	10/2028	873		868		858
		First lien (3)(4) - Drawn	8.88% (L + 5.50%/Q)	9/21/2021	9/27/2027	297		296		292					First lien (3)(4) - Drawn	P(Q)	4.50%	13.00%	10/2021	10/2027	98		99		96
						11,661		11,562		11,475		1.50	%								11,332		11,248		11,139		1.30	%
Bullhorn, Inc.	Bullhorn, Inc.													Bullhorn, Inc.
Software	Software	First lien (2)(3)	9.42% (L + 5.75%/Q)	9/11/2020	9/30/2026	9,678		9,628		9,678				Software	First lien (2)(3)	SOFR(Q)	5.75%	11.24%	09/2020	09/2026	9,580		9,541		9,580
		First lien (3)	9.42% (L + 5.75%/Q)	9/11/2020	9/30/2026	1,234		1,232		1,234					First lien (3)	SOFR(Q)	5.75%	11.24%	09/2020	09/2026	1,222		1,220		1,222
		First lien (3)(4) - Drawn	9.42% (L + 5.75%/Q)	9/11/2020	9/30/2026	319		318		319											10,802		10,761		10,802		1.26	%
						11,231		11,178		11,231		1.47	%
Daxko Acquisition Corporation
Software		First lien (2)(3)	8.62% (L + 5.50%/M)	10/15/2021	10/16/2028	10,467		10,373		10,173
		First lien (3)	8.62% (L + 5.50%/M)	10/15/2021	10/16/2028	882		876		857
						11,349		11,249		11,030		1.44	%
Snap One Holdings Corp.**	Snap One Holdings Corp.**													Snap One Holdings Corp.**
Distribution & Logistics	Distribution & Logistics	First lien (2)	7.38% (L + 4.50%/S)	11/23/2021	12/8/2028	11,122		11,072		10,149		1.33	%	Distribution & Logistics	First lien (2)	SOFR(Q)	4.50%	10.04%	11/2021	12/2028	11,010		10,967		10,698		1.24	%
Bottomline Technologies, Inc.
Financial Services		First lien (2)(3)	8.35% (SOFR + 5.50%/M)	5/12/2022	5/14/2029	10,127		10,030		10,026		1.31	%
Xactly Corporation
Software		First lien (3)	10.06% (L + 7.25%/Q)	6/5/2020	7/31/2023	9,449		9,309		9,449
		First lien (3)(4) - Drawn	10.20% (L + 7.25%/Q)	6/5/2020	7/31/2023	551		543		551
						10,000		9,852		10,000		1.31	%
LSCS Holdings, Inc.
Healthcare Services		First lien (2)	8.17% (L + 4.50%/Q)	11/23/2021	12/16/2028	10,381		10,358		9,966		1.30	%

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

Table of Contents

NMF SLF I, Inc.

Consolidated Schedule of Investments (Continued)

September 30, ~~2022~~2023

(in thousands, except shares)

(unaudited)


Portfolio Company, Location and Industry(1)	Portfolio Company, Location and Industry(1)	Type of Investment	Interest Rate (5)	Acquisition Date	Maturity/Expiration Date	Principal Amount, Par Value or Shares		Cost		Fair Value		Percent of Net Assets		Portfolio Company, Location and Industry(1)	Type of Investment	Reference (5)	Spread (5)	Interest Rate (5)	Acquisition Date	Maturity/Expiration Date	Principal Amount, Par Value or Shares		Cost		Fair Value		Percent of Net Assets

IG Intermediateco LLC
Infogain Corporation
Software		First lien (2)(3)	8.43% (SOFR + 5.75%/Q)	7/30/2021	7/28/2028	$	6,117	$	6,077	$	6,055
CFS Management, LLC														CFS Management, LLC
Healthcare														Healthcare	First lien (2)(3)	SOFR(Q)*	6.25% + 0.75%/PIK	12.65%	09/2021	07/2024	$	8,644	$	8,629	$	7,654
		First lien (2)(3)	8.04% (SOFR + 5.75%/Q)	7/11/2022	7/28/2028	3,594		3,559		3,558					First lien (3)	SOFR(Q)*	6.25% + 0.75%/PIK	12.65%	09/2021	07/2024	3,299		3,294		2,921
		First lien (3)(4) - Drawn	8.41% (SOFR + 5.75%/Q)	7/30/2021	7/30/2026	219		219		217											11,943		11,923		10,575		1.23	%
		Subordinated (3)	11.90% (SOFR + 8.25%/Q)	7/15/2022	7/16/2029	1		1		1
						9,931		9,856		9,831		1.28	%
TRC Companies L.L.C (fka Energize Holdco LLC)
Business Services		Second Lien (2)(3)	9.87% (L + 6.75%/M)	11/19/2021	12/7/2029	10,000		9,954		9,472		1.24	%
Legal Spend Holdings, LLC (fka Bottomline Technologies, Inc.)														Legal Spend Holdings, LLC (fka Bottomline Technologies, Inc.)
Software														Software	First lien (2)(3)	SOFR(M)	5.25%	10.57%	05/2022	05/2029	10,026		9,941		10,026		1.17	%
RXB Holdings, Inc.	RXB Holdings, Inc.													RXB Holdings, Inc.
Healthcare Services		First lien (2)	6.61% (L + 4.50%/S)	7/28/2021	12/20/2027	9,875		9,854		9,381		1.23	%
CoreTrust Purchasing Group LLC
Business Services		First lien	9.78% (SOFR + 6.75%/M)	9/30/2022	10/1/2029	9,196		9,058		9,058		1.18	%
ACI Group Holdings, Inc.
Healthcare Services		First lien (2)(3)	9.17% (L + 5.50%/Q)	8/2/2021	8/2/2028	7,405		7,341		7,214
Healthcare														Healthcare	First lien (2)(3)	SOFR(M)	4.50%	9.95%	07/2021	12/2027	6,302		6,291		6,302
		First lien (3)(4) - Drawn	9.17% (L + 5.50%/Q)	8/2/2021	8/2/2028	651		645		634					First lien (2)(3)	SOFR(M)	5.25%	10.57%	06/2023	12/2027	3,416		3,334		3,416
						8,056		7,986		7,848		1.03	%								9,718		9,625		9,718		1.13	%
GC Waves Holdings, Inc.	GC Waves Holdings, Inc.													GC Waves Holdings, Inc.
Financial Services	Financial Services	First lien (2)(3)	8.62% (L + 5.50%/M)	8/12/2021	8/13/2026	7,212		7,155		7,125				Financial Services	First lien (2)(3)	SOFR(M)	6.00%	11.42%	04/2022	08/2028	7,140		7,095		7,140
		First lien (3)(4) - Drawn	8.62% (L + 5.50%/M)	4/11/2022	8/13/2026	666		660		658					First lien (3)	SOFR(M)	6.00%	11.42%	04/2022	08/2028	2,494		2,541		2,494
						7,878		7,815		7,783		1.02	%		First lien (3)(4) - Drawn	SOFR(M)	6.00%	11.42%	08/2021	08/2028	53		52		53
DCA Investment Holding, LLC
Healthcare Services		First lien (2)(3)	9.98% (SOFR + 6.00%/S)	3/12/2021	4/3/2028	6,365		6,325		6,359
																					9,687		9,688		9,687		1.13	%
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)(3)	SOFR(M)	6.75%	12.18%	11/2021	12/2029	10,000		9,958		9,649		1.12	%
Infogain Corporation														Infogain Corporation
Business Services														Business Services	First lien (2)(3)	SOFR(M)	5.75%	11.17%	07/2021	07/2028	6,055		6,021		6,055
															First lien (2)(3)	SOFR(M)	5.75%	11.17%	07/2022	07/2028	3,558		3,528		3,558
															Subordinated (3)	SOFR(Q)	8.25%	13.74%	07/2022	07/2029	1		1		1
																					9,614		9,550		9,614		1.12	%
Xactly Corporation														Xactly Corporation
Software														Software	First lien (3)	SOFR(Q)	7.25%	12.77%	06/2020	07/2025	9,449		9,244		9,449		1.10	%
CoreTrust Purchasing Group LLC														CoreTrust Purchasing Group LLC
Business Services														Business Services	First lien (3)	SOFR(M)	6.75%	12.07%	09/2022	10/2029	9,127		9,005		9,127		1.06	%
ACI Group Holdings, Inc.														ACI Group Holdings, Inc.
Healthcare														Healthcare	First lien (2)(3)	SOFR(M)	5.50%	10.92%	08/2021	08/2028	7,386		7,331		7,227
		First lien (3)	9.98% (SOFR + 6.00%/S)	3/12/2021	4/3/2028	1,059		1,055		1,058					First lien (3)	SOFR(M)	5.50%	10.92%	08/2021	08/2028	1,309		1,305		1,281
		First lien (3)(4) - Drawn	9.76% (SOFR + 6.00%/S)	3/12/2021	4/3/2028	263		259		262					First lien (3)(4) - Drawn	SOFR(M)	5.50%	10.92%	08/2021	08/2028	295		287		289
						7,687		7,639		7,679		1.00	%								8,990		8,923		8,797		1.02	%
NMC Crimson Holdings, Inc.	NMC Crimson Holdings, Inc.													NMC Crimson Holdings, Inc.
Healthcare Services		First lien (2)(3)	8.28% (L + 6.00%/Q)	3/1/2021	3/1/2028	7,401		7,310		7,390		0.97	%
OEConnection LLC
Business Services		Second Lien (2)(3)	10.05% (L + 7.00%/M)	12/17/2021	9/25/2027	7,360		7,295		7,139		0.93	%
Maverick Bidco Inc.
Software		Second Lien (3)	9.56% (L + 6.75%/Q)	4/29/2021	5/18/2029	6,800		6,783		6,712		0.88	%
Coyote Buyer, LLC
Specialty Chemicals & Materials		First lien (2)(3)	8.81% (L + 6.00%/Q)	3/13/2020	2/6/2026	5,388		5,371		5,387
Healthcare														Healthcare	First lien (2)(3)	SOFR(Q)	6.09%	11.49%	03/2021	03/2028	7,401		7,323		7,266
		First lien (2)(3)	11.67% (L + 8.00%/Q)	10/15/2020	8/6/2026	970		963		970					First lien (3)(4) - Drawn	SOFR(Q)	6.09%	11.64%	03/2021	03/2028	1,535		1,530		1,507
						6,358		6,334		6,357		0.83	%								8,936		8,853		8,773		1.02	%
Kele Holdco, Inc.
Distribution & Logistics		First lien (2)(3)	8.06% (L + 5.50%/M)	2/20/2020	2/20/2026	6,166		6,147		6,166		0.81	%
Beacon Pointe Harmony, LLC
Financial Services		First lien (2)(3)	8.37% (L + 5.25%/M)	12/29/2021	12/29/2028	5,186		5,139		5,131
Sierra Enterprises, LLC														Sierra Enterprises, LLC
Food & Beverage														Food & Beverage	First lien (3)	SOFR(Q)*	2.50% + 4.25%/PIK	12.12%	07/2023	05/2027	9,419		7,821		8,731		1.02	%
		First lien (3)(4) - Drawn	8.37% (L + 5.25%/M)	12/29/2021	12/29/2028	776		769		768
						5,962		5,908		5,899		0.77	%

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

Table of Contents

NMF SLF I, Inc.

Consolidated Schedule of Investments (Continued)

September 30, ~~2022~~2023

(in thousands, except shares)

(unaudited)

Portfolio Company, Location and Industry(1) Type of
Investment Interest Rate (5) Acquisition Date Maturity/Expiration
Date Principal
Amount, Par Value or Shares Cost Fair Value Percent of
Net Assets
Trinity Air Consultants Holdings Corporation
Business Services First lien (2)(3) 7.08% (L + 5.25%/S) 6/30/2021 6/29/2027 $ 4,966 $ 4,925 $ 4,926
First lien (3)(4) - Drawn 8.60% (L + 5.25%/S) 6/30/2021 6/29/2027 933 924 925
5,899 5,849 5,851 0.76 %
CG Group Holdings, LLC
Specialty Chemicals & Materials First lien (2)(3) 10.92% (L + 5.25% + 2.00% PIK/Q)* 7/19/2021 7/19/2027 5,392 5,342 5,029
First lien (3)(4) - Drawn 10.37% (L + 5.25% + 2.00% PIK/M)* 7/19/2021 7/19/2026 593 587 553
5,985 5,929 5,582 0.73 %
KPSKY Acquisition Inc.
Industrial Services First lien (2)(3) 8.58% (L + 5.50%/M) 10/19/2021 10/19/2028 4,393 4,354 4,339
First lien (3) 10.75% (P + 4.50%/Q) 10/19/2021 10/19/2028 505 500 498
First lien (3)(4) - Drawn 10.75% (P + 4.50%/Q) 6/17/2022 10/19/2028 93 92 92
4,991 4,946 4,929 0.64 %
eResearchTechnology, Inc.
Healthcare Services First lien (2) 7.62% (L + 4.50%/M) 1/8/2021 2/4/2027 4,924 4,924 4,605 0.60 %
Community Brands ParentCo, LLC
Software First lien (2)(3) 8.88% (SOFR + 5.75%/M) 2/24/2022 2/24/2028 4,668 4,625 4,593 0.60 %
Safety Borrower Holdings LLC
Information Services First lien (2)(3) 8.81% (L + 5.25%/Q) 9/1/2021 9/1/2027 3,715 3,700 3,655
First lien (3) 8.81% (L + 5.25%/Q) 9/1/2021 9/1/2027 830 826 816
First lien (3)(4) - Drawn 10.50% (P + 4.25%/Q) 9/1/2021 9/1/2027 83 83 82
4,628 4,609 4,553 0.59 %
Convey Health Solutions, Inc.**
Healthcare Services First lien (2)(3) 7.87% (L + 4.75%/M) 2/1/2022 9/4/2026 4,544 4,485 4,469 0.58 %
TigerConnect, Inc.
Healthcare Services First lien (2)(3) 9.98% (SOFR + 7.25%/Q) 2/16/2022 2/16/2028 4,223 4,184 4,180 0.55 %
Therapy Brands Holdings LLC
Healthcare Information Technology Second Lien (2)(3) 9.74% (L + 6.75%/M) 5/12/2021 5/18/2029 4,222 4,204 4,070 0.53 %
Appriss Health, LLC
Healthcare Information Technology First lien (3) 9.93% (L + 7.25%/M) 5/6/2021 5/6/2027 4,057 4,025 4,057 0.53 %
Affinipay Midco, LLC
Software First lien (2)(3) 8.81% (SOFR + 5.75%/Q) 7/14/2022 6/9/2028 4,097 4,057 4,056 0.53 %
USRP Holdings, Inc.
Federal Services First lien (2)(3) 9.17% (L + 5.50%/Q) 7/22/2021 7/23/2027 3,661 3,630 3,542
First lien (3) 9.17% (L + 5.50%/Q) 7/22/2021 7/23/2027 477 473 461
4,138 4,103 4,003 0.52 %
Sun Acquirer Corp.
Consumer Services First lien (2)(3) 8.56% (L + 5.75%/Q) 9/8/2021 9/8/2028 2,597 2,577 2,571
First lien (3)(4) - Drawn 8.57% (L + 5.75%/Q) 9/8/2021 9/8/2028 1,388 1,370 1,374
First lien (3)(4) - Drawn 11.00% (P + 4.75%/Q) 9/8/2021 9/8/2027 44 44 43
4,029 3,991 3,988 0.52 %


Portfolio Company, Location and Industry(1)	Type of Investment	Reference (5)	Spread (5)	Interest Rate (5)	Acquisition Date	Maturity/Expiration Date	Principal Amount, Par Value or Shares		Cost		Fair Value		Percent of Net Assets

DCA Investment Holding, LLC
Healthcare	First lien (2)(3)	SOFR(Q)	6.41%	11.80%	03/2021	04/2028	$	6,294	$	6,261	$	6,105
	First lien (3)	SOFR(Q)	6.41%	11.80%	03/2021	04/2028	1,049		1,045		1,017
	First lien (3)(4) - Drawn	SOFR(Q)	6.50%	11.89%	12/2022	04/2028	925		912		900
	First lien (3)	SOFR(Q)	6.41%	11.80%	03/2021	04/2028	521		517		505
							8,789		8,735		8,527		0.99	%
OEConnection LLC
Software	Second Lien (2)(3)	SOFR(M)	7.00%	12.42%	12/2021	09/2027	7,360		7,305		7,360		0.86	%
Beacon Pointe Harmony, LLC
Financial Services	First lien (2)(3)	SOFR(M)	5.75%	11.07%	12/2021	12/2028	5,134		5,093		5,065
	First lien (3)	SOFR(M)	5.75%	11.07%	12/2021	12/2028	2,013		2,001		1,986
	First lien (3)(4) - Drawn	SOFR(M)	5.75%	11.07%	12/2021	12/2028	147		150		145
							7,294		7,244		7,196		0.84	%
Maverick Bidco Inc.
Software	Second Lien (3)	SOFR(Q)	6.75%	12.27%	04/2021	05/2029	6,800		6,785		6,633		0.77	%
Coyote Buyer, LLC
Specialty Chemicals & Materials	First lien (2)(3)	SOFR(Q)	6.00%	11.52%	03/2020	02/2026	5,333		5,320		5,333
	First lien (2)(3)	SOFR(Q)	8.00%	13.57%	10/2020	08/2026	960		954		960
	First lien (3)(4) - Drawn	SOFR(Q)	6.00%	11.50%	03/2020	02/2025	276		276		276
							6,569		6,550		6,569		0.76	%
CommerceHub, Inc.
Software	First lien (3)	SOFR(Q)	6.25%	11.77%	06/2023	12/2027	6,069		5,701		6,069		0.71	%
Trinity Air Consultants Holdings Corporation
Business Services	First lien (2)(3)	L(S)	5.25%	10.62%	06/2021	06/2027	4,966		4,932		4,966
	First lien (3)(4) - Drawn	SOFR(S)	5.75%	11.27%	06/2021	06/2027	999		992		999
							5,965		5,924		5,965		0.69	%
Kele Holdco, Inc.
Distribution & Logistics	First lien (2)(3)	SOFR(M)	5.25%	10.68%	02/2020	02/2026	5,780		5,767		5,780		0.67	%
CG Group Holdings, LLC
Specialty Chemicals & Materials	First lien (2)(3)	SOFR(Q)*	6.75% + 2.00%/PIK	14.14%	07/2021	07/2027	5,448		5,407		5,160
	First lien (3)(4) - Drawn	SOFR(M)*	6.75% + 2.00%/PIK	14.07%	07/2021	07/2026	605		602		573
							6,053		6,009		5,733		0.67	%
Therapy Brands Holdings LLC
Software	Second Lien (2)(3)	SOFR(M)	6.75%	12.18%	05/2021	05/2029	6,000		5,970		5,716		0.66	%
KPSKY Acquisition Inc.
Business Services	First lien (2)(3)	SOFR(Q)	5.25%	10.72%	10/2021	10/2028	4,349		4,315		4,349
	First lien (3)	SOFR(Q)	5.25%	10.63%	10/2021	10/2028	498		495		498
	First lien (3)(4) - Drawn	SOFR(Q)	5.25%	10.71%	06/2022	10/2028	530		525		529
							5,377		5,335		5,376		0.63	%

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

Table of Contents

NMF SLF I, Inc.

Consolidated Schedule of Investments (Continued)

September 30, ~~2022~~2023

(in thousands, except shares)

(unaudited)

Portfolio Company, Location and Industry(1) Type of
Investment Interest Rate (5) Acquisition Date Maturity/Expiration
Date Principal
Amount, Par Value or Shares Cost Fair Value Percent of
Net Assets
Calabrio, Inc.
Software First lien (3) 10.67% (L + 7.00%/Q) 4/16/2021 4/16/2027 $ 3,986 $ 3,962 $ 3,986 0.52 %
STATS Intermediate Holdings, LLC**
Business Services First lien (2) 8.19% (L + 5.25%/Q) 8/9/2021 7/10/2026 3,942 3,942 3,686 0.48 %
Quartz Holding Company
Software Second Lien (2)(3) 11.12% (L + 8.00%/M) 10/16/2020 4/2/2027 3,000 2,989 2,941 0.38 %
IMO Investor Holdings, Inc.
Healthcare Information Technology First lien (2)(3) 7.65% (SOFR + 6.00%/S) 5/11/2022 5/11/2029 2,886 2,859 2,858
First lien (3)(4) - Drawn 8.72% (SOFR + 6.00%/Q) 5/11/2022 5/11/2028 41 41 41
2,927 2,900 2,899 0.38 %
Geo Parent Corporation
Business Services First lien (2)(3) 8.37% (L + 5.25%/M) 5/29/2020 12/19/2025 2,924 2,852 2,874 0.38 %
Barracuda Networks, Inc.
Business Services First lien (2) 7.53% (SOFR + 4.50%/M) 5/17/2022 8/15/2029 3,000 2,955 2,829 0.37 %
SpecialtyCare, Inc.
Healthcare Services First lien (2)(3) 8.03% (L + 5.75%/Q) 6/18/2021 6/19/2028 2,868 2,831 2,783
First lien (3)(4) - Drawn 8.23% (L + 5.75%/Q) 6/18/2021 6/19/2028 22 22 22
2,890 2,853 2,805 0.37 %
Bluefin Holding, LLC
Software Second Lien (2)(3) 9.83% (L + 7.75%/S) 6/9/2020 9/3/2027 2,500 2,399 2,431 0.32 %
Spring Education Group, Inc.
Education First lien (2) 7.92% (L + 4.25%/Q) 3/23/2020 7/30/2025 2,435 2,022 2,322 0.29 %
TMK Hawk Parent, Corp.
Distribution & Logistics First lien (3) 6.57% (L + 3.50%/M) 9/1/2022 8/28/2024 2,494 1,471 1,627 0.21 %
Vectra Co.
Business Products First lien (2) 6.37% (L + 3.25%/M) 3/26/2020 3/8/2025 1,369 1,239 1,164 0.15 %
Virtusa Corporation
Software Subordinated 7.13%/S 9/27/2022 12/15/2028 1,370 1,035 1,012 0.13 %
YLG Holdings, Inc.
Business Services First lien (3)(4) - Drawn 7.81% (L + 5.00%/Q) 10/22/2021 10/31/2025 744 736 730 0.10 %
Total Funded Debt Investments - United States $ 1,154,515 $ 1,142,417 $ 1,132,595 147.92 %
Funded Debt Investments - Netherlands
Tahoe Finco, LLC**
Information Technology First lien (2)(3) 8.68% (L + 6.00%/M) 10/1/2021 9/29/2028 $ 23,010 $ 22,806 $ 22,780 2.98 %
Total Funded Debt Investments - Netherlands $ 23,010 $ 22,806 $ 22,780 2.98 %
Funded Debt Investments - United Kingdom
Trident Bidco Limited
Business Services First lien (2)(3) 7.54% (SOFR + 5.25%/Q) 6/7/2022 6/7/2029 $ 10,669 $ 10,566 $ 10,543
First lien (2)(3) 7.52% (SOFR + 5.25%/Q) 9/20/2022 6/7/2029 1,907 1,888 1,885
12,576 12,454 12,428 1.62 %
Total Funded Debt Investments - United Kingdom $ 12,576 $ 12,454 $ 12,428 1.62 %
Total Funded Debt Investments $ 1,190,101 $ 1,177,677 $ 1,167,803 152.52 %


Portfolio Company, Location and Industry(1)	Type of Investment	Reference (5)	Spread (5)	Interest Rate (5)	Acquisition Date	Maturity/Expiration Date	Principal Amount, Par Value or Shares		Cost		Fair Value		Percent of Net Assets

DS Admiral Bidco, LLC
Software	First lien (3)	SOFR(Q)	7.00%	12.39%	12/2022	03/2028	$	4,869	$	4,802	$	4,869	0.57	%
eResearchTechnology, Inc.
Healthcare	First lien (2)	SOFR(M)	4.50%	9.93%	01/2021	02/2027	4,874		4,874		4,787		0.56	%
Safety Borrower Holdings LLC
Software	First lien (2)(3)	L(S)	5.25%	10.95%	09/2021	09/2027	3,678		3,665		3,678
	First lien (3)	L(S)	5.25%	10.95%	09/2021	09/2027	821		819		821
	First lien (3)(4) - Drawn	P(Q)	4.25%	12.75%	09/2021	09/2027	166		166		166
							4,665		4,650		4,665		0.54	%
Community Brands ParentCo, LLC
Software	First lien (2)(3)	SOFR(Q)	5.50%	11.02%	02/2022	02/2028	4,621		4,585		4,507		0.52	%
USRP Holdings, Inc.
Business Services	First lien (2)(3)	SOFR(Q)	5.75%	11.29%	07/2021	07/2027	3,624		3,599		3,624
	First lien (3)	SOFR(Q)	5.75%	11.29%	07/2021	07/2027	472		469		472
	First lien (3)(4) - Drawn	SOFR(Q)	5.75%	11.29%	07/2023	07/2027	218		237		218
							4,314		4,305		4,314		0.50	%
TigerConnect, Inc.
Healthcare	First lien (2)(3)	SOFR(Q)*	3.38% + 3.38%/PIK	12.27%	02/2022	02/2028	4,223		4,190		4,158
	First lien (2)(3)(4) - Drawn	SOFR(Q)*	3.38% + 3.38%/PIK	12.27%	02/2022	02/2028	154		154		151
							4,377		4,344		4,309		0.50	%
Sun Acquirer Corp.
Consumer Services	First lien (2)(3)	SOFR(M)	5.75%	11.18%	09/2021	09/2028	2,571		2,553		2,514
	First lien (3)	SOFR(M)	5.75%	11.18%	09/2021	09/2028	1,816		1,798		1,776
							4,387		4,351		4,290		0.50	%
Calabrio, Inc.
Software	First lien (3)	SOFR(M)	7.13%	12.44%	04/2021	04/2027	3,986		3,967		3,887
	First lien (3)(4) - Drawn	SOFR(M)	7.13%	12.45%	04/2021	04/2027	274		274		267
							4,260		4,241		4,154		0.48	%
Bluefin Holding, LLC
Software	First lien (2)	SOFR(S)	7.25%	12.72%	09/2023	09/2029	4,128		4,077		4,076		0.47	%
Affinipay Midco, LLC
Software	First lien (2)(3)	SOFR(S)	5.50%	10.39%	07/2022	06/2028	4,056		4,022		4,056		0.47	%
Appriss Health, LLC
Healthcare	First lien (3)	SOFR(Q)	6.75%	12.23%	05/2021	05/2027	4,032		4,005		4,032		0.47	%
Convey Health Solutions, Inc.
Healthcare	First lien (2)(3)	SOFR(Q)	5.25%	10.74%	02/2022	09/2026	4,499		4,453		3,969		0.46	%
Radwell Parent, LLC
Distribution & Logistics	First lien (3)	SOFR(Q)	6.75%	12.14%	11/2022	04/2029	3,727		3,676		3,727
	First lien (3)(4) - Drawn	SOFR(Q)	6.75%	12.14%	11/2022	04/2028	56		56		56
							3,783		3,732		3,783		0.44	%
STATS Intermediate Holdings, LLC**
Business Services	First lien (2)	SOFR(Q)	5.25%	10.89%	08/2021	07/2026	3,901		3,901		3,706		0.43	%

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

Table of Contents

NMF SLF I, Inc.

Consolidated Schedule of Investments (Continued)

September 30, ~~2022~~2023

(in thousands, except shares)

(unaudited)

Portfolio Company, Location and Industry(1) Type of
Investment Interest Rate (5) Acquisition Date Maturity/Expiration
Date Principal
Amount, Par Value or Shares Cost Fair Value Percent of
Net Assets
Equity - United States
Pioneer Topco I, L.P.(6)
Software Ordinary Shares (3) — 11/1/2021 — 10 $ — $ — — %
Total Shares - United States $ — $ — — %
Total Shares — — — %
Total Funded Investments $ 1,177,677 $ 1,167,803 152.52 %
Unfunded Debt Investments - United States
Associations, Inc.
Consumer Services First lien (3)(4) - Undrawn — 7/2/2021 7/2/2027 $ 1,476 $ (6) $ — — %
Coyote Buyer, LLC
Specialty Chemicals & Materials First lien (3)(4) - Undrawn — 3/13/2020 2/6/2025 395 (1) — — %
Appriss Health, LLC
Healthcare Information Technology First lien (3)(4) - Undrawn — 5/6/2021 5/6/2027 271 (2) — — %
Bullhorn, Inc.
Software First lien (3)(4) - Undrawn — 9/11/2020 9/30/2026 374 (3) — — %
Calabrio, Inc.
Software First lien (3)(4) - Undrawn — 4/16/2021 4/16/2027 480 (3) — — %
DCA Investment Holding, LLC
Healthcare Services First lien (3)(4) - Undrawn — 3/12/2021 3/10/2023 262 — — — %
Diligent Corporation
Software First lien (3)(4) - Undrawn — 8/4/2020 8/4/2025 1,184 (15) — — %
IG Investments Holdings, LLC
Business Services First lien (3)(4) - Undrawn — 9/22/2021 9/22/2027 1,825 (15) — — %
Relativity ODA LLC
Software First lien (3)(4) - Undrawn — 5/12/2021 5/12/2027 1,061 (10) — — %
Wealth Enhancement Group, LLC (fka TA/WEG Holdings, LLC)
Financial Services First lien (3)(4) - Undrawn — 5/2/2022 5/2/2024 2,481 — —
First lien (3)(4) - Undrawn — 8/13/2021 10/4/2027 516 (1) —
2,997 (1) — — %
Granicus, Inc.
Software First lien (3)(4) - Undrawn — 4/23/2021 4/21/2023 911 — —
First lien (3)(4) - Undrawn — 1/27/2021 1/29/2027 1,207 (7) —
2,118 (7) — — %
Kele Holdco, Inc.
Distribution & Logistics First lien (3)(4) - Undrawn — 2/20/2020 2/20/2026 701 (2) — — %
Safety Borrower Holdings LLC
Information Services First lien (3)(4) - Undrawn — 9/1/2021 9/1/2027 249 (1) (4) (0.00) %
NMC Crimson Holdings, Inc.
Healthcare Services First lien (3)(4) - Undrawn — 3/1/2021 3/1/2023 3,265 — (5) (0.00) %


Portfolio Company, Location and Industry(1)	Type of Investment	Reference (5)	Spread (5)	Interest Rate (5)	Acquisition Date	Maturity/Expiration Date	Principal Amount, Par Value or Shares		Cost		Fair Value		Percent of Net Assets

YLG Holdings, Inc.
Business Services	First lien (3)(4) - Drawn	SOFR(Q)	5.00%	10.48%	10/2021	10/2025	$	3,723	$	3,707	$	3,688	0.43	%
IMO Investor Holdings, Inc.
Healthcare	First lien (2)(3)	SOFR(Q)	6.00%	11.36%	05/2022	05/2029	2,858		2,833		2,794
	First lien (3)(4) - Drawn	SOFR(S)	6.00%	11.04%	05/2022	05/2029	185		188		181
	First lien (3)(4) - Drawn	SOFR(S)	6.00%	11.42%	05/2022	05/2028	55		55		54
							3,098		3,076		3,029		0.35	%
Quartz Holding Company
Software	Second Lien (2)(3)	SOFR(M)	8.00%	13.42%	10/2020	04/2027	3,000		2,991		3,000		0.35	%
Geo Parent Corporation
Business Services	First lien (2)(3)	SOFR(S)	5.25%	10.80%	05/2020	12/2028	2,894		2,842		2,894		0.34	%
SpecialtyCare, Inc.
Healthcare	First lien (2)(3)	L(Q)	5.75%	11.28%	06/2021	06/2028	2,839		2,808		2,744
	First lien (3)	SOFR(Q)	5.75%	11.32%	06/2021	06/2028	22		22		21
							2,861		2,830		2,765		0.32	%
Cloudera, Inc.
Software	Second Lien	SOFR(M)	6.00%	11.42%	10/2022	10/2029	2,500		2,100		2,384		0.28	%
Project Power Buyer, LLC
Software	First lien (3)	SOFR(Q)	7.00%	12.39%	01/2023	05/2026	2,315		2,287		2,315		0.27	%
More cowbell II LLC
Business Services	First lien (2)(3)	SOFR(S)	6.25%	11.73%	08/2023	09/2030	2,131		2,116		2,115
	First lien (3)(4) - Drawn	SOFR(Q)	6.25%	11.68%	08/2023	09/2029	59		59		59
							2,190		2,175		2,174		0.25	%
TMK Hawk Parent, Corp.
Distribution & Logistics	First lien (3)	SOFR(Q)	3.50%	9.17%	09/2022	08/2024	2,468		1,913		1,787		0.21	%
AWP Group Holdings, Inc.
Business Services	First lien (2)(3)	SOFR(Q)	5.50%	10.99%	08/2023	12/2029	1,300		1,288		1,287
	First lien (3)(4) - Drawn	SOFR(Q)	5.50%	10.99%	08/2023	12/2029	108		107		107
	First lien (3)(4) - Drawn	SOFR(Q)	5.50%	10.99%	08/2023	12/2029	33		33		33
							1,441		1,428		1,427		0.17	%
Vectra Co.
Business Products	First lien (2)	SOFR(M)	3.25%	8.68%	03/2020	03/2025	1,355		1,276		1,355		0.16	%
KENG Acquisition, Inc.
Business Services	First lien (2)(3)	SOFR(Q)	6.25%	11.64%	08/2023	08/2029	1,207		1,192		1,192
	First lien (3)(4) - Drawn	SOFR(Q)	6.25%	11.64%	08/2023	08/2029	150		150		148
	First lien (3)(4) - Drawn	SOFR(Q)	6.25%	11.64%	08/2023	08/2029	37		36		36
							1,394		1,378		1,376		0.16	%
AI Altius US Bidco, Inc.
Business Services	First lien (3)	SOFR(S)	5.08%	10.57%	07/2023	12/2028	1,134		1,123		1,126		0.13	%

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

Table of Contents

NMF SLF I, Inc.

Consolidated Schedule of Investments (Continued)

September 30, ~~2022~~2023

(in thousands, except shares)

(unaudited)

Portfolio Company, Location and Industry(1) Type of
Investment Interest Rate (5) Acquisition Date Maturity/Expiration
Date Principal
Amount, Par Value or Shares Cost Fair Value Percent of
Net Assets
Recorded Future, Inc.
Software First lien (3)(4) - Undrawn — 8/3/2020 7/3/2025 $ 1,202 $ (9) $ (6) (0.00) %
TigerConnect, Inc.
Healthcare Services First lien (2)(3)(4) - Undrawn — 2/16/2022 2/16/2023 174 — (2)
First lien (3)(4) - Undrawn — 2/16/2022 2/16/2028 603 (5) (6)
777 (5) (8) (0.00) %
Sun Acquirer Corp.
Consumer Services First lien (3)(4) - Undrawn — 9/8/2021 9/8/2027 320 (3) (3)
First lien (3)(4) - Undrawn — 9/8/2021 9/8/2023 529 — (5)
849 (3) (8) (0.00) %
KPSKY Acquisition Inc.
Industrial Services First lien (3)(4) - Undrawn — 6/17/2022 6/17/2024 655 — (8) (0.00) %
Bottomline Technologies, Inc.
Financial Services First lien (3)(4) - Undrawn — 5/12/2022 5/15/2028 844 (8) (8) (0.00) %
Affinipay Midco, LLC
Software First lien (3)(4) - Undrawn — 7/14/2022 6/10/2024 273 (3) (3)
First lien (3)(4) - Undrawn — 7/14/2022 7/14/2024 574 — (6)
847 (3) (9) (0.00) %
Pye-Barker Fire & Safety, LLC
Business Services First lien (3)(4) - Undrawn — 11/26/2021 11/26/2024 514 (5) (9) (0.00) %
USRP Holdings, Inc.
Federal Services First lien (3)(4) - Undrawn — 7/22/2021 7/23/2027 288 (2) (9) (0.00) %
CG Group Holdings, LLC
Specialty Chemicals & Materials First lien (3)(4) - Undrawn — 7/19/2021 7/19/2026 147 (2) (10) (0.00) %
IMO Investor Holdings, Inc.
Healthcare Information Technology First lien (3)(4) - Undrawn — 5/11/2022 5/11/2028 302 (3) (3)
First lien (3)(4) - Undrawn — 5/11/2022 5/13/2024 687 — (7)
989 (3) (10) (0.00) %
Infogain Corporation
Software First lien (3)(4) - Undrawn — 7/30/2021 7/30/2026 1,017 (8) (10) (0.00) %
Trinity Air Consultants Holdings Corporation
Business Services First lien (3)(4) - Undrawn — 6/30/2021 6/29/2027 484 (4) (4)
First lien (3)(4) - Undrawn — 6/30/2021 6/29/2023 763 — (6)
1,247 (4) (10) (0.00) %
GS Acquisitionco, Inc.
Software First lien (3)(4) - Undrawn — 2/6/2020 5/22/2026 576 (4) (5)
First lien (3)(4) - Undrawn — 10/7/2021 11/2/2022 800 (2) (7)
1,376 (6) (12) (0.00) %


Portfolio Company, Location and Industry(1)	Type of Investment	Reference (5)	Spread (5)	Interest Rate (5)	Acquisition Date	Maturity/Expiration Date	Principal Amount, Par Value or Shares		Cost		Fair Value		Percent of Net Assets

Virtusa Corporation
Business Services	Subordinated	FIXED(S)	7.13%	7.13%	09/2022	12/2028	$	1,370	$	1,073	$	1,108	0.13	%
Total Funded Debt Investments - United States							$	1,212,656	$	1,200,114	$	1,193,494	138.76	%
Funded Debt Investments - Netherlands
Tahoe Finco, LLC**
Information Technology	First lien (2)(3)	SOFR(M)	6.00%	11.42%	10/2021	09/2028	$	23,010	$	22,832	$	23,010	2.68	%
Total Funded Debt Investments - Netherlands							$	23,010	$	22,832	$	23,010	2.68	%
Funded Debt Investments - United Kingdom
Trident Bidco Limited**
Business Services	First lien (2)(3)	SOFR(Q)	5.00%	10.31%	06/2022	06/2029	$	10,669	$	10,578	$	10,669
	First lien (2)(3)	SOFR(Q)	5.00%	10.31%	09/2022	06/2029	1,907		1,890		1,907
							12,576		12,468		12,576		1.46	%
Total Funded Debt Investments - United Kingdom							$	12,576	$	12,468	$	12,576	1.46	%
Funded Debt Investments - Australia
Atlas AU Bidco Pty Ltd**
Business Services	First lien (3)	SOFR(M)	7.25%	12.58%	12/2022	12/2029	$	2,245	$	2,214	$	2,245	0.26	%
Funded Debt Investments - Australia							$	2,245	$	2,214	$	2,245	0.26	%
Total Funded Debt Investments							$	1,250,487	$	1,237,628	$	1,231,325	143.16	%
Equity - United States
Pioneer Topco I, L.P. (6)
Software	Ordinary Shares(3)	—	—	—	11/2021	—	10		$	—	$	—	—	%
Total Shares - United States									$	—	$	—	—	%
Total Shares									—		—		—	%
Total Funded Investments									$	1,237,628	$	1,231,325	143.16	%
Unfunded Debt Investments - United States
Affinipay Midco, LLC
Software	First lien (3)(4) - Undrawn	—	—	—	07/2022	06/2028	$	273	$	(2)	$	—
	First lien (3)(4) - Undrawn	—	—	—	07/2022	06/2024	574		—		—
							847		(2)		—		—	%
KWOR Acquisition, Inc.
Business Services	First lien (3)(4) - Undrawn	—	—	—	12/2021	12/2027	1,300		(10)		—		—	%
Coyote Buyer, LLC
Specialty Chemicals & Materials	First lien (3)(4) - Undrawn	—	—	—	03/2020	02/2025	118		(1)		—		—	%
Appriss Health, LLC
Healthcare	First lien (3)(4) - Undrawn	—	—	—	05/2021	05/2027	271		(2)		—		—	%
Associations, Inc.
Business Services	First lien (3)(4) - Undrawn	—	—	—	07/2021	07/2027	1,476		(5)		—		—	%

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

Table of Contents

NMF SLF I, Inc.

Consolidated Schedule of Investments (Continued)

September 30, ~~2022~~2023

(in thousands, except shares)

(unaudited)

Portfolio Company, Location and Industry(1) Type of
Investment Interest Rate (5) Acquisition Date Maturity/Expiration
Date Principal
Amount, Par Value or Shares Cost Fair Value Percent of
Net Assets
Community Brands ParentCo, LLC
Software First lien (3)(4) - Undrawn — 2/24/2022 2/24/2028 276 (2) (4)
First lien (3)(4) - Undrawn — 2/24/2022 2/26/2024 552 — (9)
828 (2) (13) (0.00) %
Kaseya Inc.
Software First lien (3)(4) - Undrawn — 6/23/2022 6/24/2024 895 — (7)
First lien (3)(4) - Undrawn — 6/23/2022 6/25/2029 895 (6) (7)
1,790 (6) (14) (0.00) %
SpecialtyCare, Inc.
Healthcare Services First lien (3)(4) - Undrawn — 6/18/2021 6/18/2026 224 (3) (7)
First lien (3)(4) - Undrawn — 6/18/2021 6/18/2023 246 — (7)
470 (3) (14) (0.00) %
DOCS, MSO, LLC
Healthcare Services First lien (3)(4) - Undrawn — 6/1/2022 6/3/2024 4,044 — (12)
First lien (3)(4) - Undrawn — 6/1/2022 6/1/2028 1,078 — (3)
5,122 — (15) (0.00) %
iCIMS, Inc.
Software First lien (2)(3)(4) - Undrawn — 8/17/2022 8/17/2024 5,216 — —
First lien (3)(4) - Undrawn — 8/17/2022 8/18/2028 1,870 (16) (16)
7,086 (16) (16) (0.00) %
OB Hospitalist Group, Inc.
Healthcare Services First lien (3)(4) - Undrawn — 9/21/2021 9/27/2027 1,187 (12) (19) (0.00) %
KWOR Acquisition, Inc.
Business Services First lien (3)(4) - Undrawn — 12/22/2021 12/22/2027 2,048 (15) (20) (0.00) %
Ocala Bidco, Inc.
Healthcare Information Technology First lien (3)(4) - Undrawn — 12/27/2021 5/24/2024 1,630 — (20) (0.00) %
Notorious Topco, LLC
Consumer Products First lien (3)(4) - Undrawn — 11/23/2021 5/24/2027 1,844 (12) (14)
First lien (3)(4) - Undrawn — 11/23/2021 11/23/2023 1,229 — (9)
3,073 (12) (23) (0.00) %
GC Waves Holdings, Inc.
Financial Services First lien (3)(4) - Undrawn — 4/11/2022 4/11/2024 1,920 — (23) (0.00) %
Beacon Pointe Harmony, LLC
Financial Services First lien (3)(4) - Undrawn — 12/29/2021 12/29/2027 539 (5) (6)
First lien (3)(4) - Undrawn — 12/29/2021 6/29/2023 1,918 — (21)
2,457 (5) (27) (0.01) %


Portfolio Company, Location and Industry(1)	Type of Investment	Reference (5)	Spread (5)	Interest Rate (5)	Acquisition Date	Maturity/Expiration Date	Principal Amount, Par Value or Shares		Cost		Fair Value		Percent of Net Assets

Avalara, Inc.
Software	First lien (3)(4) - Undrawn	—	—	—	10/2022	10/2028	$	2,001	$	(21)	$	—	—	%
KPSKY Acquisition Inc.
Business Services	First lien (3)(4) - Undrawn	—	—	—	06/2022	06/2024	216		—		—		—	%
Legal Spend Holdings, LLC (fka Bottomline Technologies, Inc.)
Software	First lien (3)(4) - Undrawn	—	—	—	05/2022	05/2028	844		(6)		—		—	%
Bullhorn, Inc.
Software	First lien (3)(4) - Undrawn	—	—	—	09/2020	09/2026	693		(3)		—		—	%
Businessolver.com, Inc.
Software	First lien (3)(4) - Undrawn	—	—	—	12/2021	12/2023	3,089		—		—		—	%
CoreTrust Purchasing Group LLC
Business Services	First lien (3)(4) - Undrawn	—	—	—	09/2022	09/2024	1,339		—		—
	First lien (3)(4) - Undrawn	—	—	—	09/2022	10/2029	1,339		(17)		—
							2,678		(17)		—		—	%
Coupa Holdings, LLC
Software	First lien (3)(4) - Undrawn	—	—	—	02/2023	08/2024	1,193		—		—
	First lien (3)(4) - Undrawn	—	—	—	02/2023	02/2029	914		(10)		—
							2,107		(10)		—		—	%
Foreside Financial Group, LLC
Business Services	First lien (3)(4) - Undrawn	—	—	—	05/2022	05/2024	2,157		(7)		—
	First lien (3)(4) - Undrawn	—	—	—	05/2022	09/2027	723		(7)		—
							2,880		(14)		—		—	%
Granicus, Inc.
Software	First lien (3)(4) - Undrawn	—	—	—	01/2021	01/2027	652		(5)		—		—	%
Infogain Corporation
Business Services	First lien (3)(4) - Undrawn	—	—	—	07/2021	07/2026	1,236		(5)		—		—	%

GS Acquisitionco, Inc.
Software	First lien (3)(4) - Undrawn	—	—	—	02/2020	05/2026	1,918		(6)		—		—	%
Kaseya Inc.
Software	First lien (3)(4) - Undrawn	—	—	—	06/2022	06/2024	840		(6)		—
	First lien (3)(4) - Undrawn	—	—	—	06/2022	06/2029	671		(5)		—
							1,511		(11)		—		—	%
Kele Holdco, Inc.
Distribution & Logistics	First lien (3)(4) - Undrawn	—	—	—	02/2020	02/2026	701		(1)		—		—	%

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

Table of Contents

NMF SLF I, Inc.

Consolidated Schedule of Investments (Continued)

September 30, ~~2022~~2023

(in thousands, except shares)

(unaudited)

Portfolio Company, Location and Industry(1) Type of
Investment Interest Rate (5) Acquisition Date Maturity/Expiration
Date Principal
Amount, Par Value or Shares Cost Fair Value Percent of
Net Assets
FS WhiteWater Borrower, LLC
Consumer Services First lien (3)(4) - Undrawn — 7/1/2022 7/1/2024 $ 1,948 $ — $ (19)
First lien (3)(4) - Undrawn — 12/20/2021 12/21/2027 973 (10) (10)
2,921 (10) (29) (0.01) %
OA Buyer, Inc.
Healthcare Information Technology First lien (3)(4) - Undrawn — 12/20/2021 12/20/2028 3,041 (27) (30) (0.01) %
Project Essential Bidco, Inc.
Software First lien (3)(4) - Undrawn — 4/20/2021 4/20/2027 2,241 (15) (31) (0.01) %
Daxko Acquisition Corporation
Software First lien (3)(4) - Undrawn — 10/15/2021 10/16/2023 416 (2) (12)
First lien (3)(4) - Undrawn — 10/15/2021 10/15/2027 783 (7) (20)
1,199 (9) (32) (0.01) %
CoreTrust Purchasing Group LLC
Business Services First lien (4) - Undrawn — 9/30/2022 9/30/2024 1,339 — (20)
First lien (4) - Undrawn — 9/30/2022 10/1/2029 1,339 (20) (20)
2,678 (20) (40) (0.01) %
Foreside Financial Group, LLC
Business Services First lien (3)(4) - Undrawn — 5/26/2022 9/30/2027 977 (9) (10)
First lien (3)(4) - Undrawn — 5/26/2022 5/26/2024 3,109 (1) (31)
4,086 (10) (41) (0.01) %
Businessolver.com, Inc.
Software First lien (3)(4) - Undrawn — 12/1/2021 12/1/2023 3,378 — (47) (0.01) %
Zone Climate Services, Inc.
Consumer Services First lien (3)(4) - Undrawn — 3/9/2022 3/9/2028 2,931 (29) (47) (0.01) %
Pioneer Topco I, L.P.(6)
Pioneer Buyer I, LLC
Software First lien (3)(4) - Undrawn — 11/1/2021 11/1/2027 2,045 (17) (52) (0.01) %
PDQ.com Corporation
Information Technology First lien (3)(4) - Undrawn — 9/1/2021 8/27/2027 2,206 (9) (52) (0.01) %
Fortis Solutions Group, LLC
Packaging First lien (3)(4) - Undrawn — 10/15/2021 10/13/2023 577 (4) (6)
First lien (3)(4) - Undrawn — 10/15/2021 10/15/2027 1,608 (16) (17)
First lien (3)(4) - Undrawn — 6/24/2022 6/24/2024 2,942 — (31)
5,127 (20) (54) (0.01) %
CCBlue Bidco, Inc.
Healthcare Services First lien (3)(4) - Undrawn — 12/20/2021 12/21/2023 2,973 — (59) (0.01) %
MRI Software LLC
Software First lien (4) - Undrawn — 1/31/2020 2/10/2026 780 (2) (18)
First lien (4) - Undrawn — 2/11/2022 8/16/2023 1,968 (2) (44)
2,748 (4) (62) (0.01) %


Portfolio Company, Location and Industry(1)	Type of Investment	Reference (5)	Spread (5)	Interest Rate (5)	Acquisition Date	Maturity/Expiration Date	Principal Amount, Par Value or Shares		Cost		Fair Value		Percent of Net Assets

Oranje Holdco, Inc.
Education	First lien (3)(4) - Undrawn	—	—	—	01/2023	02/2029	$	1,807	$	(20)	$	—	—	%
GC Waves Holdings, Inc.
Financial Services	First lien (3)(4) - Undrawn	—	—	—	08/2021	12/2024	14		—		—
	First lien (3)(4) - Undrawn	—	—	—	07/2023	12/2024	5,000		—		—
							5,014		—		—		—	%
OA Buyer, Inc.
Healthcare	First lien (3)(4) - Undrawn	—	—	—	12/2021	12/2028	3,041		(23)		—		—	%
Radwell Parent, LLC
Distribution & Logistics	First lien (3)(4) - Undrawn	—	—	—	11/2022	04/2028	225		(3)		—		—	%
Recorded Future, Inc.
Software	First lien (3)(4) - Undrawn	—	—	—	08/2020	07/2025	1,202		(6)		—		—	%
Relativity ODA LLC
Software	First lien (3)(4) - Undrawn	—	—	—	05/2021	05/2027	1,061		(8)		—		—	%
Safety Borrower Holdings LLC
Software	First lien (3)(4) - Undrawn	—	—	—	09/2021	09/2027	166		(1)		—		—	%
Trinity Air Consultants Holdings Corporation
Business Services	First lien (3)(4) - Undrawn	—	—	—	06/2021	06/2024	696		—		—
	First lien (3)(4) - Undrawn	—	—	—	06/2021	06/2027	485		(3)		—
							1,181		(3)		—		—	%
USRP Holdings, Inc.
Business Services	First lien (3)(4) - Undrawn	—	—	—	07/2023	07/2025	1,293		(23)		—		—	%
	First lien (3)(4) - Undrawn	—	—	—	07/2021	07/2027	288		(2)		—		—	%
							1,581		(25)		—		—	%
Project Power Buyer, LLC
Software	First lien (3)(4) - Undrawn	—	—	—	01/2023	05/2025	120		(1)		—		—	%
VetCor Professional Practices LLC
Consumer Services	First lien (4) - Undrawn	—	—	—	09/2023	09/2025	5,964		—		—		—	%
Wealth Enhancement Group, LLC (fka TA/WEG Holdings, LLC)
Financial Services	First lien (3)(4) - Undrawn	—	—	—	05/2022	05/2024	788		—		—
	First lien (3)(4) - Undrawn	—	—	—	08/2021	10/2027	516		(1)		—
							1,304		(1)		—		—	%
Xactly Corporation
Software	First lien (3)(4) - Undrawn	—	—	—	06/2020	07/2025	551		(10)		��		—	%
DCA Investment Holding, LLC
Healthcare	First lien (3)(4) - Undrawn	—	—	—	12/2022	12/2023	11		—		—		—	%

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

Table of Contents

NMF SLF I, Inc.

Consolidated Schedule of Investments (Continued)

September 30, ~~2022~~2023

(in thousands, except shares)

(unaudited)

Portfolio Company, Location and Industry(1) Type of
Investment Interest Rate (5) Acquisition Date Maturity/Expiration
Date Principal
Amount, Par Value or Shares Cost Fair Value Percent of
Net Assets
Therapy Brands Holdings LLC
Healthcare Information Technology Second Lien (2)(3)(4) - Undrawn — 5/12/2021 5/18/2023 $ 1,778 $ — $ (64) (0.01) %
ACI Group Holdings, Inc.
Healthcare Services First lien (3)(4) - Undrawn — 8/2/2021 8/2/2027 787 (6) (20)
First lien (3)(4) - Undrawn — 8/2/2021 8/2/2023 2,103 — (54)
2,890 (6) (74) (0.01) %
DECA Dental Holdings LLC
Healthcare Services First lien (3)(4) - Undrawn — 8/26/2021 8/26/2027 719 (7) (14)
First lien (3)(4) - Undrawn — 8/26/2021 8/28/2023 4,044 — (78)
4,763 (7) (92) (0.01) %
Diamondback Acquisition, Inc.
Software First lien (3)(4) - Undrawn — 9/13/2021 9/13/2023 4,237 — (97) (0.01) %
AAH Topco, LLC
Consumer Services First lien (3)(4) - Undrawn — 12/22/2021 12/22/2027 1,413 (12) (14)
First lien (3)(4) - Undrawn — 12/22/2021 12/22/2023 8,651 — (87)
10,064 (12) (101) (0.01) %
Thermostat Purchaser III, Inc.
Business Services First lien (3)(4) - Undrawn — 8/24/2021 8/31/2023 3,145 (2) (107) (0.01) %
GraphPAD Software, LLC
Healthcare Information Technology First lien (3)(4) - Undrawn — 4/28/2021 4/27/2027 1,000 (4) (18)
First lien (3)(4) - Undrawn — 12/1/2021 11/29/2023 5,068 (22) (90)
6,068 (26) (108) (0.01) %
YLG Holdings, Inc.
Business Services First lien (3)(4) - Undrawn — 10/22/2021 10/22/2023 5,689 — (105) (0.01) %
Allworth Financial Group, L.P.
Financial Services First lien (3)(4) - Undrawn — 1/20/2022 1/20/2024 1,971 — (54)
First lien (3)(4) - Undrawn — 12/21/2020 12/23/2026 3,507 (26) (96)
5,478 (26) (150) (0.02) %
Total Unfunded Debt Investments - United States $ 136,707 $ (444) $ (1,804) (0.24) %
Unfunded Debt Investments - Netherlands
Tahoe Finco, LLC**
Information Technology First lien (3)(4) - Undrawn — 10/1/2021 10/1/2027 $ 1,726 $ (14) $ (17) 0.00 %
Total Unfunded Debt Investments - Netherlands $ 1,726 $ (14) $ (17) 0.00 %
Total Unfunded Debt Investments $ 138,433 $ (458) $ (1,821) (0.24) %
Total Non-Controlled/Non-Affiliated Investments $ 1,177,219 $ 1,165,982 152.28 %
Total Investments $ 1,177,219 $ 1,165,982 152.28 %


Portfolio Company, Location and Industry(1)	Type of Investment	Reference (5)	Spread (5)	Interest Rate (5)	Acquisition Date	Maturity/Expiration Date	Principal Amount, Par Value or Shares		Cost		Fair Value		Percent of Net Assets

More cowbell II LLC
Business Services	First lien (3)(4) - Undrawn	—	—	—	08/2023	09/2025	$	232	$	—	$	—
	First lien (3)(4) - Undrawn	—	—	—	08/2023	09/2029	242		(2)		(2)
							474		(2)		(2)		(0.00)	%
Zone Climate Services, Inc.
Business Services	First lien (3)(4) - Undrawn	—	—	—	03/2022	03/2028	846		(8)		(2)		(0.00)	%
Ocala Bidco, Inc.
Healthcare	First lien (3)(4) - Undrawn	—	—	—	12/2021	05/2024	1,630		—		(2)		(0.00)	%
NMC Crimson Holdings, Inc.
Healthcare	First lien (3)(4) - Undrawn	—	—	—	03/2021	12/2023	272		—		(5)		(0.00)	%
Bluefin Holding, LLC
Software	First lien (4) - Undrawn	—	—	—	09/2023	09/2029	407		(5)		(5)		(0.00)	%
Calabrio, Inc.
Software	First lien (3)(4) - Undrawn	—	—	—	04/2021	04/2027	206		(1)		(5)		(0.00)	%
PDQ.com Corporation
Software	First lien (3)(4) - Undrawn	—	—	—	09/2021	08/2027	2,206		(7)		(7)		(0.00)	%
SpecialtyCare, Inc.
Healthcare	First lien (3)(4) - Undrawn	—	—	—	06/2021	06/2026	224		(2)		(7)		(0.00)	%
MRI Software LLC
Software	First lien (3)(4) - Undrawn	—	—	—	01/2020	02/2026	780		(2)		(7)		(0.00)	%
CG Group Holdings, LLC
Specialty Chemicals & Materials	First lien (3)(4) - Undrawn	—	—	—	07/2021	07/2026	147		(2)		(8)		(0.00)	%
Sun Acquirer Corp.
Consumer Services	First lien (3)(4) - Undrawn	—	—	—	09/2021	09/2027	363		(2)		(8)		(0.00)	%
AWP Group Holdings, Inc.
Business Services	First lien (3)(4) - Undrawn	—	—	—	08/2023	12/2029	159		(2)		(2)
	First lien (3)(4) - Undrawn	—	—	—	08/2023	08/2025	667		—		(7)
							826		(2)		(9)		(0.00)	%
Pye-Barker Fire & Safety, LLC
Business Services	First lien (3)(4) - Undrawn	—	—	—	11/2021	11/2026	2,276		(36)		(11)		(0.00)	%
TigerConnect, Inc.
Healthcare	First lien (2)(3)(4) - Undrawn	—	—	—	02/2022	02/2024	163		—		(2)
	First lien (3)(4) - Undrawn	—	—	—	02/2022	02/2028	603		(4)		(9)
							766		(4)		(11)		(0.00)	%

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

Table of Contents

NMF SLF I, Inc.

Consolidated Schedule of Investments (Continued)

September 30, ~~2022~~2023

(in thousands, except shares)

(unaudited)


Portfolio Company, Location and Industry(1)	Type of Investment	Reference (5)	Spread (5)	Interest Rate (5)	Acquisition Date	Maturity/Expiration Date	Principal Amount, Par Value or Shares		Cost		Fair Value		Percent of Net Assets

KENG Acquisition, Inc.
Business Services	First lien (3)(4) - Undrawn	—	—	—	08/2023	08/2029	$	293	$	(4)	$	(4)
	First lien (3)(4) - Undrawn	—	—	—	08/2023	08/2025	764		(2)		(10)
							1,057		(6)		(14)		(0.00)	%
DECA Dental Holdings LLC
Healthcare	First lien (3)(4) - Undrawn	—	—	—	08/2021	08/2027	449		(4)		(14)		(0.00)	%
Beacon Pointe Harmony, LLC
Financial Services	First lien (3)(4) - Undrawn	—	—	—	12/2021	12/2027	539		(4)		(7)
	First lien (3)(4) - Undrawn	—	—	—	12/2021	09/2024	517		(5)		(7)
							1,056		(9)		(14)		(0.00)	%
iCIMS, Inc.
Software	First lien (2)(4) - Undrawn	—	—	—	08/2022	08/2024	4,625		—		—
	First lien (4) - Undrawn	—	—	—	08/2022	08/2028	1,558		(14)		(16)
							6,183		(14)		(16)		(0.00)	%
Daxko Acquisition Corporation
Software	First lien (3)(4) - Undrawn	—	—	—	10/2021	04/2024	416		(2)		(7)
	First lien (3)(4) - Undrawn	—	—	—	10/2021	10/2027	685		(7)		(10)
							1,101		(9)		(17)		(0.00)	%
IMO Investor Holdings, Inc.
Healthcare	First lien (3)(4) - Undrawn	—	—	—	05/2022	05/2028	289		(3)		(6)
	First lien (3)(4) - Undrawn	—	—	—	05/2022	05/2024	502		(5)		(11)
							791		(8)		(17)		(0.00)	%
Community Brands ParentCo, LLC
Software	First lien (3)(4) - Undrawn	—	—	—	02/2022	02/2028	276		(2)		(7)
	First lien (3)(4) - Undrawn	—	—	—	02/2022	02/2024	552		—		(14)
							828		(2)		(21)		(0.00)	%
FS WhiteWater Borrower, LLC
Consumer Services	First lien (3)(4) - Undrawn	—	—	—	07/2022	07/2024	542		—		(4)
	First lien (3)(4) - Undrawn	—	—	—	12/2021	12/2027	1,095		(11)		(18)
							1,637		(11)		(22)		(0.00)	%
IG Investments Holdings, LLC
Business Services	First lien (3)(4) - Undrawn	—	—	—	09/2021	09/2027	1,825		(12)		(24)		(0.00)	%
OB Hospitalist Group, Inc.
Healthcare	First lien (3)(4) - Undrawn	—	—	—	09/2021	09/2027	811		(8)		(26)		(0.00)	%

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

Table of Contents

NMF SLF I, Inc.

Consolidated Schedule of Investments (Continued)

September 30, 2023

(in thousands, except shares)

(unaudited)


Portfolio Company, Location and Industry(1)	Type of Investment	Reference (5)	Spread (5)	Interest Rate (5)	Acquisition Date	Maturity/Expiration Date	Principal Amount, Par Value or Shares		Cost		Fair Value		Percent of Net Assets

YLG Holdings, Inc.
Business Services	First lien (3)(4) - Undrawn	—	—	—	10/2021	10/2023	$	13	$	—	$	—
	First lien (3)(4) - Undrawn	—	—	—	10/2021	12/2024	2,678		(9)		(26)
							2,691		(9)		(26)		(0.00)	%
Allworth Financial Group, L.P.
Financial Services	First lien (3)(4) - Undrawn	—	—	—	01/2022	01/2024	561		—		(4)
	First lien (3)(4) - Undrawn	—	—	—	12/2020	12/2026	3,507		(20)		(24)
							4,068		(20)		(28)		(0.00)	%
Diligent Corporation
Software	First lien (3)(4) - Undrawn	—	—	—	08/2020	08/2025	1,398		(17)		(35)		(0.01)	%
Pioneer Topco I, L.P. (6)
Pioneer Buyer I, LLC
Software	First lien (3)(4) - Undrawn	—	—	—	11/2021	11/2027	2,045		(14)		(40)		(0.01)	%
ACI Group Holdings, Inc.
Healthcare	First lien (3)(4) - Undrawn	—	—	—	08/2021	08/2027	787		(5)		(17)
	First lien (3)(4) - Undrawn	—	—	—	08/2021	08/2024	1,146		—		(25)
							1,933		(5)		(42)		(0.01)	%
AAH Topco, LLC
Consumer Services	First lien (3)(4) - Undrawn	—	—	—	12/2021	12/2027	1,414		(10)		(17)
	First lien (3)(4) - Undrawn	—	—	—	12/2021	12/2023	2,262		—		(27)
							3,676		(10)		(44)		(0.01)	%
DOCS, MSO, LLC
Healthcare	First lien (3)(4) - Undrawn	—	—	—	06/2022	06/2028	1,078		—		(17)
	First lien (3)(4) - Undrawn	—	—	—	06/2022	06/2024	1,887		—		(30)
							2,965		—		(47)		(0.01)	%
Fortis Solutions Group, LLC
Packaging	First lien (3)(4) - Undrawn	—	—	—	10/2021	10/2027	1,722		(12)		(19)
	First lien (3)(4) - Undrawn	—	—	—	06/2022	06/2024	2,754		—		(30)
							4,476		(12)		(49)		(0.01)	%
Project Essential Bidco, Inc.
Software	First lien (3)(4) - Undrawn	—	—	—	04/2021	04/2027	2,241		(12)		(67)		(0.01)	%
GraphPAD Software, LLC
Healthcare	First lien (3)(4) - Undrawn	—	—	—	04/2021	04/2027	500		(2)		(7)
	First lien (3)(4) - Undrawn	—	—	—	12/2021	11/2023	5,068		(17)		(69)
							5,568		(19)		(76)		(0.01)	%

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

Table of Contents

NMF SLF I, Inc.

Consolidated Schedule of Investments (Continued)

September 30, 2023

(in thousands, except shares)

(unaudited)


Portfolio Company, Location and Industry(1)	Type of Investment	Reference (5)	Spread (5)	Interest Rate (5)	Acquisition Date	Maturity/Expiration Date	Principal Amount, Par Value or Shares		Cost		Fair Value		Percent of Net Assets

Notorious Topco, LLC
Consumer Products	First lien (3)(4) - Undrawn	—	—	—	11/2021	11/2023	$	1,229	$	—	$	(96)
	First lien (3)(4) - Undrawn	—	—	—	11/2021	05/2027	1,721		(13)		(135)
							2,950		(13)		(231)		(0.03)	%
Total Unfunded Debt Investments - United States							$	108,938	$	(507)	$	(959)	(0.11)	%
Unfunded Debt Investments - Netherlands
Tahoe Finco, LLC**
Information Technology	First lien (3)(4) - Undrawn	—	—	—	10/2021	10/2027	$	1,726	$	(12)	$	—	0.00	%
Total Unfunded Debt Investments - Netherlands							$	1,726	$	(12)	$	—	0.00	%
Unfunded Debt Investments - Australia
Atlas AU Bidco Pty Ltd**
Business Services	First lien (3)(4) - Undrawn	—	—	—	12/2022	12/2028	$	208	$	(3)	$	—	0.00	%
Total Unfunded Debt Investments - Australia							$	208	$	(3)	$	—	0.00	%
Total Unfunded Debt Investments							$	110,872	$	(522)	$	(959)	(0.11)	%
Total Non-Controlled/Non-Affiliated Investments									$	1,237,106	$	1,230,366	143.04	%
Total Investments									$	1,237,106	$	1,230,366	143.04	%

(1)NMF SLF I, Inc. (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 Wells Credit Facility, a revolving credit facility among ~~the Investment Adviser~~New Mountain Finance Advisers BDC, L.L.C. (the "Adviser") as collateral manager, NMF SLF I SPV, L.L.C. ("SLF I SPV") as the borrower, the Company as equityholder and seller, Wells Fargo Bank, National Association as the administrative agent and collateral custodian, and each of the lenders from time to time party thereto. See Note 6. Borrowings, for details.

(3)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.

(4)Par value amounts represent the drawn or undrawn (as indicated in type of investment) portion of revolving credit facilities or delayed draws. Cost amounts represent the cash received at settlement date net of the impact of paydowns and cash paid for drawn revolvers or delayed draws.

(5)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), Secured Overnight Financing Rate (SOFR) and the alternative base rate (Base) and which resets monthly (M), quarterly (Q), or semi-annually (S). For each investment, the current interest rate provided reflects the rate in effect as of September 30, ~~2022.~~2023.

(6)The Company holds investments in Pioneer Topco I, L.P. and a wholly-owned subsidiary of Pioneer Topco I, L.P. The Company holds two first lien term loans and a first lien revolver in Pioneer Buyer I, LLC, and common equity in Pioneer Topco I, L.P.

* All or a portion of interest contains payment-in kind ("PIK") interest. See Note 2. Summary of Significant Accounting Policies—Revenue Recognition for details.

** Indicates assets that the Company deems to be "non-qualifying assets" under Section 55(a) of the Investment Company Act of 1940, as amended. 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, 4.37%~~2023, 5.11% 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.

2022

Table of Contents

NMF SLF I, Inc.

Consolidated Schedule of Investments (Continued)

September 30, ~~2022~~2023

(in thousands, except shares)

(unaudited)


	September 30, ~~2022~~2023
Investment Type	Percent of Total Investments at Fair Value
First lien	~~95.12~~ 95.15	%
Second lien	~~4.79~~ 4.76	%
Subordinated	0.09	%
Equity and other	—	%	(1)
Total investments	100.00	%

(1)As of September 30, ~~2022,~~2023, equity and other investments made up less than 0.01% of total investments.


	September 30, ~~2022~~2023
Industry Type	Percent of Total Investments at Fair Value
Software	~~36.55~~ 39.01	%
Business Services	~~15.07~~ 23.48	%
Healthcare ~~Services~~	~~11.42~~ 15.46	%
Financial Services	~~8.28~~ 7.63	%
Consumer Services	~~7.72~~ 3.45	%
~~Healthcare Information Technology~~Education	~~5.83~~ 2.41	%
Information Technology	~~3.84~~ 1.87	%
~~Insurance Services~~	~~2.58~~	%
~~Consumer Products~~	~~1.95~~	%
Distribution & Logistics	~~1.54~~ 1.79	%
~~Education~~Consumer Products	~~1.52~~ 1.69	%
Packaging	~~1.43~~ 1.39	%
Specialty Chemicals & Materials	~~1.02~~ 1.00	%
~~Industrial Services~~Food & Beverage	~~0.42~~ 0.71	%
~~Information Services~~Business Products	~~0.39~~ 0.11	%
~~Federal Services~~	~~0.34~~		%
~~Business Products~~	~~0.10~~		%
~~Total investments~~


Total investments	100.00	%


	September 30, ~~2022~~2023
Interest Rate Type	Percent of Total Investments at Fair Value
Floating rates	99.91	%
Fixed rates	0.09	%
Total investments	100.00	%

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

~~Table of Contents~~

~~NMF SLF I, Inc.~~

~~Consolidated Schedule of Investments~~

~~December 31, 2021~~

~~(in thousands, except shares)~~

Portfolio Company, Location and Industry(1) Type of
Investment Interest Rate (5) Acquisition Date Maturity/Expiration
Date Principal
Amount,
Par Value or Shares Cost Fair Value Percent of
Net Assets
Non-Controlled/Non-Affiliated Investments
Funded Debt Investments - United States
Frontline Technologies Group Holdings, LLC
Software First lien (2)(3) 6.25% (L + 5.25%/Q) 4/20/2020 9/18/2023 $ 17,036 $ 16,530 $ 17,036
First lien (2)(3) 6.25% (L + 5.25%/Q) 12/30/2020 9/18/2023 9,900 9,900 9,900
First lien (2)(3) 6.25% (L + 5.25%/Q) 4/20/2020 9/18/2023 7,523 7,300 7,523
First lien (2)(3) 6.25% (L + 5.25%/Q) 6/15/2021 9/18/2023 3,270 3,270 3,270
37,729 37,000 37,729 5.24 %
Higginbotham Insurance Agency, Inc.
Insurance Services First lien (2)(3) 6.25% (L + 5.50%/M) 11/19/2020 11/25/2026 23,906 23,754 24,086
First lien (3) 6.25% (L + 5.50%/M) 11/19/2020 11/25/2026 6,749 6,701 6,800
30,655 30,455 30,886 4.29 %
GS Acquisitionco, Inc.
Software First lien (2)(3) 6.75% (L + 5.75%/S) 2/6/2020 5/22/2026 24,604 24,492 24,604
First lien (3) 6.75% (L + 5.75%/S) 2/6/2020 5/22/2026 4,616 4,586 4,616
First lien (3)(4) - Drawn 6.75% (L + 5.75%/Q) 2/6/2020 5/22/2026 911 908 911
30,131 29,986 30,131 4.18 %
Wealth Enhancement Group, LLC (fka TA/WEG Holdings, LLC)**
Financial Services First lien (3) 6.75% (L + 5.75%/Q) 12/11/2020 10/4/2027 18,679 18,558 18,679
First lien (3) 6.75% (L + 5.75%/Q) 6/3/2021 10/4/2027 5,000 4,977 5,000
First lien (3)(4) - Drawn 6.75% (L + 5.75%/Q) 8/13/2021 10/4/2027 3,155 3,147 3,155
First lien (3)(4) - Drawn 6.75% (L + 5.75%/Q) 8/13/2021 10/4/2027 143 142 143
26,977 26,824 26,977 3.75 %
Diamondback Acquisition, Inc.
Software First lien (2)(3) 6.25% (L + 5.50%/M) 9/13/2021 9/13/2028 25,329 25,085 25,076 3.49 %
Apptio, Inc.
Software First lien (3) 8.25% (L + 7.25%/S) 4/20/2020 1/10/2025 25,000 24,049 25,000 3.47 %
Pye-Barker Fire & Safety, LLC
Business Services First lien (3) 6.25% (L + 5.50%/Q) 10/15/2020 11/26/2027 19,833 19,597 19,833
First lien (3)(4) - Drawn 6.25% (L + 5.50%/Q) 11/26/2021 11/26/2027 4,847 4,799 4,847
24,680 24,396 24,680 3.43 %
Diligent Corporation
Software First lien (2)(3) 7.25% (L + 6.25%/Q) 8/4/2020 8/4/2025 14,899 14,758 15,046
First lien (2)(3) 6.75% (L + 5.75%/Q) 3/30/2021 8/4/2025 5,639 5,615 5,611
First lien (2)(3) 6.75% (L + 5.75%/Q) 3/4/2021 8/4/2025 3,144 3,131 3,129
First lien (3) 7.25% (L + 6.25%/Q) 8/4/2020 8/4/2025 786 778 793
24,468 24,282 24,579 3.42 %
Foundational Education Group, Inc.
Education First lien (2) 4.75% (L + 4.25%/S) 8/19/2021 8/31/2028 18,000 17,913 18,045
Second Lien (2) 7.00% (L + 6.50%/S) 8/19/2021 8/31/2029 6,488 6,457 6,488
24,488 24,370 24,533 3.41 %

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

~~Table of Contents~~

~~NMF SLF I, Inc.~~

~~Consolidated Schedule of Investments (Continued)~~

~~December 31, 2021~~

~~(in thousands, except shares)~~

Portfolio Company, Location and Industry(1) Type of
Investment Interest Rate (5) Acquisition Date Maturity/Expiration
Date Principal
Amount,
Par Value or Shares Cost Fair Value Percent of
Net Assets
IG Investments Holdings, LLC
Business Services First lien (2)(3) 6.75% (L + 6.00%/Q) 9/22/2021 9/22/2028 $ 23,375 $ 23,149 $ 23,142
First lien (3)(4) - Drawn 6.75% (L + 6.00%/M) 9/22/2021 9/22/2027 913 904 903
24,288 24,053 24,045 3.35 %
iCIMS, Inc.
Software First lien (2)(3) 7.50% (L + 6.50%/S) 4/20/2020 9/12/2024 20,025 19,300 20,025
First lien (2)(3) 7.50% (L + 6.50%/S) 4/20/2020 9/12/2024 3,905 3,763 3,905
23,930 23,063 23,930 3.32 %
Syndigo LLC
Software First lien (2) 5.25% (L + 4.50%/S) 12/14/2020 12/15/2027 19,850 19,719 19,900
Second Lien 8.75% (L + 8.00%/S) 12/14/2020 12/15/2028 4,000 3,975 4,005
23,850 23,694 23,905 3.32 %
OA Buyer, Inc.
Healthcare Information Technology First lien (2) 6.75% (L + 6.00%/Q) 12/20/2021 12/20/2028 23,816 23,580 23,579 3.27 %
Associations, Inc.
Consumer Services First lien (2)(3) 7.50% (L + 4.00% + 2.50% PIK/Q)* 7/2/2021 7/2/2027 12,582 12,523 12,519
First lien (3) 7.50% (L + 4.00% + 2.50% PIK/Q)* 7/2/2021 7/2/2027 3,579 3,563 3,561
First lien (3) 7.50% (L + 4.00% + 2.50% PIK/Q)* 7/2/2021 7/2/2027 3,579 3,563 3,561
First lien (3) 7.50% (L + 4.00% + 2.50% PIK/Q)* 7/2/2021 7/2/2027 2,161 2,151 2,151
First lien (3) 7.50% (L + 4.00% + 2.50% PIK/Q)* 7/2/2021 7/2/2027 1,720 1,712 1,711
23,621 23,512 23,503 3.26 %
PDQ.com Corporation
Information Technology First lien (3) 6.00% (L + 5.00%/Q) 9/1/2021 8/27/2027 13,496 13,431 13,428
First lien (3) 6.00% (L + 5.00%/Q) 9/1/2021 8/27/2027 9,245 9,201 9,198
22,741 22,632 22,626 3.14 %
Notorious Topco, LLC
Consumer Products First lien (2)(3) 7.50% (L + 6.50%/Q) 11/23/2021 11/23/2027 21,266 21,109 21,106
First lien (3)(4) - Drawn 7.50% (L + 6.50%/Q) 11/23/2021 5/24/2027 307 305 305
21,573 21,414 21,411 2.97 %
KWOR Acquisition, Inc.
Business Services First lien (2) 6.00% (L + 5.25%/M) 12/22/2021 12/22/2028 20,764 20,609 20,609
First lien (4) - Drawn 7.50% (P + 4.25%/Q) 12/22/2021 12/22/2027 288 286 286
21,052 20,895 20,895 2.90 %
Galway Borrower LLC
Insurance Services First lien (2)(3) 6.00% (L + 5.25%/Q) 9/30/2021 9/29/2028 19,285 19,098 19,091
First lien (3) 6.00% (L + 5.25%/Q) 9/30/2021 9/29/2028 1,330 1,317 1,317
20,615 20,415 20,408 2.83 %
CCBlue Bidco, Inc.
Healthcare Services First lien (2) 7.00% (L + 3.50% + 2.75% PIK/Q)* 12/20/2021 12/21/2028 20,540 20,336 20,335 2.82 %
Thermostat Purchaser III, Inc.
Business Services First lien (2) 5.25% (L + 4.50%/M) 8/24/2021 8/31/2028 19,046 19,000 19,046
First lien 5.25% (L + 4.50%/M) 8/24/2021 8/31/2028 938 933 938
19,984 19,933 19,984 2.78 %

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

Table of Contents

NMF SLF I, Inc.

Consolidated Schedule of Investments ~~(Continued)~~

December 31, ~~2021~~2022

(in thousands, except shares)

Portfolio Company, Location and Industry(1) Type of
Investment Interest Rate (5) Acquisition Date Maturity/Expiration
Date Principal
Amount,
Par Value or Shares Cost Fair Value Percent of
Net Assets
Allworth Financial Group, L.P.**
Financial Services First lien (2) 6.00% (L + 5.00%/M) 12/21/2020 12/23/2026 $ 15,303 $ 15,172 $ 15,150
First lien (4) - Drawn 6.00% (L + 5.00%/M) 12/21/2020 12/23/2026 3,855 3,822 3,816
19,158 18,994 18,966 2.63 %
Stamps.com Inc.
Software First lien (2)(3) 6.50% (L + 5.75%/Q) 10/5/2021 10/5/2028 11,721 11,608 11,604
First lien (2) 6.50% (L + 5.75%/Q) 12/13/2021 10/5/2028 7,367 7,293 7,293
19,088 18,901 18,897 2.62 %
DECA Dental Holdings LLC
Healthcare Services First lien (2)(3) 6.50% (L + 5.75%/Q) 8/26/2021 8/28/2028 17,033 16,870 16,863
First lien (3)(4) - Drawn 6.50% (L + 5.75%/Q) 8/26/2021 8/28/2028 1,792 1,776 1,775
18,825 18,646 18,638 2.59 %
Eisner Advisory Group LLC
Financial Services First lien (2) 6.00% (L + 5.25%/Q) 8/16/2021 7/28/2028 16,793 16,712 16,835
First lien 6.00% (L + 5.25%/Q) 8/16/2021 7/28/2028 1,679 1,671 1,683
18,472 18,383 18,518 2.57 %
Kaseya Inc.
Software First lien (2)(3) 7.50% (L + 5.50% + 1.00% PIK/Q)* 6/29/2020 5/2/2025 10,305 10,085 10,305
First lien (2)(3) 7.50% (L + 5.50% + 1.00% PIK/Q)* 9/8/2021 5/2/2025 3,277 3,251 3,277
First lien (3) 7.50% (L + 5.50% + 1.00% PIK/Q)* 8/3/2020 5/2/2025 2,626 2,587 2,626
First lien (3) 7.50% (L + 5.50% + 1.00% PIK/Q)* 6/29/2020 5/2/2025 1,010 984 1,010
First lien (3)(4) - Drawn 7.50% (L + 5.50% + 1.00% PIK/Q)* 9/8/2021 5/2/2025 648 643 648
17,866 17,550 17,866 2.48 %
GraphPAD Software, LLC
Healthcare Information Technology First lien (2)(3) 6.50% (L + 5.50%/A) 12/1/2021 4/27/2027 9,291 9,245 9,244
First lien (2)(3) 6.50% (L + 5.50%/A) 4/28/2021 4/27/2027 6,965 6,933 6,930
First lien (2)(3) 6.50% (L + 5.50%/A) 10/14/2021 4/27/2027 1,071 1,066 1,065
17,327 17,244 17,239 2.39 %
Project Essential Bidco, Inc.
Software First lien (2)(3) 6.75% (L + 5.75%/S) 4/20/2021 4/20/2028 17,383 17,243 17,231 2.39 %
Vehlo Purchaser, LLC
Software First lien (3) 5.75% (L + 5.00%/M) 8/27/2021 8/27/2027 11,494 11,384 11,379
First lien (3)(4) - Drawn 5.75% (L + 5.00%/M) 8/27/2021 8/27/2027 3,333 3,301 3,300
First lien (3)(4) - Drawn 5.75% (L + 5.00%/M) 8/27/2021 8/27/2027 494 490 489
15,321 15,175 15,168 2.11 %
Ocala Bidco, Inc.
Healthcare Information Technology First lien (2) 6.50% (L + 5.75%/Q) 12/27/2021 11/24/2028 15,262 15,071 15,071 2.09 %
Granicus, Inc.
Software First lien (2)(3) 7.50% (L + 6.50%/Q) 1/27/2021 1/29/2027 10,722 10,651 10,642
First lien (3) 7.50% (L + 6.50%/Q) 1/27/2021 1/29/2027 3,002 2,982 2,980
First lien (3)(4) - Drawn 7.00% (L + 6.00%/Q) 4/23/2021 1/29/2027 1,389 1,376 1,375
15,113 15,009 14,997 2.08 %
RealPage, Inc.
Business Services Second Lien 7.25% (L + 6.50%/M) 2/18/2021 4/23/2029 14,250 14,150 14,535 2.02 %


Portfolio Company, Location and Industry(1)	Type of Investment	Reference (5)	Spread (5)	Interest Rate (5)	Acquisition Date	Maturity/Expiration Date	Principal Amount, Par Value or Shares		Cost		Fair Value		Percent of Net Assets

Non-Controlled/Non-Affiliated Investments
Funded Debt Investments - United States
Wealth Enhancement Group, LLC (fka TA/WEG Holdings, LLC)
Financial Services	First lien (3)	SOFR(S)	6.00%	9.41%	12/2020	10/2027	$	18,491	$	18,390	$	18,373
	First lien (3)	SOFR(S)	6.00%	10.46%	06/2021	10/2027	4,960		4,941		4,928
	First lien (3)	SOFR(S)	6.00%	10.00%	08/2021	10/2027	5,894		5,882		5,857
	First lien (3)(4) - Drawn	SOFR(S)	6.00%	10.41%	05/2022	10/2027	1,275		1,272		1,267
							30,620		30,485		30,425		4.01	%
Higginbotham Insurance Agency, Inc.
Business Services	First lien (2)(3)	L(M)	5.25%	9.63%	11/2020	11/2026	23,667		23,543		23,388
	First lien (3)	L(M)	5.25%	9.63%	11/2020	11/2026	6,682		6,642		6,603
							30,349		30,185		29,991		3.96	%
GS Acquisitionco, Inc.
Software	First lien (2)(3)	SOFR(Q)	5.75%	9.92%	02/2020	05/2026	24,354		24,265		24,137
	First lien (3)	SOFR(Q)	5.75%	9.92%	02/2020	05/2026	5,761		5,737		5,710
							30,115		30,002		29,847		3.94	%
Pye-Barker Fire & Safety, LLC
Business Services	First lien (3)	L(Q)	5.50%	10.23%	10/2020	11/2027	19,634		19,416		19,074
	First lien (3)	L(Q)	5.50%	10.23%	11/2021	11/2027	10,450		10,358		10,152
	First lien (3)(4) - Drawn	L(Q)	5.50%	10.23%	11/2021	11/2024	449		448		437
							30,533		30,222		29,663		3.91	%
Zone Climate Services, Inc.
Business Services	First lien (2)(3)	SOFR(S)	4.75%	8.62%	03/2022	03/2028	27,963		27,709		27,516
	First lien (3)(4) - Drawn	SOFR(M)	4.75%	9.47%	03/2022	03/2028	1,795		1,784		1,767
							29,758		29,493		29,283		3.86	%
Associations, Inc.
Business Services	First lien (2)(3)	SOFR(Q)*	4.00% + 2.50%/PIK	10.36%	07/2021	07/2027	14,921		14,868		14,921
	First lien (3)	SOFR(Q)*	4.00% + 2.50%/PIK	11.28%	07/2021	07/2027	3,671		3,657		3,671
	First lien (3)	SOFR(Q)*	4.00% + 2.50%/PIK	11.26%	07/2021	07/2027	3,671		3,657		3,671
	First lien (3)	SOFR(Q)*	4.00% + 2.50%/PIK	10.97%	07/2021	07/2027	2,217		2,209		2,217
	First lien (3)	SOFR(Q)*	4.00% + 2.50%/PIK	10.48%	07/2021	07/2027	1,764		1,757		1,764
							26,244		26,148		26,244		3.46	%

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

Table of Contents

NMF SLF I, Inc.

Consolidated Schedule of Investments (Continued)

December 31, ~~2021~~2022

(in thousands, except shares)

Portfolio Company, Location and Industry(1) Type of
Investment Interest Rate (5) Acquisition Date Maturity/Expiration
Date Principal
Amount,
Par Value or Shares Cost Fair Value Percent of
Net Assets
CentralSquare Technologies, LLC
Software First lien (2) 3.97% (L + 3.75%/Q) 4/1/2020 8/29/2025 $ 13,512 $ 11,804 $ 12,779 1.78 %
Businessolver.com, Inc.
Software First lien (2) 6.50% (L + 5.75%/S) 12/1/2021 12/1/2027 12,548 12,486 12,486 1.73 %
Fortis Solutions Group, LLC
Packaging First lien (2)(3) 6.25% (L + 5.50%/Q) 10/15/2021 10/13/2028 12,402 12,281 12,278 1.71 %
AAH Topco, LLC
Consumer Services First lien (2) 6.25% (L + 5.50%/Q) 12/22/2021 12/22/2027 11,873 11,755 11,755 1.63 %
Recorded Future, Inc.
Software First lien (2) 7.00% (L + 6.00%/Q) 12/30/2021 7/3/2025 7,500 7,463 7,463
First lien 7.00% (L + 6.00%/Q) 8/3/2020 7/3/2025 4,146 4,091 4,125
11,646 11,554 11,588 1.61 %
OB Hospitalist Group, Inc.
Healthcare Services First lien (2)(3) 6.25% (L + 5.50%/Q) 9/21/2021 9/27/2027 11,450 11,339 11,335
First lien (3)(4) - Drawn 6.25% (L + 5.50%/M) 9/21/2021 9/27/2027 158 157 157
11,608 11,496 11,492 1.60 %
MRI Software LLC
Software First lien (2)(3) 6.50% (L + 5.50%/S) 1/31/2020 2/10/2026 11,029 10,989 11,029
First lien (3) 6.50% (L + 5.50%/S) 1/31/2020 2/10/2026 319 317 319
First lien (2)(3) 6.50% (L + 5.50%/Q) 3/24/2021 2/10/2026 103 103 103
11,451 11,409 11,451 1.59 %
FS WhiteWater Borrower, LLC
Consumer Services First lien (2) 6.50% (L + 5.75%/Q) 12/20/2021 12/21/2027 9,122 9,031 9,030
First lien (4) - Drawn 6.50% (L + 5.75%/Q) 12/20/2021 12/21/2027 2,274 2,251 2,251
11,396 11,282 11,281 1.57 %
Pioneer Topco I, L.P.(6)
Pioneer Buyer I, LLC
Software First lien (3) 7.75% (L + 7.00% PIK/Q)* 11/1/2021 11/1/2028 11,394 11,284 11,280 1.57 %
Snap One Holdings Corp.**
Distribution & Logistics First lien (2) 5.00% (L + 4.50%/M) 11/23/2021 12/8/2028 11,178 11,122 11,164 1.55 %
Relativity ODA LLC
Software First lien (3) 8.50% (L + 7.50% PIK/M)* 5/12/2021 5/12/2027 11,175 11,053 11,035 1.53 %
LSCS Holdings, Inc.
Healthcare Services First lien (2) 5.00% (L + 4.50%/Q) 11/23/2021 12/18/2028 10,460 10,434 10,485 1.46 %
CFS Management, LLC
Healthcare Services First lien (2)(3) 6.50% (L + 5.50%/S) 9/1/2021 7/1/2024 8,878 8,828 8,878
First lien (3)(4) - Drawn 6.50% (L + 5.50%/Q) 9/1/2021 7/1/2024 1,601 1,593 1,601
10,479 10,421 10,479 1.46 %
Daxko Acquisition Corporation
Software First lien (2)(3) 6.25% (L + 5.50%/Q) 10/15/2021 10/16/2028 10,546 10,444 10,440 1.45 %
RXB Holdings, Inc.
Healthcare Services First lien (2) 5.25% (L + 4.50%/S) 7/28/2021 12/20/2027 9,950 9,927 9,981 1.39 %
Energize Holdco LLC
Business Services Second Lien (2) 7.25% (L + 6.75%/Q) 11/19/2021 12/7/2029 10,000 9,950 9,950 1.38 %
Bullhorn, Inc.
Software First lien (2)(3) 6.75% (L + 5.75%/Q) 9/11/2020 9/30/2026 9,748 9,690 9,748 1.35 %
Bracket Intermediate Holding Corp.
Healthcare Services First lien (2) 4.38% (L + 4.25%/Q) 3/30/2020 9/5/2025 9,572 8,487 9,562 1.33 %


Portfolio Company, Location and Industry(1)	Type of Investment	Reference (5)	Spread (5)	Interest Rate (5)	Acquisition Date	Maturity/Expiration Date	Principal Amount, Par Value or Shares		Cost		Fair Value		Percent of Net Assets

Diligent Corporation
Software	First lien (2)(3)	L(M)	6.25%	10.63%	08/2020	08/2025	$	14,748	$	14,644	$	14,748
	First lien (2)(3)	L(M)	5.75%	10.13%	03/2021	08/2025	5,582		5,564		5,514
	First lien (2)(3)	L(M)	5.75%	10.13%	03/2021	08/2025	3,113		3,103		3,076
	First lien (3)	L(M)	6.25%	10.63%	08/2020	08/2025	1,234		1,225		1,219
	First lien (3)	L(M)	6.25%	10.63%	08/2020	08/2025	778		772		778
	First lien (3)(4) - Drawn	L(M)	6.25%	10.63%	08/2020	08/2025	711		720		711
							26,166		26,028		26,046		3.44	%
Apptio, Inc.
Software	First lien (3)	L(Q)	6.00%	9.94%	04/2020	01/2025	25,000		24,337		25,000		3.30	%
OA Buyer, Inc.
Healthcare	First lien (2)(3)	L(M)	5.75%	10.13%	12/2021	12/2028	23,639		23,430		23,447
	First lien (2)(3)	L(M)	5.75%	10.13%	05/2022	12/2028	1,496		1,483		1,484
							25,135		24,913		24,931		3.29	%
iCIMS, Inc.
Software	First lien (2)(3)	SOFR(Q)*	3.38% +3.88%/PIK	11.52%	08/2022	08/2028	19,638		19,474		19,467
	First lien (3)	SOFR(Q)	7.25%	11.52%	10/2022	08/2028	5,126		5,082		5,087
							24,764		24,556		24,554		3.24	%
Diamondback Acquisition, Inc.
Software	First lien (2)(3)	L(M)	5.50%	9.88%	09/2021	09/2028	25,075		24,863		24,498		3.23	%
IG Investments Holdings, LLC
Business Services	First lien (2)(3)	L(M)	6.00%	10.38%	09/2021	09/2028	23,141		22,944		22,822
	First lien (3)(4) - Drawn	L(M)	6.00%	10.39%	09/2021	09/2027	730		726		720
							23,871		23,670		23,542		3.10	%
Allworth Financial Group, L.P.
Financial Services	First lien (2)(3)	SOFR(M)	4.75%	9.17%	12/2020	12/2026	17,749		17,620		17,260
	First lien (3)	SOFR(M)	4.75%	9.17%	12/2020	12/2026	5,372		5,331		5,224
	First lien (3)(4) - Drawn	SOFR(M)	4.75%	9.17%	01/2022	12/2026	637		631		619
							23,758		23,582		23,103		3.04	%
Syndigo LLC
Software	First lien (2)(3)	L(M)	4.50%	8.84%	12/2020	12/2027	19,650		19,539		19,119
	Second Lien (3)	L(S)	8.00%	13.21%	12/2020	12/2028	4,000		3,981		3,745
							23,650		23,520		22,864		3.01	%
Notorious Topco, LLC
Consumer Products	First lien (2)(3)	SOFR(Q)	6.75%	10.99%	11/2021	11/2027	21,053		20,919		20,700
	First lien (3)(4) - Drawn	SOFR(Q)	6.75%	10.99%	11/2021	11/2027	1,835		1,815		1,804
	First lien (3)(4) - Drawn	SOFR(Q)	6.75%	10.99%	11/2021	05/2027	307		308		302
							23,195		23,042		22,806		3.00	%
Anaplan, Inc.
Software	First lien (2)(3)	SOFR(M)	6.50%	10.82%	06/2022	06/2029	22,941		22,725		22,712		2.99	%
PDQ.com Corporation
Software	First lien (3)	SOFR(Q)	4.75%	9.43%	09/2021	08/2027	13,360		13,306		13,046
	First lien (3)	SOFR(Q)	4.75%	9.43%	09/2021	08/2027	9,152		9,115		8,937
							22,512		22,421		21,983		2.90	%

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

Table of Contents

NMF SLF I, Inc.

Consolidated Schedule of Investments (Continued)

December 31, ~~2021~~2022

(in thousands, except shares)

Portfolio Company, Location and Industry(1) Type of
Investment Interest Rate (5) Acquisition Date Maturity/Expiration
Date Principal
Amount,
Par Value or Shares Cost Fair Value Percent of
Net Assets
Xactly Corporation
Software First lien (3) 8.25% (L + 7.25%/S) 6/5/2020 7/31/2023 $ 9,449 $ 9,191 $ 9,449 1.31 %
ACI Group Holdings, Inc.
Healthcare Services First lien (2)(3) 6.25% (L + 5.50%/Q) 8/2/2021 8/2/2028 7,461 7,390 7,386
First lien (3)(4) - Drawn 6.25% (L + 5.50%/Q) 8/2/2021 8/2/2028 20 19 19
7,481 7,409 7,405 1.03 %
NMC Crimson Holdings, Inc.
Healthcare Services First lien (2)(3) 6.75% (L + 6.00%/S) 3/1/2021 3/1/2028 7,401 7,300 7,290 1.01 %
OEConnection LLC
Business Services Second Lien (2) 7.50% (L + 7.00%/M) 12/17/2021 9/25/2027 7,360 7,287 7,287 1.01 %
Cano Health, LLC**
Healthcare Services First lien (2) 5.25% (L + 4.50%/S) 12/15/2020 11/23/2027 4,699 4,658 4,708
First lien 5.25% (L + 4.50%/S) 12/15/2020 11/23/2027 2,375 2,354 2,379
7,074 7,012 7,087 0.98 %
DCA Investment Holding, LLC
Healthcare Services First lien (2) 7.00% (L + 6.25%/Q) 3/12/2021 3/12/2027 6,417 6,374 6,393
First lien (4) - Drawn 7.00% (L + 6.25%/Q) 3/12/2021 3/12/2027 620 615 617
7,037 6,989 7,010 0.97 %
Kele Holdco, Inc.
Distribution & Logistics First lien (2) 7.00% (L + 6.00%/M) 2/20/2020 2/20/2026 6,213 6,190 6,182
First lien (4) - Drawn 7.00% (L + 6.00%/M) 2/20/2020 2/20/2026 245 245 244
6,458 6,435 6,426 0.89 %
Coyote Buyer, LLC
Specialty Chemicals & Materials First lien (2)(3) 7.00% (L + 6.00%/S) 3/13/2020 2/6/2026 5,429 5,409 5,429
First lien (2)(3) 9.00% (L + 8.00%/S) 10/15/2020 8/6/2026 977 969 977
6,406 6,378 6,406 0.89 %
Infogain Corporation
Software First lien (2)(3) 6.75% (L + 5.75%/S) 7/30/2021 7/28/2028 6,163 6,119 6,117 0.85 %
Maverick Bidco Inc.
Software Second Lien (3) 7.50% (L + 6.75%/Q) 4/29/2021 5/18/2029 6,000 5,986 5,985 0.83 %
CG Group Holdings, LLC
Specialty Chemicals & Materials First lien (2)(3) 6.25% (L + 5.25%/Q) 7/19/2021 7/19/2027 5,396 5,339 5,336
First lien (3)(4) - Drawn 6.25% (L + 5.25%/M) 7/19/2021 7/19/2026 589 583 582
5,985 5,922 5,918 0.82 %
Sovos Compliance, LLC
Software First lien (2) 5.00% (L + 4.50%/M) 7/29/2021 8/11/2028 5,543 5,536 5,567 0.77 %
Trinity Air Consultants Holdings Corporation
Business Services First lien (2)(3) 6.00% (L + 5.25%/S) 6/30/2021 6/29/2027 4,966 4,919 4,916
First lien (3)(4) - Drawn 6.00% (L + 5.25%/M) 6/30/2021 6/29/2027 388 384 384
5,354 5,303 5,300 0.74 %
Beacon Pointe Harmony, LLC**
Financial Services First lien (2) 6.00% (L + 5.25%/Q) 12/29/2021 12/29/2028 5,212 5,160 5,160 0.72 %
eResearchTechnology, Inc.
Healthcare Services First lien (2) 5.50% (L + 4.50%/M) 1/8/2021 2/4/2027 4,962 4,962 4,991 0.69 %
EyeCare Partners, LLC
Healthcare Services First lien (2) 3.97% (L + 3.75%/Q) 4/16/2020 2/18/2027 4,920 4,165 4,893 0.68 %


Portfolio Company, Location and Industry(1)	Type of Investment	Reference (5)	Spread (5)	Interest Rate (5)	Acquisition Date	Maturity/Expiration Date	Principal Amount, Par Value or Shares		Cost		Fair Value		Percent of Net Assets

CCBlue Bidco, Inc.
Healthcare	First lien (2)(3)	L(Q)*	3.50% + 2.75%/PIK	10.98%	12/2021	12/2028	$	20,979	$	20,800	$	20,559
	First lien (3)(4) - Drawn	L(Q)*	3.50% + 2.75%/PIK	10.98%	12/2021	12/2028	1,090		1,081		1,069
							22,069		21,881		21,628		2.85	%
KWOR Acquisition, Inc.
Business Services	First lien (2)(3)	L(M)	5.25%	9.64%	12/2021	12/2028	20,712		20,576		20,514		2.70	%
Eisner Advisory Group LLC
Financial Services	First lien (2)(3)	SOFR(M)	5.25%	9.69%	08/2021	07/2028	19,654		19,542		18,780
	First lien (3)	SOFR(M)	5.25%	9.69%	08/2021	07/2028	1,662		1,655		1,589
							21,316		21,197		20,369		2.68	%
Avalara, Inc.
Software	First lien (3)	SOFR(Q)	7.25%	11.83%	10/2022	10/2028	20,012		19,768		19,840		2.61	%
Recorded Future, Inc.
Software	First lien (2)(3)	L(Q)	5.25%	9.98%	12/2021	07/2025	7,425		7,398		7,363
	First lien (2)(3)	L(Q)	5.25%	9.98%	08/2020	07/2025	5,758		5,726		5,710
	First lien (3)	L(Q)	5.25%	9.98%	08/2020	07/2025	4,104		4,064		4,070
	First lien (2)(3)	L(Q)	5.25%	9.98%	01/2022	07/2025	2,492		2,478		2,471
							19,779		19,666		19,614		2.58	%
Thermostat Purchaser III, Inc.
Business Services	First lien (2)(3)	L(Q)	4.50%	9.23%	08/2021	08/2028	18,856		18,816		18,216
	First lien (3)	L(Q)	4.50%	9.23%	08/2021	08/2028	1,297		1,292		1,253
							20,153		20,108		19,469		2.56	%
DECA Dental Holdings LLC
Healthcare	First lien (2)(3)	L(Q)	5.75%	10.48%	08/2021	08/2028	16,862		16,720		16,138
	First lien (3)(4) - Drawn	L(Q)	5.75%	10.48%	08/2021	08/2028	1,775		1,760		1,699
	First lien (3)(4) - Drawn	L(Q)	5.75%	10.48%	08/2021	08/2027	1,168		1,160		1,118
							19,805		19,640		18,955		2.50	%
Auctane Inc. (fka Stamps.com Inc.)
Software	First lien (2)(3)	L(M)	5.75%	10.13%	10/2021	10/2028	11,633		11,533		11,435
	First lien (2)(3)	L(M)	5.75%	10.13%	12/2021	10/2028	7,311		7,247		7,187
							18,944		18,780		18,622		2.45	%
AAH Topco, LLC
Consumer Services	First lien (2)(3)	L(M)	5.50%	9.89%	12/2021	12/2027	11,755		11,655		11,609
	First lien (3)(4) - Drawn	L(M)	5.50%	9.82%	12/2021	12/2027	6,322		6,269		6,243
							18,077		17,924		17,852		2.35	%

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

Table of Contents

NMF SLF I, Inc.

Consolidated Schedule of Investments (Continued)

December 31, ~~2021~~2022

(in thousands, except shares)

Portfolio Company, Location and Industry(1) Type of
Investment Interest Rate (5) Acquisition Date Maturity/Expiration
Date Principal
Amount,
Par Value or Shares Cost Fair Value Percent of
Net Assets
Bearcat Buyer, Inc.
Healthcare Services First lien (2)(3) 5.75% (L + 4.75%/Q) 11/18/2020 7/9/2026 $ 2,488 $ 2,467 $ 2,488
First lien (2)(3)(4) - Drawn 5.75% (L + 4.75%/Q) 11/18/2020 7/9/2026 2,277 2,258 2,277
4,765 4,725 4,765 0.66 %
KPSKY Acquisition Inc.
Industrial Services First lien (2)(3) 6.25% (L + 5.50%/M) 10/19/2021 10/19/2028 4,427 4,384 4,383
First lien (3)(4) - Drawn 7.75% (P + 4.50%/Q) 10/19/2021 10/19/2028 253 250 250
4,680 4,634 4,633 0.64 %
Therapy Brands Holdings LLC
Healthcare Information Technology Second Lien (2)(3) 7.50% (L + 6.75%/Q) 5/12/2021 5/18/2029 4,222 4,202 4,201 0.58 %
USRP Holdings, Inc.
Federal Services First lien (2) 6.25% (L + 5.50%/Q) 7/22/2021 7/23/2027 3,689 3,654 3,652
First lien 6.25% (L + 5.50%/Q) 7/22/2021 7/23/2027 480 476 475
First lien (4) - Drawn 6.25% (L + 5.50%/Q) 7/22/2021 7/23/2027 5 5 5
4,174 4,135 4,132 0.57 %
Appriss Health, LLC
Healthcare Information Technology First lien (3) 8.25% (L + 7.25%/Q) 5/6/2021 5/6/2027 4,063 4,025 4,022 0.56 %
Community Brands ParentCo, LLC
Software First lien (2)(3) 5.00% (L + 4.00%/M) 7/30/2021 12/2/2022 3,980 3,968 3,980 0.55 %
STATS Intermediate Holdings, LLC**
Business Services First lien (2) 5.41% (L + 5.25%/Q) 8/9/2021 7/10/2026 3,972 3,972 3,972 0.55 %
Calabrio, Inc.
Software First lien (3) 8.00% (L + 7.00%/Q) 4/16/2021 4/16/2027 3,986 3,959 3,962 0.55 %
GC Waves Holdings, Inc.**
Financial Services First lien (2)(3)(4) - Drawn 6.25% (L + 5.50%/Q) 8/12/2021 8/13/2026 3,847 3,813 3,847 0.54 %
Safety Borrower Holdings LLC
Information Services First lien (2)(3) 6.75% (L + 5.75%/S) 9/1/2021 9/1/2027 3,742 3,724 3,723 0.52 %
Sun Acquirer Corp.
Consumer Services First lien (2)(3) 6.50% (L + 5.75%/Q) 9/8/2021 9/8/2028 2,616 2,594 2,590
First lien (3)(4) - Drawn 6.50% (L + 5.75%/Q) 9/8/2021 9/8/2028 1,030 1,021 1,020
3,646 3,615 3,610 0.50 %
Quartz Holding Company
Software Second Lien (2)(3) 8.10% (L + 8.00%/M) 10/16/2020 4/2/2027 3,000 2,987 3,000 0.42 %
MED ParentCo, LP
Healthcare Services First lien (2) 4.35% (L + 4.25%/M) 4/30/2020 8/31/2026 2,357 2,093 2,359
First lien 4.35% (L + 4.25%/M) 4/30/2020 8/31/2026 591 526 592
2,948 2,619 2,951 0.41 %
Geo Parent Corporation
Business Services First lien (2) 5.35% (L + 5.25%/M) 5/29/2020 12/19/2025 2,947 2,859 2,932 0.41 %
SpecialtyCare, Inc.
Healthcare Services First lien (2)(3) 6.75% (L + 5.75%/Q) 6/18/2021 6/18/2028 2,890 2,849 2,846 0.40 %
Bluefin Holding, LLC
Software Second Lien (2)(3) 7.93% (L + 7.75%/Q) 6/9/2020 9/3/2027 2,500 2,387 2,500 0.35 %
Spring Education Group, Inc.
Education First lien (2) 4.47% (L + 4.25%/Q) 3/23/2020 7/30/2025 2,454 1,948 2,375 0.33 %


Portfolio Company, Location and Industry(1)	Type of Investment	Reference (5)	Spread (5)	Interest Rate (5)	Acquisition Date	Maturity/Expiration Date	Principal Amount, Par Value or Shares		Cost		Fair Value		Percent of Net Assets

Fortis Solutions Group, LLC
Packaging	First lien (2)(3)	L(Q)	5.50%	10.23%	10/2021	10/2028	$	12,278	$	12,172	$	11,990
	First lien (3)	L(Q)	5.50%	10.23%	10/2021	10/2028	4,943		4,902		4,828
	First lien (3)(4) - Drawn	L(S)	5.00%	10.83%	10/2021	10/2027	230		231		224
							17,451		17,305		17,042		2.25	%
GraphPAD Software, LLC
Healthcare	First lien (2)(3)	L(Q)	5.50%	10.23%	12/2021	04/2027	9,198		9,160		9,035
	First lien (2)(3)	L(Q)	5.50%	10.23%	04/2021	04/2027	6,895		6,869		6,773
	First lien (2)(3)	L(Q)	5.50%	10.23%	10/2021	04/2027	1,060		1,056		1,041
							17,153		17,085		16,849		2.22	%
Project Essential Bidco, Inc.
Software	First lien (2)(3)	L(Q)	5.75%	9.99%	04/2021	04/2028	17,208		17,088		16,678		2.20	%
Granicus, Inc.
Software	First lien (2)(3)	L(M)*	5.50% + 1.50%/PIK	11.14%	01/2021	01/2027	10,641		10,583		10,640
	First lien (3)	L(M)*	5.50% + 1.50%/PIK	11.14%	01/2021	01/2027	2,980		2,963		2,980
	First lien (3)	L(M)	6.00%	10.14%	04/2021	01/2027	2,290		2,272		2,290
	First lien (3)(4) - Drawn	L(M)	6.50%	10.69%	01/2021	01/2027	405		405		405
							16,316		16,223		16,315		2.15	%
Foreside Financial Group, LLC
Business Services	First lien (2)(3)	L(M)	5.50%	9.88%	05/2022	09/2027	14,902		14,767		14,753
	First lien (3)	L(M)	5.50%	9.88%	05/2022	09/2027	966		957		956
							15,868		15,724		15,709		2.07	%
Ocala Bidco, Inc.
Healthcare	First lien (2)(3)	L(Q)*	3.50% + 2.75%/PIK	10.95%	12/2021	11/2028	15,635		15,466		15,455		2.04	%
MRI Software LLC
Software	First lien (2)(3)	L(Q)	5.50%	10.23%	01/2020	02/2026	10,917		10,885		10,669
	First lien (2)(3)	L(Q)	5.50%	10.23%	03/2021	02/2026	3,096		3,091		3,026
	First lien (3)	L(Q)	5.50%	10.23%	03/2021	02/2026	1,370		1,367		1,338
	First lien (3)	L(Q)	5.50%	10.23%	01/2020	02/2026	315		314		308
							15,698		15,657		15,341		2.02	%
FS WhiteWater Borrower, LLC
Consumer Services	First lien (2)(3)	L(Q)	5.75%	10.48%	12/2021	12/2027	9,030		8,953		8,783
	First lien (3)	L(Q)	5.75%	10.48%	12/2021	12/2027	3,012		2,986		2,930
	First lien (3)	L(Q)	5.75%	10.48%	12/2021	12/2027	3,031		3,005		2,948
	First lien (3)(4) - Drawn	L(Q)	5.75%	10.50%	12/2021	12/2027	426		423		414
	First lien (3)(4) - Drawn	L(Q)	6.00%	10.54%	07/2022	12/2027	200		198		198
							15,699		15,565		15,273		2.01	%
Foundational Education Group, Inc.
Education	First lien (2)(3)	SOFR(Q)	3.75%	8.59%	08/2021	08/2028	9,380		9,341		8,816
	Second Lien (2)(3)	SOFR(Q)	6.50%	11.34%	08/2021	08/2029	6,488		6,460		6,001
							15,868		15,801		14,817		1.95	%

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

Table of Contents

NMF SLF I, Inc.

Consolidated Schedule of Investments (Continued)

December 31, ~~2021~~2022

(in thousands, except shares)

Portfolio Company, Location and Industry(1) Type of
Investment Interest Rate (5) Acquisition Date Maturity/Expiration
Date Principal
Amount,
Par Value or Shares Cost Fair Value Percent of
Net Assets
MH Sub I, LLC (Micro Holding Corp.)
Software First lien (2) 3.60% (L + 3.50%/M) 3/23/2020 9/13/2024 $ 1,471 $ 1,262 $ 1,465 0.21 %
VetCor Professional Practices LLC
Consumer Services First lien (4) - Drawn 5.00% (L + 4.25%/Q) 12/3/2021 7/2/2025 1,405 1,398 1,398 0.19 %
Vectra Co.
Business Products First lien (2) 3.35% (L + 3.25%/M) 3/26/2020 3/8/2025 1,380 1,213 1,331 0.18 %
Total Funded Debt Investments - United States $ 1,053,347 $ 1,038,667 $ 1,048,508 145.61 %
Funded Debt Investments - Netherlands
Tahoe Finco, LLC**
Information Technology First lien (2)(3) 6.75% (L + 6.00%/Q) 10/1/2021 9/29/2028 $ 23,010 $ 22,786 $ 22,780 3.16 %
Total Funded Debt Investments - Netherlands $ 23,010 $ 22,786 $ 22,780 3.16 %
Total Funded Debt Investments $ 1,076,357 $ 1,061,453 $ 1,071,288 148.77 %
Equity - United States
Pioneer Topco I, L.P.(6)
Software Ordinary Shares(3) — 11/1/2021 — 10 $ — $ — 0.00 %
Total Shares - United States $ — $ — 0.00 %
Total Shares $ 1,061,453 $ 1,071,288 148.77 %
Total Funded Investments $ 1,061,453 $ 1,071,288 148.77 %
Unfunded Debt Investments - United States
Diligent Corporation
Software First lien (3)(4) - Undrawn — 8/4/2020 2/4/2022 $ 2,866 $ (26) $ 27
First lien (3)(4) - Undrawn — 8/4/2020 8/4/2025 2,369 (16) —
5,235 (42) 27 0.00 %
Sovos Compliance, LLC
Software First lien (2)(4) - Undrawn — 7/29/2021 8/12/2023 957 — 4 0.00 %
GC Waves Holdings, Inc.**
Financial Services First lien (2)(3)(4) - Undrawn — 8/12/2021 8/11/2023 3,403 — — — %
Thermostat Purchaser III, Inc.
Business Services First lien (4) - Undrawn — 8/24/2021 8/31/2023 3,516 — — — %
YLG Holdings, Inc.
Business Services First lien (3)(4) - Undrawn — 10/22/2021 10/22/2023 6,432 — — — %
Wealth Enhancement Group, LLC (fka TA/WEG Holdings, LLC)**
Financial Services First lien (3)(4) - Undrawn — 8/13/2021 6/3/2022 2,774 — —
First lien (3)(4) - Undrawn — 8/13/2021 10/4/2027 228 (1) —
3,002 (1) — — %
Coyote Buyer, LLC
Specialty Chemicals & Materials First lien (3)(4) - Undrawn — 3/13/2020 2/6/2025 395 (1) — — %
Bearcat Buyer, Inc.
Healthcare Services First lien (2)(3)(4) - Undrawn — 11/18/2020 11/23/2022 186 (2) — — %


Portfolio Company, Location and Industry(1)	Type of Investment	Reference (5)	Spread (5)	Interest Rate (5)	Acquisition Date	Maturity/Expiration Date	Principal Amount, Par Value or Shares		Cost		Fair Value		Percent of Net Assets

Kaseya Inc.
Software	First lien (2)(3)	SOFR(Q)	5.75%	10.33%	06/2022	06/2029	$	14,662	$	14,559	$	14,448	1.90	%
Pioneer Topco I, L.P.(6)
Pioneer Buyer I, LLC
Software	First lien (3)	L(Q)*	7.00%/PIK	11.73%	11/2021	11/2028	12,457		12,359		12,295
	First lien (3)	L(Q)*	7.00%/PIK	11.73%	03/2022	11/2028	1,707		1,693		1,685
							14,164		14,052		13,980		1.84	%
RealPage, Inc.
Software	Second Lien	L(M)	6.50%	10.88%	02/2021	04/2029	13,612		13,526		13,153		1.73	%
Businessolver.com, Inc.
Software	First lien (2)(3)	L(S)	5.50%	9.67%	12/2021	12/2027	12,454		12,401		12,280
	First lien (3)(4) - Drawn	L(S)	5.50%	9.88%	12/2021	12/2027	289		288		285
							12,743		12,689		12,565		1.66	%
Relativity ODA LLC
Software	First lien (3)	L(M)*	7.50%/PIK	11.89%	05/2021	05/2027	12,146		12,044		12,146		1.60	%
CentralSquare Technologies, LLC
Software	First lien (2)	L(Q)	3.75%	8.48%	04/2020	08/2025	13,373		12,092		11,597		1.53	%
OB Hospitalist Group, Inc.
Healthcare	First lien (2)(3)	L(Q)	5.50%	10.23%	09/2021	09/2027	11,364		11,270		11,006
	First lien (3)(4) - Drawn	L(Q)	5.50%	10.17%	09/2021	09/2027	515		512		498
							11,879		11,782		11,504		1.52	%
CFS Management, LLC
Healthcare	First lien (2)(3)	SOFR(Q)*	6.25% + 0.75%/PIK	11.84%	09/2021	07/2024	8,796		8,766		8,214
	First lien (3)	SOFR(Q)*	6.25% + 0.75%/PIK	11.84%	09/2021	07/2024	3,350		3,339		3,128
							12,146		12,105		11,342		1.49	%
DOCS, MSO, LLC
Healthcare	First lien (2)(3)	SOFR(S)	5.75%	10.54%	06/2022	06/2028	11,564		11,564		11,248		1.48	%
Bullhorn, Inc.
Software	First lien (2)(3)	L(Q)	5.75%	10.48%	09/2020	09/2026	9,654		9,607		9,654
	First lien (3)	L(Q)	5.75%	10.48%	09/2020	09/2026	1,231		1,229		1,231
	First lien (3)(4) - Drawn	L(Q)	5.75%	10.48%	09/2020	09/2026	319		318		319
							11,204		11,154		11,204		1.48	%
Daxko Acquisition Corporation
Software	First lien (2)(3)	L(M)	5.50%	9.88%	10/2021	10/2028	10,440		10,351		10,148
	First lien (3)	L(M)	5.50%	9.88%	10/2021	10/2028	880		872		855
	First lien (3)(4) - Drawn	P(Q)	4.50%	12.00%	10/2021	10/2027	26		27		25
							11,346		11,250		11,028		1.45	%
Snap One Holdings Corp.**
Distribution & Logistics	First lien (2)	L(M)	4.50%	8.88%	11/2021	12/2028	11,094		11,046		10,206		1.34	%
Bottomline Technologies, Inc.
Software	First lien (2)(3)	SOFR(M)	5.50%	9.82%	05/2022	05/2029	10,102		10,008		10,002		1.32	%

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

Table of Contents

NMF SLF I, Inc.

Consolidated Schedule of Investments (Continued)

December 31, ~~2021~~2022

(in thousands, except shares)

Portfolio Company, Location and Industry(1) Type of
Investment Interest Rate (5) Acquisition Date Maturity/Expiration
Date Principal
Amount,
Par Value or Shares Cost Fair Value Percent of
Net Assets
MRI Software LLC
Software First lien (2)(3)(4) - Undrawn — 3/24/2021 3/24/2022 $ 3,023 $ — $ —
First lien (3)(4) - Undrawn — 1/31/2020 2/10/2026 780 (3) —
3,803 (3) — — %
GS AcquisitionCo, Inc.
Software First lien (3)(4) - Undrawn — 10/7/2021 11/2/2022 1,864 — —
First lien (3)(4) - Undrawn — 2/6/2020 5/22/2026 1,007 (6) —
2,871 (6) — — %
Bullhorn, Inc.
Software First lien (3)(4) - Undrawn — 10/5/2021 11/8/2022 1,240 (3) —
First lien (3)(4) - Undrawn — 9/11/2020 9/30/2026 693 (4) —
1,933 (7) — — %
Pye-Barker Fire & Safety, LLC
Business Services First lien (3)(4) - Undrawn — 11/26/2021 11/26/2023 5,691 — —��
First lien (3)(4) - Undrawn — 11/26/2021 11/26/2024 963 (9) —
6,654 (9) — — %
CFS Management, LLC
Healthcare Services First lien (3)(4) - Undrawn — 9/1/2021 9/1/2023 1,766 (11) — — %
Xactly Corporation
Software First lien (3)(4) - Undrawn — 6/5/2020 7/31/2023 551 (14) — — %
Kaseya Inc.
Software First lien (3)(4) - Undrawn — 9/8/2021 9/8/2023 895 (8) —
First lien (3)(4) - Undrawn — 6/29/2020 5/2/2025 686 (16) —
1,581 (24) — — %
Maverick Bidco Inc.
Software Second Lien (3)(4) - Undrawn — 4/29/2021 11/18/2022 800 — (2) (0.00) %
CG Group Holdings, LLC
Specialty Chemicals & Materials First lien (3)(4) - Undrawn — 7/19/2021 7/19/2026 147 (2) (2) (0.00) %
Kele Holdco, Inc.
Distribution & Logistics First lien (4) - Undrawn — 2/20/2020 2/20/2026 456 (2) (2) (0.00) %
KPSKY Acquisition Inc.
Industrial Services First lien (3)(4) - Undrawn — 10/19/2021 10/19/2023 254 — (3) (0.00) %
Appriss Health, LLC
Healthcare Information Technology First lien (3)(4) - Undrawn — 5/6/2021 5/6/2027 271 (2) (3) (0.00) %
USRP Holdings, Inc.
Federal Services First lien (4) - Undrawn — 7/22/2021 7/23/2027 283 (3) (3) (0.00) %
Calabrio, Inc.
Software First lien (3)(4) - Undrawn — 4/16/2021 4/16/2027 480 (3) (3) (0.00) %


Portfolio Company, Location and Industry(1)	Type of Investment	Reference (5)	Spread (5)	Interest Rate (5)	Acquisition Date	Maturity/Expiration Date	Principal Amount, Par Value or Shares		Cost		Fair Value		Percent of Net Assets

Xactly Corporation
Software	First lien (3)	L(Q)	7.25%	11.99%	06/2020	07/2023	$	9,449	$	9,351	$	9,449
	First lien (3)(4) - Drawn	L(M)	7.25%	11.70%	06/2020	07/2023	551		545		551
							10,000		9,896		10,000		1.32	%
LSCS Holdings, Inc.
Healthcare	First lien (2)	L(M)	4.50%	8.88%	11/2021	12/2028	10,355		10,332		9,902		1.30	%
IG Intermediateco LLC
Infogain Corporation
Business Services	First lien (2)(3)	SOFR(M)	5.75%	10.17%	07/2021	07/2028	6,101		6,063		5,987
	First lien (2)(3)	SOFR(M)	5.75%	10.17%	07/2022	07/2028	3,585		3,551		3,518
	First lien (3)(4) - Drawn	SOFR(M)	5.75%	10.17%	07/2021	07/2026	345		345		338
	Subordinated (3)	SOFR(Q)	8.25%	12.93%	07/2022	07/2029	1		1		1
							10,032		9,960		9,844		1.30	%
GC Waves Holdings, Inc.
Financial Services	First lien (2)(3)	L(M)	5.50%	9.88%	08/2021	08/2026	7,194		7,140		7,107
	First lien (3)(4) - Drawn	L(M)	5.50%	9.88%	04/2022	08/2026	2,468		2,447		2,438
							9,662		9,587		9,545		1.26	%
TRC Companies L.L.C. (fka Energize Holdco LLC)
Business Services	Second Lien (2)(3)	L(M)	6.75%	11.13%	11/2021	12/2029	10,000		9,955		9,419		1.24	%
RXB Holdings, Inc.
Healthcare	First lien (2)(3)	L(M)	4.50%	8.72%	07/2021	12/2027	9,850		9,830		9,358		1.23	%
CoreTrust Purchasing Group LLC
Business Services	First lien (3)	SOFR(Q)	6.75%	10.84%	09/2022	10/2029	9,196		9,062		9,058		1.19	%
ACI Group Holdings, Inc.
Healthcare	First lien (2)(3)	L(M)*	4.50% + 1.25%/PIK	10.13%	08/2021	08/2028	7,385		7,325		7,137
	First lien (3)(4) - Drawn	L(M)	4.50% + 1.25%/PIK	10.13%	08/2021	08/2028	950		942		918
	First lien (3)(4) - Drawn	L(M)	5.50%	9.88%	08/2021	08/2027	87		88		84
							8,422		8,355		8,139		1.07	%
NMC Crimson Holdings, Inc.
Healthcare	First lien (2)(3)	L(Q)	6.00%	9.74%	03/2021	03/2028	7,401		7,313		7,350
	First lien (3)(4) - Drawn	L(M)	6.00%	10.39%	03/2021	03/2028	501		495		497
							7,902		7,808		7,847		1.03	%
DCA Investment Holding, LLC
Healthcare	First lien (2)(3)	SOFR(Q)	6.41%	10.39%	03/2021	04/2028	6,347		6,309		6,224
	First lien (3)	SOFR(M)	6.41%	10.73%	03/2021	04/2028	1,057		1,052		1,036
	First lien (3)(4) - Drawn	SOFR(S)	6.41%	10.14%	03/2021	04/2028	453		449		444
							7,857		7,810		7,704		1.01	%
OEConnection LLC
Software	Second Lien (2)(3)	SOFR(M)	7.00%	11.42%	12/2021	09/2027	7,360		7,297		7,134		0.94	%
Maverick Bidco Inc.
Software	Second Lien (3)	L(Q)	6.75%	11.16%	04/2021	05/2029	6,800		6,783		6,548		0.86	%

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

Table of Contents

NMF SLF I, Inc.

Consolidated Schedule of Investments (Continued)

December 31, ~~2021~~2022

(in thousands, except shares)

Portfolio Company, Location and Industry(1) Type of
Investment Interest Rate (5) Acquisition Date Maturity/Expiration
Date Principal
Amount,
Par Value or Shares Cost Fair Value Percent of
Net Assets
Recorded Future, Inc.
Software First lien (4) - Undrawn — 8/3/2020 7/3/2025 $ 500 $ (6) $ (3) (0.00) %
DCA Investment Holding, LLC
Healthcare Services First lien (4) - Undrawn — 3/12/2021 3/10/2023 970 — (4) (0.00) %
Safety Borrower Holdings LLC
Information Services First lien (3)(4) - Undrawn — 9/1/2021 9/1/2027 333 (2) (2)
First lien (3)(4) - Undrawn — 9/1/2021 9/1/2022 831 — (4)
1,164 (2) (6) (0.00) %
SpecialtyCare, Inc.
Healthcare Services First lien (3)(4) - Undrawn — 6/18/2021 6/18/2026 224 (3) (3)
First lien (3)(4) - Undrawn — 6/18/2021 6/18/2023 268 — (4)
492 (3) (7) (0.00) %
Associations, Inc.
Consumer Services First lien (3)(4) - Undrawn — 7/2/2021 7/2/2027 1,476 (7) (7) (0.00) %
Therapy Brands Holdings LLC
Healthcare Information Technology Second Lien (2)(3)(4) - Undrawn — 5/12/2021 5/18/2023 1,778 — (9) (0.00) %
IG Investments Holdings, LLC
Business Services First lien (3)(4) - Undrawn — 9/22/2021 9/22/2027 913 (9) (9) (0.00) %
Infogain Corporation
Software First lien (3)(4) - Undrawn — 7/30/2021 7/30/2026 1,236 (8) (9) (0.00) %
PDQ.com Corporation
Information Technology First lien (3)(4) - Undrawn — 9/1/2021 8/27/2027 2,206 (10) (11) (0.00) %
Sun Acquirer Corp.
Consumer Services First lien (3)(4) - Undrawn — 9/8/2021 9/8/2027 363 (3) (4)
First lien (3)(4) - Undrawn — 9/8/2021 9/8/2023 896 (7) (9)
1,259 (10) (13) (0.00) %
Relativity ODA LLC
Software First lien (3)(4) - Undrawn — 5/12/2021 5/12/2027 1,061 (12) (13) (0.00) %
OB Hospitalist Group, Inc.
Healthcare Services First lien (3)(4) - Undrawn — 9/21/2021 9/27/2027 1,326 (13) (13) (0.00) %
Businessolver.com, Inc.
Software First lien (4) - Undrawn — 12/1/2021 12/1/2023 3,378 — (17) (0.00) %
Trinity Air Consultants Holdings Corporation
Business Services First lien (3)(4) - Undrawn — 6/30/2021 6/29/2027 97 (1) (1)
First lien (3)(4) - Undrawn — 6/30/2021 6/29/2023 1,696 — (17)
1,793 (1) (18) (0.00) %


Portfolio Company, Location and Industry(1)	Type of Investment	Reference (5)	Spread (5)	Interest Rate (5)	Acquisition Date	Maturity/Expiration Date	Principal Amount, Par Value or Shares		Cost		Fair Value		Percent of Net Assets

Coyote Buyer, LLC
Specialty Chemicals & Materials	First lien (2)(3)	L(Q)	6.00%	10.41%	03/2020	02/2026	$	5,374	$	5,359	$	5,374
	First lien (2)(3)	L(Q)	8.00%	12.73%	10/2020	08/2026	967		960		967
							6,341		6,319		6,341		0.84	%
Beacon Pointe Harmony, LLC
Financial Services	First lien (2)(3)	SOFR(M)	5.25%	9.38%	12/2021	12/2028	5,173		5,127		5,028
	First lien (3)(4) - Drawn	SOFR(Q)	5.25%	9.44%	12/2021	12/2028	1,251		1,240		1,216
							6,424		6,367		6,244		0.82	%
Kele Holdco, Inc.
Distribution & Logistics	First lien (2)(3)	L(M)	5.25%	9.42%	02/2020	02/2026	6,150		6,132		6,150		0.81	%
Trinity Air Consultants Holdings Corporation
Business Services	First lien (2)(3)	L(S)	5.25%	10.18%	06/2021	06/2027	4,966		4,926		4,926
	First lien (3)(4) - Drawn	L(S)	5.25%	9.40%	06/2021	06/2027	933		925		925
							5,899		5,851		5,851		0.77	%
Therapy Brands Holdings LLC
Software	Second Lien (2)(3)	L(M)	6.75%	11.10%	05/2021	05/2029	6,000		5,967		5,784		0.76	%
CG Group Holdings, LLC
Specialty Chemicals & Materials	First lien (2)(3)	L(Q)*	5.25% + 2.00%/PIK	11.98%	07/2021	07/2027	5,406		5,359		4,817
	First lien (3)(4) - Drawn	L(M)*	5.25% + 2.00%/PIK	11.63%	07/2021	07/2026	596		591		531
							6,002		5,950		5,348		0.70	%
DS Admiral Bidco, LLC
Software	First lien	SOFR(M)	7.00%	11.51%	12/2022	12/2029	4,906		4,832		4,832		0.64	%
KPSKY Acquisition Inc.
Business Services	First lien (2)(3)	L(M)	5.50%	9.89%	10/2021	10/2028	4,382		4,345		4,190
	First lien (3)	P(Q)	4.50%	12.00%	10/2021	10/2028	504		500		482
	First lien (3)(4) - Drawn	P(Q)	4.50%	12.00%	06/2022	10/2028	93		92		89
							4,979		4,937		4,761		0.63	%
Community Brands ParentCo, LLC
Software	First lien (2)(3)	SOFR(M)	5.75%	10.17%	02/2022	02/2028	4,656		4,615		4,503		0.59	%
Safety Borrower Holdings LLC
Software	First lien (2)(3)	L(S)	5.25%	10.41%	09/2021	09/2027	3,706		3,691		3,645
	First lien (3)	L(S)	5.25%	10.41%	09/2021	09/2027	828		824		814
							4,534		4,515		4,459		0.59	%
Convey Health Solutions, Inc.**
Healthcare	First lien (2)(3)	SOFR(Q)	5.25%	9.93%	02/2022	09/2026	4,533		4,477		4,398		0.58	%
eResearchTechnology, Inc.
Healthcare	First lien (2)	L(M)	4.50%	8.88%	01/2021	02/2027	4,912		4,912		4,363		0.57	%

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

Table of Contents

NMF SLF I, Inc.

Consolidated Schedule of Investments (Continued)

December 31, ~~2021~~2022

(in thousands, except shares)

Portfolio Company, Location and Industry(1) Type of
Investment Interest Rate (5) Acquisition Date Maturity/Expiration
Date Principal
Amount,
Par Value or Shares Cost Fair Value Percent of
Net Assets
Granicus, Inc.
Software First lien (3)(4) - Undrawn — 1/27/2021 1/29/2027 $ 1,207 $ (8) $ (9)
First lien (3)(4) - Undrawn — 4/23/2021 4/21/2023 911 — (9)
2,118 (8) (18) (0.00) %
KWOR Acquisition, Inc.
Business Services First lien (4) - Undrawn — 12/22/2021 12/22/2027 2,596 (19) (19) (0.00) %
Project Essential Bidco, Inc.
Software First lien (3)(4) - Undrawn — 4/20/2021 4/20/2027 2,241 (17) (19) (0.00) %
Ocala Bidco, Inc.
Healthcare Information Technology First lien (4) - Undrawn — 12/27/2021 5/24/2024 1,630 — (20) (0.00) %
Pioneer Topco I, L.P.(6)
Pioneer Buyer I, LLC
Software First lien (3)(4) - Undrawn — 11/1/2021 11/1/2027 2,045 (20) (20) (0.00) %
Daxko Acquisition Corporation
Software First lien (3)(4) - Undrawn — 10/15/2021 10/15/2027 783 (8) (8)
First lien (3)(4) - Undrawn — 10/15/2021 10/16/2023 1,301 — (13)
2,084 (8) (21) (0.00) %
GraphPAD Software, LLC
Healthcare Information Technology First lien (3)(4) - Undrawn — 4/28/2021 4/27/2027 1,000 (4) (5)
First lien (3)(4) - Undrawn — 12/1/2021 11/29/2023 5,068 (25) (25)
6,068 (29) (30) (0.00) %
OA Buyer, Inc.
Healthcare Information Technology First lien (4) - Undrawn — 12/20/2021 12/20/2028 3,040 (30) (30) (0.00) %
Beacon Pointe Harmony, LLC**
Financial Services First lien (4) - Undrawn — 12/29/2021 12/29/2027 539 (5) (5)
First lien (4) - Undrawn — 12/29/2021 6/29/2023 2,696 — (27)
3,235 (5) (32) (0.00) %
Notorious Topco, LLC
Consumer Products First lien (3)(4) - Undrawn — 11/23/2021 5/24/2027 1,537 (12) (12)
First lien (3)(4) - Undrawn — 11/23/2021 11/23/2023 3,073 — (23)
4,610 (12) (35) (0.01) %
Allworth Financial Group, L.P.**
Financial Services First lien (4) - Undrawn — 12/21/2020 12/23/2022 773 — (8)
First lien (4) - Undrawn — 12/21/2020 12/23/2026 2,705 (23) (27)
3,478 (23) (35) (0.01) %
ACI Group Holdings, Inc.
Healthcare Services First lien (3)(4) - Undrawn — 8/2/2021 8/2/2027 787 (7) (8)
First lien (3)(4) - Undrawn — 8/2/2021 8/2/2023 2,736 — (27)
3,523 (7) (35) (0.01) %


Portfolio Company, Location and Industry(1)	Type of Investment	Reference (5)	Spread (5)	Interest Rate (5)	Acquisition Date	Maturity/Expiration Date	Principal Amount, Par Value or Shares		Cost		Fair Value		Percent of Net Assets

Sun Acquirer Corp.
Consumer Services	First lien (2)(3)	L(M)	5.75%	10.13%	09/2021	09/2028	$	2,590	$	2,571	$	2,547
	First lien (3)(4) - Drawn	L(M)	5.75%	10.13%	09/2021	09/2028	1,814		1,794		1,784
							4,404		4,365		4,331		0.57	%
Calabrio, Inc.
Software	First lien (3)	L(Q)	7.00%	11.73%	04/2021	04/2027	3,986		3,963		3,986
	First lien (3)(4) - Drawn	L(Q)	7.00%	11.75%	04/2021	04/2027	274		273		274
							4,260		4,236		4,260		0.56	%
TigerConnect, Inc.
Healthcare	First lien (2)(3)	SOFR(Q)*	3.63% + 3.63%/PIK	11.49%	02/2022	02/2028	4,223		4,185		4,121
	First lien (2)(3)(4) - Drawn	SOFR(Q)*	3.63% + 3.63%/PIK	11.49%	02/2022	02/2028	39		39		38
							4,262		4,224		4,159		0.55	%
Appriss Health, LLC
Healthcare	First lien (3)	L(M)	7.25%	11.54%	05/2021	05/2027	4,052		4,021		4,052		0.53	%
Affinipay Midco, LLC
Software	First lien (2)(3)	SOFR(S)	5.75%	10.64%	07/2022	06/2028	4,086		4,048		4,046		0.53	%
USRP Holdings, Inc.
Business Services	First lien (2)(3)	L(Q)	5.50%	10.23%	07/2021	07/2027	3,652		3,623		3,533
	First lien (3)	L(Q)	5.50%	10.23%	07/2021	07/2027	475		472		460
							4,127		4,095		3,993		0.53	%
Radwell Parent, LLC
Distribution & Logistics	First lien (3)	SOFR(Q)	6.75%	11.33%	11/2022	04/2029	3,755		3,699		3,699		0.49	%
STATS Intermediate Holdings, LLC**
Business Services	First lien (2)	L(Q)	5.25%	9.90%	08/2021	07/2026	3,932		3,932		3,632		0.48	%
Quartz Holding Company
Software	Second Lien (2)(3)	L(M)	8.00%	12.38%	10/2020	04/2027	3,000		2,989		2,941		0.39	%
IMO Investor Holdings, Inc.
Healthcare	First lien (2)(3)	SOFR(S)	6.00%	10.62%	05/2022	05/2029	2,879		2,853		2,850
	First lien (3)(4) - Drawn	SOFR(S)	6.00%	10.61%	05/2022	05/2028	65		65		65
							2,944		2,918		2,915		0.38	%
Barracuda Parent, LLC
Software	First lien (2)	SOFR(Q)	4.50%	8.59%	05/2022	08/2029	3,000		2,957		2,893		0.38	%
Geo Parent Corporation
Business Services	First lien (2)(3)	SOFR(Q)	5.25%	9.44%	05/2020	12/2025	2,917		2,849		2,845		0.37	%
SpecialtyCare, Inc.
Healthcare	First lien (2)(3)	L(Q)	5.75%	9.49%	06/2021	06/2028	2,861		2,825		2,740
	First lien (3)(4) - Drawn	L(M)	4.00%	8.29%	06/2021	06/2026	85		85		81
	First lien (3)(4) - Drawn	L(Q)	5.75%	9.76%	06/2021	06/2028	22		22		21
							2,968		2,932		2,842		0.37	%
Bluefin Holding, LLC
Software	Second Lien (2)(3)	L(Q)	7.75%	12.48%	06/2020	09/2027	2,500		2,403		2,408		0.32	%

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

Table of Contents

NMF SLF I, Inc.

Consolidated Schedule of Investments (Continued)

December 31, ~~2021~~2022

(in thousands, except shares)

Portfolio Company, Location and Industry(1) Type of
Investment Interest Rate (5) Acquisition Date Maturity/Expiration
Date Principal
Amount,
Par Value or Shares Cost Fair Value Percent of
Net Assets
CCBlue Bidco, Inc.
Healthcare Services First lien (4) - Undrawn — 12/20/2021 12/21/2023 $ 4,054 $ — $ (41) (0.01) %
Diamondback Acquisition, Inc.
Software First lien (3)(4) - Undrawn — 9/13/2021 9/13/2023 4,237 — (43) (0.01) %
Galway Borrower LLC
Insurance Services First lien (3)(4) - Undrawn — 9/30/2021 9/30/2027 1,481 (14) (15)
First lien (3)(4) - Undrawn — 9/30/2021 9/29/2023 3,111 — (31)
4,592 (14) (46) (0.01) %
NMC Crimson Holdings, Inc.
Healthcare Services First lien (3)(4) - Undrawn — 3/1/2021 3/1/2023 3,265 — (49) (0.01) %
FS WhiteWater Borrower, LLC
Consumer Services First lien (4) - Undrawn — 12/20/2021 12/21/2022 766 — (8)
First lien (4) - Undrawn — 12/20/2021 12/21/2027 1,216 (12) (12)
First lien (4) - Undrawn — 12/20/2021 12/21/2023 3,041 — (30)
5,023 (12) (50) (0.01) %
DECA Dental Holdings LLC
Healthcare Services First lien (3)(4) - Undrawn — 8/26/2021 8/26/2027 1,348 (13) (13)
First lien (3)(4) - Undrawn — 8/26/2021 8/28/2023 4,045 — (40)
5,393 (13) (53) (0.01) %
Fortis Solutions Group, LLC
Packaging First lien (3)(4) - Undrawn — 10/15/2021 10/15/2027 1,722 (17) (17)
First lien (3)(4) - Undrawn — 10/15/2021 10/13/2023 5,024 — (50)
6,746 (17) (67) (0.01) %
Vehlo Purchaser, LLC
Software First lien (3)(4) - Undrawn — 8/27/2021 8/27/2027 1,975 (20) (20)
First lien (3)(4) - Undrawn — 8/27/2021 8/28/2023 4,897 — (49)
6,872 (20) (69) (0.01) %
AAH Topco, LLC
Consumer Services First lien (4) - Undrawn — 12/22/2021 12/22/2027 1,413 (14) (14)
First lien (4) - Undrawn — 12/22/2021 12/22/2023 13,004 — (130)
14,417 (14) (144) (0.03) %
VetCor Professional Practices LLC
Consumer Services First lien (4) - Undrawn — 12/3/2021 7/2/2024 1,600 (8) (8)
First lien (4) - Undrawn — 12/3/2021 12/4/2023 12,994 — (65)
Second Lien (4) - Undrawn — 12/3/2021 12/4/2023 14,403 — (108)
28,997 (8) (181) (0.03) %
Total Unfunded Debt Investments - United States $ 184,792 $ (489) $ (1,183) (0.17) %


Portfolio Company, Location and Industry(1)	Type of Investment	Reference (5)	Spread (5)	Interest Rate (5)	Acquisition Date	Maturity/Expiration Date	Principal Amount, Par Value or Shares		Cost		Fair Value		Percent of Net Assets


Spring Education Group, Inc.
Education	First lien (2)	L(Q)	4.00%	8.73%	03/2020	07/2025	$	2,429	$	2,046	$	2,380	0.31	%
Cloudera, Inc.
Software	Second lien	L(M)	6.00%	10.38%	10/2022	10/2029	2,500		2,069		2,097		0.28	%
TMK Hawk Parent, Corp.
Distribution & Logistics	First lien (3)	L(Q)	3.50%	8.26%	09/2022	08/2024	2,487		1,566		1,617		0.21	%
YLG Holdings, Inc.
Business Services	First lien (3)(4) - Drawn	L(S)	5.00%	9.90%	10/2021	10/2025	1,531		1,517		1,491		0.20	%
Vectra Co.
Business Products	First lien (2)	L(M)	3.25%	7.63%	03/2020	03/2025	1,366		1,248		1,087		0.14	%
Virtusa Corporation
Software	Subordinated	Fixed(S)	7.13%	7.13%	09/2022	12/2028	1,370		1,044		1,046		0.14	%
Total Funded Debt Investments - United States							$	1,166,146	$	1,154,224	$	1,138,523	149.99	%
Funded Debt Investments - Netherlands
Tahoe Finco, LLC**
Information Technology	First lien (2)(3)	L(M)	6.00%	10.29%	10/2021	09/2028	$	23,010	$	22,813	$	22,639	2.98	%
Total Funded Debt Investments - Netherlands							$	23,010	$	22,813	$	22,639	2.98	%
Funded Debt Investments - United Kingdom
Trident Bidco Limited **
Business Services	First lien (2)(3)	SOFR(Q)	5.25%	9.07%	06/2022	06/2029	$	10,668	$	10,569	$	10,437
	First lien (2)(3)	SOFR(Q)	5.25%	9.07%	09/2022	06/2029	1,906		1,889		1,866
							12,574		12,458		12,303		1.63	%
Total Funded Debt Investments - United Kingdom							$	12,574	$	12,458	$	12,303	1.63	%
Funded Debt Investments - Australia
Atlas AU Bidco Pty Ltd **
Business Services	First lien	SOFR(M)	7.25%	11.48%	12/2022	12/2029	$	2,245	$	2,211	$	2,211	0.29	%
Funded Debt Investments - Australia							$	2,245	$	2,211	$	2,211	0.29	%
Total Funded Debt Investments							$	1,203,975	$	1,191,706	$	1,175,676	154.89	%
Equity - United States
Pioneer Topco I, L.P.(6)
Software	Ordinary Shares(3)(6)	—	—	—	11/2021	—	10		$	—	$	—	—	%
Total Shares - United States									$	—	$	—	—	%
Total Shares									—		—		—	%
Total Funded Investments									$	1,191,706	$	1,175,676	154.89	%
Unfunded Debt Investments - United States
Associations, Inc.
Business Services	First lien (3)(4) - Undrawn	—	—	—	07/2021	07/2027	$	1,476	$	(6)	$	—	—	%

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

Table of Contents

NMF SLF I, Inc.

Consolidated Schedule of Investments (Continued)

December 31, ~~2021~~2022

(in thousands, except shares)

Portfolio Company, Location and Industry(1) Type of
Investment Interest Rate (5) Acquisition Date Maturity/Expiration
Date Principal
Amount,
Par Value or Shares Cost Fair Value Percent of
Net Assets
Unfunded Debt Investments - Netherlands
Tahoe Finco, LLC**
Information Technology First lien (3)(4) - Undrawn — 10/1/2021 10/1/2027 $ 1,726 $ (17) $ (17) (0.00) %
Total Unfunded Debt Investments - Netherlands $ 1,726 $ (17) $ (17) 0.00 %
Total Unfunded Debt Investments $ 186,518 $ (506) $ (1,200) (0.17) %
Total Non-Controlled/Non-Affiliated Investments $ 1,060,947 $ 1,070,088 148.60 %
Total Investments $ 1,060,947 $ 1,070,088 148.60 %


Portfolio Company, Location and Industry(1)	Type of Investment	Reference (5)	Spread (5)	Interest Rate (5)	Acquisition Date	Maturity/Expiration Date	Principal Amount, Par Value or Shares		Cost		Fair Value		Percent of Net Assets

Coyote Buyer, LLC
Specialty Chemicals & Materials	First lien (3)(4) - Undrawn	—	—	—	03/2020	02/2025	$	395	$	(1)	$	—	—	%
Appriss Health, LLC
Healthcare	First lien (3)(4) - Undrawn	—	—	—	05/2021	05/2027	271		(2)		—		—	%
Bullhorn, Inc.
Software	First lien (3)(4) - Undrawn	—	—	—	09/2020	09/2026	374		(3)		—		—	%
Calabrio, Inc.
Software	First lien (3)(4) - Undrawn	—	—	—	04/2021	04/2027	206		(2)		—		—	%
Diligent Corporation
Software	First lien (3)(4) - Undrawn	—	—	—	08/2020	08/2025	1,658		(21)		—		—	%
Relativity ODA LLC
Software	First lien (3)(4) - Undrawn	—	—	—	05/2021	05/2027	1,061		(10)		—		—	%
Granicus, Inc.
	First lien (3)(4) - Undrawn	—	—	—	01/2021	01/2027	802		(6)		—		—	%
Kele Holdco, Inc.
Distribution & Logistics	First lien (3)(4) - Undrawn	—	—	—	02/2020	02/2026	701		(2)		—		—	%
GC Waves Holdings, Inc.
Financial Services	First lien (3)(4) - Undrawn	—	—	—	04/2022	04/2024	113		—		(1)		(0.00)	%
Radwell Parent, LLC
Distribution & Logistics	First lien (3)(4) - Undrawn	—	—	—	11/2022	04/2028	282		(4)		(2)		(0.00)	%
Safety Borrower Holdings LLC
Software	First lien (3)(4) - Undrawn	—	—	—	09/2021	09/2027	333		(1)		(5)		(0.00)	%
Bottomline Technologies, Inc.
Software	First lien (3)(4) - Undrawn	—	—	—	05/2022	05/2028	844		(8)		(8)		(0.00)	%
Sun Acquirer Corp.
Consumer Services	First lien (3)(4) - Undrawn	—	—	—	09/2021	09/2027	363		(3)		(6)
	First lien (3)(4) - Undrawn	—	—	—	09/2021	09/2023	98		—		(2)
							461		(3)		(8)		(0.00)	%
Affinipay Midco, LLC
Software	First lien (3)(4) - Undrawn	—	—	—	07/2022	06/2028	273		(2)		(3)
	First lien (3)(4) - Undrawn	—	—	—	07/2022	06/2024	574		—		(6)
							847		(2)		(9)		(0.00)	%
USRP Holdings, Inc.
Business Services	First lien (3)(4) - Undrawn	—	—	—	07/2021	07/2027	288		(2)		(9)		(0.00)	%
IMO Investor Holdings, Inc.
Healthcare	First lien (3)(4) - Undrawn	—	—	—	05/2022	05/2028	278		(3)		(3)
	First lien (3)(4) - Undrawn	—	—	—	05/2022	05/2024	687		—		(7)
							965		(3)		(10)		(0.00)	%

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

Table of Contents

NMF SLF I, Inc.

Consolidated Schedule of Investments (Continued)

December 31, 2022

(in thousands, except shares)


Portfolio Company, Location and Industry(1)	Type of Investment	Reference (5)	Spread (5)	Interest Rate (5)	Acquisition Date	Maturity/Expiration Date	Principal Amount, Par Value or Shares		Cost		Fair Value		Percent of Net Assets

Recorded Future, Inc.
Software	First lien (3)(4) - Undrawn	—	—	—	08/2020	07/2025	$	1,202	$	(8)	$	(10)	(0.00)	%
Trinity Air Consultants Holdings Corporation
Business Services	First lien (3)(4) - Undrawn	—	—	—	06/2021	06/2027	484		(4)		(4)
	First lien (3)(4) - Undrawn	—	—	—	06/2021	06/2023	763		—		(6)
							1,247		(4)		(10)		(0.00)	%
Wealth Enhancement Group, LLC (fka TA/WEG Holdings, LLC)
Financial Services	First lien (3)(4) - Undrawn	—	—	—	05/2022	05/2024	1,420		—		(9)
	First lien (3)(4) - Undrawn	—	—	—	08/2021	10/2027	516		(1)		(3)
							1,936		(1)		(12)		(0.00)	%
IG Investments Holdings, LLC
Business Services	First lien (3)(4) - Undrawn	—	—	—	09/2021	09/2027	1,095		(11)		(15)		(0.00)	%
Pye-Barker Fire & Safety, LLC
Business Services	First lien (3)(4) - Undrawn	—	—	—	11/2021	11/2024	514		(5)		(15)		(0.00)	%
DCA Investment Holding, LLC
Healthcare	First lien (3)(4) - Undrawn	—	—	—	03/2021	03/2023	72		—		(1)
	First lien (4) - Undrawn	—	—	—	12/2022	12/2024	938		—		(14)
							1,010		—		(15)		(0.00)	%
CG Group Holdings, LLC
Specialty Chemicals & Materials	First lien (3)(4) - Undrawn	—	—	—	07/2021	07/2026	147		(2)		(16)		(0.00)	%
iCIMS, Inc.
Software	First lien (2)(3)(4) - Undrawn	—	—	—	08/2022	08/2024	5,216		—		—
	First lien (3)(4) - Undrawn	—	—	—	08/2022	08/2028	1,870		(15)		(16)
							7,086		(15)		(16)		(0.00)	%
SpecialtyCare, Inc.
Healthcare	First lien (3)(4) - Undrawn	—	—	—	06/2021	06/2026	139		(2)		(6)
	First lien (3)(4) - Undrawn	—	—	—	06/2021	06/2023	246		—		(10)
							385		(2)		(16)		(0.00)	%
Avalara, Inc.
Software	First lien (3)(4) - Undrawn	—	—	—	10/2022	10/2028	2,001		(24)		(17)		(0.00)	%
GS Acquisitionco, Inc.
Software	First lien (3)(4) - Undrawn	—	—	—	02/2020	05/2026	1,918		(7)		(17)		(0.00)	%
Infogain Corporation
Business Services	First lien (3)(4) - Undrawn	—	—	—	07/2021	07/2026	891		(7)		(17)		(0.00)	%

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

Table of Contents

NMF SLF I, Inc.

Consolidated Schedule of Investments (Continued)

December 31, 2022

(in thousands, except shares)


Portfolio Company, Location and Industry(1)	Type of Investment	Reference (5)	Spread (5)	Interest Rate (5)	Acquisition Date	Maturity/Expiration Date	Principal Amount, Par Value or Shares		Cost		Fair Value		Percent of Net Assets

TigerConnect, Inc.
Healthcare	First lien (2)(3)(4) - Undrawn	—	—	—	02/2022	02/2023	$	135	$	—	$	(3)
	First lien (3)(4) - Undrawn	—	—	—	02/2022	02/2028	603		(5)		(14)
							738		(5)		(17)		(0.00)	%
Ocala Bidco, Inc.
Healthcare	First lien (3)(4) - Undrawn	—	—	—	12/2021	05/2024	1,630		—		(19)		(0.00)	%
NMC Crimson Holdings, Inc.
Healthcare	First lien (3)(4) - Undrawn	—	—	—	03/2021	03/2023	2,764		—		(19)		(0.00)	%
OA Buyer, Inc.
Healthcare	First lien (3)(4) - Undrawn	—	—	—	12/2021	12/2028	3,041		(26)		(25)		(0.00)	%
Kaseya Inc.
Software	First lien (3)(4) - Undrawn	—	—	—	06/2022	06/2024	895		—		(13)
	First lien (3)(4) - Undrawn	—	—	—	06/2022	06/2029	895		(6)		(13)
							1,790		(6)		(26)		(0.00)	%
Community Brands ParentCo, LLC
Software	First lien (3)(4) - Undrawn	—	—	—	02/2022	02/2028	276		(2)		(9)
	First lien (3)(4) - Undrawn	—	—	—	02/2022	02/2024	552		—		(18)
							828		(2)		(27)		(0.00)	%
Pioneer Topco I, L.P.(6)
Pioneer Buyer I, LLC
Software	First lien (3)(4) - Undrawn	—	—	—	11/2021	11/2027	2,045		(17)		(27)		(0.00)	%
KWOR Acquisition, Inc.
Business Services	First lien (3)(4) - Undrawn	—	—	—	12/2021	12/2027	2,883		(18)		(28)		(0.00)	%
KPSKY Acquisition Inc.
Business Services	First lien (3)(4) - Undrawn	—	—	—	06/2022	06/2024	655		—		(29)		(0.00)	%
OB Hospitalist Group, Inc.
Healthcare	First lien (3)(4) - Undrawn	—	—	—	09/2021	09/2027	970		(10)		(31)		(0.01)	%
Daxko Acquisition Corporation
Software	First lien (3)(4) - Undrawn	—	—	—	10/2021	10/2023	416		—		(12)
	First lien (3)(4) - Undrawn	—	—	—	10/2021	10/2027	757		(8)		(21)
							1,173		(8)		(33)		(0.01)	%
Foreside Financial Group, LLC
Business Services	First lien (3)(4) - Undrawn	—	—	—	05/2022	09/2027	977		(9)		(10)
	First lien (3)(4) - Undrawn	—	—	—	05/2022	05/2024	2,287		—		(23)
							3,264		(9)		(33)		(0.01)	%

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

Table of Contents

NMF SLF I, Inc.

Consolidated Schedule of Investments (Continued)

December 31, 2022

(in thousands, except shares)


Portfolio Company, Location and Industry(1)	Type of Investment	Reference (5)	Spread (5)	Interest Rate (5)	Acquisition Date	Maturity/Expiration Date	Principal Amount, Par Value or Shares		Cost		Fair Value		Percent of Net Assets

FS WhiteWater Borrower, LLC
Consumer Services	First lien (3)(4) - Undrawn	—	—	—	07/2022	07/2024	$	1,753	$	—	$	(18)
	First lien (3)(4) - Undrawn	—	—	—	12/2021	12/2027	791		(8)		(22)
							2,544		(8)		(40)		(0.01)	%
CoreTrust Purchasing Group LLC
Business Services	First lien (3)(4) - Undrawn	—	—	—	09/2022	09/2024	1,339		—		(20)
	First lien (3)(4) - Undrawn	—	—	—	09/2022	10/2029	1,339		(19)		(20)
							2,678		(19)		(40)		(0.01)	%
Zone Climate Services, Inc.
Business Services	First lien (3)(4) - Undrawn	—	—	—	03/2022	03/2028	2,601		(27)		(42)		(0.01)	%
Businessolver.com, Inc.
Software	First lien (3)(4) - Undrawn	—	—	—	12/2021	12/2023	3,089		—		(43)		(0.01)	%
Notorious Topco, LLC
Consumer Products	First lien (3)(4) - Undrawn	—	—	—	11/2021	05/2027	1,537		(12)		(26)
	First lien (3)(4) - Undrawn	—	—	—	11/2021	11/2023	1,230		—		(21)
							2,767		(12)		(47)		(0.01)	%
PDQ.com Corporation
Software	First lien (3)(4) - Undrawn	—	—	—	09/2021	08/2027	2,206		(9)		(52)		(0.01)	%
MRI Software LLC
Software	First lien (3)(4) - Undrawn	—	—	—	01/2020	02/2026	780		(2)		(18)
	First lien (3)(4) - Undrawn	—	—	—	02/2022	08/2023	1,523		—		(35)
							2,303		(2)		(53)		(0.01)	%
Beacon Pointe Harmony, LLC
Financial Services	First lien (3)(4) - Undrawn	—	—	—	12/2021	12/2027	539		(4)		(15)
	First lien (3)(4) - Undrawn	—	—	—	12/2021	06/2023	1,440		—		(40)
							1,979		(4)		(55)		(0.01)	%
CCBlue Bidco, Inc.
Healthcare	First lien (3)(4) - Undrawn	—	—	—	12/2021	12/2023	2,974		—		(59)		(0.01)	%
Project Essential Bidco, Inc.
Software	First lien (3)(4) - Undrawn	—	—	—	04/2021	04/2027	2,241		(14)		(69)		(0.01)	%
ACI Group Holdings, Inc.
Healthcare	First lien (3)(4) - Undrawn	—	—	—	08/2021	08/2027	701		(7)		(24)
	First lien (3)(4) - Undrawn	—	—	—	08/2021	08/2023	1,801		—		(61)
							2,502		(7)		(85)		(0.01)	%

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

Table of Contents

NMF SLF I, Inc.

Consolidated Schedule of Investments (Continued)

December 31, 2022

(in thousands, except shares)


Portfolio Company, Location and Industry(1)	Type of Investment	Reference (5)	Spread (5)	Interest Rate (5)	Acquisition Date	Maturity/Expiration Date	Principal Amount, Par Value or Shares		Cost		Fair Value		Percent of Net Assets

Diamondback Acquisition, Inc.
Software	First lien (3)(4) - Undrawn	—	—	—	09/2021	09/2023	$	4,237	$	—	$	(97)	(0.01)	%
AAH Topco, LLC
Consumer Services	First lien (3)(4) - Undrawn	—	—	—	12/2021	12/2027	1,413		(12)		(18)
	First lien (3)(4) - Undrawn	—	—	—	12/2021	12/2023	6,672		—		(83)
							8,085		(12)		(101)		(0.01)	%
Fortis Solutions Group, LLC
Packaging	First lien (3)(4) - Undrawn	—	—	—	10/2021	10/2023	49		—		(1)
	First lien (3)(4) - Undrawn	—	—	—	10/2021	10/2027	1,493		(15)		(35)
	First lien (3)(4) - Undrawn	—	—	—	06/2022	06/2024	2,942		—		(69)
							4,484		(15)		(105)		(0.02)	%
Thermostat Purchaser III, Inc.
Business Services	First lien (3)(4) - Undrawn	—	—	—	08/2021	08/2023	3,145		—		(107)		(0.02)	%
GraphPAD Software, LLC
Healthcare	First lien (3)(4) - Undrawn	—	—	—	04/2021	04/2027	1,000		(4)		(18)
	First lien (3)(4) - Undrawn	—	—	—	12/2021	11/2023	5,068		(20)		(90)
							6,068		(24)		(108)		(0.02)	%
YLG Holdings, Inc.
Business Services	First lien (3)(4) - Undrawn	—	—	—	10/2021	10/2023	4,901		—		(128)		(0.02)	%
DOCS, MSO, LLC
Healthcare	First lien (3)(4) - Undrawn	—	—	—	06/2022	06/2024	4,044		—		(111)
	First lien (3)(4) - Undrawn	—	—	—	06/2022	06/2028	1,078		—		(30)
							5,122		—		(141)		(0.02)	%
Allworth Financial Group, L.P.
Financial Services	First lien (3)(4) - Undrawn	—	—	—	01/2022	01/2024	1,971		—		(54)
	First lien (3)(4) - Undrawn	—	—	—	12/2020	12/2026	3,507		(25)		(96)
							5,478		(25)		(150)		(0.02)	%
DECA Dental Holdings LLC
Healthcare	First lien (3)(4) - Undrawn	—	—	—	08/2021	08/2027	180		(2)		(8)
	First lien (3)(4) - Undrawn	—	—	—	08/2021	08/2023	4,044		—		(174)
							4,224		(2)		(182)		(0.02)	%
Total Unfunded Debt Investments - United States							$	125,918	$	(443)	$	(2,246)	(0.30)	%

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

Table of Contents

NMF SLF I, Inc.

Consolidated Schedule of Investments (Continued)

December 31, 2022

(in thousands, except shares)


Portfolio Company, Location and Industry(1)	Type of Investment	Reference (5)	Spread (5)	Interest Rate (5)	Acquisition Date	Maturity/Expiration Date	Principal Amount, Par Value or Shares		Cost		Fair Value		Percent of Net Assets

Unfunded Debt Investments - Netherlands
Tahoe Finco, LLC**
Information Technology	First lien (3)(4) - Undrawn	—	—	—	10/2021	10/2027	$	1,726	$	(14)	$	(28)	(0.00)	%
Total Unfunded Debt Investments - Netherlands							$	1,726	$	(14)	$	(28)	(0.00)	%
Unfunded Debt Investments - Australia
Atlas AU Bidco Pty Ltd **
Business Services	First lien (4) - Undrawn	—	—	—	12/2022	12/2028	$	208	$	(3)	$	(3)	(0.00)	%
Total Unfunded Debt Investments - Australia							$	208	$	(3)	$	(3)	(0.00)	%
Total Unfunded Debt Investments							$	127,852	$	(460)	$	(2,277)	(0.30)	%
Total Non-Controlled/Non-Affiliated Investments									$	1,191,246	$	1,173,399	154.59	%
Total Investments									$	1,191,246	$	1,173,399	154.59	%

(2)Investment is pledged as collateral for the Wells Credit Facility, a revolving credit facility among the Investment Adviser as collateral manager, NMF SLF I SPV, L.L.C. ("SLF I SPV") as the borrower, the Company as equityholder and seller, Wells Fargo Bank, National Association as the administrative agent, and collateral custodian and each of the lenders from time to time thereto. See Note 6. Borrowings, for details.

(3)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.

(5)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), Secured Overnight Financing Rate (SOFR) and the alternative base rate (Base) and which resets monthly (M), quarterly (Q), semi-annually (S) or annually (A). For each investment the current interest rate provided reflects the rate in effect as of December 31, ~~2021.~~2022.

(6)The Company holds investments in Pioneer Topco I, L.P. and a wholly-owned subsidiary of Pioneer Topco I, L.P. The Company holds a first lien term loan and a first lien revolver in Pioneer Buyer I, LLC, and common equity in Pioneer Topco I, L.P.

* All or a portion of interest contains payment-in kind ("PIK") interest. ~~See Note 2. Summary of Significant Accounting Policies—Revenue Recognition~~ ~~for details.~~

** Indicates assets that the Company deems to be "non-qualifying assets" under Section 55(a) of the Investment Company Act of 1940, as amended. 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, 9.10%~~2022, 5.25% 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.

3338

Table of Contents

NMF SLF I, Inc.

Consolidated Schedule of Investments (Continued)

December 31, ~~2021~~2022

(in thousands, except shares)


	December 31, ~~2021~~2022
Investment Type	Percent of Total Investments at Fair Value
First lien	~~94.60~~ 95.04	%
Second lien	~~5.40~~ 4.87	%
Subordinated	0.09	%
Equity and other	—	%	(1)
Total investments	100.00	%

(1)As of December 31, ~~2021,~~2022, equity and other investments made up less than 0.01% of total investments.


	December 31, ~~2021~~2022
Industry Type	Percent of Total Investments at Fair Value
Software	~~38.05~~ 40.61	%
~~Healthcare~~Business Services	~~13.08~~ 22.10	%
~~Business Services~~Healthcare	~~12.48~~ 16.78	%
Financial Services	~~6.86~~ 7.62	%
~~Healthcare Information Technology~~Consumer Services	~~5.98~~ 3.18	%
~~Insurance Services~~Consumer Products	~~4.79~~ 1.94	%
~~Consumer Services~~Information Technology	~~4.78~~ 1.93	%
~~Information Technology~~	~~4.24~~	%
~~Education~~	~~2.51~~	%
~~Consumer Products~~	~~2.00~~	%
Distribution & Logistics	~~1.64~~ 1.85	%
Education	1.47	%
Packaging	1.44	%
Specialty Chemicals & Materials	~~1.15~~ 0.99	%
~~Packaging~~Business Products	~~1.14~~ 0.09	%
~~Industrial Services~~Total investments	~~0.44~~ 100.00	%
~~Federal Services~~	~~0.39~~	%
~~Information Services~~	~~0.35~~	%
~~Business Products~~	~~0.12~~	%

~~Total investments~~	~~100.00~~	%


	December 31, ~~2021~~2022
Interest Rate Type	Percent of Total Investments at Fair Value
Floating rates	~~100.00~~ 99.91	%
Fixed rates	— 0.09	%
Total investments	100.00	%

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

3439

Table of Contents

Notes to the Consolidated Financial Statements of

NMF SLF I, Inc.

September 30, ~~2022~~2023

(in thousands, except share data)

(unaudited)

Note 1. Formation and Business Purpose

NMF SLF I, Inc. (the "Company") is a Maryland corporation formed on January 23, 2019. The Company is a closed-end, non-diversified management investment company that has elected to be regulated as a business development company ("BDC") under the Investment Company Act of 1940, as amended (the "1940 Act"). The Company has elected to be treated for U.S. federal income tax purposes, and intends to continue to comply with the requirements to qualify annually, ~~thereafter,~~ as a regulated investment company ("RIC") under Subchapter M of the Internal Revenue Code of 1986, as amended (the "Code").

New Mountain Finance Advisers BDC, L.L.C. (the ~~"Investment Adviser"~~“Investment Adviser”) is a wholly-owned subsidiary of New Mountain Capital Group, L.P. (together with New Mountain Capital, L.L.C. and its affiliates, "New Mountain Capital") whose ultimate owners include Steven B. Klinsky, other current and former New Mountain Capital professionals and related vehicles and a minority investor. New Mountain Capital is a global investment firm with approximately $45 billion of assets under management and a track record of investing in the middle market. New Mountain Capital focuses on investing in defensive growth companies across its private equity, credit and net lease investment strategies. The Investment Adviser manages the Company's day-to-day operations and provides it with investment advisory and management services. The Investment Adviser also manages other funds that may have investment mandates that are similar, in whole or in part, to the Company's. New Mountain Finance Administration, L.L.C. (the ~~"Administrator"~~"Administrator”), a wholly-owned subsidiary of New Mountain Capital, provides the administrative services necessary to conduct the Company's day-to-day operations. The Administrator has hired a third-party sub-administrator to assist with the provision of administrative services.

The Company conducted a private offering (the "Private Offering") of its common stock to investors in reliance on exemptions from the registration requirements of the Securities Act of 1933, as amended (the "Securities Act"). At the closing of any Private Offering, each investor will make a capital commitment (a "Capital Commitment") to purchase common stock pursuant to a subscription agreement entered into with the ~~Company.~~Company (a "Subscription Agreement"). The Company commenced its loan origination and investment activities on the date it issued shares to persons not affiliated with the Investment Adviser, which occurred on February 18, 2020 (the "Initial Closing Date"). The Company may conduct subsequent closings at times during its investment period (the "Investment Period"), which commenced on the Initial Closing Date and ~~shall~~ initially ~~continue~~continued until ~~February 18, 2024, the 48-month anniversary of the Initial Closing Date,~~September 30, 2023, subject to automatic extensions thereafter, each for an additional one year period, unless the holders of a majority of the Company's outstanding common stock elect to forego any such extension upon not less than ninety days prior written notice. ~~Holders of a majority of the Company's outstanding common stock may also terminate~~Effective September 30, 2023, the Investment Period ~~as of any earlier anniversary of the Initial Closing Date upon not less than ninety days written notice.~~was automatically extended for an additional one year period to September 30, 2024. Each investor will be required to make capital contributions to purchase the Company's common stock each time a drawdown notice is issued based on such investor's Capital Commitment. Pursuant to the ~~subscription agreement~~Subscription Agreement entered into with each investor, the Company shall commence the wind up of operations two years following the expiration of the Investment Period, subject to additional extensions, each for an additional one year period, upon approval of the holders of a majority of the Company's then outstanding common stock.

On December 9, 2020, the Company established NMF SLF I SPV, L.L.C. ("SLF I SPV") as a wholly-owned direct subsidiary, whose assets are used to secure SLF I SPV's credit facility. On October 6, 2022, the Company established NMF SLF I Opportunistic SPV, L.L.C. ("SLF I Opportunistic SPV") as a wholly-owned direct subsidiary. As of September 30, 2023 and December 31, 2022, there were no assets held by SLF I Opportunistic SPV.

The ~~Company's~~company is focused on providing direct lending solutions to U.S. upper middle market companies backed by top private equity sponsors. The Company’s investment objective is to generate current income and capital appreciation ~~primarily by investing~~through the sourcing and origination of senior secured loans and select junior capital positions, to growing businesses in ~~or originating debt investments in companies~~defensive industries that offer attractive risk-adjusted returns. The Company’s differentiated investment approach leverages the ~~Investment Adviser believes are "defensive growth" companies in non-cyclical industry niches where the Investment Adviser has developed strong proprietary research~~deep sector knowledge and ~~operational advantages.~~ operating resources of New Mountain Capital.

The Company ~~makes investments through both primary originations and open-market secondary purchases. The Company predominantly targets loans to, and~~primarily invests in senior secured debt of U.S. sponsor-backed, middle market ~~businesses. The Company defines middle market businesses as~~companies, defined by those businesses with annual earnings before interest, taxes, depreciation, and amortization ("EBITDA") between $10,000 and $200,000. ~~In some cases, the Company's investments may also include equity interests.~~ The ~~primary focus is in the debt of~~Company focuses on defensive growth ~~companies, which are defined as~~businesses that generally ~~exhibiting~~exhibit the following characteristics: (i) acyclicality, (ii) sustainable secular growth drivers, ~~(ii)~~(iii) niche market dominance and high barriers to competitive entry, ~~(iii) high~~(iv) recurring revenue and strong free cash flow, ~~after capital expenditure~~(v) flexible cost structures and ~~working capital needs, (iv) high returns on assets~~(vi) seasoned management teams.

Senior secured loans may include traditional first lien loans or unitranche loans. The Company invests a significant portion of its portfolio in unitranche loans, which are loans that combine both senior and ~~(v) niche market dominance.~~ subordinated debt, generally in a first-lien position. Because unitranche loans combine characteristics of senior and subordinated debt, they have risks similar to the

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risks associated with secured debt and subordinated debt. Certain unitranche loan investments may include “last-out” positions, which generally heighten the risk of loss.

As of September 30, ~~2022,~~2023, the Company's top five industry concentrations were software, business services, healthcare, ~~services,~~ financial services, and consumer services.

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"). The Company is an investment company following

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accounting and reporting guidance in Accounting Standards Codification Topic 946, Financial Services—Investment Companies ("ASC 946"). The Company consolidates its wholly-owned direct subsidiary SLF I SPV.

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 the period(s) presented. The Company's consolidated financial statements have eliminated all intercompany transactions. 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 consolidated interim financial statements are prepared in accordance with GAAP and pursuant to the requirements for reporting on Form 10-Q and ~~Article~~Articles 6 and 10 of Regulation S-X. Accordingly, the Company's consolidated interim financial statements do not include all of the information and notes required by GAAP for annual financial statements. In the opinion of management, all adjustments, consisting solely of normal recurring accruals considered necessary for the fair presentation of financial statements for the interim period, have been included. The current period's results of operations will not necessarily be indicative of results that ultimately may be achieved for the fiscal year ending December 31, ~~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's underlying assets are considered, for purposes of the Employee Retirement Income Security Act of 1974, as amended ("ERISA"), and any regulations promulgated thereunder, and Section 4975 of the Code, to be assets of certain employee benefit plans and other plans that purchase shares. Under such circumstances, the Company's investments and the activities of the Investment Adviser are subject to and, in certain cases, limited by, such laws.

The Company values its assets on a quarterly basis, or more frequently if required under the 1940 Act. In all cases, the Company's board of directors is ultimately and solely responsible for determining the fair value of the Company's portfolio investments on a quarterly basis in good faith, including investments that are not publicly traded, those whose market prices are not readily available and any other situation where its portfolio investments require a fair value determination. Security transactions are accounted for on a trade date basis. Because (i) "benefit plan investors", as defined in Section 3(42) of ERISA ("Benefit Plan Investors"), hold 25% or more of the Company's outstanding shares, and (ii) the Company's shares are not listed on a national securities exchange, an unaffiliated third-party ("Sub-Administrator") has been engaged to independently value the Company's investments, in consultation with the Investment Adviser. The Company's quarterly valuation procedures, which are the procedures that will be followed by such Sub-Administrator, 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 personnel of the Sub-Administrator, in consultation with 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 Sub-Administrator is unable to sufficiently validate the quote(s) internally and if the investment's par value or its fair value exceeds a certain 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 personnel of the Sub-Administrator, in consultation with the investment professionals of the Investment Adviser, 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. If an IHS Markit Ltd. quote differs from the Refinitiv (formerly known as Thomson Reuters) quote by +/- 5% or if the spread between the bid and ask for a quote is greater than 10%, the personnel of the Sub-Administrator, in consultation with the investment professionals of the Investment Adviser, will evaluate the reasonableness of the quote, and if the quote is determined to not be representative of fair value, the personnel of the Sub-Administrator, in consultation with the investment professionals of the Investment Adviser, will use one or more of the methodologies outlined below to determine fair value; and

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ii.Investments for which one quote is received from a pricing service are validated by the Sub-Administrator, in consultation with the investment professionals at the Investment Adviser. The personnel of the Sub-Administrator, in consultation with 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. For assets where a supporting analysis is prepared, the Sub-Administrator will document the selection and appropriateness of the indices selected for yield comparison and a conclusion documenting how the yield comparison analysis supports the proposed mark. The quarterly portfolio company monitoring reports which detail the qualitative and quantitative performance of the portfolio company will also be included. If the Sub-Administrator, in consultation with the investment professionals at the Investment Adviser, is unable to sufficiently validate the quote internally and if the investment's par value or its fair value exceeds a certain 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 Sub-Administrator, in consultation with the investment professionals of the Investment Adviser responsible for the credit monitoring; and

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

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.

In the event Benefit Plan Investors do not hold 25% or more of the Company's outstanding shares, or the Company's shares are listed on a national securities exchange, then (i) personnel of the Investment Adviser will undertake the roles to be performed by the personnel of the Sub-Administrator, as described above and (ii) if an investment falls into category (3) above for four consecutive quarters and the investment's par value or its fair value exceeds a certain materiality threshold, then at least once each fiscal year, the valuation for each portfolio investment for which we do not have a readily available market quotation will be reviewed by an independent valuation firm engaged by our board of directors.

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

Cash and cash equivalents—Cash and cash equivalents include cash and short-term, highly liquid investments. The Company defines cash equivalents as securities that are readily convertible into known amounts of cash and so near maturity that there is insignificant risk of changes in value. These securities have original maturities of three months or less. The Company did not hold any cash equivalents as of September 30, ~~2022~~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.

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Interest income: Interest income, including amortization of premium and discount using the effective interest method, is recorded on the accrual basis and periodically assessed for collectability. Interest income also includes interest earned from cash on hand. Upon the prepayment of a loan or debt security, any prepayment penalties are recorded as part of interest income. The Company has loans in its portfolio that contain a payment-in-kind ("PIK") interest provision. PIK interest is accrued and recorded as income at the contractual rates, if deemed collectible. The PIK interest is added to the principal balance on the capitalization date and is generally due at maturity or when redeemed by the issuer. For the three and nine months ended September 30, 2023, the Company recognized PIK interest from investments of $1,663 and $4,366, respectively. For the three and nine months ended September 30, 2022, the Company recognized PIK interest from investments of $1,039 and $2,727, respectively. ~~For the three and six months ended September 30, 2021, the Company recognized PIK interest from investments of $427 and $754, respectively.~~

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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 judgment of the ultimate ~~collectibility.~~collectability. Non-accrual investments are restored to accrual status when past due principal and interest is paid and, in management's judgment, are likely to remain current. As of September 30, ~~2022~~2023 and December 31, ~~2021,~~2022, no investments were on non-accrual status.

Fee income: Fee 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 the trade date. Fee income may also include fees from bridge loans. The Company may from time to time enter into bridge financing commitments, an obligation to provide interim financing to a counterparty until permanent credit can be obtained. These commitments are short-term in nature and may expire unfunded. A fee is received by the Company for providing such commitments. Structuring fees and upfront fees are recognized as income when earned, usually when paid at the closing of the investment, and are non-refundable. Income received in exchange for the provision of services such as recurring administration services are also recognized as fee income in the period in which it was earned.

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

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

Organizational expenses—Organizational expenses include costs and expenses incurred in connection with the formation and organization of the Company. All such amounts are expensed as incurred in the Consolidated Statements of Operations. Any organizational and offering expenses paid by the Company in excess of $1,000 will be borne by the Investment Adviser and cannot be recouped by the Investment Adviser.

Income taxes—The Company has elected to be treated as a RIC for U.S. federal income tax purposes under Subchapter M of the Code and intends to comply with the requirements to qualify and maintain its status as a RIC annually. 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 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 consolidated 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 federal excise tax on certain undistributed income unless the Company distributes, in a timely manner as required by the Code, an amount at least equal to the sum of (1) 98.0% of its respective net ordinary income earned for the calendar year and (2) 98.2% of its respective capital gain net income for the one-year period ending October 31 in the calendar year.

Based on its analysis, the Company has determined that there were no uncertain tax positions that do not meet the more likely than not threshold as defined by Accounting Standards Codification Topic 740, ~~Income Taxes~~ ~~("ASC 740") through December 31, 2021. The 2019 through 2021 tax year and forward remains subject to examination by the U.S. federal, state, and local tax authorities.~~

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Earnings per share—The Company's earnings per share ("EPS") amounts have been computed based on the weighted-average number of shares 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 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, and its related net impact to net assets accounted for, and the additional shares were dilutive.

Distributions—Distributions to the Company's stockholders are recorded on the record date as set by the Company's board of directors. The Company intends to make timely distributions to its stockholders that will be sufficient to enable the

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Company to qualify and maintain its status as a RIC. The Company intends to distribute approximately all of its net investment income on a semi-annual basis and substantially all of its taxable income on an annual basis, except that the Company may retain certain net capital gains for reinvestment.

The Company has adopted a dividend reinvestment plan as(as amended from time to time, ~~(the~~the "DRIP"), 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 DRIP. The Company shall use only newly-issued shares of its common stock to implement the DRIP. The number of shares to be issued to a stockholder that has not elected to have its distributions in cash shall be determined by dividing the total dollar amount of the distribution payable to such participant by the net asset value per share as of the last day of the Company’s fiscal quarter immediately preceding the date such distribution was declared (the "Reference NAV"); provided that in the event a distribution is declared on the last day of a fiscal quarter, the Reference NAV shall be deemed to be the net asset value per share as of such day. On August 16, 2022, the Company's board of directors amended and restated the DRIP, effective as of September 18, 2022 (the "Amendment"). The Amendment clarifies that by "opting out" a stockholder may elect to receive some or all of their dividends or distributions in cash. Additionally, the notice requirement for stockholders to withdraw or modify their elections under the DRIP was amended such that a stockholder must notify the Company's transfer agent and registrar of any changes to their election no later than the day before the start of the quarterly period for which the stockholder desires to receive some or all of the dividend or distribution in cash. For the three and nine months ended September 30, ~~2022,~~2023, the Company ~~has~~ issued ~~3,022,333~~4,748,390 and ~~6,010,548~~8,631,890 shares through the DRIP, respectively. For the three and nine months ended September 30, ~~2021,~~2022, the Company issued ~~989,490~~3,022,333 and ~~1,829,609~~6,010,548 shares through the ~~DRIP.~~DRIP, respectively.

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,~~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	$	1,118,598	$	1,109,072	First lien	$	1,176,950	$	1,170,647
Second lien	Second lien	57,585		55,897		Second lien	59,082		58,610
Subordinated	Subordinated	1,036		1,013		Subordinated	1,074		1,109
Equity and other(1)	Equity and other(1)	—		—		Equity and other(1)	—		—
Total investments	Total investments	$	1,177,219	$	1,165,982	Total investments	$	1,237,106	$	1,230,366

(1)As of September 30, 2023, total cost and fair value of equity and other investments were each less than $1 thousand.

Investment Cost and Fair Value by Industry


	Cost		Fair Value
Software	$	481,718	$	479,989
Business Services	287,753		288,872
Healthcare	194,370		190,194
Financial Services	93,677		93,833
Consumer Services	42,861		42,507
Education	30,003		29,632
Information Technology	22,820		23,010
Distribution & Logistics	22,375		22,048
Consumer Products	22,693		20,813
Packaging	17,183		17,088
Specialty Chemicals & Materials	12,556		12,294
Food & Beverage	7,821		8,731
Business Products	1,276		1,355




Total investments	$	1,237,106	$	1,230,366

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At December 31, 2022, the Company's investments consisted of the following:

Investment Cost and Fair Value by Type


	Cost		Fair Value
First lien	$	1,130,840	$	1,115,219
Second lien	59,361		57,133
Subordinated	1,045		1,047
Equity and other(1)	—		—
Total investments	$	1,191,246	$	1,173,399

(1)As of December 31, 2022, total cost and fair value of equity and other investments were each less than $1 thousand.

Investment Cost and Fair Value by Industry

Cost Fair Value
Software $ 427,649 $ 426,289
Business Services 178,334 175,676
Healthcare Services 135,718 133,141
Financial Services 98,064 96,542
Consumer Services 90,283 90,019
Healthcare Information Technology 68,513 67,962
Information Technology 45,257 44,750
Insurance Services 30,253 30,067
Consumer Products 22,774 22,750
Distribution & Logistics 18,688 17,942
Education 17,843 17,667
Packaging 16,689 16,620
Specialty Chemicals & Materials 12,260 11,929
Industrial Services 4,946 4,921
Information Services 4,608 4,549
Federal Services 4,101 3,994
Business Products 1,239 1,164
Total investments $ 1,177,219 $ 1,165,982

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

~~Investment Cost and Fair Value by Type~~

Cost Fair Value
First lien $ 1,003,566 $ 1,012,256
Second lien 57,381 57,832
Equity and other(1) — —
Total investments $ 1,060,947 $ 1,070,088

~~(1)As of December 31, 2021, total cost and fair value of equity and other investments were each less than $1 thousand.~~

~~Investment Cost and Fair Value by Industry~~


		Cost		Fair Value			Cost		Fair Value
Software	Software	$	401,958	$	407,135	Software	$	480,494	$	476,479
Healthcare Services		137,728		140,008
Business Services	Business Services	132,760		133,534		Business Services	262,842		259,347
Healthcare						Healthcare	201,974		196,864
Financial Services	Financial Services	73,145		73,401		Financial Services	91,188		89,468
Healthcare Information Technology		64,061		64,020
Insurance Services		50,856		51,248
Consumer Services	Consumer Services	51,511		51,152		Consumer Services	37,831		37,307
Consumer Products						Consumer Products	23,030		22,759
Information Technology	Information Technology	45,391		45,378		Information Technology	22,799		22,611
Distribution & Logistics						Distribution & Logistics	22,437		21,670
Education	Education	26,318		26,908		Education	17,847		17,197
Consumer Products		21,402		21,376
Distribution & Logistics		17,555		17,588
Packaging						Packaging	17,290		16,937
Specialty Chemicals & Materials	Specialty Chemicals & Materials	12,297		12,322		Specialty Chemicals & Materials	12,266		11,673
Packaging		12,264		12,211
Industrial Services		4,634		4,630
Federal Services		4,132		4,129
Information Services		3,722		3,717
Business Products	Business Products	1,213		1,331		Business Products	1,248		1,087

Total investments	Total investments	$	1,060,947	$	1,070,088	Total investments	$	1,191,246	$	1,173,399

As of September 30, ~~2022,~~2023, the Company had unfunded commitments on revolving credit facilities of ~~$54,346~~$59,218 and no unfunded commitments on bridge facilities. As of September 30, ~~2022,~~2023, the Company had unfunded commitments in the form of delayed draws or other future funding commitments of ~~$84,087.~~$51,654. 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.~~2023.

As of December 31, ~~2021,~~2022, the Company had unfunded commitments on revolving credit facilities of ~~$50,005~~$56,169 and no unfunded commitments on bridge facilities. As of December 31, ~~2021,~~2022, the Company had unfunded commitments in the form of delayed draws or other future funding commitments of ~~$136,513.~~$71,683. 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.

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.

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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~~

Table 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 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.Contents

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. 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 our results of operations will depend to a large extent on future developments and new information that could emerge regarding the duration and severity of COVID-19 and the actions taken by authorities and other entities to contain COVID-19 or treat its impact, all of which are beyond our control. These potential impacts, while uncertain, could adversely affect our and our portfolio companies’ operating results.

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.

Note 4. Fair Value

Fair value is the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Accounting Standards Codification Topic 820, Fair Value Measurements and Disclosure ("ASC 820") establishes a fair value hierarchy that prioritizes and ranks the inputs to valuation techniques used in measuring investments at fair value. The hierarchy classifies the inputs used in measuring fair value into three levels as follows:

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

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

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

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

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

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

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

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

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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:~~2023:


		Total		Level I		Level II		Level III			Total		Level I		Level II		Level III
First lien	First lien	$	1,109,072	$	—	$	66,748	$	1,042,324	First lien	$	1,170,647	$	—	$	61,819	$	1,108,828
Second lien	Second lien	55,897		—		13,204		42,693		Second lien	58,610		—		16,068		42,542
Subordinated	Subordinated	1,013		—		1,012		1		Subordinated	1,109		—		1,108		1
Equity and other(1)	Equity and other(1)	—		—		—		—		Equity and other(1)	—		—		—		—
Total investments	Total investments	$	1,165,982	$	—	$	80,964	$	1,085,018	Total investments	$	1,230,366	$	—	$	78,995	$	1,151,371

(1)As of September 30, ~~2022,~~2023, fair value of equity and other investments was less than $1 thousand.

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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	$	1,012,256	$	—	$	145,154	$	867,102	First lien	$	1,115,219	$	—	$	48,157	$	1,067,062
Second lien	Second lien	57,832		—		21,023		36,809		Second lien	57,133		—		13,153		43,980

Subordinated										Subordinated	1,047		—		1,046		1
Equity and other(1)	Equity and other(1)	—		—		—		—		Equity and other(1)	—		—		—		—
Total investments	Total investments	$	1,070,088	$	—	$	166,177	$	903,911	Total investments	$	1,173,399	$	—	$	62,356	$	1,111,043

(1)As of December 31, ~~2021,~~2022, fair value of equity and other investments was less than $1 thousand.

The following table summarizes the changes in fair value of Level III portfolio investments for the three months ended September 30, 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 September 30, 2023:


	Total		First Lien		Second Lien		Subordinated		Equity and other
Fair value, June 30, 2023 (1)	$	1,152,962	$	1,106,195	$	46,766	$	1	$	—
Total gains or losses included in earnings:
Net realized gains on investments	72		72		—		—		—
Net change in unrealized appreciation	4,859		4,308		551		—		—
Purchases, including capitalized PIK and revolver fundings	45,591		45,591		—		—		—
Proceeds from sales and paydowns of investments	(35,913)		(33,413)		(2,500)		—		—
Transfers into Level III (2)	7,284		7,284		—		—		—
Transfers out of Level III (2)	(23,484)		(21,209)		(2,275)		—		—
Fair value, September 30, 2023 (1)	$	1,151,371	$	1,108,828	$	42,542	$	1	$	—
Unrealized appreciation for the period relating to those Level III assets that were still held by the Company at the end of the period:	$	4,539	$	3,987	552		—		—

(1)As of June 30, 2023 and September 30, 2023, fair value of equity and other investments was less than $1 thousand.

(2)As of September 30, 2023, portfolio investments were transferred into Level III from Level II and out of Level III into Level II at fair value as of the beginning of the period in which the reclassification occurred.

The following table summarizes the changes in fair value of Level III portfolio investments for the three months ended 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			Total		First Lien		Second Lien		Subordinated		Equity and other
Fair value, June 30, 2022 (1)	Fair value, June 30, 2022 (1)	$	1,081,190	$	1,037,289	$	43,901	$	—	$	—	Fair value, June 30, 2022 (1)	$	1,081,190	$	1,037,289	$	43,901	$	—	$	—
Total gains or losses included in earnings:	Total gains or losses included in earnings:											Total gains or losses included in earnings:
Net realized losses on investments	Net realized losses on investments	(119)		(119)		—		—		—		Net realized losses on investments	(119)		(119)		—		—		—
Net change in unrealized (depreciation) appreciation		(5,639)		(5,129)		(510)		—		—
Net change in unrealized depreciation												Net change in unrealized depreciation	(5,639)		(5,129)		(510)		—		—
Purchases, including capitalized PIK and revolver fundings	Purchases, including capitalized PIK and revolver fundings	75,252		70,104		5,147		1		—		Purchases, including capitalized PIK and revolver fundings	75,252		70,104		5,147		1		—
Proceeds from sales and paydowns of investments	Proceeds from sales and paydowns of investments	(66,085)		(57,315)		(8,770)		—		—		Proceeds from sales and paydowns of investments	(66,085)		(57,315)		(8,770)		—		—
Transfers into Level III (2)	Transfers into Level III (2)	21,522		18,597		2,925		—		—		Transfers into Level III (2)	21,522		18,597		2,925		—		—
Transfers out of Level III (2)	Transfers out of Level III (2)	(21,103)		(21,103)		—		—		—		Transfers out of Level III (2)	(21,103)		(21,103)		—		—		—
Fair value, September 30, 2022 (1)	Fair value, September 30, 2022 (1)	$	1,085,018	$	1,042,324	$	42,693	$	1	$	—	Fair value, September 30, 2022 (1)	$	1,085,018	$	1,042,324	$	42,693	$	1	$	—
Unrealized depreciation for the period relating to those Level III assets that were still held by the Company at the end of the period:	Unrealized depreciation for the period relating to those Level III assets that were still held by the Company at the end of the period:	$	(5,807)	$	(5,132)	$	(675)	$	—	$	—	Unrealized depreciation for the period relating to those Level III assets that were still held by the Company at the end of the period:	$	(5,807)	$	(5,132)	$	(675)	$	—	$	—

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(1)As of June 30, 2022 and September 30, 2022, fair value of equity and other investments was less than $1 thousand.

(2)As of September 30, 2022, portfolio investments were transferred into Level III from Level II and out of Level III into Level II at fair value as of the beginning of the period in which the reclassification occurred.

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The following table summarizes the changes in fair value of Level III portfolio investments for the ~~three~~nine months ended September 30, ~~2021,~~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 September 30, ~~2021:~~2023:


		Total		First Lien		Second Lien			Total		First Lien		Second Lien		Subordinated		Equity and other
Fair value, June 30, 2021		$	472,305	$	456,605	$	15,700
Fair value, December 31, 2022 (1)								Fair value, December 31, 2022 (1)	$	1,111,043	$	1,067,062	$	43,980	$	1	$	—
Total gains or losses included in earnings:	Total gains or losses included in earnings:							Total gains or losses included in earnings:

Net change in unrealized depreciation		(557)		(517)		(40)
Net realized gains on investments								Net realized gains on investments	61		61		—		—		—
Net change in unrealized appreciation								Net change in unrealized appreciation	9,455		8,393		1,062		—		—
Purchases, including capitalized PIK and revolver fundings	Purchases, including capitalized PIK and revolver fundings	273,277		266,821		6,456		Purchases, including capitalized PIK and revolver fundings	118,739		118,739		—		—		—
Proceeds from sales and paydowns of investments	Proceeds from sales and paydowns of investments	(61,165)		(61,165)		—		Proceeds from sales and paydowns of investments	(59,828)		(57,328)		(2,500)		—		—
Transfers into Level III ~~(1)~~(2)	Transfers into Level III ~~(1)~~(2)	38,642		34,622		4,020		Transfers into Level III ~~(1)~~(2)	1,087		1,087		—		—		—
Transfers out of Level III ~~(1)~~(2)	Transfers out of Level III ~~(1)~~(2)	(10,012)		(10,012)		—		Transfers out of Level III ~~(1)~~(2)	(29,186)		(29,186)		—		—		—
Fair value, September 30, 2021		$	712,490	$	686,354	$	26,136
Unrealized depreciation for the period relating to those Level III assets that were still held by the Company at the end of the period:		$	(631)	$	(591)	$	(40)
Fair value, September 30, 2023 (1)								Fair value, September 30, 2023 (1)	$	1,151,371	$	1,108,828	$	42,542	$	1	$	—
Unrealized appreciation for the period relating to those Level III assets that were still held by the Company at the end of the period:								Unrealized appreciation for the period relating to those Level III assets that were still held by the Company at the end of the period:	$	9,069	$	8,098	$	971	$	—	$	—

(1)As of December 31, 2022 and September 30, 2023, fair value of equity and other investments was less than $1 thousand.

(2)As of September 30, ~~2021,~~2023, portfolio investments were transferred into Level III from Level II and out of Level III into Level II at fair value as of the beginning of the period in which the reclassification occurred.

The following table summarizes the changes in fair value of Level III portfolio investments for the 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			Total		First Lien		Second Lien		Subordinated		Equity and other
Fair value, December 31, 2021 (1)		$	903,911	$	867,102	$	36,809	$	—	$	—
Fair value, December 31, 2021(1)												Fair value, December 31, 2021(1)	$	903,911	$	867,102	$	36,809	$	—	$	—
Total gains or losses included in earnings:	Total gains or losses included in earnings:											Total gains or losses included in earnings:
Net realized losses on investments	Net realized losses on investments	(726)		(726)		—		—		—		Net realized losses on investments	(726)		(726)		—		—		—
Net change in unrealized (depreciation) appreciation		(9,255)		(7,921)		(1,334)		—		—
Net change in unrealized depreciation												Net change in unrealized depreciation	(9,255)		(7,921)		(1,334)		—		—
Purchases, including capitalized PIK and revolver fundings	Purchases, including capitalized PIK and revolver fundings	278,068		268,567		9,500		1		—		Purchases, including capitalized PIK and revolver fundings	278,068		268,567		9,500		1		—
Proceeds from sales and paydowns of investments	Proceeds from sales and paydowns of investments	(141,478)		(132,708)		(8,770)		—		—		Proceeds from sales and paydowns of investments	(141,478)		(132,708)		(8,770)		—		—
Transfers into Level III (2)	Transfers into Level III (2)	54,498		48,010		6,488		—		—		Transfers into Level III (2)	54,498		48,010		6,488		—		—

Fair value, September 30, 2022 (1)		$	1,085,018	$	1,042,324	$	42,693	$	1	$	—
Fair value, September 30, 2022(1)												Fair value, September 30, 2022(1)	$	1,085,018	$	1,042,324	$	42,693	$	1	$	—
Unrealized depreciation for the period relating to those Level III assets that were still held by the Company at the end of the period:	Unrealized depreciation for the period relating to those Level III assets that were still held by the Company at the end of the period:	$	(9,850)	$	(8,342)	$	(1,508)	$	—	$	—	Unrealized depreciation for the period relating to those Level III assets that were still held by the Company at the end of the period:	$	(9,850)	$	(8,342)	$	(1,508)	$	—	$	—

(1)As of December 31, 2021 and September 30, 2022, fair value of equity and other investments was less than $1 thousand.

(2)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.~~

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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, 2021, as well as the portion of appreciation included in income attributable to unrealized appreciation related to those assets and liabilities still held by the Company at September 30, 2021:

Total First Lien Second Lien
Fair value, December 31, 2020 $ 374,347 $ 364,877 $ 9,470
Total gains or losses included in earnings:
Net change in unrealized appreciation 401 377 24
Purchases, including capitalized PIK and revolver fundings 426,814 410,172 16,642
Proceeds from sales and paydowns of investments (74,507) (74,507) —
Transfers into Level III (1) 14,400 14,400 —
Transfers out of Level III (1) (28,965) (28,965) —
Fair value, September 30, 2021 $ 712,490 $ 686,354 $ 26,136
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: $ (159) $ (183) $ 24

~~(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 transfers into or out of Level I, II, or III during the three and nine months ended September 30, ~~2022~~2023 and September 30, ~~2021.~~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

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availability of certain observable inputs. Investments will be transferred into Level III from Level II and out of Level III into Level II at fair value as of the beginning of the period in which the reclassification occurred.

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

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

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

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

Market Based Approach: The Company may estimate the total enterprise value of each portfolio company by utilizing EBITDA or revenue multiples of publicly traded comparable companies and comparable transactions. The Company considers

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numerous factors when selecting the appropriate companies whose trading multiples are used to value its portfolio companies. These factors include, but are not limited to, the type of organization, similarity to the business being valued, and relevant risk factors, as well as size, profitability and growth expectations. The Company may apply an average of various relevant comparable company EBITDA or revenue multiples to the portfolio company's latest twelve month ("LTM") EBITDA or revenue or projected EBITDA or revenue to calculate the enterprise value of the portfolio company. Significant increases or decreases in the EBITDA or revenue multiples will result in an increase or decrease in enterprise value, which may result in an increase or decrease in the fair value estimate of the investment. In applying the market based approach as of September 30, ~~2022~~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~~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~~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 September 30, 2023

Approach

Unobservable Input

Low

High

Weighted
Average (1)

First lien

971,779

Market & income approach

EBITDA multiple

7.0x

70.0x

18.5x

First lien

1,043,928

Market & income approach

EBITDA multiple

5.0x

70.0x

17.9x

Revenue multiple

4.0x

19.5x

9.6x

Revenue multiple

4.0x

19.5x

9.7x

Discount rate

9.0%

27.9

10.8

Discount rate

8.6

25.4

11.2

9,381

Market quote

Broker quote

N/A

22,090

Market quote

Broker quote

N/A

61,164

Other

N/A (1)

N/A

42,810

Other

N/A (2)

N/A

Second lien

42,693

Market & income approach

EBITDA multiple

14.5x

33.0x

19.1x

Second lien

24,998

Market & income approach

EBITDA multiple

15.0x

20.0x

17.3x

Discount rate

11.0

12.8

11.6

Discount rate

10.3

13.2

12.0

17,544

Other

N/A (2)

N/A

Subordinated

Market & income approach

EBITDA multiple

19.0x

24.5x

21.8x

Subordinated

Market & income approach

EBITDA multiple

19.0x

24.5x

21.8x

Discount rate

14.1%

Discount rate

13.3

Equity and other ~~(2)~~(3)

—

Market & income approach

Revenue multiple

10.5x

11.5x

11.0x

Equity and other ~~(2)~~(3)

—

Market & income approach

Revenue multiple

20.1x

1,085,018

1,151,371

(1)Unobservable inputs were weighed 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.

~~(2)~~(3)As of September 30, ~~2022,~~2023, fair value of equity and other investments was less than $1 thousand.

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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

667,368

Market & income approach

EBITDA multiple

8.0x

70.0x

19.2x

First lien

1,060,036

Market & income approach

EBITDA multiple

8.7x

70.0x

18.9x

Revenue multiple

4.0x

19.5x

7.9x

Revenue multiple

5.0x

19.5x

9.8x

Discount rate

5.0

9.4

6.9

Discount rate

8.3

29.4

10.5

29,838

Market quote

Broker quote

N/A

169,896

Other

N/A (1)

N/A

7,026

Other

N/A (2)

N/A

Second lien

15,675

Market & income approach

EBITDA multiple

28.0x

32.0x

30.0x

Second lien

43,980

Market & income approach

EBITDA multiple

14.0x

32.0x

20.0x

Discount rate

7.5

9.5

8.0

Discount rate

11.2

13.8

11.8

4,005

Market quote

Broker quote

N/A

17,129

Other

N/A (1)

N/A

Subordinated

Market & income approach

EBITDA multiple

23.5x

Discount Rate

14.8

Equity and other(3)

—

(2)

Market & income approach

Revenue multiple

9.8x

13.5x

11.7x

Equity and other(3)

—

Market & income approach

Revenue multiple

10.5x

12.5x

11.5x

Discount rate

8.0

10.0

9.0

Discount rate

15.0

17.0

16.0

903,911

1,111,043

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

~~(2)~~(3)As of December 31, ~~2021,~~2022, fair value of equity and other investments was less than $1 thousand.

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The Wells Credit Facility (as defined below) is considered a Level ~~III.~~III investment. See Note 6. Borrowings for details.

The following are the principal amount and fair value of the Company’s ~~debt obligation~~borrowings as of September 30, 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.

September 30, 2022
Principal Amount Fair Value
Wells Credit Facility $ 401,000 $ 395,178


	September 30, 2023				December 31, 2022
	Principal Amount		Fair Value		Principal Amount		Fair Value
Wells Credit Facility	$	360,300	$	356,710	$	394,500	$	388,181

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 and Related Parties

The Company entered into an investment advisory and management agreement, as amended and restated on December 13, 2020 (the "First A&R Investment Management Agreement) and on September 26, 2022 (the "Second A&R Investment Management Agreement" or the "Investment Management Agreement"), with the Investment Adviser. Under the Investment Management Agreement, the Investment Adviser manages the day-to-day operations of, and provides investment advisory services to the Company. For providing these services, the Investment Adviser receives an annual base management fee from the Company. Although the term of the Investment Management Agreement would not have expired until September 26, 2024, the Company's board of directors most recently re-approved the Investment Management Agreement on January 24, 2023, by virtual means in reliance on relief provided by the SEC in response to the COVID-19 pandemic, for a period of 12 months commencing on March 1, 2023. As a condition of the SEC's COVID-19 relief, the board of directors ratified its re-approval of the Investment Management Agreement at an in-person meeting held on July 27, 2023.

Pursuant to the Investment Management Agreement, ~~as amended on December 13, 2020,~~ during the Company's investment period (the "Investment Period"), which commenced on February 18, 2020 (the "Initial Closing Date") and shall initially continue until the 48-month anniversary of the Initial Closing Date,Investment Period, the base management fee is calculated at an annual blended rate with respect to the Company's Assets Invested (defined below) at the end of each quarterly period by reference to (i) 0.70% in the case of Assets Invested equal to or less than $500,000, and (ii) 0.60% in the case of Assets Invested of greater

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than $500,000, subject, in each case, to the adjustments in the manner set forth in the Investment Management Agreement, as amended. Specifically, the quarterly fee percentage will be subject to reduction throughout the Investment Period with respect to target Assets Invested in the manner set forth in the Investment Management Agreement, as amended. For the avoidance of doubt, the management fee paid at the end of any quarterly period shall be calculated based on the lower of the actual Assets Invested as of the end of any quarter and the target Assets Invested for that quarter. Under the Investment Management Agreement, "Assets Invested" previously meant, as of the end of each quarterly period, the sum of the Company's (i) drawn Capital Commitments, and (ii) outstanding principal on borrowings. The base management fee will be payable quarterly in arrears.

Pursuant to the Second ~~Amended and Restated Investment Management Agreement (the "Second~~ A&R Investment Management ~~Agreement), effective September 26, 2022,~~Agreement, the management fee shall be calculated at the blended rate until such time that the Company has $1.0 billion of Assets Invested (as modified by the Second A&R Investment Management Agreement). Upon such time, the Management Fee shall be calculated at the Blended Rate, as defined in the Second A&R Investment Management Agreement, and for the avoidance of doubt, based on the greater of the actual Assets Invested as of the end of any quarter and target Assets Invested for the quarter. The Second A&R Investment Management Agreement modified the definition of "Assets Invested" to mean that as of the end of each quarterly period, the sum of the Company's (i) drawn capital commitments, (ii) the aggregate dollar amount of distributions declared to stockholders from net investment income as of the latest declaration date of any such distribution, less any amounts of such distribution received in cash by stockholders, and (iii) outstanding principal on borrowings.

During the Investment Period, the management fee payable each quarter shall be reduced by an amount equal to the sum of the quarterly fee percentage multiplied by the Company's cumulative realized losses since inception (calculated net of any subsequently reversed realized losses) (the "Cumulative Losses") on the Company’s portfolio of investments (collectively, the "Withheld Amounts"). Any portion of such Withheld Amounts that is attributable to a subsequently reversed realized loss shall be payable to the Investment Adviser in the quarter in which such reversal occurs. In addition, upon expiration of the Investment Period, the Investment Adviser shall be entitled to an amount equal to the portion of such Withheld Amounts that would have been payable if Cumulative Losses had been calculated net of cumulative realized capital gains on the applicable portfolios of investments.

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The Company has entered into an administration agreement ("Administration Agreement") with the Administrator under which the Administrator provides administrative services. The Administrator maintains, or oversees the maintenance of, the Company's consolidated financial records, prepares reports filed with the U.S. Securities and Exchange Commission (the "SEC"), generally monitors the payment of the Company's expenses and oversees the performance of administrative and professional services rendered by others. The Administrator has hired a third-party sub-administrator to assist with the provision of administrative services.

The Company, the Investment Adviser and the Administrator have also entered into a Trademark License Agreement (the "Trademark License Agreement"), with New Mountain Capital, pursuant to which New Mountain Capital has agreed to grant the Company a non-exclusive, royalty-free license to use the "NMF" name. Under the Trademark License Agreement, subject to certain conditions, the Company, the Investment Adviser and the Administrator will have a right to use the "NMF" name, for so long as the Investment Adviser or one of its affiliates remains the investment adviser of the Company. Other than with respect to this limited license, the Company will have no legal right to the "NMF" name.

The Investment Adviser and its affiliates may also manage other funds in the future that may have investment mandates that are similar, in whole or in part, to the Company's investment 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"), to the Investment Adviser and certain of its affiliates, which superseded a prior order issued on December 18, 2017, which permits the Company to co-invest in portfolio companies with certain funds or entities managed by the Investment Adviser or its affiliates in certain negotiated transactions where co-investing would otherwise be prohibited under the 1940 Act, subject to the conditions of the Exemptive Order. Pursuant to the Exemptive Order, the Company is permitted to co-invest with its affiliates if a "required majority" (as defined in Section 57(o) of the 1940 Act) of the Company's ~~independent~~ directors who are not "interested persons", as that term is defined in Section 2(a)(19) of the 1940 Act (the "Independent Directors"), make certain conclusions in connection with a co-investment transaction, including, but not limited to, that (1) the terms of the potential co-investment transaction, including the consideration to be paid, are reasonable and fair to the Company and its 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. 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 in its existing portfolio companies with certain affiliates that are private funds if such private funds do not have an investment in such existing portfolio company, subject to certain conditions. As the Company's assets are treated as "plan assets" under ERISA, the Company will only co-invest in the same issuer with certain funds or entities managed by the Investment Adviser or its affiliates, so long as their and the Company's respective future investments are at the same level of such issuer's capital structure; provided, that in no event will the Company co-invest with any other fund or entity in contravention of the 1940 Act.

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 the Company's existing portfolio companies with certain affiliates that are private funds if such private funds did not ~~have~~previously hold an investment in such existing portfolio company. Without the Temporary Relief, such private funds would not be able

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to participate in such ~~co-investments~~follow-on investments with the Company unless the private funds had previously acquired securities of the portfolio company in a co-investment transaction with the Company. Although the Temporary Relief expired on December 31, 2020, the SEC's Division of Investment Management had indicated that until March 31, 2022, it would not recommend enforcement action, to the extent that any BDC with an existing co-investment order 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~~ on ~~May 24, 2022, as amended on June 22, 2022.~~

On August 30, 2022, New Mountain Finance Corporation, an affiliate of the Company and the Investment Adviser, and certain ~~of its affiliates, including the Company,~~other affiliated applicants, received an Order from the SEC ~~which~~that 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 do not ~~have~~hold an investment in such existing portfolio company, subject to certain conditions.

Note 6. Borrowings

Wells Credit Facility—On December 23, 2020, the Company's wholly-owned subsidiary, SLF I SPV, entered into a Loan and Security Agreement ~~(as amended, from time to time, the "Wells Credit Facility")~~ among SLF I SPV as the borrower, the Investment Adviser as collateral manager, the Company as equityholder and seller, Wells Fargo Bank, National Association ("Wells Fargo") as the administrative agent and the collateral custodian, and each of the lenders from time to time party thereto (as amended, from time to time, the "Loan and Security Agreement"), which is structured as a secured revolving credit ~~facility.~~facility (the "Wells Credit Facility"). The Wells Credit Facility will mature on December 23, 2025 and has a maximum facility amount of $450,000. Under the Wells Credit Facility, SLF I SPV is permitted to borrow up to 25.0%, 50.0%, 60.0% or 65.0% of the purchase price of pledged assets, subject to approval by Wells Fargo. The Wells Credit Facility is non-recourse to the Company and is collateralized by all of the investments of SLF I SPV on an investment by investment basis. All fees associated with the origination, amending or upsizing

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of the Wells Credit Facility are capitalized on the Company's Consolidated Statements of Assets and Liabilities and charged against income as other financing expenses over the life of the Wells Credit Facility. The Wells 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 SLF I SPV investments, but rather to the performance of the underlying portfolio companies.

As of the amendment on ~~June 29, 2021,~~April 28, 2023, the Wells Credit Facility bears interest at a rate of the Secured Overnight Financing Rate ("SOFR") plus 1.70% per annum for Broadly Syndicated Loans (as defined in the Loan and Security Agreement) and SOFR plus 2.20% per annum for all other investments. Prior to the amendment on April 28, 2023, from June 29, 2021 to April 27, 2023, the Wells Credit Facility bore interest at a rate of the London Interbank Offered Rate ("LIBOR") plus 1.60% per annum for Broadly Syndicated Loans (as defined in the First Amendment to the Loan and Security Agreement) and LIBOR plus 2.10% per annum for all other investments. Previously, the Wells Credit Facility bore interest at a rate of LIBOR plus 1.65% per annum for Broadly Syndicated Loans (as defined in the Loan and Security Agreement) and LIBOR plus 2.15% per annum for all other investments. The Wells 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 Loan and Security Agreement).

The following table summarizes the interest expense, non-usage fee and amortization of financing costs incurred on the Wells Credit Facility for the three and nine months ended September 30, ~~2022~~2023 and September 30, ~~2021:~~2022:


		Three Months Ended						Nine Months Ended							Three Months Ended						Nine Months Ended
(in millions)	(in millions)	September 30, 2022			September 30, 2021			September 30, 2022			September 30, 2021			(in millions)	September 30, 2023			September 30, 2022			September 30, 2023			September 30, 2022
Interest expense	Interest expense	$	4,650		$	1,155		$	9,609		$	2,672		Interest expense	$	6,868		$	4,650		$	20,241		$	9,609
Non-usage fee	Non-usage fee	$	56		$	178		$	254		$	294		Non-usage fee	$	106		$	56		$	262		$	254
Amortization of financing costs	Amortization of financing costs	$	223		$	186		$	663		$	454		Amortization of financing costs	$	224		$	223		$	665		$	663
Weighted average interest rate	Weighted average interest rate	4.5		%	2.1		%	3.3		%	2.1		%	Weighted average interest rate	7.3		%	4.5		%	7.0		%	3.3		%
Effective interest rate	Effective interest rate	4.8		%	2.9		%	3.7		%	2.8		%	Effective interest rate	7.8		%	4.8		%	7.4		%	3.7		%
Average debt outstanding	Average debt outstanding	$	405,120		$	208,511		$	381,976		$	166,271		Average debt outstanding	$	365,724		$	405,120		$	379,894		$	381,976

As of September 30, ~~2022~~2023 and December 31, ~~2021,~~2022, the outstanding balance on the Wells Credit Facility was ~~$401,000~~$360,300 and ~~$318,000,~~$394,500, respectively, and SLF I SPV was in compliance with the applicable covenants in the ~~Wells Credit Facility~~Loan and Security Agreement on such dates.

~~Wells Subscription Line~~—On February 25, 2020, the Company entered into a Revolving Credit Agreement (the "Wells Subscription Line") with Wells Fargo. On December 3, 2021, all outstanding borrowings under the Wells Subscription Line were repaid and the facility was terminated in connection with the final drawdown on Capital Commitments. Prior to termination, the Wells Subscription Line had a maximum facility amount of $50,000 and the Company was permitted to borrow up to the lesser of $50,000 and the Borrowing Base. The "Borrowing Base" was based upon the unfunded Capital Commitments of subscribed investors in the Company that had been approved by Wells Fargo and met certain criteria.

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From February 25, 2020 through March 25, 2020, the Wells Subscription Line bore interest at a rate of either LIBOR plus 1.55% per annum or Reference Rate (as defined by the Revolving Credit Agreement) plus 0.55% per annum. After March 25, 2020, the Wells Subscription Line bore interest at a rate of either LIBOR plus 1.50% per annum or Reference Rate plus 0.50% per annum. The Wells Subscription Line also charged a non-usage fee at a rate of (a) 0.20% per annum when the unused facility amount was greater than or equal to 50.0% of the maximum facility amount, or (b) 0.25% per annum when the unused facility amount was less than 50.0% of the maximum facility amount.

For the three months ended September 30, 2021, interest expense, non-usage costs and amortization of financing costs incurred on the Wells Subscription Line were $0, $25 and $53, respectively. The weighted average interest rate and effective interest rate on the Wells Subscription Line for the three months ended September 30, 2021 were 0.0% and 0.0%, respectively. For the nine months ended September 30, 2021, interest expense, non-usage costs and amortization of financing costs incurred on the Wells Subscription Line were $61, $68 and $157, respectively. The weighted average interest rate and effective interest rate on the Wells Subscription Line for the nine months ended September 30, 2021 were 1.6% and 7.6%, respectively.

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 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 assets. 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 7. Regulation

The Company has elected to be treated for U.S. federal income tax purposes as a RIC under Subchapter M of the Code, and intends to comply with the requirements to continue to qualify and maintain its status as a RIC annually. In order to continue to qualify and be subject to tax treatment as a RIC for U.S. federal income tax purposes, among other things, the Company is 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 timely distributions to its stockholders, and as such, the Company will generally be relieved from U.S. federal, state, and local income taxes (excluding excise taxes which may be imposed under the Code).

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

Note 8. Commitments and Contingencies

In the normal course of business, the Company may enter into contracts that contain a variety of representations and warranties and which provide general indemnifications. The Company may also enter into future funding commitments such as revolving credit facilities, bridge financing commitments or delayed draw commitments. As of September 30, ~~2022,~~2023, the Company had unfunded commitments on revolving credit facilities of ~~$54,346,~~$59,218, no outstanding bridge financing commitments, and other future funding commitments of ~~$84,087.~~$51,654. As of December 31, ~~2021,~~2022, the Company had unfunded commitments on

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revolving credit facilities of ~~$50,005,~~$56,169, no outstanding bridge financing commitments, and other future funding commitments of ~~$136,513.~~$71,683. The unfunded commitments on revolving credit facilities and delayed draws are disclosed on the Company's Consolidated ~~Schedule~~Schedules of Investments as of September 30, ~~2022~~2023 and December 31, ~~2021.~~2022.

The Company also had revolving borrowings available under the Wells Credit Facility as of September 30, ~~2022~~2023 and December 31, ~~2021.~~2022. See Note 6. Borrowings, for details.

The Company may from time to time enter into financing commitment letters. As of September 30, ~~2022~~2023 and December 31, ~~2021,~~2022, the Company had commitment letters to purchase investments in the aggregate par amount of ~~$36,868~~$1,415 and ~~$25,400,~~$27,362, respectively, which could require funding in the future.

~~COVID-19 Developments~~

The Company's operating results and portfolio companies may be negatively impacted by the ongoing COVID-19 pandemic. The Company has 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 the Company's business, including how it will impact the

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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.

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. 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.

~~For additional discussion on our portfolio companies, see~~ ~~Item 2—Monitoring of Portfolio Investments.~~

Note 9. Net Assets

In connection with its formation, the Company has the authority to issue 500,000,000 shares of common stock at par value of $0.001 per ~~share par value.~~share.

~~There were no shares of~~The following table reflects the distributions declared on the Company's common stock ~~issued or proceeds received related to capital drawdowns delivered pursuant to the Subscription Agreements~~ for the nine months ended September 30, ~~2022.~~2023.

The following table summarizes the total shares of common stock issued and proceeds received related to capital drawdowns delivered pursuant to the Subscription Agreements for the nine months ended September 30, 2021.

Drawdown Date Shares Issue Date Shares Issued Aggregate Offering Price
August 16, 2021 August 30, 2021 14,094,707 $ 151,800

Date Declared

Record Date

Payment Date

Per Share Amount

March 30, 2023

March 31, 2023

July 20, 2023

0.3100

June 26, 2023

June 29, 2023

July 20, 2023

0.3200

September 27, 2023

September 28, 2023

January 19, 2024

0.3310

0.9610

The following table reflects the distributions declared on the Company's common stock for the nine months ended September 30, 2022.

Date Declared

Record Date

Payment Date

Per Share Amount

March 29, 2022

March 30, 2022

July 20, 2022

0.2200

June 27, 2022

June 29, 2022

July 20, 2022

0.2338

September 28, 2022

September 29, 2022

January 20, 2023

0.2530

0.7068

~~The following table reflects the distributions declared on the Company's common stock for the nine months ended September 30, 2021.~~

~~Date Declared~~

~~Record Date~~

~~Payment Date~~

~~Per Share Amount~~

~~March 26, 2021~~

~~March 30, 2021~~

~~April 13, 2021~~

~~0.2557~~

~~June 25, 2021~~

~~June 29, 2021~~

~~July 13, 2021~~

~~0.2945~~

~~September 28, 2021~~

~~September 29, 2021~~

~~January 13, 2022~~

~~0.2845~~

~~0.8347~~

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Note 10. Earnings Per Share

The following information sets forth the computation of basic net increase in the Company's net assets per share resulting from operations for the three and nine months ended September 30, ~~2022~~2023 and September 30, ~~2021:~~
Three Months Ended Nine Months Ended
September 30, 2022 September 30, 2021 September 30, 2022 September 30, 2021
Earnings per share—basic & diluted
Numerator for basic & diluted earnings per share: $ 10,933 $ 9,503 $ 32,197 $ 26,582
Denominator for basic & diluted weighted average share: 73,125,855 42,251,397 71,404,519 38,116,661
Basic & diluted earnings per share: $ 0.15 $ 0.22 $ 0.45 $ 0.70

2022:


	Three Months Ended				Nine Months Ended
	September 30, 2023		September 30, 2022		September 30, 2023		September 30, 2022
Earnings per share—basic & diluted
Numerator for basic & diluted earnings per share:	$	33,367	$	10,933	$	87,831	$	32,197
Denominator for basic & diluted weighted average share:	81,401,276		73,125,855		78,632,968		71,404,519
Basic & diluted earnings per share:	$	0.41	$	0.15	$	1.12	$	0.45

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Note 11. Financial Highlights

The following information sets forth the Company's financial highlights for the nine months ended September 30, ~~2022~~2023 and September 30, ~~2021.~~2022.


		Nine Months Ended							Nine Months Ended
		September 30, 2022			September 30, 2021				September 30, 2023			September 30, 2022
Per share data: (1)	Per share data: (1)							Per share data: (1)
Net asset value, December 31, 2021 and December 31, 2020, respectively		$	10.63		$	10.85
Net asset value, December 31, 2022 and December 31, 2021, respectively								Net asset value, December 31, 2022 and December 31, 2021, respectively	$	10.29		$	10.63
Net investment income	Net investment income	0.72			0.90			Net investment income	0.97			0.72
Net realized and unrealized losses (2)		(0.26)			(0.25)
Net realized and unrealized gains (losses) (2)								Net realized and unrealized gains (losses) (2)	0.14			(0.26)
Net increase in net assets resulting from operations	Net increase in net assets resulting from operations	0.46			0.65			Net increase in net assets resulting from operations	1.11			0.46

Distributions declared to stockholders from net investment income	Distributions declared to stockholders from net investment income	(0.71)			(0.83)			Distributions declared to stockholders from net investment income	(0.96)			(0.71)

Net asset value, September 30, 2022 and September 30, 2021, respectively		$	10.38		$	10.67
Net asset value, September 30, 2023 and September 30, 2022, respectively								Net asset value, September 30, 2023 and September 30, 2022, respectively	$	10.44		$	10.38
Total return (3)	Total return (3)	4.39		%	6.22		%	Total return (3)	11.16		%	4.39		%
Shares outstanding at end of period	Shares outstanding at end of period	73,750,032			51,572,662			Shares outstanding at end of period	82,381,922			73,750,032
Average weighted shares outstanding for the period	Average weighted shares outstanding for the period	71,404,519			38,116,661			Average weighted shares outstanding for the period	78,632,968			71,404,519
Average net assets for the period	Average net assets for the period	$	754,946		$	412,490		Average net assets for the period	$	812,096		$	754,946
Ratio to average net assets:	Ratio to average net assets:							Ratio to average net assets:
Net investment income (4)	Net investment income (4)	9.09		%	11.08		%	Net investment income (4)	12.60		%	9.09		%
Total expenses (4)	Total expenses (4)	3.09		%	2.61		%	Total expenses (4)	4.76		%	3.09		%

Average debt outstanding — Wells Subscription Line		N/A			$	5,011

Average debt outstanding — Wells Credit Facility	Average debt outstanding — Wells Credit Facility	$	381,976		$	166,271		Average debt outstanding — Wells Credit Facility	$	379,894		$	381,976
Asset coverage ratio	Asset coverage ratio	290.94		%	289.80		%	Asset coverage ratio	338.72		%	290.94		%
Portfolio turnover	Portfolio turnover	13.98		%	23.08		%	Portfolio turnover	4.55		%	13.98		%

Capital Commitments	Capital Commitments	$	690,000		$	690,000		Capital Commitments	$	690,000		$	690,000
Funded Capital Commitments	Funded Capital Commitments	$	690,000		$	517,500		Funded Capital Commitments	$	690,000		$	690,000
% of Capital Commitments funded	% of Capital Commitments funded	100.00		%	75.00		%	% of Capital Commitments funded	100.00		%	100.00		%

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

(2)The total amount shown may not correspond with the aggregate amount for the period, as it includes the effect of the timing of capital transactions which, for the nine months ended September 30, ~~2022~~2023 and September 30, ~~2021~~2022, were ~~$0.01~~$0.00 and ~~$(0.05)~~$0.01 per share, respectively.

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

(4)Annualized, except organizational and offering costs.

Note 12. Recent Accounting Standards Updates

In March 2020, the Financial Accounting Standards Board (the "FASB") issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting(" ("ASU 2020-04"). The amendments in ASU 2020-04 provide optional expedients and exceptions for applying GAAP to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. The standard iswas 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 ~~three~~years ended December 31, 2022, December 31, 2021 and ~~nine months ended September 30,~~December 31, 2020. In December 2022, ~~or September 30, 2021.~~the FASB issued ASU No. 2022-06, Reference Rate Reform. 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.

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In December 2020, the ~~U.S. Securities and Exchange Commission (the “SEC”)~~SEC adopted a ~~new~~ 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

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~~“readily~~ “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 ~~new~~ 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 the 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~~the Company's board of directors has not elected to designate the Investment Adviser as the valuation designee, the Company has adopted certain revisions to its valuation policies and procedures in order comply with the applicable requirements of Rule 2a-5 and Rule 31a-4.

Note 13. Subsequent Events

~~On November 7, 2022,~~The company has evaluated the ~~Company’s board of directors appointed John R. Kline as~~need for disclosures and/or adjustments resulting from recent developments through the ~~Chief Executive Officer of~~date the financial statements were issued. There have been no recent developments that require recognition or disclosure in these consolidated financial statements.

~~the Company, effective January 1, 2023, in addition to continuing in his role as President and as Chairman of the board of~~

~~directors. 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, to become effective January 1, 2023. Mr. Hamwee will continue~~

~~to serve as a senior member of the Investment Committee of the Company’s Investment Adviser and as a Managing Director of~~

~~New Mountain Capital. 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 stockholders and the Board of Directors of NMF SLF I, Inc.

Results of Review of Interim Financial Information

We have reviewed the accompanying consolidated statement of assets and liabilities of NMF SLF I, Inc. and ~~subsidiary~~subsidiaries (the "Company"), including the consolidated schedule of investments, as of September 30, ~~2022,~~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~~2023 and ~~2021,~~2022, the consolidated statements of cash flows for the nine-month periods ended September 30, ~~2022~~2023 and ~~2021,~~2022, and the related notes (collectively referred to as the "interim financial information"). Based on our ~~review,~~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 March ~~14, 2022,~~13, 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 14, ~~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 NMF SLF I, Inc., including its wholly-owned direct subsidiary (collectively, "we", "us", "our", 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 ~~the impact of~~ interest and inflation ~~rates, and the COVID-19 pandemic on the industries in which we invest;~~rates;

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

•our future operating results, our business prospects and the adequacy of our cash resources and working ~~capital, 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 ~~those~~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 10, quarterly reports on Form 10-Q and current reports on Form 8-K.

Overview

We are a Maryland corporation formed on January 23, 2019. 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 for U.S. federal income tax purposes, and intend to comply with the requirements to qualify annually, as a regulated investment company ("RIC") under Subchapter M of the Internal Revenue Code of 1986, as amended (the "Code").

The Investment Adviser is a wholly-owned subsidiary of New Mountain Capital. New Mountain Capital is a global investment firm with approximately $45 billion of assets under management and a track record of investing in the middle market. New Mountain Capital focuses on investing in defensive growth companies across its private equity, credit and net lease investment strategies. The Investment Adviser manages our day-to-day operations and provides us with investment advisory and management services. The Investment Adviser also manages other funds that may have investment mandates that are similar, in whole or in part, to ours. New Mountain Finance Administration, L.L.C. (the ~~"Administrator"~~"Administrator”), a wholly-owned

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subsidiary of New Mountain Capital, provides the administrative services necessary to

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conduct our day-to-day operations. The Administrator has hired a third-party sub-administrator to assist with the provision of administrative services.

We conducted a private offering (the "Private Offering") of our common stock to investors in reliance on exemptions from the registration requirements of the Securities Act of 1933, as amended (the "Securities Act"). At the closing of any ~~private offering,~~Private Offering, each investor in the Private Offering will make a capital commitment (a "Capital Commitment") to purchase common stock pursuant to a subscription agreement entered into with us (a "Subscription Agreement"). We commenced our loan origination and investment activities on the date we issued shares to persons not affiliated with the Investment Adviser (the "Initial Closing Date"), which occurred on February 18, ~~2020 (the "Initial Closing Date").~~2020. We may conduct subsequent closings at times during our investment period (the "Investment Period"), which commenced on the Initial Closing Date and ~~shall~~ initially ~~continue~~continued until ~~February 18, 2024, the 48-month anniversary of the Initial Closing Date,~~September 30, 2023, subject to automatic extensions thereafter, each for an additional one year period, unless the holders of a majority of our outstanding common stock elect to forego any such extension upon not less than ninety days prior written notice. ~~Holders of a majority of our outstanding common stock may also terminate~~Effective September 30, 2023, the Investment Period ~~as of any earlier anniversary of the Initial Closing Date upon not less than ninety days written notice.~~was automatically extended for an additional one year period to September 30, 2024. Each investor will be required to make capital contributions to purchase our common stock each time a drawdown notice is issued based on such investor's Capital Commitment. Pursuant to the Subscription Agreement entered into with each investor, we shall commence the wind up of operations two years following the expiration of the Investment Period, subject to additional extensions, each for an additional one year period, upon approval of the holders of a majority of our then outstanding common stock.

On December 9, 2020, we established NMF SLF I SPV, L.L.C. ("SLF I SPV") as a wholly-owned direct subsidiary whose assets are used to secure SLF I SPV's credit facility. On October 6, 2022, we established NMF SLF I Opportunistic SPV, L.L.C., as a wholly-owned direct subsidiary.

We are focused on providing direct lending solutions to U.S. upper middle market companies backed by top private equity sponsors. Our investment objective is to generate current income and capital appreciation ~~primarily by investing~~through the sourcing and origination of senior secured loans and select junior capital positions, to growing businesses in ~~or originating debt investments in companies~~defensive industries that offer attractive risk-adjusted returns. Our differentiated investment approach leverages the ~~Investment Adviser believes are "defensive growth" companies in non-cyclical industry niches where the Investment Adviser has developed strong proprietary research~~deep sector knowledge and ~~operational advantages.~~ operating resources of New Mountain Capital.

We ~~make investments through both primary originations and open-market secondary purchases. We predominantly target loans to, and~~primarily invest in senior secured debt of U.S. sponsor-backed, middle market ~~businesses, a market segment we believe continues to be underserved~~companies, defined by ~~other lenders. We define middle market businesses as~~ those businesses with annual earnings before interest, taxes, depreciation, and amortization ("EBITDA") between ~~$10.0 million~~$10,000 and ~~$200.0 million. In some cases, our investments may also include equity interests. The primary~~$200,000. We focus ~~is in the debt of~~on defensive growth ~~companies, which are defined as~~businesses that generally ~~exhibiting~~exhibit the following characteristics: (i) acyclicality, (ii) sustainable secular growth drivers, ~~(ii)~~(iii) niche market dominance and high barriers to competitive entry, ~~(iii) high~~(iv) recurring revenue and strong free cash flow, ~~after capital expenditure~~(v) flexible cost structures and ~~working capital needs, (iv) high returns on assets~~(vi) seasoned management teams.

Senior secured loans may include traditional first lien loans or unitranche loans. We invest a significant portion of its portfolio in unitranche loans, which are loans that combine both senior and ~~(v) niche market dominance.~~ subordinated debt, generally in a first-lien position. Because unitranche loans combine characteristics of senior and subordinated debt, they have risks similar to the risks associated with secured debt and subordinated debt. Certain unitranche loan investments may include “last-out” positions, which generally heighten the risk of loss.

As of September 30, ~~2022,~~2023, our top five industry concentrations were software, business services, healthcare, ~~services,~~ financial services, and consumer services.

As of September 30, ~~2022,~~2023, our net assets were approximately ~~$765.7~~$860.1 million and our portfolio had a fair value of approximately ~~$1,166.0~~$1,230.4 million in 90102 portfolio companies.

~~Recent Developments~~

~~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 as Chairman of the board of directors. 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, to become effective January 1, 2023. Mr. Hamwee will continue to serve as a senior member of the~~

~~Investment Committee of our Investment Adviser and as a Managing Director of New Mountain Capital. Our 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 us~~

~~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.

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

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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 consolidated financial statements, and revenues and expenses during the periods reported. Actual results could materially differ from those estimates. We have identified the following items as critical accounting estimates.

Basis of Accounting

We consolidate our wholly-owned direct subsidiary SLF I SPV. We are an investment company following accounting and reporting guidance as described in Accounting Standards Codification Topic 946, Financial Services—Investment Companies, ("ASC 946").

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Valuation and Leveling of Portfolio Investments

At all times, consistent with GAAP and the 1940 Act, we conduct a valuation of our assets, which impacts our net asset value.

We value our assets on a quarterly basis, or more frequently if required under the 1940 Act. In all cases, our ~~Board~~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. Because (i) "benefit plan investors", as defined in Section 3(42) of the Employee Retirement Income Security Act of 1974, as amended ("ERISA"), and any regulations promulgated thereunder ("Benefit Plan Investors"), hold 25% or more of our outstanding shares, and (ii) our shares are not listed on a national securities exchange, an unaffiliated third-party ~~("Sub-Administrator"~~(the "Sub-Administrator") has been engaged to independently value our investments, in consultation with the Investment Adviser. Our quarterly valuation procedures, which are the procedures that will be followed by such Sub-Administrator, 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.

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detail the qualitative and quantitative performance of the portfolio company will also be included. If the Sub-Administrator, in consultation with the investment professionals at the Investment Adviser, is unable to sufficiently validate the quote internally and if the investment's par value or its fair value exceeds a certain 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:

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

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

In the event Benefit Plan Investors do not hold 25% or more of our outstanding shares, or our shares are listed on a national securities exchange, then (i) personnel of the Investment Adviser will undertake the roles to be performed by the personnel of the Sub-Administrator, as described above and (ii) if an investment falls into category (3) above for four consecutive quarters and the investment's par value or its fair value exceeds a certain materiality threshold, then at least once each fiscal year, the valuation for each portfolio investment for which we do not have a readily available market quotation will be reviewed by an independent valuation firm engaged by our Board.

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.

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quarterly basis. Changes in the observability of valuation inputs may result in the transfer of certain investments within the fair value hierarchy from period to period.

See Item 1.—Financial Statements—Note 4. Fair Value in this Quarterly Report on Form 10-Q for additional information on fair value hierarchy as of September 30, ~~2022.~~2023.

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

Company Performance, Financial Review, and Analysis: Prior to investment, as part of our due diligence process, we evaluate the overall performance and financial stability of the portfolio company. Post investment, we analyze each portfolio company's current operating performance and relevant financial trends versus prior year and budgeted results, including, but not limited to, factors affecting our revenue and EBITDA growth, margin trends, liquidity position, covenant compliance and changes to our 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 and average yield-to-maturity of a selected set of high-quality, liquid investments to determine a comparable investment discount rate. Significant increases or decreases in the discount rate would result in a decrease or increase in the fair value measurement.

See Item 1.—Financial Statements—Note 4. Fair Value in this Quarterly Report on Form 10-Q for additional information on unobservable inputs used in the fair value measurement of our Level III investments as of September 30, ~~2022.~~2023.

Revenue Recognition

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

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as income at the contractual rates, if deemed collectible. The PIK interest is added to the principal balance on the capitalization date and is generally due at maturity or when redeemed by the issuer. For the three and nine months ended September 30, 2023, we recognized PIK interest from investments of approximately $1.7 million and $4.4 million, respectively. For the three and nine months ended September 30, 2022, we recognized PIK interest from investments of approximately $1.0 million and $2.7 million, respectively. ~~For the three and nine months ended September 30, 2021, we recognized PIK interest from investments~~

Table of ~~approximately $0.5 million and $0.8 million, respectively~~Contents

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 judgment of the ultimate ~~collectibility.~~collectability. Non-accrual investments are restored to accrual status when past due principal and interest is paid and, in management's judgment, are likely to remain current. As of September 30, ~~2022~~2023 and December 31, ~~2021,~~2022, no investments were on non-accrual status.

Fee income: Fee 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. Fee income may also include fees from bridge loans. We may from time to time enter into bridge financing commitments, an obligation to provide interim financing to a counterparty until permanent credit can be obtained. These commitments are short-term in nature and may expire unfunded. A fee is received by us for providing such commitments. Structuring fees and upfront fees are recognized as income when earned, usually when paid at the closing of the investment, and are non-refundable. Income received in exchange for the provision of services such as recurring administration services are also recognized as fee income in the period in which it was earned.

Monitoring of Portfolio Investments

We monitor the performance and financial trends of our portfolio companies on at least a quarterly basis. We attempt to identify any developments within the portfolio company, the industry or the macroeconomic environment that may alter any material element of our original investment strategy.We have recently consolidated our portfolio monitoring procedures by combining our previously bifurcated system that separately (1) rated investments based on their performance compared to expectations and (2) assigned a risk rating to each investment based on the expected impact from the COVID-19 pandemic. As described more fully below, our newOur 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.

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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 Ratings of our portfolio companies as of September 30, ~~2022:~~2023:


(in millions)	(in millions)	As of September 30, 2022								(in millions)	As of September 30, 2023
Risk Rating	Risk Rating	Cost		Percent		Fair Value		Percent		Risk Rating	Cost		Percent		Fair Value		Percent
Red	Red	$	—	—	%	$	—	—	%	Red	$	—	—	%	$	—	—	%
Orange	Orange	—		—	%	—		—	%	Orange	11.9		1.0	%	10.6		0.9	%
Yellow	Yellow	20.7		1.8	%	20.0		1.7	%	Yellow	35.1		2.8	%	32.3		2.6	%
Green	Green	1,156.5		98.2	%	1,146.0		98.3	%	Green	1,190.1		96.2	%	1,187.5		96.5	%
		$	1,177.2	100.0	%	$	1,166.0	100.0	%		$	1,237.1	100.0	%	$	1,230.4	100.0	%

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

Portfolio and Investment Activity

The fair value of our investments, as determined in good faith by our board of directors, was approximately ~~$1,166.0~~$1,230.4 million in 90102 portfolio companies at September 30, ~~2022~~2023 and approximately ~~$1,070.1~~$1,173.4 million in 8795 portfolio companies at December 31, ~~2021.~~2022.

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

Nine Months Ended
(in millions) September 30, 2022 September 30, 2021
New investments in 51 and 54 portfolio companies $ 260.2 $ 470.1
Debt repayments in existing portfolio companies (101.9) (125.0)
Sales of securities in 9 and 1 companies (53.8) (0.6)
Change in unrealized appreciation on 18 and 16 portfolio companies 1.3 1.6
Change in unrealized depreciation on 84 and 68 portfolio companies (21.7) (9.3)


	Nine Months Ended
(in millions)	September 30, 2023		September 30, 2022
New investments in 37 and 51 portfolio companies	$	90.9	$	260.2
Debt repayments in existing portfolio companies	(35.3)		(101.9)
Sales of securities in 4 and 9 companies	(19.0)		(53.8)
Change in unrealized appreciation on 76 and 18 portfolio companies	18.0		1.3
Change in unrealized depreciation on 31 and 84 portfolio companies	(6.9)		(21.7)

Recent Accounting Standards Updates

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

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Results of Operations for the Three Months Ended September 30, ~~2022~~2023 and September 30, ~~2021~~2022

Revenue


		Three Months Ended					Three Months Ended
(in thousands)	(in thousands)	September 30, 2022		September 30, 2021		(in thousands)	September 30, 2023		September 30, 2022
Total interest income	Total interest income	$	25,473	$	15,110	Total interest income	$	36,914	$	25,473

Fee income	Fee income	942		2,861		Fee income	788		942
Total investment income	Total investment income	$	26,415	$	17,971	Total investment income	$	37,702	$	26,415

Our total investment income increased by approximately ~~$8.4~~$11.3 million, or ~~47%~~43%, for the three months ended September 30, ~~2022~~2023 as compared to the three months ended September 30, ~~2021.~~2022. For the three months ended September 30, ~~2022,~~2023, total investment income of approximately ~~$26.4~~$37.7 million consisted of approximately ~~$22.9~~$33.8 million in cash interest from investments, approximately ~~$1.0~~$1.7 million in PIK interest from investments, net amortization of purchase premiums and discounts of approximately ~~$1.6~~$1.4 million, and approximately ~~$0.9~~$0.8 million in fee income. The increase in total interest income of approximately ~~$10.3~~$11.4 million during the three months ended September 30, ~~2022~~2023 as compared to the three months ended September 30, ~~2021~~2022 was primarily ~~attributable~~due to ~~larger invested balances, driven by the proceeds from drawdowns~~a higher effective interest rate of our portfolio due to higher SOFR rates on ~~Capital Commitments and drawn balances on the Wells Credit Facility (as defined below).~~our floating rate assets. Fee income during the three months ended September 30, ~~2022,~~2023, which represents fees that are generally non-recurring in nature, was primarily attributable to ~~upfront~~delayed compensation on trades received from three different portfolio companies and ~~amendment~~upfront fees received from 10eleven different portfolio companies.

Operating Expenses


		Three Months Ended					Three Months Ended
(in thousands)	(in thousands)	September 30, 2022		September 30, 2021		(in thousands)	September 30, 2023		September 30, 2022
Management fee	Management fee	$	1,887	$	1,272	Management fee	$	1,952	$	1,887

Interest and other financing expenses	Interest and other financing expenses	4,940		1,608		Interest and other financing expenses	7,209		4,940
Administrative expenses						Administrative expenses	280		263
Professional fees	Professional fees	232		173		Professional fees	224		232
Administrative expenses		263		182
Other general and administrative expenses	Other general and administrative expenses	74		70		Other general and administrative expenses	116		74

Net expenses	Net expenses	$	7,396	$	3,305	Net expenses	$	9,781	$	7,396

Our total net operating expenses increased by approximately ~~$4.1~~$2.4 million for the three months ended September 30, ~~2022~~2023 as compared to the three months ended September 30, ~~2021.~~2022. Our management fee increased by ~~$0.6~~$0.1 million, which was attributable to larger managed and invested capital ~~balances.~~balances as a result of the shares issued through the DRIP.

Interest and other financing expenses increased by approximately ~~$3.3~~$2.3 million during the three months ended September 30, ~~2022~~2023 as compared to the three months ended September 30, ~~2021,~~2022, primarily due to higher SOFR rates on drawn balances on the Wells Credit Facility (as defined below) ~~and higher interest rates.~~.

Administrative expenses increased by approximately $0.1 million during the three months ended September 30, 2022 as compared to the three months ended September 30, 2021 primarily due to higher fees charged for administrative services performed over our larger managed and invested balances. Professional fees, ~~increased by approximately $0.1 million during the three months ended September 30, 2022 as compared to the three months ended September 30, 2021 primarily due to increased audit~~administrative expenses and ~~legal fees. Other~~other general and administrative expenses for the three months ended September 30, ~~2022~~2023 as compared to the three months ended September 30, ~~2021~~2022 remained relatively flat.

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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 $ (138) $ 65
Net change in unrealized depreciation of investments (7,948) (5,228)
Net realized and unrealized losses $ (8,086) $ (5,163)


	Three Months Ended
(in thousands)	September 30, 2023		September 30, 2022
Net realized gains (losses) on investments	$	72	$	(138)
Net change in unrealized appreciation (depreciation) of investments	5,374		(7,948)

Net realized and unrealized gains (losses)	$	5,446	$	(8,086)

Our net realized ~~losses~~gains and unrealized appreciation resulted in a net gain of approximately $5.4 million for the three months ended September 30, 2023 as compared to the net realized loss and unrealized depreciation ~~resulted~~resulting in a net loss of approximately $8.1 million for the three months ended September 30, ~~2022 as compared to the net realized gains and unrealized depreciation resulting in a net loss of approximately $5.2 million for the three months ended September 30, 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 gain for the three months ended September 30, 2023 was primarily driven by the overall increase in market prices of our investments during the period. The net loss for the three months ended September 30, 2022 was primarily driven by the overall decrease in market prices of our investments during the period. ~~The net loss for the three months ended June 30, 2021 was primarily driven by the early repayment~~

Table of ~~9 of our investments during the period which we purchased with large discounts.~~Contents

Results of Operations for the Nine Months Ended September 30, ~~2022~~2023 and September 30, ~~2021~~2022

Revenue


		Nine Months Ended					Nine Months Ended
(in thousands)	(in thousands)	September 30, 2022		September 30, 2021		(in thousands)	September 30, 2023		September 30, 2022
Total interest income	Total interest income	64,964		37,377		Total interest income	$	103,338	$	64,964

Fee income	Fee income	3,822		4,860		Fee income	2,101		3,822
Total investment income	Total investment income	$	68,786	$	42,237	Total investment income	$	105,439	$	68,786

Our total investment income increased by approximately ~~$26.5~~$36.7 million, or ~~63%~~53%, for the nine months ended September 30, ~~2022~~2023 as compared to the nine months ended September 30, ~~2021.~~2022. For the nine months ended September 30, ~~2022,~~2023, total investment income of approximately ~~$68.8~~$105.4 million consisted of approximately ~~$58.5~~$96.2 million in cash interest from investments, approximately ~~$2.7~~$4.4 million in PIK interest from investments, net amortization of purchase premiums and discounts of approximately ~~$3.8~~$2.7 million, and approximately ~~$3.8~~$2.1 million in fee income. The increase in total interest income of approximately ~~$27.6~~$38.4 million during the nine months ended September 30, ~~2022~~2023 as compared to the nine months ended September 30, ~~2021~~2022 was primarily ~~attributable~~due to ~~larger invested balances, driven by the proceeds from drawdowns~~a higher effective interest rate of our portfolio due to higher LIBOR and SOFR rates on ~~Capital Commitments and drawn balances on the Wells Credit Facility (as defined below) and higher interest rates.~~our floating rate assets. Fee income during the nine months ended September 30, ~~2022,~~2023, which represents fees that are generally non-recurring in nature, was primarily attributable todelayed compensation on trades received from six different portfolio companies and upfront, and amendment fees received from 33twenty-one different portfolio companies.

Operating Expenses


		Nine Months Ended					Nine Months Ended
(in thousands)	(in thousands)	September 30, 2022		September 30, 2021		(in thousands)	September 30, 2023		September 30, 2022
Management fee	Management fee	5,137		3,158		Management fee	$	5,794	$	5,137

Interest and other financing expenses	Interest and other financing expenses	10,557		3,738		Interest and other financing expenses	21,198		10,557
Administrative expenses						Administrative expenses	862		777
Professional fees	Professional fees	779		480		Professional fees	738		779
Administrative expenses		777		446
Other general and administrative expenses	Other general and administrative expenses	221		211		Other general and administrative expenses	314		221
Organizational expenses		—		18
Net expenses before income taxes		17,471		8,051
Income tax expense		—		3

Net expenses	Net expenses	$	17,471	$	8,054	Net expenses	$	28,906	$	17,471

Our total net operating expenses increased by approximately ~~$9.4~~$11.4 million for the nine months ended September 30, ~~2022~~2023 as compared to the nine months ended September 30, ~~2021.~~2022. Our management fee increased by ~~$2.0~~$0.7 million, which was attributable to larger managed and invested capital ~~balances.~~

~~Table~~balances as a result of ~~Contents~~

the shares issued through the DRIP.

Interest and other financing expenses increased by approximately ~~$6.8~~$10.6 million during the nine months ended September 30, ~~2022~~2023 as compared to the nine months ended September 30, ~~2021,~~2022, primarily due to higher SOFR rates on drawn balances on the Wells Credit Facility (as defined below) ~~and higher interest rates.~~.

Administrative expenses increased by approximately $0.3 million during the nine months ended September 30, 2022 as compared to the nine months ended September 30, 2021 primarily due to higher fees charged for administrative services performed over our larger managed and invested balances. Professional fees, ~~increased by approximately $0.3 million during the nine months ended September 30, 2022 as compared to the nine months ended September 30, 2021 primarily due to increased audit~~administrative expenses and ~~legal fees. Other~~other general and administrative expenses for the nine months ended September 30, ~~2022~~2023 as compared to the nine months ended September 30, ~~2021~~2022 remained flat.

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


		Nine Months Ended					Nine Months Ended
(in thousands)	(in thousands)	September 30, 2022		September 30, 2021		(in thousands)	September 30, 2023		September 30, 2022
Net realized gains on investments	Net realized gains on investments	$	1,260	$	65	Net realized gains on investments	$	191	$	1,260
Net change in unrealized depreciation of investments		(20,378)		(7,666)
Net change in unrealized appreciation (depreciation) of investments						Net change in unrealized appreciation (depreciation) of investments	11,107		(20,378)

Net realized and unrealized losses		$	(19,118)	$	(7,601)
Net realized and unrealized gains (losses)						Net realized and unrealized gains (losses)	$	11,298	$	(19,118)

Our net realized gains and unrealized appreciation resulted in a net gain of approximately $11.3 million for the nine months ended September 30, 2023 as compared to the net realized gains and unrealized depreciation ~~resulted~~resulting in a net loss of approximately $19.1 million for the nine months ended September 30, ~~2022 as compared to the net realized gains and unrealized depreciation of approximately $7.6 million for the nine months ended September 30, 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 gain for the nine months ended September 30, 2023 was primarily driven by the overall increase in market prices of our investments during the period. The net loss for the nine months ended September 30, 2022 was primarily driven by the overall decrease in market prices of our investments during the period. ~~The net loss for the nine months ended September 30, 2021 was primarily driven by the early repayment~~

Table of ~~20 of our investments during the period.~~Contents

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.

We expect to generate cash flows from investments and operations and borrowings from banks or other lenders. We will seek to enter into any bank debt, credit facility or other financing arrangements on at least customary market terms; however, we cannot assure you we will be able to do so. Any such incurrence or issuance would be subject to prevailing market conditions, our liquidity requirements, contractual and regulatory restrictions and other factors.

The Investment Adviser, as the initial stockholder, authorized us to adopt the application of the modified asset coverage ratio pursuant to the 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.~~us from 200.0% to 150.0% . In connection with their subscriptions of the shares, our stockholders were required to acknowledge our ability to operate with an asset coverage ratio that may be as low as 150.0%. In accordance with the 1940 Act, with certain limited exceptions, we are only allowed to borrow amounts such that our asset coverage, calculated pursuant to the 1940 Act, is at least 150.0% after such borrowing (which means we can borrow $2 for every $1 of our equity). As of September 30, ~~2022,~~2023, our asset coverage ratio was ~~290.94%~~338.72%.

~~On January 27, 2020, we entered into Subscription Agreements with several investors providing for the private placement of shares of common stock.~~

On September 30, ~~2022~~2023 and December 31, ~~2021,~~2022, we had aggregate capital commitments and undrawn capital commitments from investors as follows:


(in millions)	(in millions)	September 30, 2022			December 31, 2021			(in millions)	September 30, 2023			December 31, 2022
Capital Commitments	Capital Commitments	$	690.0		$	690.0		Capital Commitments	$	690.0		$	690.0
Unfunded Capital Commitments	Unfunded Capital Commitments	—			—			Unfunded Capital Commitments	—			—
% of Capital Commitments funded	% of Capital Commitments funded	100.0		%	100.0		%	% of Capital Commitments funded	100.0		%	100.0		%

At September 30, ~~2022~~2023 and December 31, ~~2021,~~2022, we had cash and cash equivalents of approximately ~~$17.1~~$17.5 million and ~~$21.4~~$16.0 million, respectively. Our cash ~~used in~~provided by (used in) operating activities for the nine months ended September 30, ~~2022~~2023 and

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September 30, ~~2021,~~2022, were approximately ~~$87.3~~$35.7 million and ~~$337.8~~$(87.3) million, respectively. We expect that all current liquidity needs will be met with cash flows from operations.

Off-Balance Sheet Arrangements

We may become a party to financial instruments with off-balance sheet risk in the normal course of business to meet the financial needs of our portfolio companies. These instruments may include commitments to extend credit and involve, to varying degrees, elements of liquidity and credit risk in excess of the amount recognized in the balance sheet. 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~~2023 and December 31, ~~2021,~~2022, we had outstanding commitments to third parties to fund investments totaling ~~$138.4~~$110.9 million and ~~$186.5~~$127.9 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~~2023 and December 31, ~~2021,~~2022, we had commitment letters to purchase investments in the aggregate par amount of ~~$36.9~~$1.4 million and ~~$25.4~~$27.4 million, respectively, which could require funding in the future. As of September 30, ~~2022~~2023 and December 31, ~~2021,~~2022, we had not entered into any bridge financing commitments which could require funding in the future.

Borrowings

Wells Credit Facility—On December 23, 2020, our wholly-owned subsidiary, SLF I SPV, entered into a Loan and Security Agreement ~~(as amended, from time to time, the "Wells Credit Facility")~~ among SLF I SPV as the borrower, the Investment Adviser as collateral manager, us as equityholder and seller, Wells Fargo Bank, National Association ("Wells Fargo") as the administrative agent and the collateral custodian and each of the lenders from time to time party thereto (as amended, from time to time, the "Loan and Security Agreement"), which is structured as a secured revolving credit ~~facility.~~facility (the "Wells Credit Facility"). The Wells Credit Facility will mature on December 23, 2025 and has a maximum facility amount of $450.0 million. Under the Wells Credit Facility, SLF I SPV is permitted to borrow up to 25.0%, 50.0%, 60.0% or 65.0% of the purchase price of pledged assets, subject to approval by Wells Fargo. The Wells Credit Facility is non-recourse to us and is collateralized by all of the investments of SLF I SPV on an investment by investment basis. All fees associated with the origination, amending or upsizing of the Wells Credit Facility are capitalized on our Consolidated Statements of Assets and Liabilities and charged against income as other financing expenses over the life of the Wells Credit Facility. The Wells Credit Facility contains certain customary affirmative and negative

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covenants and events of default. The covenants are generally not tied to mark to market fluctuations in the prices of SLF I SPV investments, but rather to the performance of the underlying portfolio companies.

As of the most recent amendment on ~~June 29, 2021,~~April 28, 2023, the Wells Credit Facility bears interest at a rate of ~~the London Interbank Offered Rate ("LIBOR")~~SOFR plus 1.60% per annum for Broadly Syndicated Loans (as defined in the First Amendment to the Loan and Security Agreement) and LIBOR plus 2.10% per annum for all other investments. Previously, the Wells Credit Facility bore interest at a rate of LIBOR plus 1.65%1.70% per annum for Broadly Syndicated Loans (as defined in the Loan and Security Agreement) and SOFR plus 2.20% per annum for all other investments. Prior to the amendment on April 28, 2023, from June 29, 2021 to April 27, 2023, the Wells Credit Facility bore interest at a rate of LIBOR plus ~~2.15%~~1.60% per annum for Broadly Syndicated Loans (as defined inthe Loan and Security Agreement) and LIBOR plus 2.10% per annum for all other investments. The Wells 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 Loan and Security Agreement).

As of September 30, ~~2022~~2023 and December 31, ~~2021,~~2022, the outstanding balance on the Wells Credit Facility was ~~$401.0~~$360.3 million and ~~$318.0~~$394.5 million, respectively, and SLF I SPV was in compliance with the applicable covenants in the ~~Wells Credit Facility~~Loan and Security Agreement on such dates.

See Item 1.—Financial Statements—Note 6. Borrowings in this Quarterly Report on Form 10-Q for additional information on costs incurred on the Wells Credit Facility for the three and nine months ended September 30, ~~2022~~2023 and September 30, ~~2021.~~2022.

~~Wells Subscription Line~~—On February 25, 2020, we entered into a Revolving Credit Agreement (the "Wells Subscription Line") with Wells Fargo. On December 3, 2021, all outstanding borrowings under the Wells Subscription Line were repaid and the facility was terminated in connection with the final drawdown on Capital Commitments. Prior to termination, the Wells Subscription Line had a maximum facility amount of $50.0 million and we were permitted to borrow up to the lesser of $50.0 million and the Borrowing Base. The "Borrowing Base" was based upon the unfunded Capital Commitments of our subscribed investors that had been approved by Wells Fargo and met certain criteria.

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~~facility amount was greater than or equal to 50.0% of the maximum facility amount, or (b) 0.25% per annum when the unused facility amount was less than 50.0% of the maximum facility amount.~~

~~See~~ ~~Item 1.—Financial Statements—Note 6. Borrowings~~ ~~in this Quarterly Report on Form 10-Q for additional information on costs incurred on the Wells Subscription Line for the three and nine months ended September 30, 2021.~~

Contractual Obligations

A summary of our significant contractual payment obligations as of September 30, ~~2022~~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
Wells Credit Facility (1)	Wells Credit Facility (1)	$	401.0	$	—	$	—	$	401.0	$	—	Wells Credit Facility (1)	$	360.3	$	—	$	360.3	$	—	$	—

(1)Under the terms of the Wells Credit Facility, all outstanding borrowings under that facility ($~~401.0~~360.3 million as of September 30, ~~2022)~~2023) must be repaid on or before December 23, 2025. As of September 30, ~~2022,~~2023, there was approximately ~~$49.0~~$89.7 million of possible capacity remaining under the Wells Credit Facility. See ~~"— Borrowings"~~"Item 1.—Financial Statements—Note 6. Borrowings", for material details on the Wells Credit Facility.

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

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

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

Distributions and Dividends

Distributions declared for the nine months ended September 30, ~~2022~~2023 and September 30, ~~2021~~2022 totaled approximately ~~$50.8~~$76.2 million and ~~$34.5~~$50.8 million, respectively.

Tax characteristics of all distributions paid are reported to ~~unitholders~~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 declared were ~~$51.9~~$72.6 million and ~~$14.5~~$51.9 million, respectively, of which the distributions were comprised of approximately ~~99.56%~~96.94% and ~~100.00%,~~99.58% respectively, of ordinary income, ~~0.44%~~3.06% and ~~0.00%~~0.42%, respectively, of long-term capital gains and 0.00% and 0.00%, respectively, of a return of capital. Future distributions, if any, will be determined by our board of directors.

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

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We maintain an "opt out" dividend reinvestment plan as(as amended from time to time, ~~(the~~the "DRIP"), 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. We will only use newly-issued shares of common stock to implement the DRIP. On August 16, 2022, the board of directors amended and restated the DRIP, effective as of September 18, 2022 (the "Amendment"). The Amendment clarifies that by "opting out" a stockholder may elect to receive some or all of their dividends or distributions in cash. Additionally, the notice requirement for stockholders to withdraw or modify their elections under the DRIP was amended such that a stockholder must notify the Company's transfer agent and registrar of any changes to their election no later than the day before the start of the quarterly period for which the stockholder desires to receive some or all of the dividend or distribution in cash. For the nine months ended September 30, ~~2022~~2023 and September 30, ~~2021,~~2022, we ~~have~~ issued ~~6,010,548~~8,631,890 and ~~1,829,609~~6,010,548 shares through the DRIP, respectively. 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, as amended, less expenses incurred by the Investment Adviser in performing its services under the Investment Management Agreement.

•We have entered into the Administration Agreement with the Administrator, a wholly-owned subsidiary of New Mountain Capital. The Administrator arranges our office space and provides office equipment and administrative services necessary to conduct our respective day-to-day operations pursuant to the Administration Agreement.

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

In addition, we have adopted a formal Code of Ethics that governs the conduct of our officers and directors. These officers and directors also remain subject to the duties imposed by the 1940 Act and the Maryland 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~~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 objective and strategies. The Exemptive Order was amended on August 30, 2022 to permit us to ~~co-invest~~complete follow-on investments in existing portfolio companies with certain affiliates that are private funds if such private funds do not ~~have~~hold an investment in such existing portfolio company, subject to certain conditions.As our assets are treated as "plan assets" under ERISA, we will only co-invest in the same issuer with certain funds or entities managed by the Investment Adviser or its affiliates, so long as their and our respective future investments are at the same level of such issuer's capital structure; provided, that in no event will we co-invest with any other fund or entity in contravention of the 1940 Act.

See Item 1.—Financial Statements—Note 5. Agreements and Related Parties in this Quarterly Report on Form 10-Q for more information.

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Item 3. Quantitative and Qualitative Disclosures About Market Risk

We are subject to certain financial market risks, such as interest rate fluctuations. 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 ~~LIBOR~~base rates, such as SOFR, to zero, the difference between the total interest income earned on interest earning assets and the total interest expense incurred on interest bearing liabilities may be compressed, reducing our net interest income and potentially adversely affecting our operating results. 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 raised 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 months ended September 30, ~~2022,~~2023, certain of the loans held in our portfolio had floating LIBOR or ~~Secured Overnight Financing Rate ("SOFR")~~SOFR interest rates. As of September 30, ~~2022,~~2023, approximately 99.9% of investments at fair value (excluding unfunded debt ~~investments and non-interest bearing equity~~ investments) represent floating-rate investments with a LIBOR or SOFR floor (includes investments bearing prime interest rate contracts) and approximately 0.1% of our investments at fair value represent fixed-rate investments. Additionally, our Wells Credit Facility is also subject to floating interest rates and ~~are~~is currently paid based on floating ~~LIBOR or~~ SOFR rates.

The following table estimates the potential changes in ~~net cash flow generated from~~ interest income ~~and expenses,~~net of interest expense, should interest rates increase by 100, 200 or 300 basis points, or decrease by 25 basis points. Interest income is calculated as revenue from interest generated from our portfolio of investments held on September 30, ~~2022.~~2023. Interest expense is calculated based on the terms of our ~~outstanding revolving credit facility.~~Wells Credit Facility. For our ~~floating rate revolving~~ credit facility, we use the outstanding balance as of September 30, ~~2022. Interest expense on our floating rate revolving credit facility is calculated using~~2023. This analysis does not take into account the ~~interest rate as~~impact of ~~September 30, 2022, adjusted for the hypothetical changes in rates, as shown below.~~other expenses. 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.~~2023. These hypothetical calculations are based on a model of the investments in our portfolio, held as of September 30, ~~2022,~~2023, and are only adjusted for assumed changes in the underlying base interest rates. In addition, in a prolonged low interest rate environment, including a reduction of LIBOR 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.

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


Change in Interest Rates	Estimated Percentage Change in Interest Income Net of Interest Expense (unaudited)
–25 Basis Points	~~(2.23)~~(1.89)	%
Base Interest Rate	—	%
+100 Basis Points	~~8.97~~ 7.57	%
+200 Basis Points	~~18.06~~ 15.14	%
+300 Basis Points	~~27.15~~ 22.71	%

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Item 4. Controls and Procedures

(a)Evaluation of Disclosure Controls and Procedures

As of September 30, ~~2022~~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 Securities Exchange Act of 1934, as amended). Based on that evaluation, our management, including the Chief Executive Officer and Chief Financial Officer, concluded that our disclosure controls and procedures were effective and provided reasonable assurance that information required to be disclosed in our periodic SEC filings is recorded, processed, summarized and reported within the time periods specified in the SEC's rules and forms, and that such information is accumulated and communicated to our management, including our Chief Executive Officer and Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosure. However, in evaluating the disclosure controls and procedures, management recognized that any controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving the desired control objectives, and management necessarily was required to apply its judgment in evaluating the cost-benefit relationship of such possible controls and procedures.

(b)Changes in Internal Control Over Financial Reporting

There have been no changes in our internal control over financial reporting that occurred during the fiscal quarter ended September 30, ~~2022~~2023 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

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PART II. OTHER INFORMATION

The terms "we", "us", "our" and the "Company" refers to NMF SLF I, Inc and its consolidated subsidiaries.

Item 1. Legal Proceedings

We, and our consolidated subsidiary, the Investment Adviser and the Administrator are not currently subject to any material legal proceedings as of September 30, ~~2022.~~2023. From time to time, we or our consolidated subsidiary 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 "We may borrow money, which could magnify the potential for gain or loss on amounts invested in us and increase the risk of investing in us". 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 months ended September 30, ~~2022~~2023 to the risk factors discussed in Item 1A.—Risk Factors in our Annual Report on Form ~~10-K.~~10-K for the fiscal year ended December 31, 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.

Covenant-lite loans may offer us fewer protections than traditional investments.

Some of our debt investments may have less restrictive covenant terms that provide us with fewer protections, called "covenant-lite" loans, that generally provide for fewer financial covenants on the borrower. In particular, borrowers under such covenant-lite loans may have greater flexibility in how they manage their financial condition. As a result, we may face challenges in recovering on such covenant-lite loans, to the extent they go into distress, and may lack options that would normally be available to us as a lender under more traditional debt structures

The alternative reference rates that have replaced LIBOR in our credit arrangements and other financial instruments may not yield the same or similar economic results as LIBOR over the life of such transactions.

LIBOR, the London Interbank Offered Rate, is an index rate that historically was widely used in lending transactions

and was a common reference rate for setting the floating interest rate on private loans. LIBOR was typically the reference rate

used in floating-rate loans extended to our portfolio companies.

The ICE Benchmark Administration (“IBA”) (the entity that is responsible for calculating LIBOR) ceased providing

overnight, one, three, six and twelve months USD LIBOR tenors on June 30, 2023. In addition, the United Kingdom’s Financial

Conduct Authority (“FCA”), which oversees the IBA, now prohibits entities supervised by the FCA from using LIBORs,

including USD LIBOR, except in very limited circumstances.

In the United States, the Secured Overnight Financing Rate (“SOFR”) is the preferred alternative rate for LIBOR.

SOFR is a measure of the cost of borrowing cash overnight, collateralized by U.S. Treasury securities, and is based on directly

observable U.S. Treasury-backed repurchase transactions. SOFR is published by the Federal Reserve Bank of New York each

U.S. Government Securities Business Day, for transactions made on the immediately preceding US. Government Securities

Business Day. Alternative reference rates that may replace LIBOR, including SOFR for USD transactions, may not yield the

same or similar economic results as LIBOR over the lives of such transactions.

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Substantially all of our loans that referenced LIBOR have been amended to reference the forward-looking term rate

published by CME Group Benchmark Administration Limited based on the secured overnight financing rate (“CME Term

SOFR”). CME Term SOFR rates are forward-looking rates that are derived by compounding projected overnight SOFR rates over one, three, and six months taking into account the values of multiple consecutive, executed, one-month and three-month CME Group traded SOFR futures contracts and, in some cases, over-the-counter SOFR Overnight Indexed Swaps as an indicator of CME Term SOFR reference rate values. CME Term SOFR and the inputs on which it is based are derived from SOFR. Since CME Term SOFR is a relatively new market rate, there will likely be no established trading market for credit agreements or other financial instruments when they are issued, and an established market may never develop or may not be liquid. Market terms for instruments referencing CME Term SOFR rates may be lower than those of later-issued CME Term SOFR indexed instruments. Similarly, if CME Term SOFR does not prove to be widely used, the trading price of instruments referencing CME Term SOFR may be lower than those of instruments indexed to indices that are more widely used.

Item 2. Unregistered Sales of Equity Securities, ~~and~~ Use of Proceeds, and Issuer Purchases of Equity Securities

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

Item 3. Defaults Upon Senior Securities

None.

Item 4. Mine Safety Disclosures

Not applicable.

Item 5. Other Information

a.Going forward, Robert A. Hamwee remains as one of the Company's portfolio managers but will transition from a New Mountain Managing Director to a Senior Advisor with the freedom to allocate his time to activities outside of credit and the Company. As part of his responsibilities, Mr. Hamwee will continue to: (i) serve as a senior member of the Investment Committee of the Company’s investment adviser and (ii) be involved in other parts of leadership that the Company’s board of directors considers core to the Company’s performance. The Company’s investment adviser believes that its management team, with the overall support of New Mountain Capital’s team of approximately 250 employees and senior advisors, is adequately staffed to support the Company.

b.None.

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

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

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Item 6. Exhibits

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


Exhibit Number						Description
3.1						Form of Articles of Amendment and Restatement(1)
3.2						Form of Bylaws(1)
4.1						Form of Subscription Agreement(1)
~~10.1~~ 31.1						~~Second Amended and Restated Investment Advisory and Management Agreement, dated as of September 26, 2022, by and between NMF SLF I, Inc. and New Mountain Finance Advisers BDC, L.L.C.~~(2)
~~10.2~~						~~Amended and Restated Dividend Reinvestment Plan of NMF SLF I, Inc., effective as of September 18, 2022 (3)~~
~~31.1~~						Certification of Chief Executive Officer pursuant to Rule 13a-14(a) of the Securities Exchange Act of 1934, as amended*
31.2						Certification of Chief Financial Officer pursuant to Rule 13a-14(a) of the Securities Exchange Act of 1934, as amended*
32.1						Certification of Chief Executive Officer pursuant to Section 906 of The Sarbanes-Oxley Act of 2002 (18 U.S.C. 1350)*
32.2						Certification of Chief Financial Officer pursuant to Section 906 of The Sarbanes-Oxley Act of 2002 (18 U.S.C. 1350)*
101.INS						Inline XBRL Instance Document
101.SCH						Inline XBRL Taxonomy Extension Schema Document
101.CAL						Inline XBRL Taxonomy Extension Calculation Linkbase Document
101.DEF						Inline XBRL Taxonomy Extension Definition Linkbase Document
101.LAB						Inline XBRL Taxonomy Extension Label Linkbase Document
101.PRE						Inline XBRL Taxonomy Extension Presentation Linkbase Document
104.0						Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)

(1)Previously filed in connection with NMF Senior Loan Fund I, Inc.'s (now known as NMF SLF I, Inc.) ~~registration statement~~Registration Statement on Form 10 (File No. 000-56123) filed on November 22, 2019.

~~(2)Previously filed in connection with NMF SLF I, Inc.'s report of Form 8-K filed on September 29, 2022.~~

~~(3)Previously filed in connection with NMF SLF I, Inc.'s report of Form 8-K filed on August 19, 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 14, ~~2022.~~2023.


			NMF SLF I, Inc.
			By:						/s/ ~~ROBERT A. HAMWEE~~JOHN R. KLINE
									~~Robert A. Hamwee~~John R. Kline President, Chief Executive Officer ~~(Principal~~ (Principal Executive Officer), and Chairman of the Board of Directors
			By:						/s/ ~~SHIRAZ Y. KAJEE~~LAURA C. HOLSON
									~~Shiraz Y. Kajee~~Laura C. Holson Chief Financial Officer ~~and Treasurer~~ (Principal Financial and Accounting Officer), and Chief Operating Officer, and Treasurer

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