NMF SLF I 10-Q 2022 Q1 Quarterly report

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

_________________________________________________________________________________

FORM 10-Q

_________________________________________________________________________________

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

For the Quarterly Period Ended March 31, 2022

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 of principal executive offices, telephone numbers 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	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 o    No o

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See 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 May 13, 2022 was 70,727,699. As of March 31, 2022, there was no established public market for the registrant's common stock.

1

FORM 10-Q FOR THE QUARTER ENDED MARCH 31, 2022

TABLE OF CONTENTS

		PAGE
PART I. FINANCIAL INFORMATION
Item 1.	Financial Statements
	NMF SLF I, Inc.
	Consolidated Statements of Assets and Liabilities as of March 31, 2022 (unaudited) and December 31, 2021	3
	Consolidated Statements of Operations for the three months ended March 31, 2022 (unaudited) and March 31, 2021 (unaudited)	4
	Consolidated Statements of Changes in Net Assets for the three months ended March 31, 2022 (unaudited) and March 31, 2021 (unaudited)	5
	Consolidated Statements of Cash Flows for the three months ended March 31, 2022 (unaudited) and March 31, 2021 (unaudited)	6
	Consolidated Schedule of Investments as of March 31, 2022 (unaudited)	7
	Consolidated Schedule of Investments as of December 31, 2021	21
	Notes to the Consolidated Financial Statements of NMF SLF I, Inc. (unaudited)	34
	Report of Independent Registered Public Accounting Firm	51
Item 2.	Management's Discussion and Analysis of Financial Condition and Results of Operations	52
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	64
Item 4.	Controls and Procedures	65
PART II. OTHER INFORMATION
Item 1.	Legal Proceedings	66
Item 1A.	Risk Factors	66
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	66
Item 3.	Defaults Upon Senior Securities	66
Item 4.	Mine Safety Disclosures	66
Item 5.	Other Information	66
Item 6.	Exhibits	67
	Signatures	68

2

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)

	March 31, 2022		December 31, 2021
Assets
Non-controlled/non-affiliated investments at fair value (cost of $1,101,782 and $1,060,947, respectively)	$	1,107,060	$	1,070,088
Receivable from unsettled securities sold	15,237		—
Cash and cash equivalents	11,863		21,426
Interest receivable	6,085		5,237
Other assets	421		337
Total assets	$	1,140,666	$	1,097,088
Liabilities
Borrowings
Wells Credit Facility	$	375,000	$	318,000
Deferred financing costs (net of accumulated amortization of $1,307 and $1,088, respectively)	(3,312)		(3,531)
Net borrowings	371,688		314,469
Distribution payable	15,560		32,021
Management fee payable	1,625		1,460
Interest payable	824		646
Payable to affiliates	80		114
Payable for unsettled securities purchased	—		27,781
Other liabilities	661		498
Total liabilities	390,438		376,989
Commitments and contingencies (See Note 8)
Net Assets
Common stock, par value $0.001, 500,000,000 shares authorized, 70,727,699 and 67,739,484 shares issued and outstanding, respectively	71		68
Paid in capital in excess of par	739,378		707,361
Accumulated undistributed earnings	10,779		12,670
Total net assets	$	750,228	$	720,099
Total liabilities and net assets	$	1,140,666	$	1,097,088
Net asset value per share	$	10.61	$	10.63

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

3

NMF SLF I, Inc.

Consolidated Statements of Operations

(in thousands, except shares and per share data)

(unaudited)

	Three Months Ended
		March 31, 2022		March 31, 2021
Investment income
Interest income (excluding Payment-in-kind ("PIK") interest income)		$	18,036	$	9,274
PIK interest income		806		108
Fee income		1,278		919
Total investment income		20,120		10,301
Expenses
Interest and other financing expenses		2,362		842
Management fee		1,625		888
Professional fees		273		157
Administrative expenses		265		121
Other general and administrative expenses		68		77
Organizational expenses		—		8
Total expenses		4,593		2,093
Net investment income before income taxes		15,527		8,208
Income tax expense		—		3
Net investment income		15,527		8,205
Net realized and unrealized gains (losses)
Net realized gains on investments		2,004		—
Net change in unrealized (depreciation) appreciation of investments		(3,863)		1,189
Net realized and unrealized (losses) gains		(1,859)		1,189
Net increase in net assets resulting from operations		$	13,668	$	9,394
Earnings per share (basic & diluted)		$	0.19	$	0.26
Weighted average shares of common stock outstanding - basic & diluted (See Note 10)		70,329,270		35,648,345

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

4

NMF SLF I, Inc.

Consolidated Statements of Changes in Net Assets

(in thousands, except shares)

(unaudited)

	Three Months Ended
		March 31, 2022		March 31, 2021
Increase (decrease) in net assets resulting from operations:
Net investment income		$	15,527	$	8,205
Net realized gains on investments		2,004		—
Net change in unrealized (depreciation) appreciation of investments		(3,863)		1,189
Net increase in net assets resulting from operations		13,668		9,394
Capital transactions
Distributions declared to stockholders from net investment income		(15,560)		(9,115)
Reinvestment of distributions		32,021		—
Total net increase (decrease) in net assets resulting from capital transactions		16,461		(9,115)
Net increase in net assets		30,129		279
Net assets at the beginning of the period		720,099		386,712
Net assets at the end of the period		$	750,228	$	386,991
Capital share activity
Shares issued from the reinvestment of distributions		2,988,215		—

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

5

NMF SLF I, Inc.

Consolidated Statements of Cash Flows

(in thousands)

(unaudited)

	Three Months Ended
	March 31, 2022		March 31, 2021
Cash flows from operating activities
Net increase in net assets resulting from operations	$	13,668	$	9,394
Adjustments to reconcile net increase in net assets resulting from operations to net cash used in operating activities:
Net realized gains on investments	(2,004)		—
Net change in unrealized depreciation (appreciation) of investments	3,863		(1,189)
Amortization of purchase discount	(970)		(1,675)
Amortization of deferred financing costs	219		185
Non-cash investment income	(717)		(80)
(Increase) decrease in operating assets:
Purchase of investments and delayed draw facilities	(77,390)		(93,578)
Proceeds from sales and paydowns of investments	40,472		14,760
Cash paid on drawn revolving credit facilities	(5,460)		(1,069)
Cash received for purchase of undrawn portion of revolving credit or delayed draw facilities	74		14
Cash repayments on drawn revolvers	5,160		612
Interest receivable	(848)		(750)
Receivable from unsettled securities sold	(15,237)		—
Other assets	(84)		(107)
Increase (decrease) in operating liabilities:
Payable for unsettled securities purchased	(27,781)		5,978
Interest payable	178		600
Management fee payable	165		206
Payable to affiliates	(34)		62
Other liabilities	169		95
Net cash flows used in operating activities	(66,557)		(66,542)
Cash flows from financing activities
Distributions paid	—		(5,811)
Proceeds from Wells Credit Facility	75,000		55,000
Repayment of Wells Credit Facility	(18,000)		—
Deferred financing costs paid	(6)		(98)
Net cash flows provided by financing activities	56,994		49,091
Net decrease in cash and cash equivalents	(9,563)		(17,451)
Cash and cash equivalents at the beginning of the period	21,426		37,073
Cash and cash equivalents at the end of the period	$	11,863	$	19,622
Supplemental disclosure of cash flow information
Cash interest paid	$	1,845	$	25
Income taxes paid	—		23
Non-cash financing activities:
Distribution declared and payable	15,560		9,115
Value of shares issued in connection with reinvestment of distributions	32,021		—
Accrual for deferred financing costs	—		4

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

6

NMF SLF I, Inc.

Consolidated Schedule of Investments

March 31, 2022

(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
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	$	16,992	$	16,557	$	16,992
	First lien (2)(3)	6.25% (L + 5.25%/Q)	12/30/2020	9/18/2023	9,875		9,875		9,875
	First lien (2)(3)	6.25% (L + 5.25%/Q)	4/20/2020	9/18/2023	7,504		7,312		7,504
	First lien (2)(3)	6.25% (L + 5.25%/Q)	6/15/2021	9/18/2023	3,262		3,262		3,262
					37,633		37,006		37,633		5.02	%
GS Acquisitionco, Inc.
Software	First lien (2)(3)	7.25% (L + 5.75%/S)	2/6/2020	5/22/2026	24,541		24,435		24,541
	First lien (3)	7.25% (L + 5.75%/S)	2/6/2020	5/22/2026	4,605		4,576		4,605
	First lien (3)(4) - Drawn	7.25% (L + 5.75%/S)	2/6/2020	5/22/2026	1,631		1,624		1,631
					30,777		30,635		30,777		4.10	%
Higginbotham Insurance Agency, Inc.
Insurance Services	First lien (2)(3)	6.25% (L + 5.50%/M)	11/19/2020	11/25/2026	23,847		23,702		23,847
	First lien (3)	6.25% (L + 5.50%/M)	11/19/2020	11/25/2026	6,732		6,686		6,732
					30,579		30,388		30,579		4.08	%
Zone Climate Services, Inc.
Consumer Services	First lien (2)	5.75% (SOFR + 4.75%/Q)	3/9/2022	3/9/2028	28,103		27,824		27,822		3.71	%
Wealth Enhancement Group, LLC (fka TA/WEG Holdings, LLC)
Financial Services	First lien (3)	6.75% (L + 5.75%/S)	12/11/2020	10/4/2027	18,632		18,516		18,632
	First lien (3)	6.75% (L + 5.75%/S)	6/3/2021	10/4/2027	4,998		4,975		4,998
	First lien (3)(4) - Drawn	6.75% (L + 5.75%/M)	8/13/2021	10/4/2027	3,677		3,668		3,677
	First lien (3)(4) - Drawn	6.75% (L + 5.75%/S)	8/13/2021	10/4/2027	92		92		92
					27,399		27,251		27,399		3.65	%
Pye-Barker Fire & Safety, LLC
Business Services	First lien (3)	6.51% (L + 5.50%/Q)	10/15/2020	11/26/2027	19,783		19,561		19,783
	First lien (3)(4) - Drawn	6.46% (L + 5.50%/Q)	11/26/2021	11/26/2027	7,536		7,463		7,536
					27,319		27,024		27,319		3.64	%
Diligent Corporation
Software	First lien (2)(3)	7.26% (L + 6.25%/Q)	8/4/2020	8/4/2025	14,861		14,730		14,950
	First lien (2)(3)	6.76% (L + 5.75%/Q)	3/30/2021	8/4/2025	5,625		5,602		5,625
	First lien (2)(3)	6.76% (L + 5.75%/Q)	3/4/2021	8/4/2025	3,136		3,124		3,136
	First lien (3)	7.26% (L + 6.25%/Q)	8/4/2020	8/4/2025	1,243		1,232		1,250
	First lien (3)	7.26% (L + 6.25%/Q)	8/4/2020	8/4/2025	784		777		789
					25,649		25,465		25,750		3.43	%

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

7

NMF SLF I, Inc.

Consolidated Schedule of Investments (Continued)

March 31, 2022

(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
Associations, Inc.
Consumer Services	First lien (2)(3)	7.50% (L + 4.00% + 2.50% PIK/Q)*	7/2/2021	7/2/2027	$	14,641	$	14,580	$	14,567
	First lien (3)	7.50% (L + 4.00% + 2.50% PIK/Q)*	7/2/2021	7/2/2027	3,602		3,586		3,584
	First lien (3)	7.50% (L + 4.00% + 2.50% PIK/Q)*	7/2/2021	7/2/2027	3,601		3,586		3,583
	First lien (3)	7.50% (L + 4.00% + 2.50% PIK/Q)*	7/2/2021	7/2/2027	2,175		2,166		2,164
	First lien (3)	7.50% (L + 4.00% + 2.50% PIK/Q)*	7/2/2021	7/2/2027	1,731		1,723		1,722
					25,750		25,641		25,620		3.41	%
Diamondback Acquisition, Inc.
Software	First lien (2)(3)	6.51% (L + 5.50%/Q)	9/13/2021	9/13/2028	25,266		25,030		25,013		3.33	%
Apptio, Inc.
Software	First lien (3)	8.25% (L + 7.25%/Q)	4/20/2020	1/10/2025	25,000		24,118		25,000		3.33	%
iCIMS, Inc.
Software	First lien (2)(3)	7.50% (L + 6.50%/S)	4/20/2020	9/12/2024	20,025		19,358		20,025
	First lien (2)(3)	7.50% (L + 6.50%/S)	4/20/2020	9/12/2024	3,905		3,775		3,905
					23,930		23,133		23,930		3.19	%
Syndigo LLC
Software	First lien (2)(3)	5.25% (L + 4.50%/S)	12/14/2020	12/15/2027	19,800		19,674		19,800
	Second Lien (3)	8.75% (L + 8.00%/S)	12/14/2020	12/15/2028	4,000		3,976		4,000
					23,800		23,650		23,800		3.17	%
OA Buyer, Inc.
Healthcare Information Technology	First lien (2)(3)	6.75% (L + 6.00%/M)	12/20/2021	12/20/2028	23,817		23,587		23,579		3.14	%
IG Investments Holdings, LLC
Business Services	First lien (2)(3)	7.01% (L + 6.00%/Q)	9/22/2021	9/22/2028	23,317		23,098		23,084
	First lien (3)(4) - Drawn	8.50% (P + 5.00%/Q)	9/22/2021	9/22/2027	365		363		362
					23,682		23,461		23,446		3.12	%
PDQ.com Corporation
Information Technology	First lien (3)	6.00% (L + 5.00%/Q)	9/1/2021	8/27/2027	13,462		13,400		13,394
	First lien (3)	6.01% (L + 5.00%/Q)	9/1/2021	8/27/2027	9,222		9,179		9,176
					22,684		22,579		22,570		3.01	%
Allworth Financial Group, L.P.
Financial Services	First lien (2)(3)	5.75% (SOFR + 4.75%/M)	12/21/2020	12/23/2026	17,884		17,733		17,706
	First lien (3)(4) - Drawn	5.75% (SOFR + 4.75%/M)	12/21/2020	12/23/2026	4,505		4,466		4,460
					22,389		22,199		22,166		2.95	%
Notorious Topco, LLC
Consumer Products	First lien (2)(3)	8.00% (L + 6.50%/S)	11/23/2021	11/23/2027	21,212		21,061		21,053
	First lien (3)(4) - Drawn	8.00% (L + 6.50%/S)	11/23/2021	5/24/2027	492		489		488
					21,704		21,550		21,541		2.87	%
Foundational Education Group, Inc.
Education	First lien (2)	4.75% (L + 4.25%/M)	8/19/2021	8/31/2028	14,464		14,396		14,464
	Second Lien (2)	7.00% (L + 6.50%/M)	8/19/2021	8/31/2029	6,488		6,458		6,451
					20,952		20,854		20,915		2.79	%

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

8

NMF SLF I, Inc.

Consolidated Schedule of Investments (Continued)

March 31, 2022

(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
KWOR Acquisition, Inc.
Business Services	First lien (2)(3)	6.00% (L + 5.25%/M)	12/22/2021	12/22/2028	$	20,765	$	20,614	$	20,609
	First lien (3)(4) - Drawn	7.75% (P + 4.25%/Q)	12/22/2021	12/22/2027	187		187		186
					20,952		20,801		20,795		2.77	%
Galway Borrower LLC
Insurance Services	First lien (2)(3)	6.26% (L + 5.25%/Q)	9/30/2021	9/29/2028	19,237		19,056		19,044
	First lien (3)	6.26% (L + 5.25%/Q)	9/30/2021	9/29/2028	1,327		1,323		1,313
	First lien (3)(4) - Drawn	6.26% (L + 5.25%/Q)	9/30/2021	9/29/2028	281		269		278
					20,845		20,648		20,635		2.75	%
CCBlue Bidco, Inc.
Healthcare Services	First lien (2)(3)	7.00% (L + 3.50% + 2.75% PIK/Q)*	12/20/2021	12/21/2028	20,605		20,406		20,399		2.72	%
Recorded Future, Inc.
Software	First lien (2)(3)	6.26% (L + 5.25%/Q)	12/30/2021	7/3/2025	7,481		7,446		7,444
	First lien (2)(3)	6.26% (L + 5.25%/Q)	8/3/2020	7/3/2025	5,802		5,761		5,773
	First lien (3)	6.26% (L + 5.25%/Q)	8/3/2020	7/3/2025	4,135		4,084		4,115
	First lien (2)(3)	6.26% (L + 5.25%/Q)	1/19/2022	7/3/2025	2,511		2,493		2,498
					19,929		19,784		19,830		2.64	%
Thermostat Purchaser III, Inc.
Business Services	First lien (2)	5.25% (L + 4.50%/Q)	8/24/2021	8/31/2028	19,001		18,956		18,858
	First lien	5.25% (L + 4.50%/Q)	8/24/2021	8/31/2028	935		931		929
					19,936		19,887		19,787		2.64	%
Stamps.com Inc.
Software	First lien (2)(3)	6.50% (L + 5.75%/Q)	10/5/2021	10/5/2028	11,721		11,610		11,604
	First lien (2)(3)	6.50% (L + 5.75%/Q)	12/13/2021	10/5/2028	7,367		7,296		7,293
					19,088		18,906		18,897		2.52	%
DECA Dental Holdings LLC
Healthcare Services	First lien (2)(3)	6.76% (L + 5.75%/Q)	8/26/2021	8/28/2028	16,990		16,832		16,821
	First lien (3)(4) - Drawn	6.76% (L + 5.75%/Q)	8/26/2021	8/28/2028	1,788		1,772		1,771
					18,778		18,604		18,592		2.48	%
Eisner Advisory Group LLC
Financial Services	First lien (2)	6.00% (L + 5.25%/M)	8/16/2021	7/28/2028	16,751		16,673		16,666
	First lien	6.00% (L + 5.25%/M)	8/16/2021	7/28/2028	1,675		1,667		1,666
					18,426		18,340		18,332		2.44	%
Kaseya Inc.
Software	First lien (2)(3)	7.50% (L + 5.50% + 1.00% PIK/Q)*	6/29/2020	5/2/2025	10,332		10,127		10,332
	First lien (2)(3)	7.50% (L + 5.50% + 1.00% PIK/Q)*	9/8/2021	5/2/2025	3,286		3,261		3,286
	First lien (3)	7.50% (L + 5.50% + 1.00% PIK/Q)*	8/3/2020	5/2/2025	2,633		2,597		2,633
	First lien (3)	7.50% (L + 5.50% + 1.00% PIK/Q)*	6/29/2020	5/2/2025	1,013		989		1,013
	First lien (3)(4) - Drawn	7.50% (L + 5.50% + 1.00% PIK/Q)*	9/8/2021	5/2/2025	802		797		802
					18,066		17,771		18,066		2.41	%
GraphPAD Software, LLC
Healthcare Information Technology	First lien (2)(3)	6.50% (L + 5.50%/A)	12/1/2021	4/27/2027	9,267		9,223		9,221
	First lien (2)(3)	6.50% (L + 5.50%/A)	4/28/2021	4/27/2027	6,948		6,917		6,913
	First lien (2)(3)	6.50% (L + 5.50%/A)	10/14/2021	4/27/2027	1,068		1,063		1,063
					17,283		17,203		17,197		2.29	%

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

9

NMF SLF I, Inc.

Consolidated Schedule of Investments (Continued)

March 31, 2022

(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
Project Essential Bidco, Inc.
Software	First lien (2)(3)	6.75% (L + 5.75%/S)	4/20/2021	4/20/2028	$	17,339	$	17,204	$	17,188	2.29	%
Vehlo Purchaser, LLC
Software	First lien (3)	5.75% (L + 5.00%/M)	8/27/2021	8/27/2027	11,465		11,360		11,350
	First lien (3)(4) - Drawn	5.75% (L + 5.00%/M)	8/27/2021	8/27/2027	3,325		3,294		3,292
	First lien (3)(4) - Drawn	5.75% (L + 5.00%/M)	8/27/2021	8/27/2027	494		491		489
					15,284		15,145		15,131		2.02	%
Ocala Bidco, Inc.
Healthcare Information Technology	First lien (2)(3)	7.00% (L + 3.50% + 2.75% PIK/Q)*	12/27/2021	11/24/2028	15,312		15,125		15,120		2.02	%
Granicus, Inc.
Software	First lien (2)(3)	7.50% (L + 6.50%/Q)	1/27/2021	1/29/2027	10,695		10,627		10,695
	First lien (3)	7.50% (L + 6.50%/Q)	1/27/2021	1/29/2027	2,994		2,976		2,994
	First lien (3)(4) - Drawn	7.01% (L + 6.00%/Q)	4/23/2021	1/29/2027	1,386		1,374		1,372
					15,075		14,977		15,061		2.01	%
RealPage, Inc.
Business Services	Second Lien	7.25% (L + 6.50%/M)	2/18/2021	4/23/2029	14,250		14,153		14,339		1.91	%
MRI Software LLC
Software	First lien (2)(3)	6.51% (L + 5.50%/Q)	1/31/2020	2/10/2026	11,001		10,963		11,001
	First lien (2)(3)	6.51% (L + 5.50%/Q)	3/24/2021	2/10/2026	2,513		2,508		2,513
	First lien (3)	6.51% (L + 5.50%/Q)	1/31/2020	2/10/2026	318		317		318
					13,832		13,788		13,832		1.84	%
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	11,615		11,507		11,499
	First lien (3)	7.75% (L + 7.00% PIK/Q)*	3/11/2022	11/1/2028	1,592		1,576		1,576
					13,207		13,083		13,075		1.74	%
CentralSquare Technologies, LLC
Software	First lien (2)	4.76% (L + 3.75%/Q)	4/1/2020	8/29/2025	13,477		11,875		12,763		1.70	%
Businessolver.com, Inc.
Software	First lien (2)(3)	6.50% (L + 5.75%/S)	12/1/2021	12/1/2027	12,548		12,488		12,486		1.66	%
FS WhiteWater Borrower, LLC
Consumer Services	First lien (2)(3)	6.76% (L + 5.75%/Q)	12/20/2021	12/21/2027	9,099		9,011		9,008
	First lien (3)	6.71% (L + 5.75%/Q)	12/20/2021	12/21/2027	3,035		3,006		3,005
	First lien (3)(4) - Drawn	6.50% (L + 5.75%/Q)	12/20/2021	12/21/2027	310		299		307
					12,444		12,316		12,320		1.64	%
Fortis Solutions Group, LLC
Packaging	First lien (2)(3)	6.51% (L + 5.50%/Q)	10/15/2021	10/13/2028	12,371		12,254		12,246		1.63	%
CFS Management, LLC
Healthcare Services	First lien (2)(3)	7.25% (SOFR + 6.25%/Q)	9/1/2021	7/1/2024	8,855		8,810		8,855
	First lien (3)	7.25% (SOFR + 6.25%/Q)	9/1/2021	7/1/2024	3,365		3,349		3,365
					12,220		12,159		12,220		1.63	%
AAH Topco, LLC
Consumer Services	First lien (2)(3)	6.25% (L + 5.50%/M)	12/22/2021	12/22/2027	11,844		11,730		11,725		1.56	%

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

10

NMF SLF I, Inc.

Consolidated Schedule of Investments (Continued)

March 31, 2022

(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
OB Hospitalist Group, Inc.
Healthcare Services	First lien (2)(3)	6.25% (L + 5.50%/M)	9/21/2021	9/27/2027	$	11,421	$	11,315	$	11,307	1.51	%
Relativity ODA LLC
Software	First lien (3)	7.50% (L + 6.50% PIK/M)*	5/12/2021	5/12/2027	11,344		11,227		11,202		1.49	%
Snap One Holdings Corp.**
Distribution & Logistics	First lien (2)(3)	5.51% (L + 4.50%/Q)	11/23/2021	12/8/2028	11,178		11,124		11,122		1.48	%
Daxko Acquisition Corporation
Software	First lien (2)(3)	6.25% (L + 5.50%/Q)	10/15/2021	10/16/2028	10,519		10,420		10,414
	First lien (3)(4) - Drawn	6.25% (L + 5.50%/S)	10/15/2021	10/16/2028	234		232		232
					10,753		10,652		10,646		1.42	%
LSCS Holdings, Inc.
Healthcare Services	First lien (2)	5.00% (L + 4.50%/M)	11/23/2021	12/18/2028	10,434		10,408		10,334		1.38	%
Bullhorn, Inc.
Software	First lien (2)(3)	6.76% (L + 5.75%/Q)	9/11/2020	9/30/2026	9,727		9,671		9,727
	First lien (3)	6.76% (L + 5.75%/Q)	9/11/2020	9/30/2026	606		605		606
					10,333		10,276		10,333		1.38	%
Energize Holdco LLC
Business Services	Second Lien (2)(3)	7.25% (L + 6.75%/M)	11/19/2021	12/7/2029	10,000		9,951		9,950		1.33	%
RXB Holdings, Inc.
Healthcare Services	First lien (2)	5.25% (L + 4.50%/Q)	7/28/2021	12/20/2027	9,925		9,902		9,888		1.32	%
VetCor Professional Practices LLC
Consumer Services	First lien (3)(4) - Drawn	5.06% (L + 4.25%/S)	12/3/2021	7/2/2025	6,094		6,066		6,064
	Second Lien (3)(4) - Drawn	7.53% (L + 6.50%/S)	12/3/2021	7/2/2026	3,585		3,559		3,558
					9,679		9,625		9,622		1.28	%
Xactly Corporation
Software	First lien (3)	8.25% (L + 7.25%/S)	6/5/2020	7/31/2023	9,449		9,229		9,449		1.26	%
DCA Investment Holding, LLC
Healthcare Services	First lien (2)(3)	6.75% (SOFR + 6.00%/S)	3/12/2021	4/3/2028	6,400		6,358		6,400
	First lien (3)	6.75% (SOFR + 6.00%/S)	3/12/2021	4/3/2028	1,065		1,057		1,065
					7,465		7,415		7,465		1.00	%
NMC Crimson Holdings, Inc.
Healthcare Services	First lien (2)(3)	6.75% (L + 6.00%/M)	3/1/2021	3/1/2028	7,401		7,304		7,401		0.99	%
ACI Group Holdings, Inc.
Healthcare Services	First lien (2)(3)	6.51% (L + 5.50%/Q)	8/2/2021	8/2/2028	7,442		7,374		7,368
	First lien (3)(4) - Drawn	6.51% (L + 5.50%/Q)	8/2/2021	8/2/2028	20		19		19
					7,462		7,393		7,387		0.98	%
OEConnection LLC
Business Services	Second Lien (2)(3)	7.50% (L + 7.00%/M)	12/17/2021	9/25/2027	7,360		7,290		7,287		0.97	%
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
	Second Lien (3)	9.25% (P + 5.75%/Q)	4/29/2021	5/18/2029	800		796		799
					6,800		6,782		6,784		0.90	%

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

11

NMF SLF I, Inc.

Consolidated Schedule of Investments (Continued)

March 31, 2022

(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
Kele Holdco, Inc.
Distribution & Logistics	First lien (2)(3)	6.75% (L + 5.75%/M)	2/20/2020	2/20/2026	$	6,198	$	6,176	$	6,198
	First lien (3)(4) - Drawn	6.75% (L + 5.75%/M)	2/20/2020	2/20/2026	245		245		245
					6,443		6,421		6,443		0.86	%
Coyote Buyer, LLC
Specialty Chemicals & Materials	First lien (2)(3)	7.00% (L + 6.00%/S)	3/13/2020	2/6/2026	5,415		5,396		5,415
	First lien (2)(3)	9.00% (L + 8.00%/S)	10/15/2020	8/6/2026	974		967		974
					6,389		6,363		6,389		0.85	%
Infogain Corporation
Software	First lien (2)(3)	6.75% (L + 5.75%/S)	7/30/2021	7/28/2028	6,147		6,105		6,101
	First lien (3)(4) - Drawn	6.75% (L + 5.75%/Q)	7/30/2021	7/30/2026	247		246		245
					6,394		6,351		6,346		0.85	%
CG Group Holdings, LLC
Specialty Chemicals & Materials	First lien (2)(3)	6.26% (L + 5.25%/Q)	7/19/2021	7/19/2027	5,383		5,328		5,323
	First lien (3)(4) - Drawn	6.25% (L + 5.25%/M)	7/19/2021	7/19/2026	589		583		583
					5,972		5,911		5,906		0.79	%
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		4,921		4,948
	First lien (3)(4) - Drawn	6.15% (L + 5.25%/S)	6/30/2021	6/29/2027	606		600		603
					5,572		5,521		5,551		0.74	%
Beacon Pointe Harmony, LLC
Financial Services	First lien (2)(3)	6.70% (L + 5.25%/S)	12/29/2021	12/29/2028	5,212		5,162		5,160		0.69	%
eResearchTechnology, Inc.
Healthcare Services	First lien (2)	5.50% (L + 4.50%/M)	1/8/2021	2/4/2027	4,950		4,950		4,936		0.66	%
Bearcat Buyer, Inc.
Healthcare Services	First lien (2)(3)	5.76% (L + 4.75%/Q)	11/18/2020	7/9/2026	2,482		2,462		2,482
	First lien (2)(3)(4) - Drawn	5.76% (L + 4.75%/Q)	11/18/2020	7/9/2026	2,271		2,254		2,271
					4,753		4,716		4,753		0.63	%
Community Brands ParentCo, LLC
Software	First lien (2)(3)	6.50% (SOFR + 5.75%/Q)	2/24/2022	2/24/2028	4,691		4,645		4,644		0.62	%
KPSKY Acquisition Inc.
Industrial Services	First lien (2)(3)	6.25% (L + 5.50%/M)	10/19/2021	10/19/2028	4,416		4,374		4,372
	First lien (3)(4) - Drawn	8.00% (P + 4.50%/Q)	10/19/2021	10/19/2028	252		250		250
					4,668		4,624		4,622		0.62	%
Convey Health Solutions, Inc.**
Healthcare Services	First lien (2)(3)	5.50% (L + 4.75%/M)	2/1/2022	9/4/2026	4,567		4,501		4,567		0.61	%
GC Waves Holdings, Inc.
Financial Services	First lien (2)(3)(4) - Drawn	6.28% (L + 5.50%/M)	8/12/2021	8/13/2026	4,296		4,258		4,296		0.57	%
Therapy Brands Holdings LLC
Healthcare Information Technology	Second Lien (2)(3)	7.54% (L + 6.75%/S)	5/12/2021	5/18/2029	4,222		4,203		4,201		0.56	%
TigerConnect, Inc.
Healthcare Services	First lien (2)(3)	7.75% (SOFR + 6.75%/Q)	2/16/2022	2/16/2028	4,223		4,181		4,180		0.56	%

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

12

NMF SLF I, Inc.

Consolidated Schedule of Investments (Continued)

March 31, 2022

(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
USRP Holdings, Inc.
Federal Services	First lien (2)(3)	6.50% (L + 5.50%/Q)	7/22/2021	7/23/2027	$	3,679	$	3,646	$	3,643
	First lien (3)	6.50% (L + 5.50%/Q)	7/22/2021	7/23/2027	479		475		474
	First lien (3)(4) - Drawn	6.51% (L + 5.50%/Q)	7/22/2021	7/23/2027	5		5		5
					4,163		4,126		4,122		0.55	%
Appriss Health, LLC
Healthcare Information Technology	First lien (3)	8.25% (L + 7.25%/Q)	5/6/2021	5/6/2027	4,063		4,026		4,022		0.54	%
Calabrio, Inc.
Software	First lien (3)	8.01% (L + 7.00%/Q)	4/16/2021	4/16/2027	3,986		3,960		3,960		0.53	%
STATS Intermediate Holdings, LLC**
Business Services	First lien (2)	5.72% (L + 5.25%/Q)	8/9/2021	7/10/2026	3,962		3,962		3,944		0.52	%
Safety Borrower Holdings LLC
Information Services	First lien (2)(3)	6.76% (L + 5.75%/Q)	9/1/2021	9/1/2027	3,732		3,715		3,713
	First lien (3)(4) - Drawn	8.25% (P + 4.75%/Q)	9/1/2021	9/1/2027	83		83		83
					3,815		3,798		3,796		0.51	%
Sun Acquirer Corp.
Consumer Services	First lien (2)(3)	6.76% (L + 5.75%/Q)	9/8/2021	9/8/2028	2,610		2,588		2,584
	First lien (3)(4) - Drawn	6.76% (L + 5.75%/Q)	9/8/2021	9/8/2028	1,028		1,019		1,018
					3,638		3,607		3,602		0.48	%
Quartz Holding Company
Software	Second Lien (2)(3)	8.46% (L + 8.00%/M)	10/16/2020	4/2/2027	3,000		2,988		3,000		0.40	%
Geo Parent Corporation
Business Services	First lien (2)(3)	5.71% (L + 5.25%/M)	5/29/2020	12/19/2025	2,939		2,856		2,939		0.39	%
SpecialtyCare, Inc.
Healthcare Services	First lien (2)(3)	6.75% (L + 5.75%/Q)	6/18/2021	6/18/2028	2,882		2,843		2,848		0.38	%
Bluefin Holding, LLC
Software	Second Lien (2)(3)	8.26% (L + 7.75%/Q)	6/9/2020	9/3/2027	2,500		2,391		2,500		0.33	%
Spring Education Group, Inc.
Education	First lien (2)	5.26% (L + 4.25%/Q)	3/23/2020	7/30/2025	2,448		1,972		2,381		0.32	%
Vectra Co.
Business Products	First lien (2)	3.71% (L + 3.25%/M)	3/26/2020	3/8/2025	1,377		1,222		1,313		0.18	%
Total Funded Debt Investments - United States					$	1,091,673	$	1,079,493	$	1,085,493	144.68	%
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	$	22,793	$	22,779	3.04	%
Total Funded Debt Investments - Netherlands					$	23,010	$	22,793	$	22,779	3.04	%
Total Funded Debt Investments					$	1,114,683	$	1,102,286	$	1,108,272	147.72	%
Equity - United States
Pioneer Topco I, L.P.(6)
Software	Ordinary Shares (3)	—	11/1/2021	—	10		$	—	$	—	—	%
Total Shares - United States							$	—	$	—	—	%
Total Shares							$	1,102,286	$	1,108,272	147.72	%
Total Funded Investments							$	1,102,286	$	1,108,272	147.72	%

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

13

NMF SLF I, Inc.

Consolidated Schedule of Investments (Continued)

March 31, 2022

(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
Unfunded Debt Investments - United States
YLG Holdings, Inc.
Business Services	First lien (3)(4) - Undrawn	—	10/22/2021	10/22/2023	$	6,432	$	—	$	—	—	%
NMC Crimson Holdings, Inc.
Healthcare Services	First lien (3)(4) - Undrawn	—	3/1/2021	3/1/2023	3,265		—		—		—	%
GC Waves Holdings, Inc.
Financial Services	First lien (2)(3)(4) - Undrawn	—	8/12/2021	8/11/2023	2,945		—		—		—	%
DCA Investment Holding, LLC
Healthcare Services	First lien (3)(4) - Undrawn	—	3/12/2021	3/10/2023	525		—		—		—	%
Wealth Enhancement Group, LLC (fka TA/WEG Holdings, LLC)
Financial Services	First lien (3)(4) - Undrawn	—	8/13/2021	6/3/2022	2,252		—		—
	First lien (3)(4) - Undrawn	—	8/13/2021	10/4/2027	279		(1)		—
					2,531		(1)		—		—	%
Coyote Buyer, LLC
Specialty Chemicals & Materials	First lien (3)(4) - Undrawn	—	3/13/2020	2/6/2025	395		(1)		—		—	%
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	288		(2)		—
					2,152		(2)		—		—	%
Bearcat Buyer, Inc.
Healthcare Services	First lien (2)(3)(4) - Undrawn	—	11/18/2020	11/23/2022	186		(2)		—		—	%
Kele Holdco, Inc.
Distribution & Logistics	First lien (3)(4) - Undrawn	—	2/20/2020	2/20/2026	456		(2)		—		—	%
MRI Software LLC
Software	First lien (3)(4) - Undrawn	—	2/11/2022	8/16/2023	2,898		—		—
	First lien (2)(3)(4) - Undrawn	—	3/24/2021	3/24/2022	607		—		—
	First lien (3)(4) - Undrawn	—	1/31/2020	2/10/2026	780		(3)		—
					4,285		(3)		—		—	%
Bullhorn, Inc.
Software	First lien (3)(4) - Undrawn	—	10/5/2021	11/8/2022	632		(1)		—
	First lien (3)(4) - Undrawn	—	9/11/2020	9/30/2026	693		(4)		—
					1,325		(5)		—		—	%
Pye-Barker Fire & Safety, LLC
Business Services	First lien (3)(4) - Undrawn	—	11/26/2021	11/26/2023	2,986		—		—
	First lien (3)(4) - Undrawn	—	11/26/2021	11/26/2024	963		(9)		—
					3,949		(9)		—		—	%

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

14

NMF SLF I, Inc.

Consolidated Schedule of Investments (Continued)

March 31, 2022

(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
Xactly Corporation
Software	First lien (3)(4) - Undrawn	—	6/5/2020	7/31/2023	$	551	$	(12)	$	—	—	%
Diligent Corporation
Software	First lien (3)(4) - Undrawn	—	8/4/2020	8/4/2025	2,369		(15)		—		—	%
Kaseya Inc.
Software	First lien (3)(4) - Undrawn	—	9/8/2021	9/8/2023	741		(6)		—
	First lien (3)(4) - Undrawn	—	6/29/2020	5/2/2025	686		(15)		—
					1,427		(21)		—		—	%
CG Group Holdings, LLC
Specialty Chemicals & Materials	First lien (3)(4) - Undrawn	—	7/19/2021	7/19/2026	147		(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 (3)(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)	%
Safety Borrower Holdings LLC
Information Services	First lien (3)(4) - Undrawn	—	9/1/2021	9/1/2027	249		(1)		(1)
	First lien (3)(4) - Undrawn	—	9/1/2021	9/1/2022	831		—		(4)
					1,080		(1)		(5)		(0.00)	%
Trinity Air Consultants Holdings Corporation
Business Services	First lien (3)(4) - Undrawn	—	6/30/2021	6/29/2027	484		(4)		(2)
	First lien (3)(4) - Undrawn	—	6/30/2021	6/29/2023	1,090		—		(4)
					1,574		(4)		(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		—		(3)
					492		(3)		(6)		(0.00)	%
Recorded Future, Inc.
Software	First lien (3)(4) - Undrawn	—	8/3/2020	7/3/2025	1,202		(11)		(6)		(0.00)	%
Associations, Inc.
Consumer Services	First lien (3)(4) - Undrawn	—	7/2/2021	7/2/2027	1,476		(7)		(7)		(0.00)	%
Infogain Corporation
Software	First lien (3)(4) - Undrawn	—	7/30/2021	7/30/2026	989		(7)		(7)		(0.00)	%

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

15

NMF SLF I, Inc.

Consolidated Schedule of Investments (Continued)

March 31, 2022

(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
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		(6)		(6)
					777		(6)		(8)		(0.00)	%
Community Brands ParentCo, LLC
Software	First lien (3)(4) - Undrawn	—	2/24/2022	2/24/2028	276		(3)		(3)
	First lien (3)(4) - Undrawn	—	2/24/2022	2/26/2024	552		—		(6)
					828		(3)		(9)		(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)	%
Granicus, Inc.
Software	First lien (3)(4) - Undrawn	—	1/27/2021	1/29/2027	1,207		(7)		—
	First lien (3)(4) - Undrawn	—	4/23/2021	4/21/2023	912		—		(9)
					2,119		(7)		(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		(6)		(9)
					1,259		(9)		(13)		(0.00)	%
Relativity ODA LLC
Software	First lien (3)(4) - Undrawn	—	5/12/2021	5/12/2027	1,061		(11)		(13)		(0.00)	%
IG Investments Holdings, LLC
Business Services	First lien (3)(4) - Undrawn	—	9/22/2021	9/22/2027	1,460		(15)		(15)		(0.00)	%
OB Hospitalist Group, Inc.
Healthcare Services	First lien (3)(4) - Undrawn	—	9/21/2021	9/27/2027	1,484		(14)		(15)		(0.00)	%
Businessolver.com, Inc.
Software	First lien (3)(4) - Undrawn	—	12/1/2021	12/1/2023	3,378		—		(17)		(0.00)	%
Daxko Acquisition Corporation
Software	First lien (3)(4) - Undrawn	—	10/15/2021	10/15/2027	783		(7)		(8)
	First lien (3)(4) - Undrawn	—	10/15/2021	10/16/2023	1,067		—		(11)
					1,850		(7)		(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)	%
KWOR Acquisition, Inc.
Business Services	First lien (3)(4) - Undrawn	—	12/22/2021	12/22/2027	2,697		(20)		(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)	%

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

16

NMF SLF I, Inc.

Consolidated Schedule of Investments (Continued)

March 31, 2022

(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
Pioneer Topco I, L.P.(6)
Pioneer Buyer I, LLC
Software	First lien (3)(4) - Undrawn	—	11/1/2021	11/1/2027	$	2,045	$	(19)	$	(20)	(0.00)	%
GraphPAD Software, LLC
Healthcare Information Technology	First lien (3)(4) - Undrawn	—	4/28/2021	4/27/2027	1,000		(4)		—
	First lien (3)(4) - Undrawn	—	12/1/2021	11/29/2023	5,068		(24)		(25)
					6,068		(28)		(25)		(0.00)	%
Thermostat Purchaser III, Inc.
Business Services	First lien (4) - Undrawn	—	8/24/2021	8/31/2023	3,516		—		(26)		(0.00)	%
OA Buyer, Inc.
Healthcare Information Technology	First lien (3)(4) - Undrawn	—	12/20/2021	12/20/2028	3,041		(29)		(31)		(0.00)	%
Beacon Pointe Harmony, LLC
Financial Services	First lien (3)(4) - Undrawn	—	12/29/2021	12/29/2027	539		(5)		(5)
	First lien (3)(4) - Undrawn	—	12/29/2021	6/29/2023	2,696		—		(27)
					3,235		(5)		(32)		(0.01)	%
Notorious Topco, LLC
Consumer Products	First lien (3)(4) - Undrawn	—	11/23/2021	5/24/2027	1,352		(10)		(10)
	First lien (3)(4) - Undrawn	—	11/23/2021	11/23/2023	3,073		—		(23)
					4,425		(10)		(33)		(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		—		(28)
					3,523		(7)		(36)		(0.01)	%
FS WhiteWater Borrower, LLC
Consumer Services	First lien (3)(4) - Undrawn	—	12/20/2021	12/21/2027	906		—		(9)
	First lien (3)(4) - Undrawn	—	12/20/2021	12/21/2023	3,041		—		(30)
					3,947		—		(39)		(0.01)	%
CCBlue Bidco, Inc.
Healthcare Services	First lien (3)(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		—		(42)		(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	2,830		—		(28)
					4,311		(14)		(43)		(0.01)	%
Zone Climate Services, Inc.
Consumer Services	First lien (4) - Undrawn	—	3/9/2022	3/9/2028	4,397		(43)		(44)		(0.01)	%

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

17

NMF SLF I, Inc.

Consolidated Schedule of Investments (Continued)

March 31, 2022

(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
DECA Dental Holdings LLC
Healthcare Services	First lien (3)(4) - Undrawn	—	8/26/2021	8/26/2027	$	1,348	$	(12)	$	(14)
	First lien (3)(4) - Undrawn	—	8/26/2021	8/28/2023	4,044		—		(40)
					5,392		(12)		(54)		(0.01)	%
Fortis Solutions Group, LLC
Packaging	First lien (3)(4) - Undrawn	—	10/15/2021	10/15/2027	1,722		(16)		(17)
	First lien (3)(4) - Undrawn	—	10/15/2021	10/13/2023	5,024		—		(50)
					6,746		(16)		(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)	%
Allworth Financial Group, L.P.
Financial Services	First lien (3)(4) - Undrawn	—	12/21/2020	12/23/2022	905		—		(9)
	First lien (3)(4) - Undrawn	—	1/20/2022	1/20/2024	2,611		—		(26)
	First lien (3)(4) - Undrawn	—	12/21/2020	12/23/2026	3,507		(29)		(35)
					7,023		(29)		(70)		(0.01)	%
VetCor Professional Practices LLC
Consumer Services	First lien (3)(4) - Undrawn	—	12/3/2021	7/2/2024	1,600		(7)		(8)
	First lien (3)(4) - Undrawn	—	12/3/2021	12/4/2023	8,289		—		(41)
	Second Lien (3)(4) - Undrawn	—	12/3/2021	12/4/2023	10,818		—		(82)
					20,707		(7)		(131)		(0.02)	%
AAH Topco, LLC
Consumer Services	First lien (3)(4) - Undrawn	—	12/22/2021	12/22/2027	1,413		(14)		(14)
	First lien (3)(4) - Undrawn	—	12/22/2021	12/22/2023	13,004		—		(130)
					14,417		(14)		(144)		(0.02)	%
Total Unfunded Debt Investments - United States					$	173,765	$	(488)	$	(1,195)	(0.16)	%
Unfunded Debt Investments - Netherlands
Tahoe Finco, LLC**
Information Technology	First lien (3)(4) - Undrawn	—	10/1/2021	10/1/2027	$	1,726	$	(16)	$	(17)	(0.00)	%
Total Unfunded Debt Investments - Netherlands					$	1,726	$	(16)	$	(17)	(0.00)	%
Total Unfunded Debt Investments					$	175,491	$	(504)	$	(1,212)	(0.16)	%
Total Non-Controlled/Non-Affiliated Investments							$	1,101,782	$	1,107,060	147.56	%
Total Investments							$	1,101,782	$	1,107,060	147.56	%

(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.

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

18

NMF SLF I, Inc.

Consolidated Schedule of Investments (Continued)

March 31, 2022

(in thousands, except shares)

(unaudited)

(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.

(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 March 31, 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 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 March 31, 2022, 3.72% 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.

19

NMF SLF I, Inc.

Consolidated Schedule of Investments (Continued)

March 31, 2022

(in thousands, except shares)

(unaudited)

	March 31, 2022
Investment Type	Percent of Total Investments at Fair Value
First lien	94.40	%
Second lien	5.60	%
Equity and other	—	%	(1)
Total investments	100.00	%

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

	March 31, 2022
Industry Type	Percent of Total Investments at Fair Value
Software	37.66	%
Business Services	12.22	%
Healthcare Services	11.39	%
Consumer Services	8.16	%
Financial Services	6.98	%
Healthcare Information Technology	5.78	%
Insurance Services	4.62	%
Information Technology	4.09	%
Education	2.10	%
Consumer Products	1.94	%
Distribution & Logistics	1.59	%
Specialty Chemicals & Materials	1.11	%
Packaging	1.10	%
Industrial Services	0.43	%
Federal Services	0.37	%
Information Services	0.34	%
Business Products	0.12	%
Total investments	100.00	%

	March 31, 2022
Interest Rate Type	Percent of Total Investments at Fair Value
Floating rates	100.00	%
Fixed rates	—	%
Total investments	100.00	%

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

20

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.

21

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.

22

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
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	%

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

23

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
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	%

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

24

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
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	%

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

25

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
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	%

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

26

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
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)		—		—	%

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

27

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
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)	%

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

28

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
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)	%

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

29

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
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)	%

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

30

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
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)	%

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

31

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
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	%

(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 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.

(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) 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.

(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% 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.

32

NMF SLF I, Inc.

Consolidated Schedule of Investments (Continued)

December 31, 2021

(in thousands, except shares)

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

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

	December 31, 2021
Industry Type	Percent of Total Investments at Fair Value
Software	38.05	%
Healthcare Services	13.08	%
Business Services	12.48	%
Financial Services	6.86	%
Healthcare Information Technology	5.98	%
Insurance Services	4.79	%
Consumer Services	4.78	%
Information Technology	4.24	%
Education	2.51	%
Consumer Products	2.00	%
Distribution & Logistics	1.64	%
Specialty Chemicals & Materials	1.15	%
Packaging	1.14	%
Industrial Services	0.44	%
Federal Services	0.39	%
Information Services	0.35	%
Business Products	0.12	%
Total investments	100.00	%

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

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

33

Notes to the Consolidated Financial Statements of

NMF SLF I, Inc.

March 31, 2022

(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 as a regulated investment company ("RIC") under Subchapter M of the Internal Revenue Code of 1986, as amended (the "Code").

New Mountain Finance Advisers BDC, L.L.C. (the "Investment Adviser") is a wholly-owned subsidiary of New Mountain Capital Group, L.P. (together with New Mountain Capital, L.L.C. and its affiliates, "New Mountain Capital") whose ultimate owners include Steven B. Klinsky and related other vehicles. The Investment Adviser manages the Company's day-to-day operations and provides it with investment advisory and management services. The Investment Adviser also manages other funds that may have investment mandates that are similar, in whole or in part, to the Company's. New Mountain Finance Administration, L.L.C. (the "Administrator"), a wholly-owned subsidiary of New Mountain Capital, provides the administrative services necessary to conduct the Company's day-to-day operations. The Administrator has hired a third-party sub-administrator to assist with the provision of administrative services.

The Company conducted a private offering (the "Private Offering") of its common stock to investors in reliance on exemptions from the registration requirements of the Securities Act of 1933, as amended. 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. The Company commenced its loan origination and investment activities on the date it issued shares to persons not affiliated with the Investment Adviser (the "Initial Closing Date"), which occurred on February 18, 2020. 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 until the 48-month anniversary of the Initial Closing Date, 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 the Investment Period as of any earlier anniversary of the Initial Closing Date upon not less than ninety days written notice. 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 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.

The Company's investment objective is to generate current income and capital appreciation primarily by investing in or originating debt investments in companies that the Investment Adviser believes are "defensive growth" companies in non-cyclical industry niches where the Investment Adviser has developed strong proprietary research and operational advantages. The Company makes investments through both primary originations and open-market secondary purchases. The Company predominantly targets loans to, and invests in, U.S. middle market businesses, a market segment the Company believes continues to be underserved by other lenders. The Company defines middle market businesses as 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 defensive growth companies, which are defined as generally exhibiting the following characteristics: (i) sustainable secular growth drivers, (ii) high barriers to competitive entry, (iii) high free cash flow after capital expenditure and working capital needs, (iv) high returns on assets and (v) niche market dominance. As of March 31, 2022, the Company's top five industry concentrations were software, business services, healthcare services, consumer services and financial 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 6 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.

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 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 exceeds a certain materiality threshold, the investment is valued similarly to those assets with no readily available quotes (see (3) below); and

b.For investments other than bonds, the 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 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 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 March 31, 2022 and December 31, 2021.

Revenue recognition

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

Interest income: Interest income, including amortization of premium and discount using the effective interest method, is recorded on the accrual basis and periodically assessed for collectability. Interest income also includes interest earned from cash on hand. Upon the prepayment of a loan or debt security, any prepayment penalties are recorded as part of interest income. The Company has loans in its portfolio that contain a payment-in-kind ("PIK") interest 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 months ended March 31, 2022 and March 31, 2021, the Company recognized PIK interest from investments of $806 and $108, respectively.

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

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ultimate collectibility. Non-accrual investments are restored to accrual status when past due principal and interest is paid and, in management's judgment, are likely to remain current. As of March 31, 2022 and December 31, 2021, 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. 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 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.

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 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.

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

The Company applies the following in implementing the dividend reinvestment plan ("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. For the three months ended March 31, 2022 and March 31, 2021, we have issued 2,988,215 and 0 shares through the 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.

Note 3. Investments

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

Investment Cost and Fair Value by Type

	Cost		Fair Value
First lien	$	1,040,031	$	1,045,081
Second lien	61,751		61,979
Equity and other(1)	—		—
Total investments	$	1,101,782	$	1,107,060

(1)As of March 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	$	412,396	$	416,863
Business Services	134,858		135,290
Healthcare Services	126,053		126,117
Consumer Services	90,663		90,333
Financial Services	77,175		77,251
Healthcare Information Technology	64,085		64,031
Insurance Services	51,022		51,171
Information Technology	45,346		45,321
Education	22,826		23,296
Consumer Products	21,540		21,508
Distribution & Logistics	17,543		17,565
Specialty Chemicals & Materials	12,271		12,293
Packaging	12,238		12,179
Industrial Services	4,624		4,619
Federal Services	4,123		4,119
Information Services	3,797		3,791
Business Products	1,222		1,313
Total investments	$	1,101,782	$	1,107,060

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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
Software	$	401,958	$	407,135
Healthcare Services	137,728		140,008
Business Services	132,760		133,534
Financial Services	73,145		73,401
Healthcare Information Technology	64,061		64,020
Insurance Services	50,856		51,248
Consumer Services	51,511		51,152
Information Technology	45,391		45,378
Education	26,318		26,908
Consumer Products	21,402		21,376
Distribution & Logistics	17,555		17,588
Specialty Chemicals & Materials	12,297		12,322
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	1,213		1,331
Total investments	$	1,060,947	$	1,070,088

As of March 31, 2022, the Company had unfunded commitments on revolving credit facilities of $56,485 and no unfunded commitments on bridge facilities. As of March 31, 2022, the Company had unfunded commitments in the form of delayed draws or other future funding commitments of $119,006. The unfunded commitments on revolving credit facilities and delayed draws are disclosed on the Company's Consolidated Schedule of Investments as of March 31, 2022.

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

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. While several countries, as well as certain states, counties and cities in the United States, have relaxed initial public health restrictions with the view to partially or fully reopen their economies, many cities have since experienced a surge in the reported number of cases, hospitalizations and deaths related to the COVID-19 pandemic. These surges have led to the re-introduction of such restrictions and business shutdowns in certain states in the United States and globally and could continue to lead to the re-introduction of such restrictions elsewhere. Health advisors warn that recurring COVID-19 outbreaks, including outbreaks of variants such as the Delta and Omicron variants, as well as any other variants, will continue if reopening is pursued too soon or in the wrong manner, which may lead to the re-introduction or continuation of certain public health restrictions (such as instituting quarantines, prohibitions on travel and the closure of offices, businesses, schools, retail stores and other public venues). Additionally, travelers from the United States are restricted from visiting many countries including countries in Europe, Asia, Africa and South America. These continued travel restrictions may prolong the global economic downturn. In addition, although the U.S. Food and Drug Administration authorized vaccines beginning in December 2020 and a significant portion of the U.S. population has been vaccinated, it remains unclear how quickly the vaccines will continue to be distributed nationwide and globally, or if and/or when “herd immunity” will be achieved and the restrictions that were imposed to slow the spread of the virus will be lifted entirely. Any delay in distributing the vaccines could lead people to continue to self-isolate and not participate in the economy at pre-pandemic levels for a prolonged period of time. Even after the COVID-19 pandemic subsides, the U.S. economy and most other major global economies may continue to experience a recession, 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.

This outbreak is having, and any future outbreaks could have, an adverse impact on the U.S. and global 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. As of the date of this Quarterly Report on Form 10-Q, it is impossible to determine the scope of this outbreak, or any future outbreaks, how long any such outbreak, market disruption or uncertainties may last, the effect any governmental actions will have or the full potential impact on the Company and its portfolio companies. Any potential impact to the Company's results of operations will depend to a large extent on future developments and new information that could emerge regarding the duration and severity of the COVID-19 pandemic and the actions taken by authorities and other entities to contain the spread of COVID-19 or treat its impact, all of which are beyond the Company's control. These potential impacts, while uncertain, could adversely affect the Company and the Company's portfolio companies’ operating results.

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

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

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

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

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

The following table summarizes the levels in the fair value hierarchy that the Company's portfolio investments fall into as of March 31, 2022:

	Total		Level I		Level II		Level III
First lien	$	1,045,081	$	—	$	98,116	$	946,965
Second lien	61,979		—		20,790		41,189
Equity and other(1)	—		—		—		—
Total investments	$	1,107,060	$	—	$	118,906	$	988,154

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

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

	Total		Level I		Level II		Level III
First lien	$	1,012,256	$	—	$	145,154	$	867,102
Second lien	57,832		—		21,023		36,809
Equity and other(1)	—		—		—		—
Total investments	$	1,070,088	$	—	$	166,177	$	903,911

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

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

	Total		First Lien		Second Lien		Equity and other
Fair value, December 31, 2021	$	903,911	$	867,102	$	36,809	$	—	(2)
Total gains or losses included in earnings:
Net change in unrealized appreciation	215		189		26		—
Purchases, including capitalized PIK and revolver fundings	83,494		79,140		4,354		—
Proceeds from sales and paydowns of investments	(10,630)		(10,630)		—		—
Transfers into Level III (1)	11,164		11,164		—		—
Fair value, March 31, 2022	$	988,154	$	946,965	$	41,189	$	—	(2)
Unrealized appreciation for the period relating to those Level III assets that were still held by the Company at the end of the period:	$	215	$	189	$	26	$	—

(1)As of March 31, 2022, portfolio investments were transferred into Level III from Level II at fair value as of the beginning of the period in which the reclassification occurred.

(2)As of December 31, 2021 and March 31, 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 March 31, 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 March 31, 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	1,518		908		610
Purchases, including capitalized PIK and revolver fundings	69,757		55,614		14,143
Proceeds from sales and paydowns of investments	(6,821)		(6,821)		—
Transfers into Level III (1)	16,677		16,677		—
Transfers out of Level III (1)	(46,684)		(46,684)		—
Fair value, March 31, 2021	$	408,794	$	384,571	$	24,223
Unrealized appreciation for the period relating to those Level III assets that were still held by the Company at the end of the period:	$	1,554	$	944	$	610

(1)As of March 31, 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 months ended March 31, 2022 and March 31, 2021. Transfers into Level III occur as quotations obtained through pricing services are deemed not representative of fair value as of the balance sheet date and such assets are internally valued. As quotations obtained through pricing services are substantiated through additional market sources, investments are transferred out of Level III. In addition, transfers out of Level III and transfers into Level III occur based on the increase or decrease in the availability of certain observable inputs. 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.

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The Company generally uses the following framework when determining the fair value of investments where there are little, if any, market activity or observable pricing inputs. The Company typically determines the fair value of its performing 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 numerous factors when selecting the appropriate companies whose trading multiples are used to value its portfolio companies. These factors include, but are not limited to, the type of organization, similarity to the business being valued, and relevant risk factors, as well as size, profitability and growth expectations. The Company may apply an average of various relevant comparable company EBITDA or revenue multiples to the portfolio company's latest twelve month ("LTM") EBITDA or revenue or projected EBITDA or revenue to calculate the enterprise value of the portfolio company. Significant increases or decreases in the EBITDA or revenue multiples will result in an increase or decrease in enterprise value, which may result in an increase or decrease in the fair value estimate of the investment. In applying the market based approach as of March 31, 2022 and December 31, 2021, the Company used the relevant EBITDA or revenue multiple ranges set forth in the table below to determine the enterprise value of its portfolio companies. The Company believes these were reasonable ranges in light of current comparable company trading levels and the specific portfolio companies involved.

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

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

						Range
Type	Fair Value as of March 31, 2022			Approach	Unobservable Input	Low		High		Weighted Average
First lien	$	919,187		Market & income approach	EBITDA multiple	7.0x		75.0x		19.8x
					Revenue multiple	5.0x		20.0x		8.8x
					Discount rate	6.0	%	11.1	%	8.0	%
	27,778			Other	N/A (1)	N/A		N/A		N/A
Second lien	41,189			Market & income approach	EBITDA multiple	13.0x		32.0x		18.0x
					Discount rate	8.4	%	10.6	%	9.1	%
Equity and other	—		(2)	Market & income approach	Revenue multiple	9.0x		11.5x		10.3x
					Discount rate	9.0	%	11.0	%	10.0	%
	$	988,154

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

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

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

						Range
Type	Fair Value as of December 31, 2021			Approach	Unobservable Input	Low		High		Weighted Average
First lien	$	667,368		Market & income approach	EBITDA multiple	8.0x		70.0x		19.2x
					Revenue multiple	4.0x		19.5x		7.9x
					Discount rate	5.0	%	9.4	%	6.9	%
	29,838			Market quote	Broker quote	N/A		N/A		N/A
	169,896			Other	N/A (1)	N/A		N/A		N/A
Second lien	15,675			Market & income approach	EBITDA multiple	28.0x		32.0x		30.0x
					Discount rate	7.5	%	9.5	%	8.0	%
	4,005			Market quote	Broker quote	N/A		N/A		N/A
	17,129			Other	N/A (1)	N/A		N/A		N/A
Equity and other	—		(2)	Market & income approach	Revenue multiple	9.8x		13.5x		11.7x
					Discount rate	8.0	%	10.0	%	9.0	%
	$	903,911

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

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

The fair value of the Wells Credit Facility (as defined below), which is categorized as Level III within the fair value hierarchy as of March 31, 2022 and December 31, 2021, approximates its carrying value. Additionally, the carrying amounts of the Company's assets and liabilities, other than investments at fair value, approximate fair value due to their short maturities.

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

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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 (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.

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, 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 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. "Assets Invested" shall mean, 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.

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"), which superseded a prior order issued on December 18, 2017, which permits the Company to co-invest in portfolio companies with certain funds or entities managed by the Investment Adviser or its affiliates in certain negotiated transactions where co-investing would otherwise be prohibited under the 1940 Act, subject to the conditions of the Exemptive Order. Pursuant to the Exemptive Order, the Company is permitted to co-invest with its affiliates if a "required majority" (as defined in Section 57(o) of the 1940 Act) of the Company's independent directors make certain conclusions in connection with a co-investment transaction, including, but not limited to, that (1) the terms of the potential co-investment transaction, including the consideration to be paid, are reasonable and fair to the Company and its stockholders and do not involve overreaching in respect of the Company or its stockholders on the part of any person concerned, and (2) the potential co-investment transaction is consistent with the interests of the Company's stockholders and is consistent with its then-current investment objective and strategies. 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

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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 in the Company's existing portfolio companies with certain affiliates that are private funds if such private funds did not have an investment in such existing portfolio company. Without the Temporary Relief, such private funds would not be able to participate in such co-investments with the Company unless the private funds had previously acquired securities of the portfolio company in a co-investment transaction with the Company. Although the Temporary Relief expired on December 31, 2020, the SEC's Division of Investment Management had indicated that until March 31, 2022, it would not recommend enforcement action, to the extent that any BDC with an existing co-investment order continues to engage in certain transactions described in the Temporary Relief, pursuant to the same terms and conditions described therein. The Temporary Relief is no longer effective; however, the Company intends to file an application to amend its existing Exemptive Order to permit the Company to continue to co-invest in its existing portfolio companies with certain affiliates that are private funds if such private funds did not have an investment in such existing portfolio company, subject to certain conditions. There can be no assurance if and when the Company will receive the exemptive order.

Note 6. 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, which is structured as a secured revolving 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 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, the Wells Credit Facility bears 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 months ended March 31, 2022 and March 31, 2021:

	Three Months Ended
(in millions)	March 31, 2022			March 31, 2021
Interest expense	$	2,019		$	536
Non-usage fee	$	114		$	58
Amortization of financing costs	$	219		$	133
Weighted average interest rate	2.3		%	2.1		%
Effective interest rate	2.7		%	2.9		%
Average debt outstanding	$	357,611		$	103,233

As of March 31, 2022 and December 31, 2021, the outstanding balance on the Wells Credit Facility was $375,000 and $318,000, respectively, and SLF I SPV was in compliance with the applicable covenants in the Wells Credit Facility 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

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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.

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 March 31, 2021, interest expense, non-usage costs and amortization of financing costs incurred on the Wells Subscription Line were $32, $21 and $52, respectively. The weighted average interest rate and effective interest rate on the Wells Subscription Line for the three months ended March 31, 2021 were 1.6% and 5.3%, 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 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, 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" specified in the 1940 Act unless, at the time the acquisition is made, at least 70.0% of its total assets are qualifying assets (with certain limited exceptions). In addition, the Company must offer to make available to all "eligible portfolio companies" (as defined in the 1940 Act) significant managerial assistance.

Note 8. Commitments and Contingencies

In the normal course of business, the Company may enter into contracts that contain a variety of representations and warranties and which provide general indemnifications. The Company may also enter into future funding commitments such as revolving credit facilities, bridge financing commitments or delayed draw commitments. As of March 31, 2022, the Company had unfunded commitments on revolving credit facilities of $56,485, no outstanding bridge financing commitments and other future funding commitments of $119,006. As of December 31, 2021, the Company had unfunded commitments on revolving credit facilities of $50,005, no outstanding bridge financing commitments and other future funding commitments of $136,513. The unfunded commitments on revolving credit facilities and delayed draws are disclosed on the Company's Consolidated Schedule of Investments as of March 31, 2022 and December 31, 2021.

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

The Company may from time to time enter into financing commitment letters. As of March 31, 2022 and December 31, 2021, the Company had commitment letters to purchase investments in the aggregate par amount of $24,742 and $25,400, respectively, which could require funding in the future.

COVID-19 Developments

On March 11, 2020 the World Health Organization declared COVID-19 a global pandemic and recommended containment and mitigation measures worldwide.

The Company has been closely monitoring, and will continue to monitor, the impact of the COVID-19 pandemic, including those caused by variants such as the Delta and Omicron variants, as well as any other variants, and its impact on all aspects of the Company's business, including how it will impact the Company's portfolio companies, employees, due diligence and underwriting processes, and financial markets. Further, the operational and financial performance of the portfolio

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companies in which the Company makes investments may be significantly impacted by COVID-19, which may in turn impact the valuation of the Company's investments. The Company believes its portfolio companies have taken, and continue to take, immediate actions to effectively and efficiently respond to the challenges posed by COVID-19 and related restrictions imposed by state and local governments, including developing liquidity plans supported by internal cash reserves, and shareholder support. The COVID-19 pandemic and preventative measures taken to contain or mitigate its spread have caused, and are continuing to cause, business shutdowns and cancellations of events and travel. In addition, while consumer demand for goods and services has begun to rebound, 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 Unites States and globally. Such effects will likely continue for the duration of the pandemic, which is uncertain, and for some period thereafter.

The extent of the continued 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, how quickly vaccines will continue to be distributed nationwide and globally, whether and/or how quickly "herd immunity" will be achieved, whether the restrictions that were imposed to slow the spread of the virus will be lifted entirely and the health of the financial markets and economy as a result of the COVID-19 pandemic, all of which are highly uncertain and cannot be predicted. To the extent the Company’s portfolio companies continue to be adversely impacted by the continued effects of the COVID-19 pandemic, the Company may experience a material adverse impact on its future net investment income, the fair value of its portfolio investments, its financial condition and the results of operations and financial condition of its portfolio companies.

Note 9. Net Assets

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

There were no shares of common stock issued or proceeds received related to capital drawdowns delivered pursuant to the Subscription Agreements for the three months ended March 31, 2022 and March 31, 2021.

The following table reflects the distributions declared on the Company's common stock for the three months ended March 31, 2022.

Date Declared	Record Date	Payment Date	Per Share Amount
March 29, 2022	March 30, 2022	July 20, 2022	$	0.2200

The following table reflects the distributions declared on the Company's common stock for the three months ended March 31, 2021.

Date Declared	Record Date	Payment Date	Per Share Amount
March 26, 2021	March 30, 2021	April 13, 2021	$	0.2557

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 months ended March 31, 2022 and March 31, 2021:

	Three Months Ended
		March 31, 2022		March 31, 2021
Earnings per share—basic & diluted
Numerator for basic & diluted earnings per share:		$	13,668	$	9,394
Denominator for basic & diluted weighted average share:		70,329,270		35,648,345
Basic & diluted earnings per share:		$	0.19	$	0.26

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Note 11. Financial Highlights

The following information sets forth the Company's financial highlights for the three months ended March 31, 2022 and March 31, 2021.

	Three Months Ended
	March 31, 2022			March 31, 2021
Per share data: (1)
Net asset value, December 31, 2021 and December 31, 2020, respectively	$	10.63		$	10.85
Net investment income	0.22			0.23
Net realized and unrealized (losses) gains (2)	(0.02)			0.04
Net increase in net assets resulting from operations	0.20			0.27
Distributions declared to stockholders from net investment income	(0.22)			(0.26)
Net asset value, March 31, 2022 and March 31, 2021, respectively	$	10.61		$	10.86
Total return (3)	1.85		%	2.44		%
Shares outstanding at end of period	70,727,699			35,648,345
Average weighted shares outstanding for the period	70,329,270			35,648,345
Average net assets for the period	$	747,829		$	386,715
Ratio to average net assets:
Net investment income (4)	8.42		%	8.61		%
Total expenses (4)	2.49		%	2.19		%
Average debt outstanding — Wells Subscription Line	N/A			$	8,000
Average debt outstanding — Wells Credit Facility	$	357,611		$	103,233
Asset coverage ratio	300.06		%	370.62		%
Portfolio turnover	3.78		%	3.15		%
Capital Commitments	$	690,000		$	690,000
Funded Capital Commitments	$	690,000		$	365,700
% of Capital Commitments funded	100.00		%	53.00		%

(1)Per share data is based on weighted average shares outstanding for the respective period (except for issuance of shares of common stock and 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 three months ended March 31, 2022 and March 31, 2021 were $0.01 and $0.00 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.

N/A  ��  Not applicable as the Wells Subscription Line was terminated on December 3, 2021.

Note 12. Recent Accounting Standards Updates

In March 2020, the Financial Accounting Standards Board issued Accounting Standards Update No. 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting ("ASU 2020-04"). The amendments in ASU 2020-04 provide optional expedients and exceptions for applying GAAP to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. The standard is effective as of March 12, 2020 through December 31, 2022. Management is currently evaluating the impact of the optional guidance on the Company's consolidated financial statements and disclosures. The Company did not utilize the optional expedients and exceptions provided by ASU 2020-04 during the three months ended March 31, 2022 or March 31, 2021.

Rule 2a-5 under the 1940 Act was recently adopted by the SEC and establishes requirements for determining fair value in good faith for purposes of the 1940 Act. The Company is evaluating the impact of adopting Rule 2a-5 on the consolidated

49

financial statements and intends to comply with the new rule’s requirements on or before the compliance date in September 2022.

Note 13. Subsequent Events

The Company has evaluated the need for disclosures and/or adjustments resulting from recent developments through the date the financial statements were issued. There have been no recent developments that require recognition or disclosure in these consolidated financial statements.

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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 (the "Company"), including the consolidated schedule of investments, as of March 31, 2022, and the related consolidated statements of operations, changes in net assets, and cash flows for the three-month periods ended March 31, 2022 and 2021, and the related notes (collectively referred to as the "interim financial information"). Based on our review, we are not aware of any material modifications that should be made to the accompanying interim financial information for it to be in conformity with accounting principles generally accepted in the United States of America.

We have previously audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the consolidated statement of assets and liabilities of the Company, including the consolidated schedule of investments, as of December 31, 2021, and the related consolidated statements of operations, changes in net assets and cash flows for the year then ended (not presented herein); and in our report dated March 14, 2022, we expressed an unqualified opinion on those consolidated financial statements. In our opinion, the information set forth in the accompanying consolidated statement of assets and liabilities as of December 31, 2021, is fairly stated, in all material respects, in relation to the consolidated statement of assets and liabilities from which it has been derived.

Basis for Review Results

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

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

/s/ DELOITTE & TOUCHE LLP

May 13, 2022

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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;

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

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

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

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

•actual and potential conflicts of interest with the Investment Adviser and New Mountain Capital Group, L.P. (together with New Mountain Capital, L.L.C. and its affiliates, "New Mountain Capital") whose ultimate owners include Steven B. Klinsky and related other vehicles; 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 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 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 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 firm with a track record of investing in the middle market. The Investment Adviser manages our day-to-day operations and provides us with investment advisory and management services. The Investment Adviser also manages other funds that may have investment mandates that are similar, in whole or in part, to ours. New Mountain Finance Administration, L.L.C. (the "Administrator"), a wholly-owned subsidiary of New Mountain Capital, provides the administrative services necessary to conduct our day-to-day operations. The Administrator has hired a third-party sub-administrator to assist with the provision of administrative services.

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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. At the closing of any 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. 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 until the 48-month anniversary of the Initial Closing Date, 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 the Investment Period as of any earlier anniversary of the Initial Closing Date upon not less than ninety days written notice. 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.

Our investment objective is to generate current income and capital appreciation primarily by investing in or originating debt investments in companies that the Investment Adviser believes are "defensive growth" companies in non-cyclical industry niches where the Investment Adviser has developed strong proprietary research and operational advantages. We make investments through both primary originations and open-market secondary purchases. We predominantly target loans to, and invest in U.S. middle market businesses, a market segment we believe continues to be underserved 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 and $200.0 million. In some cases, our investments may also include equity interests. The primary focus is in the debt of defensive growth companies, which are defined as generally exhibiting the following characteristics: (i) sustainable secular growth drivers, (ii) high barriers to competitive entry, (iii) high free cash flow after capital expenditure and working capital needs, (iv) high returns on assets and (v) niche market dominance. As of March 31, 2022, our top five industry concentrations were software, business services, healthcare services, consumer services and financial services.

As of March 31, 2022, our net assets were approximately $750.2 million and our portfolio had a fair value of approximately $1,107.1 million in 84 portfolio companies.

COVID-19 Developments

Our operating results and portfolio companies may be negatively impacted by the COVID-19 pandemic. While several countries, as well as certain states, counties and cities in the Unites States, have relaxed initial public health restrictions with the view to partially or fully reopen their economies, many cities have since experienced a surge in the reported number of cases, hospitalizations and deaths related to the COVID-19 pandemic. These surges have led to the re-introduction of such restrictions and business shutdowns in certain states in the Unites States and globally and could continue to lead to the re-introduction of such restrictions elsewhere. Health advisors warn that recurring COVID-19 outbreaks, including outbreaks of new variants such as the Delta and Omicron variants, as well as any other variants, will continue if reopening is pursued too soon or in the wrong manner, which may lead to the re-introduction or continuation of certain public health restrictions (such as instituting quarantines, prohibitions on travel and the closure of offices, businesses, schools, retail stores and other public venues). Additionally, travelers from the Unites States are restricted from visiting many countries including countries in Europe, Asia, Africa and South America. These continued travel restrictions may prolong the global economic downturn. In addition, while consumer demand for goods and services has begun to rebound, we continue to see reductions in business activity and financial transactions, supply chain interruptions and overall economic and financial market instability both in the Unites States and globally. Such effects will likely continue for the duration of the pandemic, which is uncertain, and for some period thereafter.

Although the U.S. Food and Drug Administration authorized vaccines beginning in December 2020 and a significant portion of the U.S. population has been vaccinated, it remains unclear how quickly the vaccines will continue to be distributed nationwide and globally, or when “herd immunity” will be achieved and the restrictions that were imposed to slow the spread of the virus will be lifted entirely. Any delay in distributing the vaccines could lead people to continue to self-isolate and not participate in the economy at pre-pandemic levels for a prolonged period of time. Even after the COVID-19 pandemic subsides, the U.S. economy and most other major global economies may continue to experience a recession, and we anticipate our business and operations could be materially adversely affected by a prolonged recession in the Unites States and other major markets.

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

We will continue to monitor the rapidly evolving situation surrounding the COVID-19 pandemic and guidance from U.S. and international authorities, including federal, state and local public health authorities, and we may take additional actions based on their recommendations. In these circumstances, there may be developments outside our control requiring us to adjust our plan of operation. As such, given the dynamic nature of this situation, we cannot reasonably estimate the impact of the COVID-19 pandemic on our financial condition, results of operations or cash flows in the future.

Critical Accounting Estimates

The preparation of financial statements and related disclosures in conformity with accounting principles generally accepted in the United States ("GAAP") requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the 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").

Valuation and Leveling of Portfolio Investments

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

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

(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 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;

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 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 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 our 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 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.

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;

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

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

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

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

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

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

See Item 1.—Financial Statements—Note 4. Fair Value in this Quarterly Report on Form 10-Q for additional information on fair value hierarchy for the three months ended March 31, 2022.

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

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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 for the three months ended March 31, 2022.

Revenue Recognition

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

Interest income: Interest income, including amortization of premium and discount using the effective interest method, is recorded on the accrual basis and periodically assessed for collectability. Interest income also includes interest earned from cash on hand. Upon the prepayment of a loan or debt security, any prepayment penalties are recorded as part of interest income. We have loans in our 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 months ended March 31, 2022 and March 31, 2021, we recognized PIK interest from investments of approximately $0.8 million and $0.1 million, respectively.

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. Non-accrual investments are restored to accrual status when past due principal and interest is paid and, in management's judgment, are likely to remain current. As of March 31, 2022 and December 31, 2021, 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 new portfolio monitoring procedures are designed to provide a simple yet comprehensive analysis of our portfolio companies based on their operating performance and underlying business characteristics, which in turn forms the basis of its Risk Rating (as defined below).

We use an investment risk rating system to characterize and monitor the credit profile and expected level of returns on each investment in the portfolio. 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

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

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

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

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

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

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

•Orange – 2C and 1B

•Yellow – 3C, 2B, and 1A

•Green – 4C, 3B, 2A, 4B, 3A, and 4A

The following table shows the Risk Ratings of our portfolio companies as of March 31, 2022:

(in millions)	As of March 31, 2022
Risk Rating	Cost		Percent		Fair Value		Percent
Red	$	—	—	%	$	—	—	%
Orange	—		—	%	—		—	%
Yellow	—		—	%	—		—	%
Green	1,101.8		100.0	%	1,107.1		100.0	%
	$	1,101.8	100.0	%	$	1,107.1	100.0	%

As of March 31, 2022, all investments in our portfolio had a Risk Rating of Green.

Portfolio and Investment Activity

The fair value of our investments, as determined in good faith by the board of directors, was approximately $1,107.1 million in 84 portfolio companies at March 31, 2022 and approximately $1,070.1 million in 87 portfolio companies at December 31, 2021.

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

	Three Months Ended
(in millions)	March 31, 2022		March 31, 2021
New investments in 23 and 17 portfolio companies	$	77.3	$	93.6
Debt repayments in existing portfolio companies	(12.9)		(14.8)
Sales of securities in 6 and 0 companies	(27.6)		—
Change in unrealized appreciation on 16 and 25 portfolio companies	0.5		2.9
Change in unrealized depreciation on 74 and 33 portfolio companies	(4.4)		(1.7)

Recent Accounting Standards Updates

See Part I—Financial Information—Note 12. Recent Accounting Standards Updates for details on recent accounting standards updates.

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Results of Operations for the Three Months Ended March 31, 2022 and March 31, 2021

Revenue

	Three Months Ended
(in thousands)	March 31, 2022		March 31, 2021
Total interest income	$	18,842	$	9,382
Fee income	1,278		919
Total investment income	$	20,120	$	10,301

Our total investment income increased by approximately $9.8 million or 95%, for the three months ended March 31, 2022 as compared to the three months ended March 31, 2021. For the three months ended March 31, 2022, total investment income of approximately $20.1 million consisted of approximately $17.1 million in cash interest from investments, approximately $0.8 million in PIK interest from investments, net amortization of purchase premiums and discounts of approximately $0.9 million, and approximately $1.3 million in fee income. The increase in total interest income of approximately $9.5 million during the three months ended March 31, 2022 as compared to the three months ended March 31, 2021 was primarily attributable to larger invested balances, driven by the proceeds from drawdowns on Capital Commitments and drawn balances on the Wells Credit Facility (as defined below). Fee income during the three months ended March 31, 2022, which represents fees that are generally non-recurring in nature, was primarily attributable to upfront and amendment fees received from 12 different portfolio companies.

Operating Expenses

	Three Months Ended
(in thousands)	March 31, 2022		March 31, 2021
Management fee	$	1,625	$	888
Interest and other credit facility expenses	2,362		842
Professional fees	273		157
Administrative expenses	265		121
Other general and administrative expenses	68		77
Organizational expenses	—		8
Net expenses before income taxes	4,593		2,093
Income tax expense	—		3
Net expenses	$	4,593	$	2,096

Our total net operating expenses increased by approximately $2.5 million for the three months ended March 31, 2022 as compared to the three months ended March 31, 2021. Our management fee increased by $0.7 million, which was attributable to larger managed and invested capital balances.

Interest and other financing expenses increased by approximately $1.5 million during the three months ended March 31, 2022 as compared to the three months ended March 31, 2021, primarily due to higher drawn balances on the Wells Credit Facility (as defined below).

Administrative expenses increased by approximately $0.1 million during the three months ended March 31, 2022 as compared to the three months ended March 31, 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 March 31, 2022 as compared to the three months ended March 31, 2021 primarily due to increased audit and legal fees. Other general and administrative expenses for the three months ended March 31, 2022 as compared to the three months ended March 31, 2021 remained flat.

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

	Three Months Ended
(in thousands)	March 31, 2022		March 31, 2021
Net realized gains on investments	$	2,004	$	—
Net change in unrealized (depreciation) appreciation of investments	(3,863)		1,189
Net realized and unrealized (losses) gains	$	(1,859)	$	1,189

Our net realized gains and unrealized depreciation resulted in a net loss of approximately $1.9 million for the three months ended March 31, 2022 as compared to the net unrealized appreciation resulting in a net gain of approximately $1.2 million for the three months ended March 31, 2021. As movement in unrealized appreciation or depreciation can be the result of realizations, we look at net realized and unrealized gains or losses together. The net loss for the three months ended March 31, 2022 was primarily driven by amortization of the portfolio, as well as a slight overall decrease in market prices of our investments during the period. The total gain for the three months ended March 31, 2021 was primarily driven by the overall increase in market prices of our investments during the period.

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

Liquidity and Capital Resources

The primary use of existing funds and any funds raised in the future is expected to be for 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. 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 March 31, 2022, our asset coverage ratio was 300.06%.

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

On March 31, 2022 and December 31, 2021, we had aggregate capital commitments and undrawn capital commitments from investors as follows:

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

At March 31, 2022 and December 31, 2021, we had cash and cash equivalents of approximately $11.9 million and $21.4 million, respectively. Our cash used in operating activities for the three months ended March 31, 2022 and March 31, 2021, was approximately $66.6 million and $66.5 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 March 31, 2022 and December 31, 2021, we had outstanding commitments to third parties to fund investments totaling $175.5 million and $186.5 million, respectively, under various undrawn revolving credit facilities, delayed draw commitments or other future funding commitments.

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We may from time to time enter into financing commitment letters or bridge financing commitments, which could require funding in the future. As of March 31, 2022 and December 31, 2021, we had commitment letters to purchase investments in the aggregate par amount of $24.7 million and $25.4 million, respectively, which could require funding in the future. As of March 31, 2022 and December 31, 2021, 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, which is structured as a secured revolving 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 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, the Wells Credit Facility bears 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).

As of March 31, 2022 and December 31, 2021, the outstanding balance on the Wells Credit Facility was $375.0 million and $318.0 million, respectively, and SLF I SPV was in compliance with the applicable covenants in the Wells Credit Facility 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 months ended March 31, 2022 and March 31, 2021.

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.

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.

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 months ended March 31, 2021.

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Contractual Obligations

A summary of our significant contractual payment obligations as of March 31, 2022 is as follows:    

	Contractual Obligations Payments Due by Period
(in millions)	Total		Less than 1 Year		1 - 3 Years		3 - 5 Years		More than 5 Years
Wells Credit Facility (1)	$	375.0	$	—	$	—	$	375.0	$	—

(1)Under the terms of the Wells Credit Facility, all outstanding borrowings under that facility ($375.0 million as of March 31, 2022) must be repaid on or before December 23, 2025. As of March 31, 2022, there was approximately $75.0 million of possible capacity remaining under the Wells Credit Facility. See "— Borrowings", for material details on the Wells Credit Facility.

We have entered into the Investment Management Agreement dated December 13, 2020 (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 three months ended March 31, 2022 and March 31, 2021 totaled approximately $15.6 million and $9.1 million, respectively.

Tax characteristics of all distributions paid are reported to unitholders on Form 1099 after the end of the calendar year. For the years ended December 31, 2021 and December 31, 2020, total distributions declared were $51.9 million and $14.5 million, respectively, of which the distributions were comprised of approximately 99.56% and 100.00%, respectively, of ordinary income, 0.44% and 0.00%, 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.    

We maintain an "opt out" dividend reinvestment plan on behalf of our common stockholders, pursuant to which each of our stockholders' cash distributions will be automatically reinvested in additional shares of common stock, unless the stockholder elects to receive cash. We will only use newly-issued shares of common stock to implement the DRIP. For the three months ended March 31, 2022 and March 31, 2021, we have issued 2,988,215 and 0 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.

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.

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•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 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.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.

We intend to file an application to amend the Exemptive Order. 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 the COVID-19 pandemic, the U.S. Federal Reserve and other central banks have reduced certain interest rates and LIBOR has decreased. In addition, in a prolonged low interest rate environment, including a reduction of LIBOR to zero, the difference between the total interest income earned on interest earning assets and the total interest expense incurred on interest bearing liabilities may be compressed, reducing our net interest income and potentially adversely affecting our operating results. However, in March 2022, the Federal Reserve raised interest rates by 0.25%, the first increase since December 2018. Most recently, the Federal Reserve raised interest rates an additional 0.50% in May 2022, and indicated that it would raise rates at each of the remaining five meetings in 2022. During the three months ended March 31, 2022, certain of the loans held in our portfolio had floating LIBOR or SOFR interest rates. As of March 31, 2022, 100.00% 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 none of our investments at fair value represent fixed-rate investments. Additionally, our Wells Credit Facility is also subject to floating interest rates and are 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, should interest rates increase by 100, 200 or 300 basis points, or decrease by 25 basis points. Interest income is calculated as revenue from interest generated from our portfolio of investments held on March 31, 2022. Interest expense is calculated based on the terms of our outstanding revolving credit facility. For our floating rate revolving credit facility, we use the outstanding balance as of March 31, 2022. Interest expense on our floating rate revolving credit facility is calculated using the interest rate as of March 31, 2022, adjusted for the hypothetical changes in rates, as shown below. The base interest rate case assumes the rates on our portfolio investments remain unchanged from the actual effective interest rates as of March 31, 2022. These hypothetical calculations are based on a model of the investments in our portfolio, held as of March 31, 2022, 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	0.30	%
Base Interest Rate	—	%
+100 Basis Points	6.60	%
+200 Basis Points	17.89	%
+300 Basis Points	29.18	%

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Item 4.    Controls and Procedures

(a)Evaluation of Disclosure Controls and Procedures

As of March 31, 2022 (the end of the period covered by this report), we, including our Chief Executive Officer and Chief Financial Officer, evaluated the effectiveness of the design and operation of our disclosure controls and procedures (as defined in Rule 13a-15(e) of the Securities Exchange Act of 1934, as amended). Based on that evaluation, our management, including the Chief Executive Officer and Chief Financial Officer, concluded that our disclosure controls and procedures were effective and provided reasonable assurance that information required to be disclosed in our periodic SEC filings is recorded, processed, summarized and reported within the time periods specified in the SEC's rules and forms, and that such information is accumulated and communicated to our management, including our Chief Executive Officer and Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosure. However, in evaluating the disclosure controls and procedures, management recognized that any controls and procedures, no matter how well designed and operated can provide only reasonable assurance of achieving the desired control objectives, and management necessarily was required to apply its judgment in evaluating the cost-benefit relationship of such possible controls and procedures.

(b)Changes in Internal Control Over Financial Reporting

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

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PART II. OTHER INFORMATION

The terms "we", "us", "our" and the "Company" refers to 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 March 31, 2022. 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, 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. Additional risks and uncertainties not currently known to us or that we currently deem to be immaterial also may materially and adversely affect our business, financial condition and/or operating results. There have been no material changes during the three months ended March 31, 2022 to the risk factors discussed in Item 1A.—Risk Factors in our Annual Report on Form 10-K.

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

None, other than those already disclosed in certain Form 8-Ks filed with the SEC.

Item 3. Defaults Upon Senior Securities

None.

Item 4. Mine Safety Disclosures

Not applicable.

Item 5. Other Information

None.

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Item 6.    Exhibits

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)
31.1	Certification of Chief Executive Officer pursuant to Rule 13a-14(a) of the Securities Exchange Act of 1934, as amended*
31.2	Certification of Chief Financial Officer pursuant to Rule 13a-14(a) of the Securities Exchange Act of 1934, as amended*
32.1	Certification of Chief Executive Officer pursuant to Section 906 of The Sarbanes-Oxley Act of 2002 (18 U.S.C. 1350)*
32.2	Certification of Chief Financial Officer pursuant to Section 906 of The Sarbanes-Oxley Act of 2002 (18 U.S.C. 1350)*

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

* Filed herewith.

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SIGNATURES

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

NMF SLF I, Inc.
By:	/s/ ROBERT A. HAMWEE
	Robert A. Hamwee Chief Executive Officer (Principal Executive Officer)
By:	/s/ SHIRAZ Y. KAJEE
	Shiraz Y. Kajee Chief Financial Officer and Treasurer (Principal Financial and Accounting Officer)

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