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Topco, LLC, First lien 12024-09-300001496099AAH Topco, LLC, First lien 22024-09-300001496099AAH Topco, LLC, First lien 32024-09-300001496099AAH Topco, LLC, First lien 42024-09-300001496099AAH Topco, LLC, Subordinated 12024-09-300001496099AAH Topco, LLC, Subordinated 22024-09-300001496099nmfc:AAHTopcoLLCMembernmfc:FundedDebtSecuritiesMember2024-09-300001496099Kaseya Inc., First lien 12024-09-300001496099Kaseya Inc., First lien - Drawn 12024-09-300001496099Kaseya Inc., First lien - Drawn 22024-09-300001496099Kaseya Inc., First lien 22024-09-300001496099nmfc:KaseyaIncMembernmfc:FundedDebtSecuritiesMember2024-09-300001496099GC Waves Holdings, Inc., First lien 12024-09-300001496099GC Waves Holdings, Inc., First lien 22024-09-300001496099GC Waves Holdings, Inc., First lien 32024-09-300001496099nmfc:GCWavesHoldingsIncMembernmfc:FundedDebtSecuritiesMember2024-09-300001496099OA Buyer, Inc., First lien 12024-09-300001496099OA Buyer, Inc., First lien 22024-09-300001496099OA Buyer, Inc., First lien 32024-09-300001496099nmfc:OABuyerIncMembernmfc:FundedDebtSecuritiesMember2024-09-300001496099Associations, Inc., First lien2024-09-300001496099Associations, Inc., Subordinated 12024-09-300001496099Associations, Inc., Subordinated 22024-09-300001496099nmfc:AssociationsIncMembernmfc:FundedDebtSecuritiesMember2024-09-300001496099GS Acquisitionco, Inc., First lien 12024-09-300001496099GS Acquisitionco, Inc., First lien 22024-09-300001496099GS Acquisitionco, Inc., First lien 32024-09-300001496099GS Acquisitionco, Inc., First lien - Drawn2024-09-300001496099nmfc:GSAcquisitioncoIncMembernmfc:FundedDebtSecuritiesMember2024-09-300001496099iCIMS, Inc., First lien 12024-09-300001496099iCIMS, Inc., First lien 22024-09-300001496099iCIMS, Inc., First lien - Drawn2024-09-300001496099nmfc:ICIMSIncMembernmfc:FundedDebtSecuritiesMember2024-09-300001496099OEConnection LLC, First lien2024-09-300001496099Model N, Inc., First lien2024-09-300001496099Recorded Future, Inc., First lien2024-09-300001496099Recorded Future, Inc., First lien - Drawn2024-09-300001496099nmfc:RecordedFutureIncMembernmfc:FundedDebtSecuritiesMember2024-09-300001496099Infogain Corporation, First lien 12024-09-300001496099Infogain Corporation, First lien 22024-09-300001496099Infogain Corporation, First lien - Drawn2024-09-300001496099Infogain Corporation, Subordinated2024-09-300001496099nmfc:InfogainCorporationMembernmfc:FundedDebtSecuritiesMember2024-09-300001496099Deca Dental Holdings LLC, First lien 12024-09-300001496099Deca Dental Holdings LLC, First lien 22024-09-300001496099Deca Dental Holdings LLC, First lien - Drawn2024-09-300001496099nmfc:DecaDentalHoldingsLLCMembernmfc:FundedDebtSecuritiesMember2024-09-300001496099Sierra Enterprises, LLC2024-09-300001496099RealPage, Inc., Second lien2024-09-300001496099Wealth Enhancement Group, LLC, First lien 12024-09-300001496099Wealth Enhancement Group, LLC, First lien 22024-09-300001496099Wealth Enhancement Group, LLC, First lien 32024-09-300001496099Wealth Enhancement Group, LLC, First lien 42024-09-300001496099Wealth Enhancement Group, LLC, First lien 52024-09-300001496099Wealth Enhancement Group, LLC, Subordinated2024-09-300001496099nmfc:WealthEnhancementGroupLLCMembernmfc:FundedDebtSecuritiesMember2024-09-300001496099YLG Holdings, Inc., First lien 12024-09-300001496099YLG Holdings, Inc., First lien 22024-09-300001496099YLG Holdings, Inc., First lien 32024-09-300001496099YLG Holdings, Inc., First lien 42024-09-300001496099YLG Holdings, Inc., First lien 52024-09-300001496099YLG Holdings, Inc., First lien 62024-09-300001496099YLG Holdings, Inc., First lien 72024-09-300001496099YLG Holdings, Inc., First lien 82024-09-300001496099YLG Holdings, Inc., First lien 92024-09-300001496099nmfc:YLGHoldingsIncMembernmfc:FundedDebtSecuritiesMember2024-09-300001496099MRI Software LLC, First lien 12024-09-300001496099MRI Software LLC, First lien 22024-09-300001496099MRI Software LLC, First lien 32024-09-300001496099MRI Software LLC, First lien 42024-09-300001496099MRI Software LLC, First lien 52024-09-300001496099nmfc:MRISoftwareLLCMembernmfc:FundedDebtSecuritiesMember2024-09-300001496099Foreside Financial Group, LLC, First lien 12024-09-300001496099Foreside Financial Group, LLC, First lien 22024-09-300001496099nmfc:ForesideFinancialGroupLLCMembernmfc:FundedDebtSecuritiesMember2024-09-300001496099CentralSquare Technologies, LLC, First lien2024-09-300001496099Auctane Inc. (fka Stamps.com Inc.), First lien 12024-09-300001496099Auctane Inc. (fka Stamps.com Inc.), First lien 22024-09-300001496099nmfc:AuctaneIncFkaStampscomIncMembernmfc:FundedDebtSecuritiesMember2024-09-300001496099IG Investments Holdings, LLC, First lien 12024-09-300001496099IG Investments Holdings, LLC, First lien 22024-09-300001496099IG Investments Holdings, LLC, First lien 32024-09-300001496099IG Investments Holdings, LLC, First lien 42024-09-300001496099IG Investments Holdings, LLC, First lien 52024-09-300001496099nmfc:IGInvestmentsHoldingsLLCMembernmfc:FundedDebtSecuritiesMember2024-09-300001496099TigerConnect, Inc., First lien2024-09-300001496099TigerConnect, Inc., First lien - Drawn2024-09-300001496099nmfc:TigerConnectIncMembernmfc:FundedDebtSecuritiesMember2024-09-300001496099PPV Intermediate Holdings, LLC, First lien 12024-09-300001496099PPV Intermediate Holdings, LLC, First lien 22024-09-300001496099nmfc:PPVIntermediateHoldingsLLCMembernmfc:FundedDebtSecuritiesMember2024-09-300001496099Fortis Solutions Group, LLC, First lien 12024-09-300001496099Fortis Solutions Group, LLC, First lien 22024-09-300001496099Fortis Solutions Group, LLC, First lien - Drawn 12024-09-300001496099Fortis Solutions Group, LLC, First lien - Drawn 22024-09-300001496099Fortis Solutions Group, LLC, First lien 32024-09-300001496099nmfc:FortisSolutionsGroupLLCMembernmfc:FundedDebtSecuritiesMember2024-09-300001496099Bullhorn, Inc., First lien 12024-09-300001496099Bullhorn, Inc., First lien 22024-09-300001496099Bullhorn, Inc., First lien - Drawn 12024-09-300001496099Bullhorn, Inc., First lien 32024-09-300001496099Bullhorn, Inc., First lien - Drawn 22024-09-300001496099Bullhorn, Inc., First lien 42024-09-300001496099Bullhorn, Inc., First lien 52024-09-300001496099nmfc:BullhornIncMembernmfc:FundedDebtSecuritiesMember2024-09-300001496099ACI Group Holdings, Inc., First lien 12024-09-300001496099ACI Group Holdings, Inc., First lien 22024-09-300001496099ACI Group Holdings, Inc., First lien 32024-09-300001496099ACI Group Holdings, Inc., First lien - Drawn2024-09-300001496099nmfc:ACIGroupHoldingsIncMembernmfc:FundedDebtSecuritiesMember2024-09-300001496099Brave Parent Holdings, Inc., First lien 12024-09-300001496099Brave Parent Holdings, Inc., First lien 22024-09-300001496099Brave Parent Holdings, Inc., First lien - Drawn 12024-09-300001496099Brave Parent Holdings, Inc., First lien - Drawn 22024-09-300001496099nmfc:BraveParentHoldingsIncMembernmfc:FundedDebtSecuritiesMember2024-09-300001496099Foundational Education Group, Inc., Second lien 12024-09-300001496099Foundational Education Group, Inc., Second lien 22024-09-300001496099nmfc:FoundationalEducationGroupIncMembernmfc:FundedDebtSecuritiesMember2024-09-300001496099NMC Crimson Holdings, Inc., First lien 12024-09-300001496099NMC Crimson Holdings, Inc., First lien 22024-09-300001496099NMC Crimson Holdings, Inc., First lien 32024-09-300001496099nmfc:NMCCrimsonHoldingsIncMembernmfc:FundedDebtSecuritiesMember2024-09-300001496099Nelipak Holding Company, First lien 12024-09-300001496099Nelipak Holding Company, First lien 22024-09-300001496099Nelipak Holding Company, First lien - Drawn2024-09-300001496099nmfc:NelipakHoldingCompanyMembernmfc:FundedDebtSecuritiesMember2024-09-300001496099PetVet Care Centers, LLC, First lien2024-09-300001496099Syndigo LLC, Second lien 12024-09-300001496099Syndigo LLC, Second lien 22024-09-300001496099nmfc:SyndigoLLCMembernmfc:FundedDebtSecuritiesMember2024-09-300001496099Pioneer Buyer I, LLC, First lien 12024-09-300001496099Pioneer Buyer I, LLC, First lien 22024-09-300001496099nmfc:PioneerBuyerILLCMembernmfc:FundedDebtSecuritiesMember2024-09-300001496099DOCS, MSO, LLC, First lien 12024-09-300001496099DOCS, MSO, LLC, First lien 22024-09-300001496099nmfc:DOCSMSOLLCMembernmfc:FundedDebtSecuritiesMember2024-09-300001496099AmeriVet Partners Management, Inc., First lien 12024-09-300001496099AmeriVet Partners Management, Inc., First lien 22024-09-300001496099AmeriVet Partners Management, Inc., First lien 32024-09-300001496099nmfc:AmeriVetPartnersManagementIncMembernmfc:FundedDebtSecuritiesMember2024-09-300001496099HS Purchaser, LLC / Help/Systems Holdings, Inc., Second lien 12024-09-300001496099HS Purchaser, LLC / Help/Systems Holdings, Inc., Second lien 22024-09-300001496099nmfc:HSPurchaserLLCHelpSystemsHoldingsIncMembernmfc:FundedDebtSecuritiesMember2024-09-300001496099Diligent Corporation, First lien 12024-09-300001496099Diligent Corporation, First lien 22024-09-300001496099nmfc:DiligentCorporationMembernmfc:FundedDebtSecuritiesMember2024-09-300001496099FS WhiteWater Borrower, LLC, First lien 12024-09-300001496099FS WhiteWater Borrower, LLC, First lien 22024-09-300001496099FS WhiteWater Borrower, LLC, First lien 32024-09-300001496099FS WhiteWater Borrower, LLC, First lien 42024-09-300001496099nmfc:FSWhiteWaterBorrowerLLCMembernmfc:FundedDebtSecuritiesMember2024-09-300001496099Xactly Corporation, First lien2024-09-300001496099Power Grid Holdings, Inc., First lien 12024-09-300001496099Power Grid Holdings, Inc., First lien 22024-09-300001496099nmfc:PowerGridHoldingsInc.Membernmfc:FundedDebtSecuritiesMember2024-09-300001496099TMK Hawk Parent, Corp., First lien 12024-09-300001496099TMK Hawk Parent, Corp., First lien 22024-09-300001496099TMK Hawk Parent, Corp., First lien 32024-09-300001496099TMK Hawk Parent, Corp., Subordinated 12024-09-300001496099TMK Hawk Parent, Corp., Subordinated 22024-09-300001496099nmfc:TMKHawkParentCorpMembernmfc:FundedDebtSecuritiesMember2024-09-300001496099Oranje Holdco, Inc., First lien 12024-09-300001496099Oranje Holdco, Inc., First lien 22024-09-300001496099Oranje Holdco, Inc., First lien 32024-09-300001496099nmfc:OranjeHoldcoIncMembernmfc:FundedDebtSecuritiesMember2024-09-300001496099Cardinal Parent, Inc., First lien2024-09-300001496099Cardinal Parent, Inc., Second lien2024-09-300001496099nmfc:CardinalParentIncMembernmfc:FundedDebtSecuritiesMember2024-09-300001496099Trinity Air Consultants Holdings Corporation, First lien2024-09-300001496099Trinity Air Consultants Holdings Corporation, First lien - Drawn2024-09-300001496099nmfc:TrinityAirConsultantsHoldingsCorporationMembernmfc:FundedDebtSecuritiesMember2024-09-300001496099Groundworks, LLC, First lien2024-09-300001496099Groundworks, LLC, First lien - Drawn2024-09-300001496099nmfc:GroundworksLLCMembernmfc:FundedDebtSecuritiesMember2024-09-300001496099Notorious Topco, LLC, First lien 12024-09-300001496099Notorious Topco, LLC, First lien 22024-09-300001496099Notorious Topco, LLC, First lien 32024-09-300001496099nmfc:NotoriousTopcoLLCMembernmfc:FundedDebtSecuritiesMember2024-09-300001496099DG Investment Intermediate Holdings 2, Inc., Second lien2024-09-300001496099GraphPAD Software, LLC, First lien2024-09-300001496099GraphPAD Software, LLC, First lien - Drawn2024-09-300001496099nmfc:GraphPADSoftwareLLCMembernmfc:FundedDebtSecuritiesMember2024-09-300001496099PDI TA Holdings, Inc., First lien2024-09-300001496099American Achievement Corporation (aka AAC Holding Corp.), First lien 12024-09-300001496099American Achievement Corporation (aka AAC Holding Corp.), First lien 22024-09-300001496099American Achievement Corporation (aka AAC Holding Corp.), Subordinated2024-09-300001496099nmfc:AmericanAchievementCorporationAkaAACHoldingCorpMembernmfc:FundedDebtSecuritiesMember2024-09-300001496099Kele Holdco, Inc., First lien 12024-09-300001496099Kele Holdco, Inc., First lien 22024-09-300001496099Kele Holdco, Inc., First lien - Drawn2024-09-300001496099nmfc:KeleHoldcoInc.Membernmfc:FundedDebtSecuritiesMember2024-09-300001496099Avalara, Inc., First lien2024-09-300001496099Idera, Inc., Second lien 12024-09-300001496099Idera, Inc., Second lien 22024-09-300001496099nmfc:IderaIncMembernmfc:FundedDebtSecuritiesMember2024-09-300001496099Coupa Holdings, LLC, First lien2024-09-300001496099IMO Investor Holdings, Inc., First lien 12024-09-300001496099IMO Investor Holdings, Inc., First lien 22024-09-300001496099nmfc:IMOInvestorHoldingsIncMembernmfc:FundedDebtSecuritiesMember2024-09-300001496099Houghton Mifflin Harcourt Company, First lien2024-09-300001496099Daxko Acquisition Corporation, First lien 12024-09-300001496099Daxko Acquisition Corporation, First lien 22024-09-300001496099Daxko Acquisition Corporation, First lien 32024-09-300001496099Daxko Acquisition Corporation, First lien - Drawn2024-09-300001496099nmfc:DaxkoAcquisitionCorporationMembernmfc:FundedDebtSecuritiesMember2024-09-300001496099Calabrio, Inc., First lien 12024-09-300001496099Calabrio, Inc., First lien 22024-09-300001496099nmfc:CalabrioIncMembernmfc:FundedDebtSecuritiesMember2024-09-300001496099Convey Health Solutions, Inc., First lien 12024-09-300001496099Convey Health Solutions, Inc., First lien 22024-09-300001496099nmfc:ConveyHealthSolutionsIncMembernmfc:FundedDebtSecuritiesMember2024-09-300001496099Baker Tilly Advisory Group, LP, First lien2024-09-300001496099CFS Management, LLC, First lien 12024-09-300001496099CFS Management, LLC, First lien 22024-09-300001496099nmfc:CFSManagementLLCMembernmfc:FundedDebtSecuritiesMember2024-09-300001496099USRP Holdings, Inc., First lien 12024-09-300001496099USRP Holdings, Inc., First lien 22024-09-300001496099nmfc:USRPHoldingsIncMembernmfc:FundedDebtSecuritiesMember2024-09-300001496099Anaplan, Inc., First lien2024-09-300001496099Project Accelerate Parent, LLC, First lien2024-09-300001496099Virtusa Corporation, Subordinated2024-09-300001496099Specialtycare, Inc., First lien 12024-09-300001496099Specialtycare, Inc., First lien - Drawn2024-09-300001496099Specialtycare, Inc., First lien 22024-09-300001496099nmfc:SpecialtycareIncMembernmfc:FundedDebtSecuritiesMember2024-09-300001496099Ciklum Inc., First lien2024-09-300001496099CG Group Holdings, LLC, First lien2024-09-300001496099CG Group Holdings, LLC, First lien - Drawn2024-09-300001496099nmfc:CGGroupHoldingsLLCMembernmfc:FundedDebtSecuritiesMember2024-09-300001496099Planview Parent, Inc., Second lien2024-09-300001496099Safety Borrower Holdings LLC, First lien 12024-09-300001496099Safety Borrower Holdings LLC, First lien 22024-09-300001496099Safety Borrower Holdings LLC, First lien - Drawn2024-09-300001496099nmfc:SafetyBorrowerHoldingsLLCMembernmfc:FundedDebtSecuritiesMember2024-09-300001496099Icefall Parent, Inc., First lien2024-09-300001496099KPSKY Acquisition Inc., First lien 12024-09-300001496099KPSKY Acquisition Inc., First lien 22024-09-300001496099KPSKY Acquisition Inc., First lien 32024-09-300001496099KPSKY Acquisition Inc., First lien - Drawn2024-09-300001496099nmfc:KPSKYAcquisitionIncMembernmfc:FundedDebtSecuritiesMember2024-09-300001496099Park Place Technologies, LLC, First lien2024-09-300001496099Park Place Technologies, LLC, First lien - Drawn2024-09-300001496099nmfc:ParkPlaceTechnologiesLLCMembernmfc:FundedDebtSecuritiesMember2024-09-300001496099Eclipse Buyer Inc., First lien2024-09-300001496099CRCI Longhorn Holdings, Inc., First lien2024-09-300001496099CRCI Longhorn Holdings, Inc., First lien - Drawn2024-09-300001496099nmfc:CRCILonghornHoldingsIncMembernmfc:FundedDebtSecuritiesMember2024-09-300001496099Alegeus Technologies Holdings Corp., First lien2024-09-300001496099Sun Acquirer Corp., First lien 12024-09-300001496099Sun Acquirer Corp., First lien 22024-09-300001496099nmfc:SunAcquirerCorpMembernmfc:FundedDebtSecuritiesMember2024-09-300001496099PPVA Black Elk (Equity) LLC, Subordinated2024-09-300001496099Greenway Health, LLC, First lien2024-09-300001496099Bamboo Health Holdings, LLC (f/k/a Appriss Health, LLC), First lien2024-09-300001496099Bamboo Health Holdings, LLC (f/k/a Appriss Health, LLC), First lien - Drawn2024-09-300001496099nmfc:BambooHealthHoldingsLLCFkaApprissHealthLLCMembernmfc:FundedDebtSecuritiesMember2024-09-300001496099Legends Hospitality Holding Company, LLC, First lien2024-09-300001496099NC Topco, LLC, First lien2024-09-300001496099Higginbotham Insurance Agency, Inc., First lien2024-09-300001496099Higginbotham Insurance Agency, Inc., First lien - Drawn2024-09-300001496099nmfc:HigginbothamInsuranceAgencyInc.Membernmfc:FundedDebtSecuritiesMember2024-09-300001496099Healthspan Buyer, LLC, First lien2024-09-300001496099Michael Baker International, LLC, First lien2024-09-300001496099Adelaide Borrower, LLC, First lien2024-09-300001496099Cube Industrials Buyer Inc., First lien2024-09-300001496099Logrhythm, Inc., First lien2024-09-300001496099RLG Holdings, LLC, First lien2024-09-300001496099CommerceHub, Inc., First lien2024-09-300001496099Project Power Buyer, LLC, First lien2024-09-300001496099Kene Acquisition, Inc., First lien2024-09-300001496099Next Holdco, LLC, First lien2024-09-300001496099CB Buyer, Inc., First lien2024-09-300001496099Geo Parent Corporation, First lien2024-09-300001496099AI Altius US Bidco, Inc., First lien2024-09-300001496099DCA Investment Holding, LLC, First lien 12024-09-300001496099DCA Investment Holding, LLC, First lien 22024-09-300001496099nmfc:DCAInvestmentHoldingLLCMembernmfc:FundedDebtSecuritiesMember2024-09-300001496099Galway Borrower LLC, First lien2024-09-300001496099Galway Borrower LLC, First lien - Drawn2024-09-300001496099nmfc:GalwayBorrowerLLCMembernmfc:FundedDebtSecuritiesMember2024-09-300001496099Compsych Investments Corp., First lien2024-09-300001496099CoreTrust Purchasing Group LLC, First lien2024-09-300001496099Reorganized Careismatic Brands, LLC, Trust Claim 12024-09-300001496099Reorganized Careismatic Brands, LLC, Trust Claim 22024-09-300001496099nmfc:ReorganizedCareismaticBrandsLLCMembernmfc:FundedDebtSecuritiesMember2024-09-300001496099Beacon Pointe Harmony, LLC, First lien - Drawn2024-09-300001496099PPVA Fund, L.P., Collateralized Financing2024-09-300001496099country:USus-gaap:InvestmentUnaffiliatedIssuerMembernmfc:FundedDebtSecuritiesMember2024-09-300001496099Tennessee Bidco Limited, First lien 12024-09-300001496099Tennessee Bidco Limited, First lien 22024-09-300001496099Tennessee Bidco Limited, First lien 32024-09-300001496099nmfc:TennesseeBidcoLimitedMembernmfc:FundedDebtSecuritiesMember2024-09-300001496099country:JEus-gaap:InvestmentUnaffiliatedIssuerMembernmfc:FundedDebtSecuritiesMember2024-09-300001496099Aston FinCo S.a r.l. / Aston US Finco, LLC, Second lien2024-09-300001496099Integro Parent Inc., First lien 12024-09-300001496099Integro Parent Inc., First lien 22024-09-300001496099Integro Parent Inc., Second lien2024-09-300001496099nmfc:IntegroParentIncMembernmfc:FundedDebtSecuritiesMember2024-09-300001496099country:GBus-gaap:InvestmentUnaffiliatedIssuerMembernmfc:FundedDebtSecuritiesMember2024-09-300001496099Atlas AU Bidco Pty Ltd, First lien 12024-09-300001496099Atlas AU Bidco Pty Ltd, First lien 22024-09-300001496099nmfc:AtlasAUBidcoPtyLtdMembernmfc:FundedDebtSecuritiesMember2024-09-300001496099country:AUus-gaap:InvestmentUnaffiliatedIssuerMembernmfc:FundedDebtSecuritiesMember2024-09-300001496099us-gaap:InvestmentUnaffiliatedIssuerMembernmfc:FundedDebtSecuritiesMember2024-09-300001496099Dealer Tire Holdings, LLC, Preferred shares2024-09-300001496099Symplr Software Intermediate Holdings, Inc., Preferred shares 12024-09-300001496099Symplr Software Intermediate Holdings, Inc., Preferred shares 22024-09-300001496099nmfc:SymplrSoftwareIntermediateHoldingsIncMemberus-gaap:EquitySecuritiesMember2024-09-300001496099Knockout Intermediate Holdings I Inc., Preferred shares2024-09-300001496099ACI Parent Inc., Preferred shares2024-09-300001496099Project Essential Super Parent, Inc., Preferred shares2024-09-300001496099Diligent Preferred Issuer, Inc., Preferred shares2024-09-300001496099HB Wealth Management, LLC, Preferred shares2024-09-300001496099OA Topco, L.P., Ordinary shares2024-09-300001496099Eclipse Topco Holdings, Inc. (fka Transcendia Holdings, Inc.), Preferred shares 12024-09-300001496099Eclipse Topco Holdings, Inc. (fka Transcendia Holdings, Inc.), Preferred shares 22024-09-300001496099Eclipse Topco Holdings, Inc. (fka Transcendia Holdings, Inc.), Ordinary shares2024-09-300001496099nmfc:EclipseTopcoHoldingsInc.FkaTranscendiaHoldingsInc.Memberus-gaap:EquitySecuritiesMember2024-09-300001496099FS WhiteWater Holdings, LLC, Ordinary shares2024-09-300001496099Bamboo Health Intermediate Holdings (fka Appriss Health Intermediate Holdings, Inc.), Preferred shares2024-09-300001496099Ambrosia Holdco Corp., Ordinary shares 12024-09-300001496099Ambrosia Holdco Corp., Ordinary shares 22024-09-300001496099nmfc:AmbrosiaHoldcoCorp.Memberus-gaap:EquitySecuritiesMember2024-09-300001496099Pioneer Topco I, L.P., Ordinary shares2024-09-300001496099Eclipse Topco, Inc., Preferred shares2024-09-300001496099GEDC Equity, LLC, Ordinary shares2024-09-300001496099Ancora Acquisition LLC, Preferred shares2024-09-300001496099AAC Lender Holdings, LLC, Ordinary shares2024-09-300001496099country:USus-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:EquitySecuritiesMember2024-09-300001496099Bach Special Limited (Bach Preference Limited), Preferred shares2024-09-300001496099country:HKus-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:EquitySecuritiesMember2024-09-300001496099us-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:EquitySecuritiesMember2024-09-300001496099Reorganized Careismatic Brands, LLC, Warrants 12024-09-300001496099Reorganized Careismatic Brands, LLC, Warrants 22024-09-300001496099nmfc:ReorganizedCareismaticBrandsLLCMemberus-gaap:EquitySecuritiesMember2024-09-300001496099country:USus-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:WarrantMember2024-09-300001496099us-gaap:InvestmentUnaffiliatedIssuerMembernmfc:FundedSecuritiesMember2024-09-300001496099Compsych Investments Corp., First lien - Undrawn2024-09-300001496099Beacon Pointe Harmony, LLC, First lien - Undrawn2024-09-300001496099American Achievement Corporation (aka AAC Holding Corp.), First lien - Undrawn2024-09-300001496099DOXA Insurance Holdings LLC, First lien - Undrawn2024-09-300001496099AI Altius US Bidco, Inc., First lien - Undrawn2024-09-300001496099Riskonnect Parent, LLC, First lien - Undrawn2024-09-300001496099Higginbotham Insurance Agency, Inc., First lien - Undrawn2024-09-300001496099Safety Borrower Holdings LLC, First lien - Undrawn2024-09-300001496099Project Power Buyer, LLC, First lien - Undrawn2024-09-300001496099CoreTrust Purchasing Group LLC, First lien - Undrawn2024-09-300001496099Next Holdco, LLC, First lien - Undrawn 12024-09-300001496099Next Holdco, LLC, First lien - Undrawn 22024-09-300001496099nmfc:NextHoldcoLLCMembernmfc:UnfundedDebtSecuritiesMember2024-09-300001496099Bamboo Health Holdings, LLC (f/k/a Appriss Health, LLC), First lien - Undrawn2024-09-300001496099Cube Industrials Buyer Inc., First lien - Undrawn2024-09-300001496099PPV Intermediate Holdings, LLC, First lien - Undrawn2024-09-300001496099Sun Acquirer Corp., First lien - Undrawn2024-09-300001496099Kene Acquisition, Inc., First lien - Undrawn 12024-09-300001496099Kene Acquisition, Inc., First lien - Undrawn 22024-09-300001496099nmfc:KeneAcquisitionInc.Membernmfc:UnfundedDebtSecuritiesMember2024-09-300001496099Logrhythm, Inc., First lien - Undrawn2024-09-300001496099Wealth Enhancement Group, LLC, First lien - Undrawn2024-09-300001496099Adelaide Borrower, LLC, First lien - Undrawn 12024-09-300001496099Adelaide Borrower, LLC, First lien - Undrawn 22024-09-300001496099nmfc:AdelaideBorrowerLLCMembernmfc:UnfundedDebtSecuritiesMember2024-09-300001496099Icefall Parent, Inc., First lien - Undrawn2024-09-300001496099Kele Holdco, Inc., First lien - Undrawn2024-09-300001496099Project Accelerate Parent, LLC, First lien - Undrawn2024-09-300001496099Bullhorn, Inc., First lien - Undrawn 12024-09-300001496099Bullhorn, Inc., First lien - Undrawn 22024-09-300001496099nmfc:BullhornIncMembernmfc:UnfundedDebtSecuritiesMember2024-09-300001496099USRP Holdings, Inc., First lien - Undrawn2024-09-300001496099Daxko Acquisition Corporation, First lien - Undrawn2024-09-300001496099PDI TA Holdings, Inc., First lien - Undrawn 12024-09-300001496099PDI TA Holdings, Inc., First lien - Undrawn 22024-09-300001496099nmfc:PDITAHoldingsInc.Membernmfc:UnfundedDebtSecuritiesMember2024-09-300001496099Xactly Corporation, First lien - Undrawn2024-09-300001496099AmeriVet Partners Management, Inc., First lien - Undrawn2024-09-300001496099MRI Software LLC, First lien - Undrawn2024-09-300001496099Calabrio, Inc., First lien - Undrawn2024-09-300001496099Healthspan Buyer, LLC, First lien - Undrawn2024-09-300001496099Coupa Holdings, LLC, First lien - Undrawn 12024-09-300001496099Coupa Holdings, LLC, First lien - Undrawn 22024-09-300001496099nmfc:CoupaHoldingsLLCMembernmfc:UnfundedDebtSecuritiesMember2024-09-300001496099Brave Parent Holdings, Inc., First lien - Undrawn 12024-09-300001496099Brave Parent Holdings, Inc., First lien - Undrawn 22024-09-300001496099Brave Parent Holdings, Inc., First lien - Undrawn 32024-09-300001496099nmfc:BraveParentHoldingsIncMembernmfc:UnfundedDebtSecuritiesMember2024-09-300001496099FS WhiteWater Borrower, LLC, First lien - Undrawn2024-09-300001496099IMO Investor Holdings, Inc., First lien - Undrawn2024-09-300001496099Trinity Air Consultants Holdings Corporation, First lien - Undrawn 12024-09-300001496099Trinity Air Consultants Holdings Corporation, First lien - Undrawn 22024-09-300001496099nmfc:TrinityAirConsultantsHoldingsCorporationMembernmfc:UnfundedDebtSecuritiesMember2024-09-300001496099YLG Holdings, Inc., First lien - Undrawn2024-09-300001496099Avalara, Inc., First lien - Undrawn2024-09-300001496099Fortis Solutions Group, LLC, First lien - Undrawn 12024-09-300001496099Fortis Solutions Group, LLC, First lien - Undrawn 22024-09-300001496099nmfc:FortisSolutionsGroupLLCMembernmfc:UnfundedDebtSecuritiesMember2024-09-300001496099Foreside Financial Group, LLC, First lien - Undrawn 12024-09-300001496099Foreside Financial Group, LLC, First lien - Undrawn 22024-09-300001496099Foreside Financial Group, LLC, First lien - Undrawn 32024-09-300001496099nmfc:ForesideFinancialGroupLLCMembernmfc:UnfundedDebtSecuritiesMember2024-09-300001496099Nelipak Holding Company, First lien - Undrawn 12024-09-300001496099Nelipak Holding Company, First lien - Undrawn 22024-09-300001496099Nelipak Holding Company, First lien - Undrawn 32024-09-300001496099Nelipak Holding Company, First lien - Undrawn 42024-09-300001496099nmfc:NelipakHoldingCompanyMembernmfc:UnfundedDebtSecuritiesMember2024-09-300001496099Kaseya Inc., First lien - Undrawn 12024-09-300001496099Kaseya Inc., First lien - Undrawn 22024-09-300001496099nmfc:KaseyaIncMembernmfc:UnfundedDebtSecuritiesMember2024-09-300001496099Oranje Holdco, Inc., First lien - Undrawn2024-09-300001496099Infogain Corporation, First lien - Undrawn2024-09-300001496099OEConnection LLC, First lien - Undrawn 12024-09-300001496099OEConnection LLC, First lien - Undrawn 22024-09-300001496099nmfc:OEConnectionLLCMembernmfc:UnfundedDebtSecuritiesMember2024-09-300001496099Pioneer Buyer I, LLC, First lien - Undrawn2024-09-300001496099GS Acquisitionco, Inc., First lien - Undrawn 12024-09-300001496099GS Acquisitionco, Inc., First lien - Undrawn 22024-09-300001496099nmfc:GSAcquisitioncoIncMembernmfc:UnfundedDebtSecuritiesMember2024-09-300001496099GC Waves Holdings, Inc., First lien - Undrawn2024-09-300001496099OA Buyer, Inc., First lien - Undrawn2024-09-300001496099AAH Topco, LLC, First lien - Undrawn2024-09-300001496099PetVet Care Centers, LLC, First lien - Undrawn 12024-09-300001496099PetVet Care Centers, LLC, First lien - Undrawn 22024-09-300001496099nmfc:PetVetCareCentersLLCMembernmfc:UnfundedDebtSecuritiesMember2024-09-300001496099Ciklum Inc., First lien - Undrawn 12024-09-300001496099Ciklum Inc., First lien - Undrawn 22024-09-300001496099nmfc:CiklumInc.Membernmfc:UnfundedDebtSecuritiesMember2024-09-300001496099IG Investments Holdings, LLC, First lien - Undrawn2024-09-300001496099TigerConnect, Inc., First lien - Undrawn 12024-09-300001496099TigerConnect, Inc., First lien - Undrawn 22024-09-300001496099nmfc:TigerConnectIncMembernmfc:UnfundedDebtSecuritiesMember2024-09-300001496099CentralSquare Technologies, LLC, First lien - Undrawn2024-09-300001496099Recorded Future, Inc., First lien - Undrawn 12024-09-300001496099Recorded Future, Inc., First lien - Undrawn 22024-09-300001496099nmfc:RecordedFutureIncMembernmfc:UnfundedDebtSecuritiesMember2024-09-300001496099Galway Borrower LLC, First lien - Undrawn2024-09-300001496099CG Group Holdings, LLC, First lien - Undrawn2024-09-300001496099CB Buyer, Inc., First lien - Undrawn 12024-09-300001496099CB Buyer, Inc., First lien - Undrawn 22024-09-300001496099nmfc:CBBuyerInc.Membernmfc:UnfundedDebtSecuritiesMember2024-09-300001496099CRCI Longhorn Holdings, Inc., First lien - Undrawn 12024-09-300001496099CRCI Longhorn Holdings, Inc., First lien - Undrawn 22024-09-300001496099nmfc:CRCILonghornHoldingsIncMembernmfc:UnfundedDebtSecuritiesMember2024-09-300001496099NC Topco, LLC, First lien - Undrawn 12024-09-300001496099NC Topco, LLC, First lien - Undrawn 22024-09-300001496099nmfc:NCTopcoLLCMembernmfc:UnfundedDebtSecuritiesMember2024-09-300001496099Associations, Inc., First lien - Undrawn 12024-09-300001496099Associations, Inc., First lien - Undrawn 22024-09-300001496099nmfc:AssociationsIncMembernmfc:UnfundedDebtSecuritiesMember2024-09-300001496099Park Place Technologies, LLC, First lien - Undrawn 12024-09-300001496099Park Place Technologies, LLC, First lien - Undrawn 22024-09-300001496099nmfc:ParkPlaceTechnologiesLLCMembernmfc:UnfundedDebtSecuritiesMember2024-09-300001496099Legends Hospitality Holding Company, LLC, First lien - Undrawn 12024-09-300001496099Legends Hospitality Holding Company, LLC, First lien - Undrawn 22024-09-300001496099nmfc:LegendsHospitalityHoldingCompanyLLCMembernmfc:UnfundedDebtSecuritiesMember2024-09-300001496099Specialtycare, Inc., First lien - Undrawn2024-09-300001496099DOCS, MSO, LLC, First lien - Undrawn2024-09-300001496099GraphPAD Software, LLC, First lien - Undrawn 12024-09-300001496099GraphPAD Software, LLC, First lien - Undrawn 22024-09-300001496099nmfc:GraphPADSoftwareLLCMembernmfc:UnfundedDebtSecuritiesMember2024-09-300001496099Groundworks, LLC, First lien - Undrawn2024-09-300001496099iCIMS, Inc., First lien - Undrawn 12024-09-300001496099iCIMS, Inc., First lien - Undrawn 22024-09-300001496099nmfc:ICIMSIncMembernmfc:UnfundedDebtSecuritiesMember2024-09-300001496099Eclipse Buyer Inc., First lien - Undrawn 12024-09-300001496099Eclipse Buyer Inc., First lien - Undrawn 22024-09-300001496099nmfc:EclipseBuyerIncMembernmfc:UnfundedDebtSecuritiesMember2024-09-300001496099Diligent Corporation, First lien - Undrawn 12024-09-300001496099Diligent Corporation, First lien - Undrawn 22024-09-300001496099nmfc:DiligentCorporationMembernmfc:UnfundedDebtSecuritiesMember2024-09-300001496099Baker Tilly Advisory Group, LP, First lien - Undrawn 12024-09-300001496099Baker Tilly Advisory Group, LP, First lien - Undrawn 22024-09-300001496099nmfc:BakerTillyAdvisoryGroupLPMembernmfc:UnfundedDebtSecuritiesMember2024-09-300001496099ACI Group Holdings, Inc., First lien - Undrawn2024-09-300001496099Power Grid Holdings, Inc., First lien - Undrawn2024-09-300001496099KPSKY Acquisition Inc., First lien - Undrawn2024-09-300001496099Notorious Topco, LLC, First lien - Undrawn2024-09-300001496099Model N, Inc., First lien - Undrawn 12024-09-300001496099Model N, Inc., First lien - Undrawn 22024-09-300001496099nmfc:ModelNInc.Membernmfc:UnfundedDebtSecuritiesMember2024-09-300001496099country:USus-gaap:InvestmentAffiliatedIssuerNoncontrolledMembernmfc:UnfundedDebtSecuritiesMember2024-09-300001496099Atlas AU Bidco Pty Ltd, First lien - Undrawn2024-09-300001496099country:AUus-gaap:InvestmentUnaffiliatedIssuerMembernmfc:UnfundedDebtSecuritiesMember2024-09-300001496099us-gaap:InvestmentAffiliatedIssuerNoncontrolledMembernmfc:UnfundedDebtSecuritiesMember2024-09-300001496099Edmentum Ultimate Holdings, LLC, Subordinated2024-09-300001496099Eagle Infrastructure Services, LLC (fka FR Arsenal Holdings II Corp.), First lien 12024-09-300001496099Eagle Infrastructure Services, LLC (fka FR Arsenal Holdings II Corp.), First lien 22024-09-300001496099nmfc:EagleInfrastructureServicesLLCFkaFRArsenalHoldingsIICorpMembernmfc:FundedDebtSecuritiesMember2024-09-300001496099Permian Trust, Trust Claim2024-09-300001496099Permian Trust, First lien2024-09-300001496099nmfc:PermianTrustMembernmfc:FundedDebtSecuritiesMember2024-09-300001496099country:USus-gaap:InvestmentAffiliatedIssuerNoncontrolledMembernmfc:FundedDebtSecuritiesMember2024-09-300001496099TVG-Edmentum Holdings, LLC, Ordinary shares2024-09-300001496099TVG-Edmentum Holdings, LLC, Preferred shares2024-09-300001496099nmfc:TVGEdmentumHoldingsLLCMemberus-gaap:EquitySecuritiesMember2024-09-300001496099Eagle Infrastructure Super HoldCo, LLC, Ordinary shares2024-09-300001496099Sierra Hamilton Holdings Corporation, Ordinary shares 12024-09-300001496099Sierra Hamilton Holdings Corporation, Ordinary shares 22024-09-300001496099nmfc:SierraHamiltonHoldingsCorporationMemberus-gaap:EquitySecuritiesMember2024-09-300001496099country:USus-gaap:InvestmentAffiliatedIssuerNoncontrolledMemberus-gaap:EquitySecuritiesMember2024-09-300001496099New Benevis Holdco, Inc., First lien 12024-09-300001496099New Benevis Holdco, Inc., First lien 22024-09-300001496099New Benevis Holdco, Inc., Subordinated2024-09-300001496099nmfc:NewBenevisHoldcoIncMembernmfc:FundedDebtSecuritiesMember2024-09-300001496099New Permian Holdco, L.L.C., First lien2024-09-300001496099New Permian Holdco, L.L.C., First lien - Drawn2024-09-300001496099nmfc:NewPermianHoldcoLLCMembernmfc:FundedDebtSecuritiesMember2024-09-300001496099UniTek Global Services, Inc., Second lien 12024-09-300001496099UniTek Global Services, Inc., Second lien 22024-09-300001496099nmfc:UniTekGlobalServicesIncMembernmfc:FundedDebtSecuritiesMember2024-09-300001496099National HME, Inc., Second lien2024-09-300001496099country:USus-gaap:InvestmentAffiliatedIssuerControlledMember2024-09-300001496099NMFC Senior Loan Program III LLC, Membership interest2024-09-300001496099NMFC Senior Loan Program IV LLC, Membership interest2024-09-300001496099NM NL Holdings, L.P., Membership interest2024-09-300001496099New Benevis Topco, LLC, Ordinary shares 12024-09-300001496099New Benevis Topco, LLC, Ordinary shares 22024-09-300001496099nmfc:NewBenevisTopcoLLCMemberus-gaap:EquitySecuritiesMember2024-09-300001496099UniTek Global Services, Inc., Preferred shares 12024-09-300001496099UniTek Global Services, Inc., Preferred shares 22024-09-300001496099UniTek Global Services, Inc., Preferred shares 32024-09-300001496099UniTek Global Services, Inc., Preferred shares 42024-09-300001496099UniTek Global Services, Inc., Preferred shares 52024-09-300001496099UniTek Global Services, Inc., Ordinary shares 12024-09-300001496099UniTek Global Services, Inc., Ordinary shares 22024-09-300001496099nmfc:UniTekGlobalServicesIncMemberus-gaap:EquitySecuritiesMember2024-09-300001496099New Permian Holdco, Inc., Ordinary shares2024-09-300001496099NM CLFX LP, Membership interest2024-09-300001496099NM YI, LLC, Membership interest2024-09-300001496099NM GP Holdco, LLC, Membership interest2024-09-300001496099Haven Midstream Holdings LLC, Ordinary shares2024-09-300001496099Haven Midstream Holdings LLC, Profit Interest2024-09-300001496099nmfc:HavenMidstreamHoldingsLLCMemberus-gaap:EquitySecuritiesMember2024-09-300001496099NHME Holdings Corp., Ordinary shares2024-09-300001496099country:USus-gaap:InvestmentAffiliatedIssuerControlledMemberus-gaap:EquitySecuritiesMember2024-09-300001496099us-gaap:InvestmentAffiliatedIssuerControlledMemberus-gaap:EquitySecuritiesMember2024-09-300001496099UniTek Global Services, Inc., Warrants2024-09-300001496099NHME Holdings Corp., Warrants2024-09-300001496099country:USus-gaap:InvestmentAffiliatedIssuerControlledMemberus-gaap:WarrantMember2024-09-300001496099us-gaap:InvestmentAffiliatedIssuerControlledMembernmfc:FundedSecuritiesMember2024-09-300001496099New Permian Holdco, L.L.C., First lien - Undrawn2024-09-300001496099Haven Midstream LLC, First lien - Undrawn2024-09-300001496099country:USus-gaap:InvestmentAffiliatedIssuerControlledMembernmfc:UnfundedDebtSecuritiesMember2024-09-300001496099Tennessee Bidco Limited, First lien 2024-09-300001496099Nelipak Holding Company First lien 12024-09-300001496099Nelipak Holding Company First lien 22024-09-300001496099Nelipak Holding Company First lien 32024-09-300001496099nmfc:QIDNGLLLCMemberus-gaap:CommonClassBMember2024-01-012024-09-300001496099nmfc:QIDTRHHoldingsLLCMemberus-gaap:CommonClassBMember2024-01-012024-09-300001496099National HME, Inc., Second lien, Tranche A Term Loan2024-09-300001496099National HME, Inc., Second lien, Tranche B Term Loan2024-09-300001496099American Achievement Corporation (aka AAC Holding Corp.), First lien2024-09-300001496099Diamond Parent Holdings Corp, Wholly-owned subsidiaries2024-09-300001496099Diligent Corporation, First lien2024-09-300001496099FS WhiteWater Borrower, LLC, First lien2024-09-300001496099Pioneer Buyer I, LLC, First lien2024-09-300001496099OA Buyer, Inc., First 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Topco, LLC, First lien - Drawn 12023-12-310001496099AAH Topco, LLC, First lien 12023-12-310001496099AAH Topco, LLC, First lien 22023-12-310001496099AAH Topco, LLC, First lien - Drawn 22023-12-310001496099AAH Topco, LLC, Subordinated 12023-12-310001496099AAH Topco, LLC, Subordinated 22023-12-310001496099nmfc:AAHTopcoLLCMembernmfc:FundedDebtSecuritiesMember2023-12-310001496099Associations, Inc., First lien 12023-12-310001496099Associations, Inc., First lien 22023-12-310001496099Associations, Inc., First lien 32023-12-310001496099Associations, Inc., First lien 42023-12-310001496099Associations, Inc., First lien 52023-12-310001496099Associations, Inc., First lien 62023-12-310001496099Associations, Inc., First lien - Drawn 2023-12-310001496099nmfc:AssociationsIncMembernmfc:FundedDebtSecuritiesMember2023-12-310001496099Kaseya Inc., First lien 2023-12-310001496099Kaseya Inc., First lien - Drawn 12023-12-310001496099Kaseya Inc., First lien - Drawn 22023-12-310001496099nmfc:KaseyaIncMembernmfc:FundedDebtSecuritiesMember2023-12-310001496099GC Waves Holdings, Inc., First Lien 12023-12-310001496099GC Waves Holdings, Inc., First Lien 22023-12-310001496099GC Waves Holdings, Inc., First Lien - Drawn2023-12-310001496099nmfc:GCWavesHoldingsIncMembernmfc:FundedDebtSecuritiesMember2023-12-310001496099GS Acquisitionco, Inc., First Lien 12023-12-310001496099GS Acquisitionco, Inc., First Lien 22023-12-310001496099nmfc:GSAcquisitioncoIncMembernmfc:FundedDebtSecuritiesMember2023-12-310001496099CentralSquare Technologies, LLC, Second Lien 12023-12-310001496099CentralSquare Technologies, LLC, Second Lien 22023-12-310001496099nmfc:CentralSquareTechnologiesLLCMembernmfc:FundedDebtSecuritiesMember2023-12-310001496099Infogain Corporation, First Lien 12023-12-310001496099Infogain Corporation, First Lien 22023-12-310001496099Infogain Corporation, Subordinated2023-12-310001496099nmfc:InfogainCorporationMembernmfc:FundedDebtSecuritiesMember2023-12-310001496099iCIMS, Inc., First Lien 12023-12-310001496099iCIMS, Inc., First Lien 22023-12-310001496099iCIMS, Inc., First Lien 32023-12-310001496099iCIMS, Inc., First Lien - Drawn2023-12-310001496099nmfc:ICIMSIncMembernmfc:FundedDebtSecuritiesMember2023-12-310001496099Deca Dental Holdings LLC, First Lien 12023-12-310001496099Deca Dental Holdings LLC, First Lien 22023-12-310001496099Deca Dental Holdings LLC, First Lien - Drawn2023-12-310001496099nmfc:DecaDentalHoldingsLLCMembernmfc:FundedDebtSecuritiesMember2023-12-310001496099MRI Software LLC, First Lien 12023-12-310001496099MRI Software LLC, First Lien 22023-12-310001496099MRI Software LLC, First Lien 32023-12-310001496099MRI Software LLC, First Lien 42023-12-310001496099MRI Software LLC, First Lien 52023-12-310001496099nmfc:MRISoftwareLLCMembernmfc:FundedDebtSecuritiesMember2023-12-310001496099Wealth Enhancement Group, LLC, First lien 12023-12-310001496099Wealth Enhancement Group, LLC, First lien - Drawn2023-12-310001496099Wealth Enhancement Group, LLC, First lien 22023-12-310001496099Wealth Enhancement Group, LLC, First lien 32023-12-310001496099Wealth Enhancement Group, LLC, Subordinated2023-12-310001496099nmfc:WealthEnhancementGroupLLCMembernmfc:FundedDebtSecuritiesMember2023-12-310001496099Recorded Future, Inc., First lien 12023-12-310001496099Recorded Future, Inc., First lien 22023-12-310001496099nmfc:RecordedFutureIncMembernmfc:FundedDebtSecuritiesMember2023-12-310001496099Auctane Inc. (fka Stamps.com Inc.), First lien 12023-12-310001496099Auctane Inc. (fka Stamps.com Inc.), First lien 22023-12-310001496099nmfc:AuctaneIncFkaStampscomIncMembernmfc:FundedDebtSecuritiesMember2023-12-310001496099OEConnection LLC, Second lien 12023-12-310001496099OEConnection LLC, Second lien 22023-12-310001496099nmfc:OEConnectionLLCMembernmfc:FundedDebtSecuritiesMember2023-12-310001496099Foreside Financial Group, LLC, First lien 12023-12-310001496099Foreside Financial Group, LLC, First lien - Drawn2023-12-310001496099Foreside Financial Group, LLC, First lien 22023-12-310001496099nmfc:ForesideFinancialGroupLLCMembernmfc:FundedDebtSecuritiesMember2023-12-310001496099KAMC Holdings, Inc., Second lien 12023-12-310001496099KAMC Holdings, Inc., Second lien 22023-12-310001496099nmfc:KAMCHoldingsIncMembernmfc:FundedDebtSecuritiesMember2023-12-310001496099IG Investments Holdings, LLC, First lien 12023-12-310001496099IG Investments Holdings, LLC, First lien 22023-12-310001496099nmfc:IGInvestmentsHoldingsLLCMembernmfc:FundedDebtSecuritiesMember2023-12-310001496099Granicus, Inc., First lien 12023-12-310001496099Granicus, Inc., First lien 22023-12-310001496099Granicus, Inc., First lien 32023-12-310001496099Granicus, Inc., First lien 42023-12-310001496099Granicus, Inc., First lien - Drawn 2023-12-310001496099nmfc:GranicusIncMembernmfc:FundedDebtSecuritiesMember2023-12-310001496099TigerConnect, Inc., First lien 2023-12-310001496099TigerConnect, Inc., First lien - Drawn2023-12-310001496099nmfc:TigerConnectIncMembernmfc:FundedDebtSecuritiesMember2023-12-310001496099Diligent Corporation, First lien 12023-12-310001496099Diligent Corporation, First lien 22023-12-310001496099Diligent Corporation, First lien 32023-12-310001496099Diligent Corporation, First lien - Drawn 2023-12-310001496099nmfc:DiligentCorporationMembernmfc:FundedDebtSecuritiesMember2023-12-310001496099OA Buyer, Inc., First lien 12023-12-310001496099OA Buyer, Inc., First lien 22023-12-310001496099nmfc:OABuyerIncMembernmfc:FundedDebtSecuritiesMember2023-12-310001496099NMC Crimson Holdings, Inc., First lien 12023-12-310001496099NMC Crimson Holdings, Inc., First lien - Drawn 2023-12-310001496099NMC Crimson Holdings, Inc., First lien 22023-12-310001496099nmfc:NMCCrimsonHoldingsInc.1Membernmfc:FundedDebtSecuritiesMember2023-12-310001496099Foundational Education Group, Inc., Second lien 12023-12-310001496099Foundational Education Group, Inc., Second lien 22023-12-310001496099nmfc:FoundationalEducationGroupIncMembernmfc:FundedDebtSecuritiesMember2023-12-310001496099Fortis Solutions Group, LLC, First lien 12023-12-310001496099Fortis Solutions Group, LLC, First lien 22023-12-310001496099Fortis Solutions Group, LLC, First lien 32023-12-310001496099Fortis Solutions Group, LLC, First lien - Drawn 12023-12-310001496099Fortis Solutions Group, LLC, First lien - Drawn 22023-12-310001496099Fortis Solutions Group, LLC, First lien 42023-12-310001496099nmfc:FortisSolutionsGroupLLCMembernmfc:FundedDebtSecuritiesMember2023-12-310001496099PetVet Care Centers, LLC, First lien 2023-12-310001496099Syndigo LLC, Second lien 12023-12-310001496099Syndigo LLC, Second lien 22023-12-310001496099nmfc:SyndigoLLCMembernmfc:FundedDebtSecuritiesMember2023-12-310001496099ACI Group Holdings, Inc., First lien 12023-12-310001496099ACI Group Holdings, Inc., First lien 22023-12-310001496099ACI Group Holdings, Inc., First lien - Drawn 12023-12-310001496099ACI Group Holdings, Inc., First lien - Drawn 22023-12-310001496099nmfc:ACIGroupHoldingsIncMembernmfc:FundedDebtSecuritiesMember2023-12-310001496099CRCI Longhorn Holdings, Inc., Second lien 12023-12-310001496099CRCI Longhorn Holdings, Inc., Second lien 22023-12-310001496099nmfc:CRCILonghornHoldingsIncMembernmfc:FundedDebtSecuritiesMember2023-12-310001496099Idera, Inc., Second lien 12023-12-310001496099Idera, Inc., Second lien 22023-12-310001496099nmfc:IderaIncMembernmfc:FundedDebtSecuritiesMember2023-12-310001496099AmeriVet Partners Management, Inc., First lien 12023-12-310001496099AmeriVet Partners Management, Inc., First lien 22023-12-310001496099AmeriVet Partners Management, Inc., First lien - Drawn 2023-12-310001496099nmfc:AmeriVetPartnersManagementIncMembernmfc:FundedDebtSecuritiesMember2023-12-310001496099DOCS, MSO, LLC, First lien 12023-12-310001496099DOCS, MSO, LLC, First lien 22023-12-310001496099nmfc:DOCSMSOLLCMembernmfc:FundedDebtSecuritiesMember2023-12-310001496099HS Purchaser, LLC / Help/Systems Holdings, Inc., Second lien 12023-12-310001496099HS Purchaser, LLC / Help/Systems Holdings, Inc., Second lien 22023-12-310001496099nmfc:HSPurchaserLLCHelpSystemsHoldingsIncMembernmfc:FundedDebtSecuritiesMember2023-12-310001496099Xactly Corporation, First lien 2023-12-310001496099Sierra Enterprises, LLC, First lien 2023-12-310001496099FS WhiteWater Borrower, LLC, First lien 12023-12-310001496099FS WhiteWater Borrower, LLC, First lien - Drawn 12023-12-310001496099FS WhiteWater Borrower, LLC, First lien 22023-12-310001496099FS WhiteWater Borrower, LLC, First lien 32023-12-310001496099FS WhiteWater Borrower, LLC, First lien - Drawn 22023-12-310001496099nmfc:FSWhiteWaterBorrowerLLCMembernmfc:FundedDebtSecuritiesMember2023-12-310001496099Bullhorn, Inc., First lien 12023-12-310001496099Bullhorn, Inc., First lien 22023-12-310001496099Bullhorn, Inc., First lien 32023-12-310001496099Bullhorn, Inc., First lien 42023-12-310001496099Bullhorn, Inc., First lien 52023-12-310001496099nmfc:BullhornIncMembernmfc:FundedDebtSecuritiesMember2023-12-310001496099YLG Holdings, Inc., First lien 12023-12-310001496099YLG Holdings, Inc., First lien 22023-12-310001496099YLG Holdings, Inc., First lien - Drawn 12023-12-310001496099YLG Holdings, Inc., First lien - Drawn 22023-12-310001496099nmfc:YLGHoldingsIncMembernmfc:FundedDebtSecuritiesMember2023-12-310001496099TMK Hawk Parent, Corp., First lien 12023-12-310001496099TMK Hawk Parent, Corp., First lien 22023-12-310001496099TMK Hawk Parent, Corp., First lien 32023-12-310001496099TMK Hawk Parent, Corp., First lien 42023-12-310001496099nmfc:TMKHawkParentCorpMembernmfc:FundedDebtSecuritiesMember2023-12-310001496099American Achievement Corporation (aka AAC Holding Corp.), First lien 12023-12-310001496099American Achievement Corporation (aka AAC Holding Corp.), First lien 22023-12-310001496099American Achievement Corporation (aka AAC Holding Corp.), Subordinated2023-12-310001496099nmfc:AmericanAchievementCorporationAkaAACHoldingCorpMembernmfc:FundedDebtSecuritiesMember2023-12-310001496099MED Parentco, LP, Second lien 12023-12-310001496099Brave Parent Holdings, Inc., First lien 32023-12-310001496099Cardinal Parent, Inc., First lien 12023-12-310001496099Cardinal Parent, Inc., Second lien 2023-12-310001496099nmfc:CardinalParentIncMembernmfc:FundedDebtSecuritiesMember2023-12-310001496099Convey Health Solutions, Inc., First lien 12023-12-310001496099Convey Health Solutions, Inc., First lien 22023-12-310001496099nmfc:ConveyHealthSolutionsIncMembernmfc:FundedDebtSecuritiesMember2023-12-310001496099Trinity Air Consultants Holdings Corporation, First lien 2023-12-310001496099Trinity Air Consultants Holdings Corporation, First lien - Drawn2023-12-310001496099nmfc:TrinityAirConsultantsHoldingsCorporationMembernmfc:FundedDebtSecuritiesMember2023-12-310001496099Groundworks, LLC, First lien 2023-12-310001496099Notorious Topco, LLC, First lien 12023-12-310001496099Notorious Topco, LLC, First lien 22023-12-310001496099Notorious Topco, LLC, First lien - Drawn 12023-12-310001496099Notorious Topco, LLC, First lien - Drawn 22023-12-310001496099nmfc:NotoriousTopcoLLCMembernmfc:FundedDebtSecuritiesMember2023-12-310001496099Pioneer Buyer I, LLC, First lien 12023-12-310001496099Pioneer Buyer I, LLC, First lien 22023-12-310001496099nmfc:PioneerBuyerILLCMembernmfc:FundedDebtSecuritiesMember2023-12-310001496099DG Investment Intermediate Holdings 2, Inc., Second lien2023-12-310001496099Power Grid Holdings, Inc., First lien2023-12-310001496099Power Grid Holdings, Inc., First lien - Drawn2023-12-310001496099nmfc:PowerGridHoldingsInc.Membernmfc:FundedDebtSecuritiesMember2023-12-310001496099Avalara, Inc., First lien2023-12-310001496099Coyote Buyer, LLC, First lien 12023-12-310001496099Coyote Buyer, LLC, First lien 22023-12-310001496099nmfc:CoyoteBuyerLLCMembernmfc:FundedDebtSecuritiesMember2023-12-310001496099Oranje Holdco, Inc., First lien 12023-12-310001496099Oranje Holdco, Inc., First lien 22023-12-310001496099nmfc:OranjeHoldcoIncMembernmfc:FundedDebtSecuritiesMember2023-12-310001496099EAB Global, Inc., Second lien2023-12-310001496099Kele Holdco, Inc., First lien 2023-12-310001496099Coupa Holdings, LLC, First lien 12023-12-310001496099Coupa Holdings, LLC, First lien 22023-12-310001496099nmfc:CoupaHoldingsLLCMembernmfc:FundedDebtSecuritiesMember2023-12-310001496099Daxko Acquisition Corporation, First lien 12023-12-310001496099Daxko Acquisition Corporation, First lien 22023-12-310001496099Daxko Acquisition Corporation, First lien - Drawn 12023-12-310001496099Daxko Acquisition Corporation, First lien - Drawn 22023-12-310001496099nmfc:DaxkoAcquisitionCorporationMembernmfc:FundedDebtSecuritiesMember2023-12-310001496099IMO Investor Holdings, Inc., First lien 12023-12-310001496099IMO Investor Holdings, Inc., First lien - Drawn 12023-12-310001496099IMO Investor Holdings, Inc., First lien - Drawn 22023-12-310001496099nmfc:IMOInvestorHoldingsIncMembernmfc:FundedDebtSecuritiesMember2023-12-310001496099Alegeus Technologies Holdings Corp., First lien 2023-12-310001496099Calabrio, Inc., First lien 2023-12-310001496099Calabrio, Inc., First lien - Drawn2023-12-310001496099nmfc:CalabrioIncMembernmfc:FundedDebtSecuritiesMember2023-12-310001496099USRP Holdings, Inc., First lien 12023-12-310001496099USRP Holdings, Inc., First lien 22023-12-310001496099nmfc:USRPHoldingsIncMembernmfc:FundedDebtSecuritiesMember2023-12-310001496099CFS Management, LLC, First lien 12023-12-310001496099CFS Management, LLC, First lien 22023-12-310001496099nmfc:CFSManagementLLCMembernmfc:FundedDebtSecuritiesMember2023-12-310001496099CHA Holdings, Inc., Second lien 12023-12-310001496099CHA Holdings, Inc., Second lien 22023-12-310001496099nmfc:CHAHoldingsIncMembernmfc:FundedDebtSecuritiesMember2023-12-310001496099Anaplan, Inc., First lien 2023-12-310001496099Specialtycare, Inc., First lien 12023-12-310001496099Specialtycare, Inc., First lien - Drawn 2023-12-310001496099Specialtycare, Inc., First lien 22023-12-310001496099nmfc:SpecialtycareIncMembernmfc:FundedDebtSecuritiesMember2023-12-310001496099Quartz Holding Company, Second lien 2023-12-310001496099CG Group Holdings, LLC, First lien2023-12-310001496099CG Group Holdings, LLC, First lien - Drawn 2023-12-310001496099nmfc:CGGroupHoldingsLLCMembernmfc:FundedDebtSecuritiesMember2023-12-310001496099KPSKY Acquisition Inc., First lien 12023-12-310001496099KPSKY Acquisition Inc., First lien - Drawn 12023-12-310001496099KPSKY Acquisition Inc., First lien 22023-12-310001496099KPSKY Acquisition Inc., First lien - Drawn 22023-12-310001496099nmfc:KPSKYAcquisitionIncMembernmfc:FundedDebtSecuritiesMember2023-12-310001496099Ncontracts, LLC, First lien 2023-12-310001496099Virtusa Corporation, Subordinated 2023-12-310001496099PPVA Black Elk (Equity) LLC, Subordinated 2023-12-310001496099TRC Companies L.L.C. (fka Energize Holdco LLC), Second lien 2023-12-310001496099DS Admiral Bidco, LLC, First lien 2023-12-310001496099PPV Intermediate Holdings, LLC, First lien 2023-12-310001496099Safety Borrower Holdings LLC, First lien 2023-12-310001496099Safety Borrower Holdings LLC, First lien - Drawn 2023-12-310001496099nmfc:SafetyBorrowerHoldingsLLCMembernmfc:FundedDebtSecuritiesMember2023-12-310001496099Transcendia Holdings, Inc., Second lien 2023-12-310001496099Community Brands ParentCo, LLC, First lien 2023-12-310001496099Sun Acquirer Corp., First lien 12023-12-310001496099Sun Acquirer Corp., First lien 22023-12-310001496099Sun Acquirer Corp., First lien - Drawn 2023-12-310001496099nmfc:SunAcquirerCorpMembernmfc:FundedDebtSecuritiesMember2023-12-310001496099Houghton Mifflin Harcourt Company, First lien 2023-12-310001496099Greenway Health, LLC, First lien 2023-12-310001496099Appriss Health, LLC, First lien 2023-12-310001496099Pye-Barker Fire & Safety, LLC, First lien 2023-12-310001496099Healthspan Buyer, LLC, First lien 2023-12-310001496099Cube Industrials Buyer, Inc., First lien 2023-12-310001496099CommerceHub, Inc., First lien 2023-12-310001496099Project Power Buyer, LLC, First lien 2023-12-310001496099Next Holdco, LLC, First lien 2023-12-310001496099DCA Investment Holding, LLC, First lien 2023-12-310001496099DCA Investment Holding, LLC, First lien - Drawn2023-12-310001496099nmfc:DCAInvestmentHoldingLLCMembernmfc:FundedDebtSecuritiesMember2023-12-310001496099New Trojan Parent, Inc., Second lien 2023-12-310001496099PPVA Fund, L.P., Collateralized Financing2023-12-310001496099country:USus-gaap:InvestmentUnaffiliatedIssuerMembernmfc:FundedDebtSecuritiesMember2023-12-310001496099Aston FinCo S.a r.l. / Aston US Finco, LLC, Second lien 2023-12-310001496099Integro Parent Inc., First lien 12023-12-310001496099Integro Parent Inc., First lien 22023-12-310001496099Integro Parent Inc., Second lien 2023-12-310001496099nmfc:IntegroParentIncMembernmfc:FundedDebtSecuritiesMember2023-12-310001496099country:GBus-gaap:InvestmentUnaffiliatedIssuerMembernmfc:FundedDebtSecuritiesMember2023-12-310001496099Tennessee Bidco Limited, First lien 12023-12-310001496099Tennessee Bidco Limited, First lien 22023-12-310001496099Tennessee Bidco Limited, First lien 32023-12-310001496099Tennessee Bidco Limited, First lien 42023-12-310001496099Tennessee Bidco Limited, First lien 52023-12-310001496099nmfc:TennesseeBidcoLimitedMembernmfc:FundedDebtSecuritiesMember2023-12-310001496099country:JEnmfc:TennesseeBidcoLimitedMembernmfc:FundedDebtSecuritiesMember2023-12-310001496099Atlas AU Bidco Pty Ltd, First lien 12023-12-310001496099Atlas AU Bidco Pty Ltd, First lien 22023-12-310001496099nmfc:AtlasAUBidcoPtyLtdMembernmfc:FundedDebtSecuritiesMember2023-12-310001496099country:AUus-gaap:InvestmentUnaffiliatedIssuerMembernmfc:FundedDebtSecuritiesMember2023-12-310001496099us-gaap:InvestmentUnaffiliatedIssuerMembernmfc:FundedDebtSecuritiesMember2023-12-310001496099Dealer Tire Holdings, LLC, Preferred shares 2023-12-310001496099Symplr Software Intermediate Holdings, Inc. , Preferred shares 12023-12-310001496099Symplr Software Intermediate Holdings, Inc. , Preferred shares 22023-12-310001496099nmfc:SymplrSoftwareIntermediateHoldingsIncMembernmfc:FundedDebtSecuritiesMember2023-12-310001496099Knockout Intermediate Holdings I Inc.,Preferred shares 2023-12-310001496099ACI Parent Inc., Preferred shares 12023-12-310001496099Project Essential Super Parent, Inc., Preferred shares 2023-12-310001496099Diligent Preferred Issuer, Inc., Preferred shares 2023-12-310001496099OEC Holdco, LLC, Preferred shares2023-12-310001496099HB Wealth Management, LLC, Preferred shares 2023-12-310001496099FS WhiteWater Holdings, LLC , Ordinary shares 2023-12-310001496099OA Topco, L.P., Ordinary shares 2023-12-310001496099Appriss Health Intermediate Holdings, Inc., Preferred shares 2023-12-310001496099Pioneer Topco I, L.P. , Ordinary shares 2023-12-310001496099GEDC Equity, LLC, Ordinary shares 2023-12-310001496099Ancora Acquisition LLC, Preferred shares 2023-12-310001496099AAC Lender Holdings, LLC, Ordinary shares 2023-12-310001496099country:USnmfc:AACLenderHoldingsLLCMemberus-gaap:EquitySecuritiesMember2023-12-310001496099Bach Special Limited (Bach Preference Limited), Preferred shares 2023-12-310001496099country:HKus-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:EquitySecuritiesMember2023-12-310001496099us-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:EquitySecuritiesMember2023-12-310001496099us-gaap:InvestmentUnaffiliatedIssuerMembernmfc:FundedSecuritiesMember2023-12-310001496099Coupa Holdings, LLC, First lien - Undrawn 12023-12-310001496099Coupa Holdings, LLC, First lien - Undrawn 22023-12-310001496099nmfc:CoupaHoldingsLLCIncludingNettingAdjustmentsMemberus-gaap:EquitySecuritiesMember2023-12-310001496099PetVet Care Centers, LLC, First lien - Undrawn 12023-12-310001496099PetVet Care Centers, LLC, First lien - Undrawn 22023-12-310001496099nmfc:PetVetCareCentersLLCMembernmfc:UnfundedDebtSecuritiesMember2023-12-310001496099American Achievement Corporation (aka AAC Holding Corp.), First lien - Undrawn2023-12-310001496099Safety Borrower Holdings LLC, First lien - Undrawn2023-12-310001496099Project Power Buyer, LLC, First lien - Undrawn2023-12-310001496099Appriss Health, LLC, First lien - Undrawn2023-12-310001496099PPV Intermediate Holdings, LLC, First lien - Undrawn2023-12-310001496099Coyote Buyer, LLC, First lien - Undrawn2023-12-310001496099Bullhorn, Inc., First lien - Undrawn2023-12-310001496099Wealth Enhancement Group, LLC, First lien - Undrawn 12023-12-310001496099Wealth Enhancement Group, LLC, First lien - Undrawn 22023-12-310001496099nmfc:WealthEnhancementGroupLLCMembernmfc:UnfundedDebtSecuritiesMember2023-12-310001496099USRP Holdings, Inc., First lien - Undrawn2023-12-310001496099Daxko Acquisition Corporation, First lien - Undrawn 12023-12-310001496099Daxko Acquisition Corporation, First lien - Undrawn 22023-12-310001496099nmfc:DaxkoAcquisitionCorporationMembernmfc:UnfundedDebtSecuritiesMember2023-12-310001496099Kele Holdco, Inc., First lien - Undrawn2023-12-310001496099Kele Holdco, Inc., First lien - Undrawn2023-12-310001496099Xactly Corporation, First lien - Undrawn2023-12-310001496099AmeriVet Partners Management, Inc., First lien - Undrawn2023-12-310001496099Associations, Inc., First lien - Undrawn2023-12-310001496099Foreside Financial Group, LLC, First lien - Undrawn 12023-12-310001496099Foreside Financial Group, LLC, First lien - Undrawn 22023-12-310001496099nmfc:ForesideFinancialGroupLLCMembernmfc:UnfundedDebtSecuritiesMember2023-12-310001496099Granicus, Inc., First lien - Undrawn 22023-12-310001496099Trinity Air Consultants Holdings Corporation, First lien - Undrawn 12023-12-310001496099Trinity Air Consultants Holdings Corporation, First lien - Undrawn 22023-12-310001496099nmfc:TrinityAirConsultantsHoldingsCorporationMembernmfc:UnfundedDebtSecuritiesMember2023-12-310001496099Pye-Barker Fire & Safety, LLC, First lien - Undrawn2023-12-310001496099Recorded Future, Inc., First lien - Undrawn2023-12-310001496099YLG Holdings, Inc., First lien - Undrawn 12023-12-310001496099YLG Holdings, Inc., First lien - Undrawn 22023-12-310001496099nmfc:YLGHoldingsIncMembernmfc:UnfundedDebtSecuritiesMember2023-12-310001496099Avalara, Inc., First lien - Undrawn2023-12-310001496099iCIMS, Inc., First lien - Undrawn 12023-12-310001496099iCIMS, Inc., First lien - Undrawn 22023-12-310001496099iCIMS, Inc., First lien - Undrawn 32023-12-310001496099nmfc:ICIMSIncMembernmfc:UnfundedDebtSecuritiesMember2023-12-310001496099Kaseya Inc., First lien - Undrawn 12023-12-310001496099Kaseya Inc., First lien - Undrawn 22023-12-310001496099nmfc:KaseyaIncMembernmfc:UnfundedDebtSecuritiesMember2023-12-310001496099Oranje Holdco, Inc., First lien - Undrawn2023-12-310001496099IG Investments Holdings, LLC, First lien - Undrawn2023-12-310001496099GS Acquisitionco, Inc., First lien - Undrawn2023-12-310001496099Pioneer Buyer I, LLC, First lien - Undrawn2023-12-310001496099Infogain Corporation, First lien - Undrawn2023-12-310001496099GC Waves Holdings, Inc., First lien - Undrawn2023-12-310001496099OA Buyer, Inc., First lien - Undrawn2023-12-310001496099AAH Topco, LLC, First lien - Undrawn2023-12-310001496099Next Holdco, LLC, First lien - Undrawn 12023-12-310001496099Next Holdco, LLC, First lien - Undrawn 22023-12-310001496099nmfc:NextHoldcoLLCMembernmfc:UnfundedDebtSecuritiesMember2023-12-310001496099Cube Industrials Buyer, Inc., First lien - Undrawn2023-12-310001496099MRI Software LLC, First lien - Undrawn2023-12-310001496099Calabrio, Inc., First lien - Undrawn2023-12-310001496099Brave Parent Holdings, Inc., First lien - Undrawn 12023-12-310001496099Brave Parent Holdings, Inc.n, First lien - Undrawn 22023-12-310001496099nmfc:BraveParentHoldingsIncMembernmfc:UnfundedDebtSecuritiesMember2023-12-310001496099Deca Dental Holdings LLC, First lien - Undrawn2023-12-310001496099Sun Acquirer Corp., First lien - Undrawn2023-12-310001496099CG Group Holdings, LLC, First lien - Undrawn2023-12-310001496099Ncontracts, LLC, First lien - Undrawn 12023-12-310001496099Ncontracts, LLC, First lien - Undrawn 22023-12-310001496099nmfc:NcontractsLLCMembernmfc:UnfundedDebtSecuritiesMember2023-12-310001496099Healthspan Buyer, LLC, First lien - Undrawn2023-12-310001496099KPSKY Acquisition Inc., First lien - Undrawn2023-12-310001496099Specialtycare, Inc., First lien - Undrawn2023-12-310001496099Groundworks, LLC, First lien - Undrawn 12023-12-310001496099Groundworks, LLC, First lien - Undrawn 22023-12-310001496099nmfc:GroundworksLLCMembernmfc:UnfundedDebtSecuritiesMember2023-12-310001496099FS WhiteWater Borrower, LLC, First lien - Undrawn 12023-12-310001496099FS WhiteWater Borrower, LLC, First lien - Undrawn 22023-12-310001496099nmfc:FSWhiteWaterBorrowerLLCMembernmfc:UnfundedDebtSecuritiesMember2023-12-310001496099IMO Investor Holdings, Inc., First lien - Undrawn 12023-12-310001496099IMO Investor Holdings, Inc., First lien - Undrawn 22023-12-310001496099nmfc:IMOInvestorHoldingsIncMembernmfc:UnfundedDebtSecuritiesMember2023-12-310001496099Diligent Corporation , First lien - Undrawn2023-12-310001496099Community Brands ParentCo, LLC, First lien - Undrawn 12023-12-310001496099Community Brands ParentCo, LLC, First lien - Undrawn 22023-12-310001496099nmfc:CommunityBrandsParentCoLLCMembernmfc:UnfundedDebtSecuritiesMember2023-12-310001496099Power Grid Holdings, Inc., First lien - Undrawn2023-12-310001496099DOCS, MSO, LLC, First lien - Undrawn2023-12-310001496099TigerConnect, Inc., First lien - Undrawn 12023-12-310001496099TigerConnect, Inc., First lien - Undrawn 22023-12-310001496099nmfc:TigerConnectIncMembernmfc:UnfundedDebtSecuritiesMember2023-12-310001496099Fortis Solutions Group, LLC, First lien - Undrawn 12023-12-310001496099Fortis Solutions Group, LLC, First lien - Undrawn 22023-12-310001496099nmfc:FortisSolutionsGroupLLCMembernmfc:UnfundedDebtSecuritiesMember2023-12-310001496099Notorious Topco, LLC, First lien - Undrawn2023-12-310001496099ACI Group Holdings, Inc., First lien - Undrawn 12023-12-310001496099ACI Group Holdings, Inc., First lien - Undrawn 22023-12-310001496099nmfc:ACIGroupHoldingsIncMembernmfc:UnfundedDebtSecuritiesMember2023-12-310001496099country:USus-gaap:InvestmentAffiliatedIssuerNoncontrolledMembernmfc:UnfundedDebtSecuritiesMember2023-12-310001496099Atlas AU Bidco Pty Ltd, First lien - Undrawn2023-12-310001496099country:AUus-gaap:InvestmentUnaffiliatedIssuerMembernmfc:UnfundedDebtSecuritiesMember2023-12-310001496099us-gaap:InvestmentAffiliatedIssuerNoncontrolledMembernmfc:UnfundedDebtSecuritiesMember2023-12-310001496099Edmentum Ultimate Holdings, LLC, Subordinated2023-12-310001496099Eagle Infrastructure Services, LLC (fka FR Arsenal Holdings II Corp.), First lien 12023-12-310001496099Eagle Infrastructure Services, LLC (fka FR Arsenal Holdings II Corp.), First lien 22023-12-310001496099nmfc:EagleInfrastructureServicesLLCFkaFRArsenalHoldingsIICorpMembernmfc:FundedDebtSecuritiesMember2023-12-310001496099Permian Trust, First lien 12023-12-310001496099Permian Trust, First lien 22023-12-310001496099nmfc:PermianTrustMembernmfc:FundedDebtSecuritiesMember2023-12-310001496099country:USus-gaap:InvestmentAffiliatedIssuerNoncontrolledMembernmfc:FundedDebtSecuritiesMember2023-12-310001496099TVG-Edmentum Holdings, LLC, Ordinary shares2023-12-310001496099Eagle Infrastructure Super HoldCo, LLC, Ordinary shares2023-12-310001496099Sierra Hamilton Holdings Corporation, Ordinary shares 12023-12-310001496099Sierra Hamilton Holdings Corporation, Ordinary shares 22023-12-310001496099nmfc:EducationManagementCorporationMemberus-gaap:EquitySecuritiesMember2023-12-310001496099country:USus-gaap:InvestmentAffiliatedIssuerNoncontrolledMemberus-gaap:EquitySecuritiesMember2023-12-310001496099New Benevis Holdco, Inc., First lien 12023-12-310001496099New Benevis Holdco, Inc., First lien 22023-12-310001496099New Benevis Holdco, Inc., First lien 32023-12-310001496099New Benevis Holdco, Inc., Subordinated2023-12-310001496099nmfc:NewBenevisHoldcoIncMembernmfc:FundedDebtSecuritiesMember2023-12-310001496099New Permian Holdco, L.L.C., First lien2023-12-310001496099New Permian Holdco, L.L.C., First lien - Drawn2023-12-310001496099nmfc:NewPermianHoldcoLLCMembernmfc:FundedDebtSecuritiesMember2023-12-310001496099UniTek Global Services, Inc., Second lien 12023-12-310001496099UniTek Global Services, Inc., Second lien 22023-12-310001496099nmfc:UniTekGlobalServicesIncMembernmfc:FundedDebtSecuritiesMember2023-12-310001496099National HME, Inc., Second lien2023-12-310001496099country:USus-gaap:InvestmentAffiliatedIssuerControlledMembernmfc:NationalHMEIncMember2023-12-310001496099NMFC Senior Loan Program III LLC, Membership interest2023-12-310001496099NMFC Senior Loan Program IV LLC, Membership interest2023-12-310001496099NM NL Holdings, L.P., Membership interest2023-12-310001496099New Benevis Topco, LLC, Ordinary shares 12023-12-310001496099New Benevis Topco, LLC, Ordinary shares 22023-12-310001496099New Benevis Topco, LLC, Ordinary shares 32023-12-310001496099nmfc:NewBenevisTopcoLLCMemberus-gaap:EquitySecuritiesMember2023-12-310001496099UniTek Global Services, Inc., Preferred shares 12023-12-310001496099UniTek Global Services, Inc., Preferred shares 22023-12-310001496099UniTek Global Services, Inc., Preferred shares 32023-12-310001496099UniTek Global Services, Inc., Preferred shares 42023-12-310001496099UniTek Global Services, Inc., Preferred shares 52023-12-310001496099UniTek Global Services, Inc., Ordinary shares 12023-12-310001496099UniTek Global Services, Inc., Ordinary shares 22023-12-310001496099nmfc:UniTekGlobalServicesIncMemberus-gaap:EquitySecuritiesMember2023-12-310001496099New Permian Holdco, Inc., Ordinary shares2023-12-310001496099NM CLFX LP, Membership interest2023-12-310001496099NM YI, LLC, Membership interest2023-12-310001496099Haven Midstream Holdings LLC, Ordinary shares2023-12-310001496099Haven Midstream Holdings LLC, Profit Interest2023-12-310001496099nmfc:HavenMidstreamHoldingsLLCMemberus-gaap:EquitySecuritiesMember2023-12-310001496099NM GP Holdco, LLC, Membership interest2023-12-310001496099NHME Holdings Corp., Ordinary shares2023-12-310001496099country:USus-gaap:InvestmentAffiliatedIssuerControlledMemberus-gaap:EquitySecuritiesMember2023-12-310001496099NM APP Canada Corp., Membership interest2023-12-310001496099country:CAus-gaap:InvestmentAffiliatedIssuerControlledMemberus-gaap:EquitySecuritiesMember2023-12-310001496099us-gaap:InvestmentAffiliatedIssuerControlledMemberus-gaap:EquitySecuritiesMember2023-12-310001496099UniTek Global Services, Inc., Warrants2023-12-310001496099NHME Holdings Corp., Warrants2023-12-310001496099country:USus-gaap:InvestmentAffiliatedIssuerControlledMemberus-gaap:WarrantMember2023-12-310001496099us-gaap:InvestmentAffiliatedIssuerControlledMembernmfc:FundedSecuritiesMember2023-12-310001496099New Permian Holdco, L.L.C., First lien - Undrawn2023-12-310001496099Haven Midstream LLC, First lien - Undrawn2023-12-310001496099country:USus-gaap:InvestmentAffiliatedIssuerControlledMembernmfc:UnfundedDebtSecuritiesMember2023-12-310001496099Tennessee Bidco Limited, First lien 2023-12-310001496099Tennessee Bidco Limited, First lien 2 and Tennessee Bidco Limited, First lien 52023-12-310001496099nmfc:QIDNGLLLCMemberus-gaap:CommonClassBMember2023-01-012023-12-310001496099nmfc:QIDTRHHoldingsLLCMemberus-gaap:CommonClassBMember2023-01-012023-12-310001496099OEConnection LLC, Second lien2023-12-310001496099OEC Holdco, LLC, Preferred shares2023-01-012023-12-310001496099Appriss Health Holdings, Inc, Wholly-owned subsidiaries2023-12-310001496099Appriss Health Intermediate Holdings, Inc., Preferred shares2023-01-012023-12-310001496099TVG-Edmentum Holdings, LLC, Ordinary shares2023-01-012023-12-310001496099National HME, Inc., Second lien, Tranche A Term Loan2023-12-310001496099National HME, Inc., Second lien, Tranche B Term Loan2023-12-310001496099Diamond Parent Holdings Corp, Wholly-owned subsidiaries2023-12-310001496099Diligent Corporation, First lien2023-12-310001496099Diligent Preferred Issuer, Inc., Preferred shares2023-01-012023-12-310001496099ACI Parent Inc., Preferred shares2023-01-012023-12-310001496099Knockout Intermediate Holdings I, Preferred 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HME, Inc., Second lien, Non-accrual status2024-07-012024-09-300001496099National HME, Inc., Second lien, Non-accrual status2024-01-012024-09-300001496099American Achievement Corporation (aka AAC Holding Corp.), Subordinated, Non-accrual status2021-03-310001496099American Achievement Corporation (aka AAC Holding Corp.), First lien, Non-accrual status2021-09-300001496099American Achievement Corporation (aka AAC Holding Corp.), First lien, Non-accrual status2023-09-300001496099American Achievement Corporation (aka AAC Holding Corp.), Non-accrual status2024-09-300001496099American Achievement Corporation (aka AAC Holding Corp.), Non-accrual status2024-07-012024-09-300001496099American Achievement Corporation (aka AAC Holding Corp.), Non-accrual status2024-01-012024-09-300001496099UniTek Global Services, Inc., Junior preferred shares, Non-accrual status2024-09-300001496099UniTek Global Services, Inc., Junior preferred shares, Non-accrual status2024-07-012024-09-300001496099UniTek Global Services, Inc., Junior preferred shares, Non-accrual status2024-01-012024-09-300001496099UniTek Global Services, Inc., Senior preferred shares, Non-accrual status2021-09-300001496099UniTek Global Services, Inc., Senior preferred shares, Non-accrual status2024-09-300001496099UniTek Global Services, Inc., Senior preferred shares, Non-accrual status2024-07-012024-09-300001496099UniTek Global Services, Inc., Senior preferred shares, Non-accrual status2024-01-012024-09-300001496099Eclipse Topco Holdings, Inc., Junior preferred shares, Non-accrual status2024-09-300001496099Eclipse Topco Holdings, Inc., Junior preferred shares, Non-accrual status2024-07-012024-09-300001496099Eclipse Topco Holdings, Inc., Junior preferred shares, Non-accrual status2024-01-012024-09-300001496099PPVA Black Elk (Equity) LLC, Subordinated2013-05-030001496099PPVA Black Elk (Equity) LLC, 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Portfolio Company Investment2024-09-300001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberLargest Portfolio Company Investment2023-12-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberTop Five Largest Portfolio Company Investments2024-09-300001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberTop Five Largest Portfolio Company Investments2023-12-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberADMI Corp. (aka Aspen Dental), First lien - Funded2024-09-300001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberAG Parent Holdings, LLC, First lien - Funded2024-09-300001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberArdonagh Midco 3 Limited, First lien - Funded2024-09-300001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberAretec Group, Inc. (fka RCS Capital Corporation), First lien - Funded2024-09-300001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberAscensus Group Holdings, Inc., First lien - Funded2024-09-300001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberAssuredPartners, Inc, First lien - Funded2024-09-300001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberAston FinCo S.a r.l., First lien - Funded2024-09-300001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberAsurion, LLC, First lien - Funded2024-09-300001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberathenahealth Group Inc., First lien - Funded2024-09-300001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberBach Finance Limited, First lien - Funded2024-09-300001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberBayou Intermediate II, LLC, First lien - Funded2024-09-300001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberBCPE Empire Holdings, Inc., First lien - Funded2024-09-300001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberBella Holding Company, LLC, First lien - Funded2024-09-300001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberBIFM CA Buyer Inc., First lien - Funded2024-09-300001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberBoxer Parent Company Inc., First lien - Funded2024-09-300001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberBracket Intermediate Holding Corp., First lien - Funded2024-09-300001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberBrown Group Holding, LLC, First lien - Funded2024-09-300001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberBW Holding, Inc., First lien - Funded2024-09-300001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberCardinal Parent, Inc., First lien - Funded2024-09-300001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberCE Intermediate I, LLC, First lien - Funded2024-09-300001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberChrysaor Bidco S.a r.l., First lien - Funded2024-09-300001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberCloudera, Inc., First lien - Funded2024-09-300001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberCommerceHub, Inc. 1, First lien - Funded2024-09-300001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberCommerceHub, Inc. 2, First lien - Funded2024-09-300001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberConfluent Health, LLC, First lien - Funded2024-09-300001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberConfluent Medical Technologies, Inc., First lien - Funded2024-09-300001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberConnectWise, LLC, First lien - Funded2024-09-300001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberConvey Health Solutions, Inc., First lien - Funded2024-09-300001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberCornerstone OnDemand, Inc., First lien - Funded2024-09-300001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberCVET Midco 2, L.P., First lien - Funded2024-09-300001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberDealer Tire Financial, LLC, First lien - Funded2024-09-300001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberDG Investment Intermediate Holdings 2, Inc., First lien - Funded2024-09-300001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberDiscovery Purchaser Corporation, First lien - Funded2024-09-300001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberDispatch Acquisition Holdings, LLC, First lien - Funded2024-09-300001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberEAB Global, Inc., First lien - Funded2024-09-300001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberEagle Parent Corp., First lien - Funded2024-09-300001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberEisner Advisory Group LLC, First lien - Funded2024-09-300001496099nmfc:NMFCSeniorLoanProgramIIILLCMembereResearchTechnology, Inc., First lien - Funded2024-09-300001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberFlash Charm, Inc., First lien - Funded2024-09-300001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberFoundational Education Group, Inc., First lien - Funded2024-09-300001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberGroundworks, LLC 1, First lien - Funded2024-09-300001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberGroundworks, LLC 2, First lien - Funded2024-09-300001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberHeartland Dental, LLC, First lien - Funded2024-09-300001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberHelp/Systems Holdings, Inc., First lien - Funded2024-09-300001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberHigginbotham Insurance Agency, Inc., First lien - Funded2024-09-300001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberHighTower Holding, LLC, First lien - Funded2024-09-300001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberHoughton Mifflin Harcourt Company, First lien - Funded2024-09-300001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberInizio Group Limited, First lien - Funded2024-09-300001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberKestra Advisor Services Holdings A, Inc., First lien - Funded2024-09-300001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberLI Group Holdings, Inc., First lien - Funded2024-09-300001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberLSCS Holdings, Inc., First lien - Funded2024-09-300001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberMarcel Bidco LLC (Marcel Bidco GmbH), First lien - Funded2024-09-300001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberMaverick Bidco Inc. 1, First lien - Funded2024-09-300001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberMaverick Bidco Inc. 2, First lien - Funded2024-09-300001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberMaverick Bidco Inc. 3, First lien - Funded2024-09-300001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberMavis Tire Express Services Topco, Corp., First lien - Funded2024-09-300001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberMED ParentCo, LP, First lien - Funded2024-09-300001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberMH Sub I, LLC (Micro Holding Corp.), First lien - Funded2024-09-300001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberNielsen Consumer Inc., First lien - Funded2024-09-300001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberOMNIA Partners, LLC, First lien - Funded2024-09-300001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberOsaic Holdings, Inc., First lien - Funded2024-09-300001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberOsmosis Buyer Limited, First lien - Funded2024-09-300001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberPearls (Netherlands) Bidco B.V., First lien - Funded2024-09-300001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberPeraton Corp., First lien - Funded2024-09-300001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberPerforce Software, Inc., First lien - Funded2024-09-300001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberPhysician Partners, LLC, First lien - Funded2024-09-300001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberPlano Holdco, Inc., First lien - Funded2024-09-300001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberPlanview Parent, Inc., First lien - Funded2024-09-300001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberProject Alpha Intermediate Holding, Inc., First lien - Funded2024-09-300001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberProject Ruby Ultimate Parent Corp., First lien - Funded2024-09-300001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberPushpay USA Inc., First lien - Funded2024-09-300001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberQuartz Holding Company, First lien - Funded2024-09-300001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberRealPage, Inc., First lien - Funded2024-09-300001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberRenaissance Holding Corp., First lien - Funded2024-09-300001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberRLG Holdings, LLC, First lien - Funded2024-09-300001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberRxB Holdings, Inc. 1, First lien - Funded2024-09-300001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberRxB Holdings, Inc. 2, First lien - Funded2024-09-300001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberSierra Enterprises, LLC, First lien - Funded2024-09-300001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberSpring Education Group, Inc., First lien - Funded2024-09-300001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberStorable, Inc., First lien - Funded2024-09-300001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberSymplr Software, Inc., First lien - Funded2024-09-300001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberSyndigo LLC, First lien - Funded2024-09-300001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberTherapy Brands Holdings LLC, First lien - Funded2024-09-300001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberThermostat Purchaser III, Inc., First lien - Funded2024-09-300001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberTMF Sapphire Bidco B.V., First lien - Funded2024-09-300001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberTRC Companies LLC, First lien - Funded2024-09-300001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberUKG Inc., First lien - Funded2024-09-300001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberValcour Packaging, LLC 1, First lien - Funded2024-09-300001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberValcour Packaging, LLC 2, First lien - Funded2024-09-300001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberVSTG Intermediate Holdings, Inc., First lien - Funded2024-09-300001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberWatchGuard Technologies, Inc., First lien - Funded2024-09-300001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberWrench Group LLC, First lien - Funded2024-09-300001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberXplor T1, LLC, First lien - Funded2024-09-300001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberZest Acquisition Corp., First lien - Funded2024-09-300001496099nmfc:NMFCSeniorLoanProgramIIILLCMembernmfc:FundedSecuritiesMember2024-09-300001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberChrysaor Bidco S.a r.l.,. First lien - Unfunded2024-09-300001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberDG Investment Intermediate Holdings 2, Inc., First lien - Unfunded2024-09-300001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberGroundworks, LLC, First lien - Unfunded2024-09-300001496099nmfc:NMFCSeniorLoanProgramIIILLCMembernmfc:UnfundedSecuritiesMember2024-09-300001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberADMI Corp. (aka Aspen Dental), First lien - Funded2023-12-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberAG Parent Holdings, LLC, First lien - Funded2023-12-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberAretec Group, Inc. (fka RCS Capital Corporation), First lien - Funded2023-12-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberArtera Services, LLC, First lien - Funded2023-12-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberAscensus Group Holdings, Inc., First lien - Funded2023-12-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberAssuredPartners, Inc, First lien - Funded2023-12-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberAston FinCo S.a r.l., First lien - Funded2023-12-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberathenahealth Group Inc., First lien - Funded2023-12-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberBCPE Empire Holdings, Inc., First lien - Funded2023-12-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberBella Holding Company, LLC, First lien - Funded2023-12-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberBoxer Parent Company Inc., First lien - Funded2023-12-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberBracket Intermediate Holding Corp., First lien - Funded2023-12-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberBrown Group Holding, LLC, First lien - Funded2023-12-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberCardinal Parent, Inc., First lien - Funded2023-12-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberCE Intermediate I, LLC, First lien - Funded2023-12-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberCentralSquare Technologies, LLC, First lien - Funded2023-12-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberCHA Holdings, Inc., First lien - Funded2023-12-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberCloudera, Inc., First lien - Funded2023-12-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberCommerceHub, Inc., First lien - Funded 12023-12-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberCommerceHub, Inc., First lien - Funded 22023-12-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberConfluent Health, LLC, First lien - Funded2023-12-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberConfluent Medical Technologies, Inc., First lien - Funded2023-12-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberConvey Health Solutions, Inc., First lien - Funded2023-12-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberCornerstone OnDemand, Inc., First lien - Funded2023-12-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberCovenant Surgical Partners, Inc., First lien - Funded 12023-12-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberCovenant Surgical Partners, Inc., First lien - Funded 22023-12-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberCRCI Longhorn Holdings, Inc., First lien - Funded2023-12-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberCVET Midco 2, L.P., First lien - Funded2023-12-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberDealer Tire Financial, LLC, First lien - Funded2023-12-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberDG Investment Intermediate Holdings 2, Inc., First lien - Funded2023-12-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberDiscovery Purchaser Corporation, First lien - Funded2023-12-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberDispatch Acquisition Holdings, LLC, First lien - Funded2023-12-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberEAB Global, Inc., First lien - Funded2023-12-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberEagle Parent Corp., First lien - Funded2023-12-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberEisner Advisory Group LLC, First lien - Funded2023-12-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMembereResearchTechnology, Inc., First lien - Funded2023-12-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberEyeCare Partners, LLC, First lien - Funded2023-12-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberFoundational Education Group, Inc., First lien - Funded2023-12-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberGroundworks, LLC, First lien - Funded2023-12-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberHeartland Dental, LLC, First lien - Funded2023-12-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberHelp/Systems Holdings, Inc., First lien - Funded2023-12-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberHigginbotham Insurance Agency, Inc., First lien - Funded2023-12-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberHighTower Holding, LLC, First lien - Funded2023-12-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberHoughton Mifflin Harcourt Company, First lien - Funded2023-12-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberHub International Limited, First lien - Funded2023-12-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberHunter Holdco 3 Limited, First lien - Funded2023-12-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberIdera, Inc., First lien - Funded2023-12-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberKestra Advisor Services Holdings A, Inc., First lien - Funded2023-12-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberLI Group Holdings, Inc., First lien - Funded2023-12-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberLSCS Holdings, Inc., First lien - Funded2023-12-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberMarcel Bidco LLC (Marcel Bidco GmbH), First lien - Funded2023-12-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberMaverick Bidco Inc., First lien - Funded 12023-12-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberMaverick Bidco Inc., First lien - Funded. 22023-12-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberMaverick Bidco Inc., First lien - Funded 32023-12-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberMavis Tire Express Services Topco Corp., First lien - Funded2023-12-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberMED ParentCo, LP, First lien - Funded2023-12-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberMH Sub I, LLC (Micro Holding Corp.), First lien - Funded2023-12-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberNetsmart, Inc., First lien - Funded2023-12-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberNielsen Consumer Inc., First lien - Funded2023-12-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberOMNIA Partners, LLC, First lien - Funded2023-12-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberOptiv Parent Inc., First lien - Funded2023-12-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberOsaic Holdings, Inc., First lien - Funded2023-12-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberOsmosis Buyer Limited, First lien - Funded 12023-12-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberOsmosis Buyer Limited, First lien - Funded 22023-12-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberPearls (Netherlands) Bidco B.V., First lien - Funded2023-12-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberPeraton Corp., First lien - Funded2023-12-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberPhysician Partners, LLC, First lien - Funded2023-12-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberPlanview Parent, Inc., First lien - Funded2023-12-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberPremise Health Holding Corp., First lien - Funded2023-12-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberProject Alpha Intermediate Holding, Inc., First lien - Funded2023-12-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberProject Ruby Ultimate Parent Corp., First lien - Funded 12023-12-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberProject Ruby Ultimate Parent Corp., First lien - Funded 22023-12-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberRealPage, Inc., First lien - Funded2023-12-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberRenaissance Holding Corp., First lien - Funded2023-12-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberRLG Holdings, LLC, First lien - Funded2023-12-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberRxB Holdings, Inc., First lien - Funded 12023-12-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberRxB Holdings, Inc., First lien - Funded 22023-12-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberSierra Enterprises, LLC, First lien - Funded2023-12-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberSnap One Holdings Corp., First lien - Funded2023-12-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberSpring Education Group, Inc., First lien - Funded2023-12-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberStorable, Inc., First lien - Funded2023-12-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberSymplr Software, Inc., First lien - Funded2023-12-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberSyndigo LLC, First lien - Funded2023-12-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberTherapy Brands Holdings LLC, First lien - Funded2023-12-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberThermostat Purchaser III, Inc., First lien - Funded2023-12-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberTMF Sapphire Bidco B.V., First lien - Funded2023-12-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberTRC Companies LLC, First lien - Funded2023-12-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberUKG Inc., First lien - Funded2023-12-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberUSI, Inc., First lien - Funded2023-12-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberValcour Packaging, LLC, First lien - Funded2023-12-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberWatchGuard Technologies, Inc., First lien - Funded2023-12-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberWaystar Technologies, Inc., First lien - Funded2023-12-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberWrench Group LLC, First lien - Funded 12023-12-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberWrench Group LLC, First lien - Funded 22023-12-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberZest Acquisition Corp., First lien - Funded2023-12-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMembernmfc:FundedSecuritiesMember2023-12-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberGroundworks, LLC, First lien - Unfunded2023-12-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberOMNIA Partners, LLC, First lien - Unfunded2023-12-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberOsmosis Buyer Limited, First lien - Unfunded2023-12-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMembernmfc:UnfundedSecuritiesMember2023-12-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMember2024-07-012024-09-300001496099nmfc:NMFCSeniorLoanProgramIIILLCMember2023-07-012023-09-300001496099nmfc:NMFCSeniorLoanProgramIIILLCMember2023-01-012023-09-300001496099nmfc:NMFCSeniorLoanProgramIIILLCMember2024-07-012024-09-300001496099nmfc:NMFCSeniorLoanProgramIIILLCMember2024-01-012024-09-300001496099nmfc:NMFCSeniorLoanProgramIIILLCMember2023-07-012023-09-300001496099nmfc:NMFCSeniorLoanProgramIIILLCMember2023-01-012023-09-300001496099nmfc:NMFCSeniorLoanProgramIIILLCMember2023-12-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMember2024-01-012024-09-300001496099nmfc:NMFCSeniorLoanProgramIVLLCMember2024-09-300001496099nmfc:NMFCSeniorLoanProgramIVLLCMembernmfc:SkyKnightIncomeAlphaLLCMember2024-09-300001496099us-gaap:RevolvingCreditFacilityMemberus-gaap:LineOfCreditMembernmfc:NMFCSeniorLoanProgramIVLLCMember2021-05-050001496099us-gaap:RevolvingCreditFacilityMemberus-gaap:LineOfCreditMemberus-gaap:SecuredOvernightFinancingRateSofrMembernmfc:NMFCSeniorLoanProgramIVLLCMember2024-03-272024-03-270001496099us-gaap:RevolvingCreditFacilityMemberus-gaap:LineOfCreditMemberus-gaap:SecuredOvernightFinancingRateSofrMembernmfc:NMFCSeniorLoanProgramIVLLCMember2023-04-282024-03-270001496099us-gaap:RevolvingCreditFacilityMemberus-gaap:LineOfCreditMembernmfc:LondonInterbankOfferedRateLIBOR1Membernmfc:NMFCSeniorLoanProgramIVLLCMember2023-04-272023-04-270001496099nmfc:NMFCSeniorLoanProgramIVLLCMember2024-09-300001496099nmfc:NMFCSeniorLoanProgramIVLLCMember2023-12-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberus-gaap:RevolvingCreditFacilityMember2024-09-300001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberus-gaap:RevolvingCreditFacilityMember2023-12-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberus-gaap:DelayedDrawTermLoanMember2024-09-300001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberus-gaap:DelayedDrawTermLoanMember2023-12-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMembersrt:WeightedAverageMember2024-09-300001496099nmfc:NMFCSeniorLoanProgramIVLLCMembersrt:WeightedAverageMember2023-12-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberLargest Portfolio Company Investment2024-09-300001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberLargest Portfolio Company Investment2023-12-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberTop Five Largest Portfolio Company Investments2024-09-300001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberTop Five Largest Portfolio Company Investments2023-12-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberADG, LLC, First lien - Funded2024-09-300001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberADMI Corp. (aka Aspen Dental), First lien - Funded2024-09-300001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberAretec Group, Inc. (fka RCS Capital Corporation), First lien - Funded2024-09-300001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberAscensus Group Holdings, Inc., First lien - Funded2024-09-300001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberAsurion, LLC, First lien - Funded2024-09-300001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberathenahealth Group Inc., First lien - Funded2024-09-300001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberBach Finance Limited, First lien - Funded2024-09-300001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberBarracuda Parent, LLC, First lien - Funded2024-09-300001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberBayou Intermediate II, LLC, First lien - Funded2024-09-300001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberBCPE Empire Holdings, Inc., First lien - Funded2024-09-300001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberBella Holding Company, LLC, First lien - Funded2024-09-300001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberBIFM CA Buyer Inc., First lien - Funded2024-09-300001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberBleriot US Bidco Inc., First lien - Funded2024-09-300001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberBoxer Parent Company Inc., First lien - Funded2024-09-300001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberBracket Intermediate Holding Corp., First lien - Funded2024-09-300001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberBW Holding, Inc., First lien - Funded2024-09-300001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberCE Intermediate I, LLC, First lien - Funded2024-09-300001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberChrysaor Bidco S.a r.l., First lien - Funded2024-09-300001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberCloudera, Inc., First lien - Funded2024-09-300001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberCommerceHub, Inc. 1, First lien - Funded2024-09-300001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberCommerceHub, Inc. 2, First lien - Funded2024-09-300001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberConfluent Health, LLC, First lien - Funded2024-09-300001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberConfluent Medical Technologies, Inc., First lien - Funded2024-09-300001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberConvey Health Solutions, Inc., First lien - Funded2024-09-300001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberCornerstone OnDemand, Inc., First lien - Funded2024-09-300001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberCVET Midco 2, L.P., First lien - Funded2024-09-300001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberDealer Tire Financial, LLC, First lien - Funded2024-09-300001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberDiscovery Purchaser Corporation, First lien - Funded2024-09-300001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberDispatch Acquisition Holdings, LLC, First lien - Funded2024-09-300001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberEAB Global, Inc., First lien - Funded2024-09-300001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberEagle Parent Corp., First lien - Funded2024-09-300001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberEisner Advisory Group LLC, First lien - Funded2024-09-300001496099nmfc:NMFCSeniorLoanProgramIVLLCMembereResearchTechnology, Inc., First lien - Funded2024-09-300001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberFlash Charm, Inc., First lien - Funded2024-09-300001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberFoundational Education Group, Inc., First lien - Funded2024-09-300001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberGeo Parent Corporation, First lien - Funded2024-09-300001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberGroundworks, LLC 1, First lien - Funded2024-09-300001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberGroundworks, LLC 2, First lien - Funded2024-09-300001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberHeartland Dental, LLC, First lien - Funded2024-09-300001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberHelp/Systems Holdings, Inc., First lien - Funded2024-09-300001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberHoughton Mifflin Harcourt Company, First lien - Funded2024-09-300001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberInizio Group Limited, First lien - Funded2024-09-300001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberKestra Advisor Services Holdings A, Inc., First lien - Funded2024-09-300001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberLSCS Holdings, Inc., First lien - Funded2024-09-300001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberMandolin Technology Intermediate Holdings, Inc., First lien - Funded2024-09-300001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberMarcel Bidco LLC (Marcel Bidco GmbH), First lien - Funded2024-09-300001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberMaverick Bidco Inc. 1, First lien - Funded2024-09-300001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberMaverick Bidco Inc. 2, First lien - Funded2024-09-300001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberMavis Tire Express Services Topco, Corp., First lien - Funded2024-09-300001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberMED ParentCo, LP, First lien - Funded2024-09-300001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberMH Sub I, LLC (Micro Holding Corp.), First lien - Funded2024-09-300001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberNielsen Consumer Inc., First lien - Funded2024-09-300001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberOMNIA Partners, LLC, First lien - Funded2024-09-300001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberOsaic Holdings, Inc., First lien - Funded2024-09-300001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberOsmosis Buyer Limited, First lien - Funded2024-09-300001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberPearls (Netherlands) Bidco B.V., First lien - Funded2024-09-300001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberPerforce Software, Inc., First lien - Funded2024-09-300001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberPhysician Partners, LLC, First lien - Funded2024-09-300001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberProject Alpha Intermediate Holding, Inc., First lien - Funded2024-09-300001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberProject Ruby Ultimate Parent Corp., First lien - Funded2024-09-300001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberQuartz Holding Company, First lien - Funded2024-09-300001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberRealPage, Inc., First lien - Funded2024-09-300001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberRenaissance Holding Corp., First lien - Funded2024-09-300001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberRxB Holdings, Inc., First lien - Funded2024-09-300001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberSierra Enterprises, LLC, First lien - Funded2024-09-300001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberSpring Education Group, Inc., First lien - Funded2024-09-300001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberSTATS Intermediate Holdings, LLC 1, First lien - Funded2024-09-300001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberSTATS Intermediate Holdings, LLC 2, First lien - Funded2024-09-300001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberStorable, Inc., First lien - Funded2024-09-300001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberSymplr Software, Inc., First lien - Funded2024-09-300001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberSyndigo LLC, First lien - Funded2024-09-300001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberTherapy Brands Holdings LLC, First lien - Funded2024-09-300001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberThermostat Purchaser III, Inc., First lien - Funded2024-09-300001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberTRC Companies LLC, First lien - Funded2024-09-300001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberValcour Packaging, LLC 1 First lien - Funded2024-09-300001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberValcour Packaging, LLC 2, First lien - Funded2024-09-300001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberVSTG Intermediate Holdings, Inc., First lien - Funded2024-09-300001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberVT Topco, Inc., First lien - Funded2024-09-300001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberWatchGuard Technologies, Inc., First lien - Funded2024-09-300001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberWrench Group LLC, First lien - Funded2024-09-300001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberXplor T1, LLC, First lien - Funded2024-09-300001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberZest Acquisition Corp., First lien - Funded2024-09-300001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberZone Climate Services, Inc. 1, First lien - Funded2024-09-300001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberZone Climate Services, Inc. 2, First lien - Funded2024-09-300001496099nmfc:NMFCSeniorLoanProgramIVLLCMembernmfc:FundedSecuritiesMember2024-09-300001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberChrysaor Bidco S.a r.l., First lien - Unfunded2024-09-300001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberGroundworks, LLC, First lien - Unfunded2024-09-300001496099nmfc:NMFCSeniorLoanProgramIVLLCMembernmfc:UnfundedSecuritiesMember2024-09-300001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberADG, LLC, First lien - Funded2023-12-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberADMI Corp. (aka Aspen Dental), First lien - Funded2023-12-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberAretec Group, Inc. (fka RCS Capital Corporation), First lien - Funded2023-12-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberArtera Services, LLC, First lien - Funded2023-12-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberAscensus Group Holdings, Inc., First lien - Funded2023-12-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberathenahealth Group Inc., First lien - Funded2023-12-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberBarracuda Parent, LLC, First lien - Funded2023-12-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberBayou Intermediate II, LLC, First lien - Funded2023-12-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberBCPE Empire Holdings, Inc., First lien - Funded2023-12-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberBella Holding Company, LLC., First lien - Funded2023-12-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberBleriot US Bidco Inc., First lien - Funded2023-12-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberBoxer Parent Company Inc., First lien - Funded2023-12-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberBracket Intermediate Holding Corp., First lien - Funded2023-12-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberBrown Group Holding, LLC, First lien - Funded2023-12-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberCE Intermediate I, LLC, First lien - Funded2023-12-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberCentralSquare Technologies, LLC, First lien - Funded2023-12-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberCHA Holdings, Inc., First lien - Funded 12023-12-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberCHA Holdings, Inc., First lien - Funded 22023-12-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberCloudera, Inc., First lien - Funded2023-12-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberConfluent Health, LLC, First lien - Funded2023-12-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberConfluent Medical Technologies, Inc., First lien - Funded2023-12-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberConvey Health Solutions, Inc., First lien - Funded2023-12-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberCornerstone OnDemand, Inc., First lien - Funded2023-12-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberCVET Midco 2, L.P., First lien - Funded2023-12-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberDealer Tire Financial, LLC, First lien - Funded2023-12-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberDiscovery Purchaser Corporation, First lien - Funded2023-12-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberDispatch Acquisition Holdings, LLC, First lien - Funded2023-12-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberEAB Global, Inc., First lien - Funded2023-12-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberEagle Parent Corp., First lien - Funded2023-12-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberEisner Advisory Group LLC, First lien - Funded2023-12-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMembereResearchTechnology, Inc., First lien - Funded2023-12-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberEyeCare Partners, LLC, First lien - Funded2023-12-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberFoundational Education Group, Inc., First lien - Funded2023-12-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberGeo Parent Corporation, First lien - Funded2023-12-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberHeartland Dental, LLC, First lien - Funded2023-12-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberHelp/Systems Holdings, Inc., First lien - Funded2023-12-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberHoughton Mifflin Harcourt Company, First lien - Funded2023-12-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberHub International Limited, First lien - Funded2023-12-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberHunter Holdco 3 Limited, First lien - Funded2023-12-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberIdera, Inc., First lien - Funded2023-12-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberKestra Advisor Services Holdings A, Inc., First lien - Funded2023-12-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberLSCS Holdings, Inc., First lien - Funded2023-12-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberMandolin Technology Intermediate Holdings, Inc., First lien - Funded2023-12-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberMarcel Bidco LLC (Marcel Bidco GmbH), First lien - Funded2023-12-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberMaverick Bidco Inc., First lien - Funded 12023-12-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberMaverick Bidco Inc., First lien - Funded 22023-12-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberMavis Tire Express Services Topco Corp., First lien - Funded2023-12-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberMH Sub I, LLC (Micro Holding Corp.), First lien - Funded2023-12-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberNetsmart, Inc., First lien - Funded2023-12-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberNielsen Consumer Inc., First lien - Funded2023-12-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberOEConnection LLC, First lien - Funded2023-12-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberOMNIA Partners, LLC, First lien - Funded2023-12-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberOptiv Parent Inc., First lien - Funded2023-12-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberOsaic Holdings, Inc.2023-12-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberOsmosis Buyer Limited, First lien - Funded 12023-12-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberOsmosis Buyer Limited, First lien - Funded 22023-12-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberPearls (Netherlands) Bidco B.V., First lien - Funded2023-12-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberPhysician Partners, LLC, First lien - Funded2023-12-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberPremise Health Holding Corp., First lien - Funded2023-12-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberProject Alpha Intermediate Holding, Inc., First lien - Funded2023-12-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberRealPage, Inc., First lien - Funded2023-12-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberRenaissance Holding Corp., First lien - Funded2023-12-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberRxB Holdings, Inc., First lien - Funded2023-12-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberSierra Enterprises, LLC, First lien - Funded2023-12-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberSnap One Holdings Corp., First lien - Funded2023-12-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberSpring Education Group, Inc., First lien - Funded2023-12-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberSTATS Intermediate Holdings, LLC, First lien - Funded2023-12-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberStorable, Inc., First lien - Funded2023-12-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberSymplr Software, Inc., First lien - Funded2023-12-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberSyndigo LLC, First lien - Funded2023-12-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberTherapy Brands Holdings LLC, First lien - Funded2023-12-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberThermostat Purchaser III, Inc., First lien - Funded2023-12-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberTRC Companies LLC, First lien - Funded2023-12-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberUSIC Holdings, Inc., First lien - Funded2023-12-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberValcour Packaging, LLC, First lien - Funded2023-12-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberVT Topco, Inc., First lien - Funded2023-12-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberWatchGuard Technologies, Inc., First lien - Funded2023-12-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberWrench Group LLC, First lien - Funded2023-12-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberZest Acquisition Corp., First lien - Funded2023-12-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberZone Climate Services, Inc., First lien - Funded 12023-12-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberZone Climate Services, Inc., First lien - Funded 22023-12-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMembernmfc:FundedSecuritiesMember2023-12-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberOMNIA Partners, LLC, First lien - Unfunded2023-12-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberOsmosis Buyer Limited, First lien - 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美國

證券交易委員會

華盛頓特區20549

形式 10-Q

ý      根據1934年證券交易法第13或15（d）條的季度報告

截至季度 2024年9月30日

o         根據1934年證券交易法第13或15（d）條的過渡報告

委員會 文件號

章程中規定的註冊人的確切名稱、執行長的地址 辦事處、電話號碼以及州或其他成立或組織的司法管轄區

國稅局僱主 標識號

814-00832

新山金融公司

27-2978010

百老匯1633號，48樓 紐約, 紐約 10019 電話：（212) 720-0300 註冊州： 德拉瓦

根據該法第12（b）條登記的證券：

每個班級的標題

交易符號

註冊的每個交易所的名稱

普通股，面值每股0.01美金

NMFC

納斯達克全球精選市場

8.250% 2028年到商業本票據

NMFCZ

納斯達克全球精選市場

通過勾選標記檢查登記人是否（1）在過去12個月內（或登記人被要求提交此類報告的較短期限內）提交了1934年證券交易法（「交易法」）第13或15（d）條要求提交的所有報告，以及（2）在過去90天內一直遵守此類提交要求。 是的 ý 沒有 o

通過勾選標記檢查註冊人是否已在過去12個月內（或在註冊人被要求提交此類文件的較短期限內）以電子方式提交了根據S-t法規第405條（本章第232.405條）要求提交的所有交互數據文件。 是的 ý 沒有 o

通過複選標記來確定註冊人是大型加速申報人、加速申報人、非加速申報人、小型報告公司還是新興成長型公司。請參閱《交易法》第120條第2條中「大型加速申報人」、「加速申報人」、「小型報告公司」和「新興成長型公司」的定義。

大型加速文件夾

ý

加速編報公司

o

非加速歸檔

o

小型上市公司

o

新興成長型公司

o

如果是新興成長型公司，請通過勾選標記表明註冊人是否選擇不利用延長的過渡期來遵守根據《交易法》第13（a）條規定的任何新的或修訂的財務會計準則。 o

通過勾選標記檢查註冊人是否是空殼公司（定義見《交易法》第120條第2款）。是的 o 沒有 ý

註明截至最後可行日期發行人每類普通股的已發行股數。

描述						截至2024年10月30日的股票
普通股，面值每股0.01美金						107,851,415

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目錄

表格10-Q截至2024年9月30日的季度

目錄

						頁面
第一部分.財務資料
項目1.			財務報表
			新山金融公司
			截至2011年的合併資產負債表 九月 2024年30日（未經審計）和2023年12月31日			3
			這三者的合併運營報表 九 截至 九月 2024年30日（未經審計）和 九月 2023年30日（未經審計）			4
			合併淨資產變動表 截至2024年9月30日（未經審計）和2023年9月30日（未經審計）的三個月和九個月			5
			合併現金流量表 九 截至 九月 30、2024年（未經審計）和 九月 30、2023年（未經審計）			6
			截至日期的綜合投資計劃 九月 30、2024年（未經審計）			7
			截至2023年12月31日的合併投資計劃			38
			新山財務公司合併財務報表附註（未經審計）			64
			獨立特許會計師事務所報告			114
項目2.			管理層對財務狀況和經營成果的討論和分析			115
項目3.			關於市場風險的定量和定性披露			136
項目4.			控制和程式			137
第二部分.其他信息						138
項目1.			法律訴訟			138
項目1A.			危險因素			138
項目2.			股權證券的未登記銷售和收益的使用			140
項目3.			優先證券			140
項目4.			礦山安全披露			140
項目5.			其他信息			140
項目6.			展品			142
			簽名			144

2

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目錄

第一部分.財務資料

項目1. 財務報表

新山金融公司

合併資產負債表

(in數千，份額和每股數據除外）

（未經審計）

			2024年9月30日						2023年12月31日
資產
以公平值列帳之投資
非受控/非附屬投資（成本為美金2,459,913 和$2,283,490，分別）			$	2,446,773					$	2,209,867
非受控/關聯投資（成本為美金121,649 和$107,895，分別）			113,017						133,659
受控投資（成本為美金684,751 和$646,823，分別）			705,481						667,796
按公允價值計算的投資總額（成本為美金3,266,313 和$3,038,208，分別）			3,265,271						3,011,322
根據擔保協議購買的證券轉售（成本為美金30,000 和$30,000，分別）			13,500						16,500
現金及現金等價物			61,943						70,090
應收利息和股息			45,905						44,107
按公允價值計算的衍生資產			8,320						—
應收附屬公司款項			139						82
遞延稅項資產			—						594
其他資產			19,178						16,519
總資產			$	3,414,256					$	3,159,214
負債
借貸
無抵押票據			$	993,577					$	506,500
控股信貸便利			407,563						515,063
SBA擔保債券			300,000						300,000
可換股票據			260,120						260,207
NMFC信貸機構			55,031						36,813
NMNLC信貸機制II			2,908						2,853
DB信貸機構			—						186,400
遞延融資成本（扣除累計攤銷美金61,723 和$54,263，分別）			(26,229)						(22,387)
借貸淨額			1,992,970						1,785,449
應付利息			18,485						20,440
須支付管理費前			10,730						10,116
應付掮客			10,370						—
應付激勵費			8,821						8,555
遞延稅項負債			1,100						—
按公允價值計算的衍生負債			781						—
其他負債			3,420						2,931
總負債			2,046,677						1,827,491
承諾和或有事項（見注9）
淨資產
優先股，面值美金0.01 每股， 2,000,000 授權股份， 沒有一 發布			—						—
普通股，面值美金0.01 每股， 200,000,000 授權股份，以及 107,851,415 和 102,558,859 已發行和發行股票			1,079						1,026
超額繳納資本			1,398,395						1,331,269
累計未分配收益			(38,178)						(12,344)
新山財務公司淨資產總額			$	1,361,296					$	1,319,951
New Mountain Net Lease Corporation的非控股權益			6,283						11,772
淨資產總額			$	1,367,579					$	1,331,723
負債總額和淨資產			$	3,414,256					$	3,159,214
流通股數量			107,851,415						102,558,859
New Mountain Finance Corporation每股淨資產值			$	12.62					$	12.87

隨附的附註是該等綜合財務報表的組成部分。

3

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目錄

新山金融公司

 

綜合經營報表

(in數千，份額和每股數據除外）

（未經審計）

			止三個月												九個月結束
			2024年9月30日						2023年9月30日						2024年9月30日						2023年9月30日
投資收益
來自非受控/非附屬投資：
利息收入（不包括實物支付（「PIK」）利息收入）			$	61,788					$	63,892					$	175,608					$	189,299
PIk利息收入			4,340						4,061						13,460						11,772
股息收入			185						49						2,762						143
非現金股息收入			5,077						4,458						14,558						12,929
其他收入			1,454						791						6,345						3,395
來自非受控/關聯投資：
利息收入（不包括PIk利息收入）			349						884						1,093						1,576
PIk利息收入			971						265						2,680						1,370
非現金股息收入			1,593						1,173						4,211						3,417
其他收入			63						63						188						189
來自受控投資：
利息收入（不包括PIk利息收入）			1,651						1,351						4,395						4,038
PIk利息收入			3,739						3,591						11,595						11,665
股息收入			11,789						11,041						36,812						34,179
非現金股息收入			1,649						1,357						4,715						3,879
其他收入			679						1,373						2,049						3,943
總投資收益			95,327						94,349						280,471						281,794
費用
利息和其他融資費用			37,661						31,425						101,790						93,921
管理費			11,700						11,334						34,048						34,549
獎勵費			8,821						10,169						27,760						29,748
行政開支			1,059						995						3,135						2,996
專業費用			1,019						850						3,213						2,818
其他一般和行政費用			531						542						1,523						1,543
總支出			60,791						55,315						171,469						165,575
減：免除管理費（見注5）			(970)						(1,013)						(2,732)						(3,172)
開支淨額			59,821						54,302						168,737						162,403
所得稅前淨投資收入			35,506						40,047						111,734						119,391
所得稅費用（福利）			118						(627)						353						401
淨投資收入			35,388						40,674						111,381						118,990
已實現（損失）淨收益：
非受控/非附屬投資			(75)						113						(46,899)						(8,509)
受控投資			(456)						4,560						3,375						16,413
外幣			(1,455)						—						(1,455)						13
未實現增值（折舊）淨變化：
非受控/非附屬投資			419						12,419						56,474						11,664
非受控/關聯投資			(7,853)						(14,815)						(34,396)						(14,830)
受控投資			(4,260)						(14,483)						(243)						(15,174)
根據擔保協議購買的證券轉售			—						—						(3,000)						(39)
新山網租賃公司			1,533						—						1,533						—
外幣			1,690						(60)						1,796						(5)
（規定）稅收福利			(1,037)						291						(1,804)						66
已變現及未變現虧損淨額			(11,494)						(11,975)						(24,619)						(10,401)
經營淨資產淨增加			23,894						28,699						86,762						108,589
減：與新山淨租賃公司非控股權益相關的運營導致的淨資產淨增加			(5)						(3)						(994)						(490)
新山財務公司相關業務淨資產淨增加			$	23,889					$	28,696					$	85,768					$	108,099
每股基本盈利			$	0.22					$	0.28					$	0.81					$	1.07
已發行普通股加權平均股數-基本（見注11）			107,851,415						100,954,898						106,140,789						100,943,049
每股攤薄盈利			$	0.22					$	0.27					$	0.78					$	0.98
已發行普通股加權平均股數-稀釋（見注11）			126,779,819						123,183,269						125,000,872						124,595,709
每股申報和支付的分配			$	0.34					$	0.36					$	1.04					$	1.03

附註是這些合併財務報表的組成部分。

4

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目錄表

新山金融公司

 

合併淨資產變動表

(in數千，份額和每股數據除外）

(未經審計)

			截至三個月												九個月結束
			2024年9月30日						2023年9月30日						2024年9月30日						2023年9月30日
經營導致的淨資產增加（減少）：
淨投資收益			$	35,388					$	40,674					$	111,381					$	118,990
投資和外幣已實現淨（損失）收益			(1,986)						4,673						(44,979)						7,917
投資、外幣和New Mountain Net Lease Corporation未實現（折舊）增值淨變化			(8,471)						(16,939)						25,164						(18,345)
根據擔保協議購買的證券轉售未實現折舊淨變化			—						—						(3,000)						(39)
（規定）稅收福利			(1,037)						291						(1,804)						66
經營淨資產淨增			23,894						28,699						86,762						108,589
減：與New Mountain Net Lease Corporation（「NMNLC」）非控股權益相關的運營導致的淨資產淨增加			(5)						(3)						(994)						(490)
新山財務公司相關業務淨資產淨增加			23,889						28,696						85,768						108,099
資本交易
出售股票的淨收益			—						6,625						67,691						6,625
產品發售成本			(43)						(66)						(512)						(213)
淨投資收益向股東申報的分配			(36,668)						(36,338)						(111,602)						(103,966)
資本交易導致淨資產淨減少總額			(36,711)						(29,779)						(44,423)						(97,554)
淨資產淨（減少）增加			(12,822)						(1,083)						41,345						10,545
新山財務公司年初淨資產			1,374,118						1,326,101						1,319,951						1,314,473
新山財務公司期末淨資產			1,361,296						1,325,018						1,361,296						1,325,018
NMNLC的非控股權益			6,283						11,676						6,283						11,676
期末淨資產			$	1,367,579					$	1,336,694					$	1,367,579					$	1,336,694
資本份額活動
售出的股份			—						502,623						5,292,556						502,623
流通股淨增加			—						502,623						5,292,556						502,623

附註是這些合併財務報表的組成部分。

5

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目錄表

新山金融公司

 

合併現金流量表

(單位：千)

(未經審計)

			九個月結束
			2024年9月30日						2023年9月30日
經營活動的現金流
經營淨資產淨增			$	86,762					$	108,589
將經營活動產生的淨資產淨增加與經營活動提供的淨現金（用於）進行調整：
投資已實現淨損失（收益）			43,524						(7,904)
外幣資產和負債的已實現淨虧損（收益）			1,455						(13)
投資和New Mountain Net Lease Corporation未實現（增值）折舊淨變化			(23,368)						18,340
外幣資產和負債換算未實現（增值）折舊淨變化			(1,796)						5
根據擔保協議購買的證券轉售未實現折舊淨變化			3,000						39
購置折扣攤銷			(5,774)						(4,082)
遞延融資成本攤銷			7,502						5,002
可轉換票據溢價攤銷			(87)						(101)
折扣攤銷 6.875%和6.200%無擔保票據			422						—
對沖活動造成的淨變化			635						—
非現金投資收益			(47,921)						(42,456)
(增加)營運資產減少：
購買New Mountain Net Lease Corporation非控股權益支付的現金			(4,666)						—
因購買New Mountain Net Lease Corporation非控股權益而收到的現金分配			244						—
購買投資和延遲提款設施			(772,915)						(140,568)
銷售收益和投資支付			557,709						282,741
購買循環信貸未提取部分或延遲提取設施而收到的現金			447						110
購買循環信貸設施提取部分支付的現金			(48)						—
用左輪手槍支付的現金			(29,475)						(20,865)
提取左輪手槍的現金償還			24,893						24,270
遞延稅項資產			594						—
應收利息和股息			(1,809)						(9,429)
應收附屬公司款項			(57)						—
其他資產			(2,832)						(12,408)
(減少)經營負債增加：
應付管理費			614						(203)
應付獎勵費用			266						3,873
應付購買的未結算證券			—						4,678
應付利息			(1,953)						3,575
應支付給附屬公司			—						178
遞延稅項負債			1,100						(5,697)
應付經紀人			10,370						—
其他負債			(20)						(628)
經營活動提供的現金流量淨額(用於)			(153,184)						207,046
融資活動產生的現金流
出售股票的淨收益			67,691						6,625
已支付的報價成本			(336)						(306)
已支付的分配			(111,602)						(103,966)
Holdings信貸融資收益			558,400						109,600
償還控股信貸額度			(665,900)						(159,000)
可轉換票據收益			—						60,300
償還可轉換票據			—						(116,816)
無擔保票據收益			594,981						—
償還無擔保票據			(116,500)						(140,000)
NMFC信貸機制的收益			112,386						348,500
償還NMFC信貸安排			(96,450)						(197,000)
DB信貸機構的收益			—						8,000
DB信貸額度的償還			(186,400)						(8,000)
NMNLC信貸融資II的收益			7,710						5,750
償還NMNLC信貸額度II			(7,655)						(6,677)
與NMNLC非控股權益相關的分配			(528)						(532)
已支付的遞延融資成本			(10,832)						(1,450)
融資活動提供(用於)的現金流量淨額			144,965						(194,972)
現金及現金等價物淨(減)增			(8,219)						12,074
外匯匯率變動對現金及現金等價物的影響			72						1
期初的現金和現金等價物			70,090						71,190
期末現金和現金等價物			$	61,943					$	83,265
補充披露現金流量信息
支付的現金利息			$	93,432					$	84,116
已繳納的所得稅			142						6,808
非現金經營活動：
非現金投資活動			$	26,350					$	15,772
非現金融資活動：
應計提供成本			$	159					$	104
應計遞延融資成本			708						2

隨附的附註是該等綜合財務報表的組成部分。

6

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目錄表

新山金融公司

 

綜合投資計劃

2024年9月30日

(in數千人，股票除外）

(未經審計)

投資組合公司、地點和行業（1）									類型的投資						參考						傳播						總優惠券（19）						收購日期						到期/到期日期						主要 金額， 面值 或股份（17）						成本						公平 值						佔淨百分比 資產
非受控/非關聯投資
融資債務投資-美國
Paw Midco公司
AAH Topco，LLC
消費服務									第一優先權（2）（14）（15）						SOFR（M）						5.25%						10.22%						12/2021						12/2027						$	22,791					$	22,630					$	22,791
									第一優先權（3）（13）（15）						SOFR（M）						5.25%						10.20%						12/2021						12/2027						20,270						20,147						20,270
									第一優先權（4）（15）						SOFR（M）						5.25%						10.20%						01/2022						12/2027						9,624						9,565						9,623
									第一優先權（4）（15）						SOFR（M）						5.25%						10.22%						12/2021						12/2027						7,394						7,342						7,394
									隸屬（3）（13）（15）						固定（Q）*						11.50%/PIK						11.50%						12/2021						12/2031						15,283						15,145						15,031
									隸屬（4）（15）						固定（Q）*						11.50%/PIK						11.50%						01/2022						12/2031						5,994						5,940						5,895
																																																			80,769						81,004						5.92		%
Knockout Intermediate Holdings I Inc.（33）
Kaseya Inc.
軟件									第一優先權（2）（14）（15）						SOFR（Q）						5.50%						10.75%						06/2022						06/2029						64,282						63,928						64,282
									第一優先權（3）（13）（15）（18）-提取						SOFR（Q）						5.50%						10.10%						06/2022						06/2029						973						966						973
									第一保留權（3）（15）（18）-提取						SOFR（Q）						5.50%						10.78%						06/2022						06/2029						751						747						751
									第一優先權（3）（13）（15）						SOFR（Q）						5.50%						10.75%						06/2022						06/2029						238						237						238
																																																			65,878						66,244						4.84		%
GC Waves Holdings，Inc
金融服務									第一優先權（2）（14）						SOFR（M）						5.25%						10.20%						08/2021						08/2029						39,966						39,734						39,966
									第一抵押權（5）						SOFR（M）						5.25%						10.20%						08/2021						08/2029						21,502						21,436						21,502
									第一優先權（2）（14）						SOFR（M）						5.25%						10.20%						10/2019						08/2029						447						444						447
																																																			61,614						61,915						4.53		%
OA Topco，LP（32）
OA買家公司
醫療保健									第一優先權（2）（14）（15）						SOFR（M）						5.00%						9.85%						06/2024						12/2028						31,592						31,517						31,592
									第一優先權（2）（14）（15）						SOFR（M）						5.00%						9.85%						12/2021						12/2028						27,496						27,309						27,497
									第一優先權（2）（14）（15）						SOFR（M）						5.00%						9.85%						05/2022						12/2028						1,741						1,728						1,741
																																																			60,554						60,830						4.45		%
協會財務公司
協會公司
商業服務									第一優先權（3）（13）（15）						SOFR（Q）						6.50%						12.00%						05/2024						07/2028						49,555						49,531						49,530
									隸屬（3）（15）						固定（Q）*						14.25%/PIK						14.25%						05/2024						05/2030						7,680						7,662						7,725
									隸屬（3）（15）						固定（Q）*						14.25%/PIK						14.25%						05/2024						05/2030						2,933						2,926						2,950
																																																			60,119						60,205						4.40		%

隨附的附註是該等綜合財務報表的組成部分。

7

---

目錄表

新山金融公司

 

綜合投資計劃（續）

2024年9月30日

(in數千人，股票除外）

(未經審計)

投資組合公司、地點和行業（1）									類型的投資						參考						傳播						總優惠券（19）						收購日期						到期/到期日期						主要 金額， 面值 或股份（17）						成本						公平 值						佔淨百分比 資產
GS Acquisitionco，Inc.
軟件									第一優先權（2）（14）（15）						SOFR（Q）						5.25%						9.85%						08/2019						05/2028						$	34,811					$	34,751					$	34,811
									第一優先權（5）（15）						SOFR（Q）						5.25%						9.85%						08/2019						05/2028						21,353						21,316						21,353
									第一優先權（3）（13）（15）						SOFR（Q）						5.25%						9.85%						08/2019						05/2028						2,917						2,910						2,917
									第一保留權（3）（15）（18）-提取						SOFR（Q）						5.25%						9.85%						08/2019						05/2028						625						625						625
																																																			59,602						59,706						4.37		%
iHIS，Inc.
軟件									第一優先權（2）（14）（15）						SOFR（M）						5.75%						10.67%						09/2023						08/2028						44,708						44,490						44,373
									第一優先權（2）（14）（15）						SOFR（M）						6.25%						11.17%						10/2022						08/2028						7,366						7,318						7,366
									第一保留權（3）（15）（18）-提取						SOFR（M）						5.75%						10.62%						08/2022						08/2028						1,059						1,055						1,051
																																																			52,863						52,790						3.86		%
OE Connection LLC
軟件									第一優先權（2）（14）（15）						SOFR（M）						5.25%						10.10%						04/2024						04/2031						46,547						46,324						46,547						3.40		%
N型公司
軟件									第一優先權（2）（14）（15）						SOFR（Q）						5.00%						9.64%						06/2024						06/2031						44,329						44,113						44,107						3.23		%
Recorded Future公司
軟件									第一優先權（3）（13）						SOFR（M）						5.75%						10.60%						06/2024						06/2030						41,688						41,486						41,688
									第一保留權（3）（18）-提取						SOFR（Q）						5.75%						10.88%						06/2024						06/2030						2,356						2,345						2,356
																																																			43,831						44,044						3.22		%
IG Intermediateco LLC
Infogain Corporation
商業服務									第一優先權（2）（14）（15）						SOFR（M）						5.75%						10.70%						07/2021						07/2028						18,372						18,286						18,372
									第一優先權（3）（13）（15）						SOFR（M）						5.75%						10.70%						07/2022						07/2028						7,784						7,730						7,784
									第一保留權（3）（15）（18）-提取						SOFR（M）						5.75%						10.95%						07/2021						07/2026						703						698						703
									隸屬（3）（15）						SOFR（Q）						7.50%						12.20%						07/2022						07/2029						16,953						16,789						16,953
																																																			43,503						43,812						3.20		%
德卡牙科控股有限責任公司
醫療保健									第一優先權（2）（14）（15）						SOFR（Q）						5.75%						10.45%						08/2021						08/2028						37,189						36,954						36,699
									第一優先權（3）（13）（15）						SOFR（Q）						5.75%						10.45%						08/2021						08/2028						3,915						3,889						3,863
									第一優先權（3）（13）（15）（18）-提取						SOFR（Q）						5.75%						10.46%						08/2021						08/2027						3,027						2,997						2,987
																																																			43,840						43,549						3.18		%

隨附的附註是該等綜合財務報表的組成部分。

8

---

目錄表

新山金融公司

 

綜合投資計劃（續）

2024年9月30日

(in數千人，股票除外）

(未經審計)

投資組合公司、地點和行業（1）									類型的投資						參考						傳播						總優惠券（19）						收購日期						到期/到期日期						主要 金額， 面值 或股份（17）						成本						公平 值						佔淨百分比 資產
Sierra Enterprises，LLC
食品&飲料									第一優先權（3）（13）						SOFR（Q）						6.75%						12.00%						06/2023						05/2027						$	42,554					$	38,612					$	40,852					2.99		%
RealPage，Inc
軟件									第二種保留權（2）（14）						SOFR（M）						6.50%						11.46%						03/2024						04/2029						41,887						41,689						40,394						2.95		%
WEG Sub Intermediate Holdings，LLC
財富增強集團有限責任公司
金融服務									第一優先權（2）（14）（15）						SOFR（Q）						5.50%						10.69%						05/2022						10/2027						15,632						15,602						15,632
									第一優先權（3）（13）（15）						SOFR（Q）						5.50%						10.68%						08/2021						10/2027						11,939						11,907						11,939
									第一優先權（2）（14）（15）						SOFR（Q）						5.50%						10.68%						08/2021						10/2027						6,676						6,660						6,675
									第一優先權（3）（13）（15）						SOFR（Q）						5.50%						10.52%						01/2022						10/2027						1,231						1,220						1,231
									第一優先權（3）（13）（15）						SOFR（Q）						5.50%						10.70%						01/2022						10/2027						826						818						826
									隸屬（3）（15）						固定（Q）*						15.00%/PIK						15.00%						05/2023						05/2033						3,927						3,881						3,927
																																																			40,088						40,230						2.94		%
YLG Holdings，Inc
商業服務									第一優先權（5）（15）						SOFR（Q）						5.00%						10.25%						11/2019						10/2026						17,540						17,518						17,540
									第一優先權（2）（14）（15）						SOFR（Q）						5.00%						10.25%						06/2024						10/2026						8,369						8,369						8,369
									第一優先權（2）（14）（15）						SOFR（Q）						5.00%						10.26%						06/2024						10/2026						3,505						3,505						3,505
									第一優先權（2）（14）（15）						SOFR（Q）						5.00%						10.20%						06/2024						10/2026						2,531						2,531						2,531
									第一優先權（5）（15）						SOFR（Q）						5.00%						10.25%						11/2019						10/2026						2,284						2,281						2,284
									第一優先權（2）（14）（15）						SOFR（Q）						5.00%						10.25%						06/2024						10/2026						1,318						1,318						1,318
									第一優先權（5）（15）						SOFR（Q）						5.00%						10.26%						10/2021						10/2026						1,195						1,190						1,195
									第一優先權（5）（15）						SOFR（Q）						5.00%						10.20%						10/2021						10/2026						863						863						863
									第一優先權（2）（14）（15）						SOFR（Q）						5.00%						10.25%						06/2024						10/2026						843						843						843
																																																			38,418						38,448						2.81		%
MRI軟件有限責任公司
軟件									第一優先權（5）（15）						SOFR（Q）						4.75%						9.35%						01/2020						02/2027						21,486						21,451						21,486
									第一優先權（3）（13）（15）						SOFR（Q）						4.75%						9.35%						03/2021						02/2027						7,611						7,599						7,611
									第一優先權（2）（14）（15）						SOFR（Q）						4.75%						9.35%						03/2021						02/2027						4,533						4,527						4,533
									第一優先權（2）（14）（15）						SOFR（Q）						4.75%						9.35%						01/2020						02/2027						3,115						3,110						3,115
									第一優先權（3）（13）（15）						SOFR（Q）						4.75%						9.35%						01/2020						02/2027						795						793						795
																																																			37,480						37,540						2.74		%

隨附的附註是該等綜合財務報表的組成部分。

9

---

目錄表

新山金融公司

 

綜合投資計劃（續）

2024年9月30日

(in數千人，股票除外）

(未經審計)

投資組合公司、地點和行業（1）									類型的投資						參考						傳播						總優惠券（19）						收購日期						到期/到期日期						主要 金額， 面值 或股份（17）						成本						公平 值						佔淨百分比 資產
Foreside Financial Group，LLC
商業服務									第一優先權（2）（14）（15）						SOFR（Q）						5.25%						10.00%						05/2022						09/2027						$	33,441					$	33,232					$	33,441
									第一優先權（3）（13）（15）						SOFR（Q）						5.25%						10.00%						05/2022						09/2027						2,980						2,955						2,980
																																																			36,187						36,421						2.66		%
CentralSquare Technology，LLC
軟件									第一優先權（2）（14）（15）						SOFR（M）*						3.00% + 3.50%/PIK						11.60%						04/2024						04/2030						35,564						35,151						35,564						2.60		%
奧克特內公司(fka Stamps.com Inc.）
軟件									第一優先權（3）（13）（15）						SOFR（S）						5.75%						10.94%						10/2021						10/2028						21,680						21,539						21,192
									第一優先權（2）（14）（15）						SOFR（S）						5.75%						10.94%						10/2021						10/2028						14,662						14,566						14,332
																																																			36,105						35,524						2.60		%
IG Investments Holdings，LLC
商業服務									第一優先權（2）（14）（15）						SOFR（Q）						6.00%						11.35%						09/2021						09/2028						28,617						28,432						28,617
									第一優先權（2）（14）（15）						SOFR（Q）						6.00%						11.35%						02/2022						09/2028						4,181						4,167						4,181
									第一優先權（3）（13）（15）						SOFR（Q）						6.00%						11.35%						03/2024						09/2028						1,686						1,686						1,686
									第一優先權（3）（13）（15）						SOFR（Q）						6.00%						11.25%						04/2024						09/2028						634						631						634
									第一優先權（3）（13）（15）						SOFR（Q）						6.00%						11.35%						03/2024						09/2028						222						222						222
																																																			35,138						35,340						2.58		%
TigerConnect，Inc
醫療保健									第一優先權（2）（14）（15）						SOFR（Q）*						3.38% +3.38%/PIK						12.15%						02/2022						02/2028						29,868						29,677						29,868
									第一優先權（2）（15）（18）-提取						SOFR（Q）*						3.38% +3.38%/PIK						12.15%						02/2022						02/2028						2,163						2,163						2,163
																																																			31,840						32,031						2.34		%
PPV中間控股有限責任公司
消費服務									第一優先權（4）（15）						SOFR（Q）						5.75%						10.81%						08/2022						08/2029						22,444						22,386						22,444
									第一優先權（2）（14）（15）						SOFR（Q）						5.75%						10.81%						06/2024						08/2029						8,279						8,279						8,279
																																																			30,665						30,723						2.25		%
富通解決方案集團有限責任公司
包裝									第一優先權（2）（14）（15）						SOFR（Q）						5.50%						10.20%						10/2021						10/2028						17,220						17,104						17,220
									第一優先權（3）（13）（15）						SOFR（Q）						5.50%						10.20%						10/2021						10/2028						12,051						11,971						12,051
									第一保留權（3）（15）（18）-提取						SOFR（Q）						5.50%						10.20%						10/2021						10/2027						763						755						763
									第一保留權（3）（15）（18）-提取						SOFR（Q）						5.50%						10.20%						06/2022						10/2028						114						113						114
									第一優先權（3）（15）						SOFR（Q）						5.50%						10.20%						10/2021						10/2028						80						79						80
																																																			30,022						30,228						2.21		%

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

10

---

Table of Contents

New Mountain Finance Corporation

 

Consolidated Schedule of Investments (Continued)

September 30, 2024

(in thousands, except shares)

(unaudited)

Portfolio Company, Location and Industry (1)									Type of Investment						Reference						Spread						Total Coupon (19)						Acquisition Date						Maturity / Expiration Date						Principal  Amount,  Par Value  or Shares (17)						Cost						Fair  Value						Percent of Net Assets
Bullhorn, Inc.
Software									First lien (2)(14)(15)						SOFR(M)						5.00%						9.85%						09/2019						10/2029						$	16,444					$	16,398					$	16,444
									First lien (2)(14)(15)						SOFR(M)						5.00%						9.85%						10/2021						10/2029						3,398						3,394						3,398
									First lien (3)(13)(15)(18) - Drawn						SOFR(M)						5.00%						9.85%						05/2024						10/2029						8,462						8,441						8,462
									First lien (2)(14)(15)						SOFR(M)						5.00%						9.85%						09/2019						10/2029						761						758						761
									First lien (3)(15)(18) - Drawn						SOFR(Q)						5.00%						10.02%						05/2024						10/2029						417						417						417
									First lien (2)(14)(15)						SOFR(M)						5.00%						9.85%						09/2019						10/2029						341						340						341
									First lien (2)(14)(15)						SOFR(M)						5.00%						9.85%						09/2019						10/2029						272						271						272
																																																			30,019						30,095						2.20		%
ACI Parent Inc.(29)
ACI Group Holdings, Inc.
Healthcare									First lien (2)(14)(15)						SOFR(M)						5.50%						10.45%						08/2021						08/2028						21,857						21,722						21,214
									First lien (3)(13)(15)						SOFR(M)						5.50%						10.45%						08/2021						08/2028						3,874						3,846						3,760
									First lien (3)(13)(15)						SOFR(M)						5.50%						10.45%						08/2021						08/2028						4,196						4,158						4,072
									First lien (3)(15)(18) - Drawn						SOFR(M)						5.50%						10.45%						08/2021						08/2027						1,059						1,049						1,028
																																																			30,775						30,074						2.20		%
Brave Parent Holdings, Inc.
Software									First lien (5)(15)						SOFR(Q)						5.00%						10.25%						11/2023						11/2030						20,070						19,978						20,070
									First lien (2)(14)(15)						SOFR(Q)						5.00%						10.25%						05/2024						11/2030						7,847						7,847						7,847
									First lien (5)(15)(18) - Drawn						SOFR(Q)						5.00%						10.25%						11/2023						11/2030						1,323						1,319						1,323
									First lien (3)(15)(18) - Drawn						SOFR(Q)						5.00%						10.25%						05/2024						11/2030						517						517						517
																																																			29,661						29,757						2.18		%
Foundational Education Group, Inc.
Education									Second lien (5)(15)						SOFR(Q)						6.50%						12.01%						08/2021						08/2029						22,500						22,420						22,500
									Second lien (2)(14)(15)						SOFR(Q)						6.50%						12.01%						08/2021						08/2029						7,009						6,991						7,009
																																																			29,411						29,509						2.16		%
NMC Crimson Holdings, Inc.
Healthcare									First lien (3)(13)(15)						SOFR(Q)						6.09%						11.56%						03/2021						03/2028						19,259						19,095						19,259
									First lien (3)(13)(15)						SOFR(Q)						6.09%						11.26%						03/2021						03/2028						5,012						4,995						5,012
									First lien (2)(14)(15)						SOFR(Q)						6.09%						11.56%						03/2021						03/2028						4,913						4,871						4,913
																																																			28,961						29,184						2.13		%

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

11

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Table of Contents

New Mountain Finance Corporation

 

Consolidated Schedule of Investments (Continued)

September 30, 2024

(in thousands, except shares)

(unaudited)

Portfolio Company, Location and Industry (1)									Type of Investment						Reference						Spread						Total Coupon (19)						Acquisition Date						Maturity / Expiration Date						Principal  Amount,  Par Value  or Shares (17)						Cost						Fair  Value						Percent of Net Assets
Nelipak Holding Company
Packaging									First lien (3)(13)(15)(16)						EURIBOR(M)						5.50%						8.88%						03/2024						03/2031						€	16,565					$	17,861					$	18,442
									First lien (2)(14)(15)						SOFR(M)						5.50%						10.35%						03/2024						03/2031						$	9,046					8,983						9,046
									First lien (3)(13)(15)(16)(18) - Drawn						SOFR(M)						5.50%						10.35%						03/2024						03/2031						$	993					985						993
																																																			27,829						28,481						2.08		%
PetVet Care Centers, LLC
Consumer Services									First lien (2)(14)(15)						SOFR(M)						6.00%						10.85%						10/2023						11/2030						28,217						27,958						28,217						2.06		%
Syndigo LLC
Software									Second lien (4)(15)						SOFR(M)						8.00%						13.03%						12/2020						12/2028						22,500						22,392						22,500
									Second lien (2)(14)(15)						SOFR(M)						8.00%						13.03%						02/2022						12/2028						5,697						5,707						5,697
																																																			28,099						28,197						2.06		%
Pioneer Topco I, L.P.(31)
Pioneer Buyer I, LLC
Software									First lien (3)(13)(15)						SOFR(Q)						6.50%						11.10%						03/2024						11/2028						23,089						22,992						23,089
									First lien (3)(13)(15)						SOFR(Q)						6.50%						11.10%						03/2022						11/2028						2,374						2,361						2,374
																																																			25,353						25,463						1.86		%
DOCS, MSO, LLC
Healthcare									First lien (3)(13)(15)						SOFR(M)						5.75%						11.05%						06/2022						06/2028						18,384						18,384						18,283
									First lien (4)(15)						SOFR(M)						5.75%						11.05%						06/2022						06/2028						6,885						6,885						6,847
																																																			25,269						25,130						1.84		%
AmeriVet Partners Management, Inc.
Consumer Services									First lien (2)(14)(15)						SOFR(S)						5.25%						9.75%						02/2022						02/2028						19,013						18,952						19,013
									First lien (2)(14)(15)						SOFR(S)						5.25%						9.75%						02/2022						02/2028						5,291						5,272						5,291
									First lien (3)(13)(15)						SOFR(S)						5.25%						9.75%						02/2022						02/2028						695						692						695
																																																			24,916						24,999						1.83		%
HS Purchaser, LLC / Help/Systems Holdings, Inc.
Software									Second lien (5)(15)						SOFR(M)						6.75%						11.70%						11/2019						11/2027						22,500						22,440						19,605
									Second lien (2)(14)(15)						SOFR(M)						6.75%						11.70%						11/2019						11/2027						4,208						4,187						3,666
																																																			26,627						23,271						1.70		%
Diamond Parent Holdings Corp. (28)
Diligent Corporation
Software									First lien (2)(14)(15)						SOFR(S)						5.00%						10.09%						04/2024						08/2030						19,821						19,751						19,748
									First lien (3)(13)(15)						SOFR(S)						5.00%						10.09%						04/2024						08/2030						3,398						3,386						3,385
																																																			23,137						23,133						1.69		%

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

12

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Table of Contents

New Mountain Finance Corporation

 

Consolidated Schedule of Investments (Continued)

September 30, 2024

(in thousands, except shares)

(unaudited)

Portfolio Company, Location and Industry (1)									Type of Investment						Reference						Spread						Total Coupon (19)						Acquisition Date						Maturity / Expiration Date						Principal  Amount,  Par Value  or Shares (17)						Cost						Fair  Value						Percent of Net Assets
FS WhiteWater Holdings, LLC(30)
FS WhiteWater Borrower, LLC
Consumer Services									First lien (5)(15)						SOFR(Q)						5.75%						10.50%						12/2021						12/2027						$	10,211					$	10,149					$	10,211
									First lien (3)(13)(15)						SOFR(Q)						6.00%						10.75%						07/2022						12/2027						5,691						5,647						5,691
									First lien (5)(15)						SOFR(Q)						5.75%						10.50%						12/2021						12/2027						3,428						3,405						3,428
									First lien (5)(15)						SOFR(Q)						5.75%						10.50%						12/2021						12/2027						3,406						3,385						3,406
																																																			22,586						22,736						1.66		%
Xactly Corporation
Software									First lien (4)(15)						SOFR(Q)						6.25%						11.41%						07/2017						07/2027						22,500						22,482						22,500						1.65		%
Power Grid Holdings, Inc.
Business Products									First lien (4)(15)						SOFR(Q)						4.75%						10.00%						11/2023						12/2030						18,091						17,926						17,910
									First lien (4)(15)						SOFR(Q)						4.75%						10.00%						07/2024						12/2030						4,352						4,352						4,309
																																																			22,278						22,219						1.62		%
Ambrosia Holdco Corp(35)
TMK Hawk Parent, Corp.
Distribution & Logistics									First lien (2)(15)						SOFR(M)*						5.25%/PIK						10.17%						01/2024						06/2029						12,011						11,445						10,135
									First lien (3)(13)(15)						SOFR(M)*						5.25%/PIK						10.17%						01/2024						06/2029						9,670						9,564						8,159
									First lien (3)(13)(15)						SOFR(M)*						2.00%/PIK + 1.00%						7.92%						03/2024						06/2029						2,829						2,280						2,339
									Subordinated (2)(15)						FIXED(Q)*						11.00%/PIK						11.00%						01/2024						12/2031						294						294						294
									Subordinated (3)(15)						FIXED(Q)*						11.00%/PIK						11.00%						01/2024						12/2031						283						283						283
																																																			23,866						21,210						1.55		%
Oranje Holdco, Inc.
Education									First lien (3)(13)(15)						SOFR(Q)						7.50%						12.75%						02/2023						02/2029						7,440						7,366						7,440
									First lien (2)(14)(15)						SOFR(Q)						7.50%						12.75%						02/2023						02/2029						7,440						7,366						7,440
									First lien (3)(13)(15)						SOFR(Q)						7.25%						12.50%						04/2024						02/2029						5,454						5,402						5,454
																																																			20,134						20,334						1.49		%
Cardinal Parent, Inc.
Software									First lien (4)						SOFR(Q)						4.50%						9.25%						10/2020						11/2027						11,761						11,716						11,016
									Second lien (4)(15)						SOFR(Q)						7.75%						12.52%						11/2020						11/2028						9,767						9,706						9,309
																																																			21,422						20,325						1.49		%
Trinity Air Consultants Holdings Corporation
Business Services									First lien (2)(14)(15)						SOFR(S)						5.25%						10.66%						06/2021						06/2028						15,382						15,299						15,382
									First lien (2)(14)(15)(18) - Drawn						SOFR(S)						5.25%						10.41%						06/2021						06/2028						4,467						4,436						4,467
																																																			19,735						19,849						1.45		%

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

13

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Table of Contents

New Mountain Finance Corporation

 

Consolidated Schedule of Investments (Continued)

September 30, 2024

(in thousands, except shares)

(unaudited)

Portfolio Company, Location and Industry (1)									Type of Investment						Reference						Spread						Total Coupon (19)						Acquisition Date						Maturity / Expiration Date						Principal  Amount,  Par Value  or Shares (17)						Cost						Fair  Value						Percent of Net Assets
Groundworks, LLC
Business Services									First lien (4)						SOFR(M)						3.50%						8.60%						03/2024						03/2031						$	18,955					$	18,776					$	18,848
									First lien (4)(18) - Drawn						SOFR(M)						3.50%						8.60%						03/2024						03/2031						558						553						555
																																																			19,329						19,403						1.42		%
Notorious Topco, LLC
Consumer Products									First lien (3)(13)(15)						SOFR(Q)*						4.75% +2.50%/PIK						12.65%						11/2021						11/2027						9,999						9,955						9,274
									First lien (3)(13)(15)						SOFR(Q)*						4.75% +2.50%/PIK						12.65%						05/2022						11/2027						9,874						9,827						9,159
									First lien (3)(13)(15)						SOFR(Q)*						4.75% + 2.50%/PIK						12.65%						11/2021						11/2027						871						864						808
																																																			20,646						19,241						1.41		%
DG Investment Intermediate Holdings 2, Inc.
Business Services									Second lien (3)(13)						SOFR(M)						6.75%						11.71%						03/2021						03/2029						20,313						20,279						19,145						1.40		%
GraphPAD Software, LLC
Healthcare									First lien (2)(14)(15)						SOFR(Q)						4.75%						9.35%						06/2024						06/2031						17,946						17,902						17,901
									First lien (3)(15)(18) - Drawn						SOFR(Q)						4.75%						9.35%						06/2024						06/2031						449						446						448
																																																			18,348						18,349						1.34		%
PDI TA Holdings, Inc.
Software									First lien (4)(15)						SOFR(Q)						5.25%						10.46%						01/2024						02/2031						18,207						18,121						18,207						1.33		%
AAC Lender Holdings, LLC(27)
American Achievement Corporation (aka AAC Holding Corp.)
Education									First lien (2)(15)						SOFR(M)(20)*						6.75%/PIK + 0.50%						12.55%						09/2015						09/2026						29,879						29,843						17,999
									First lien (3)(15)						SOFR(M)(20)*						14.50%/PIK + 0.50%						20.30%						06/2021						09/2026						1,527						1,527						—
									Subordinated (3)(15)						SOFR(Q)(20)*						1.00%/PIK						6.48%						03/2021						09/2026						5,230						—						—
																																																			31,370						17,999						1.32		%
Kele Holdco, Inc.
Distribution & Logistics									First lien (5)(15)						SOFR(M)						5.25%						10.27%						02/2020						02/2026						14,675						14,654						14,675
									First lien (5)(15)						SOFR(M)						5.25%						10.27%						02/2024						02/2026						2,649						2,635						2,649
									First lien (3)(13)(15)(18) - Drawn						SOFR(M)						5.25%						10.27%						02/2020						02/2026						139						139						139
																																																			17,428						17,463						1.28		%
Avalara, Inc.
Software									First lien (3)(13)(15)						SOFR(Q)						6.25%						10.85%						10/2022						10/2028						17,198						17,037						17,198						1.26		%

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

14

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Table of Contents

New Mountain Finance Corporation

 

Consolidated Schedule of Investments (Continued)

September 30, 2024

(in thousands, except shares)

(unaudited)

Portfolio Company, Location and Industry (1)									Type of Investment						Reference						Spread						Total Coupon (19)						Acquisition Date						Maturity / Expiration Date						Principal  Amount,  Par Value  or Shares (17)						Cost						Fair  Value						Percent of Net Assets
Idera, Inc.
Software									Second lien (4)(15)						SOFR(Q)						6.75%						12.15%						06/2019						03/2029						$	15,091					$	14,955					$	15,091
									Second lien (3)(13)(15)						SOFR(Q)						6.75%						12.15%						04/2021						03/2029						2,012						2,006						2,012
																																																			16,961						17,103						1.25		%
Coupa Holdings, LLC
Software									First lien (3)(13)(15)						SOFR(Q)						5.50%						10.75%						02/2023						02/2030						14,424						14,273						14,424						1.05		%
IMO Investor Holdings, Inc.
Healthcare									First lien (2)(14)(15)						SOFR(A)						5.50%						9.86%						05/2022						05/2029						12,747						12,653						12,747
									First lien (3)(13)(15)						SOFR(A)						5.50%						10.09%						05/2022						05/2029						1,629						1,615						1,629
																																																			14,268						14,376						1.05		%
Houghton Mifflin Harcourt Company
Education									First lien (3)(13)						SOFR(M)						5.25%						10.20%						10/2023						04/2029						14,521						14,123						14,163						1.04		%
Daxko Acquisition Corporation
Software									First lien (3)(13)(15)						SOFR(M)						5.00%						9.85%						10/2021						10/2028						12,912						12,828						12,912
									First lien (2)(14)(15)						SOFR(M)						5.00%						9.85%						10/2021						10/2028						1,088						1,080						1,088
									First lien (3)(15)						SOFR(M)						5.00%						9.85%						10/2021						10/2028						65						65						65
									First lien (3)(15)(18) - Drawn						P(Q)						4.00%						12.00%						10/2021						10/2027						62						61						62
																																																			14,034						14,127						1.03		%
Calabrio, Inc.
Software									First lien (5)(15)						SOFR(Q)						5.50%						10.56%						04/2021						04/2027						12,316						12,270						12,316
									First lien (5)(15)						SOFR(Q)						5.50%						10.56%						01/2024						04/2027						1,578						1,565						1,578
																																																			13,835						13,894						1.02		%
Convey Health Solutions, Inc.
Healthcare									First lien (3)(13)(15)						SOFR(Q)*						1.00% +4.25%/PIK						9.95%						09/2019						07/2029						13,058						13,005						11,823
									First lien (3)(13)(15)						SOFR(Q)*						1.00% + 4.25%/PIK						9.95%						02/2022						07/2029						2,180						2,164						1,974
																																																			15,169						13,797						1.01		%
Baker Tilly Advisory Group, LP
Financial Services									First lien (3)(13)(15)						SOFR(M)						5.00%						9.85%						05/2024						06/2031						13,721						13,622						13,618						1.00		%
CFS Management, LLC
Healthcare									First lien (2)(14)(15)						SOFR(Q)*						6.25% + 2.75%/PIK						13.87%						08/2019						07/2024						11,323						11,323						10,047
									First lien (2)(14)(15)						SOFR(Q)*						6.25% + 2.75%/PIK						13.87%						08/2019						07/2024						3,373						3,373						2,993
																																																			14,696						13,040						0.95		%

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

15

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Table of Contents

New Mountain Finance Corporation

 

Consolidated Schedule of Investments (Continued)

September 30, 2024

(in thousands, except shares)

(unaudited)

Portfolio Company, Location and Industry (1)									Type of Investment						Reference						Spread						Total Coupon (19)						Acquisition Date						Maturity / Expiration Date						Principal  Amount,  Par Value  or Shares (17)						Cost						Fair  Value						Percent of Net Assets
USRP Holdings, Inc.
Business Services									First lien (3)(13)(15)						SOFR(M)						5.00%						9.85%						07/2021						12/2029						$	7,002					$	6,940					$	7,002
									First lien (2)(14)(15)						SOFR(M)						5.00%						9.85%						07/2021						12/2029						5,556						5,525						5,556
																																																			12,465						12,558						0.92		%
Anaplan, Inc.
Software									First lien (3)(13)(15)						SOFR(Q)						5.25%						9.85%						06/2022						06/2029						10,618						10,545						10,618						0.78		%
Project Accelerate Parent, LLC
Software									First lien (5)(15)						SOFR(S)						5.25%						10.54%						02/2024						02/2031						10,545						10,496						10,545						0.77		%
Virtusa Corporation
Business Services									Subordinated (3)(13)						FIXED(S)						7.13%						7.13%						10/2022						12/2028						11,001						9,226						10,425						0.76		%
Specialtycare, Inc.
Healthcare									First lien (2)(14)(15)						SOFR(Q)						5.75%						11.34%						06/2021						06/2028						10,273						10,188						9,978
									First lien (3)(13)(15)(18) - Drawn						SOFR(M)						4.00%						9.76%						06/2021						06/2026						212						209						206
									First lien (3)(13)(15)						SOFR(Q)						5.75%						11.30%						06/2021						06/2028						77						76						75
																																																			10,473						10,259						0.75		%
Ciklum Inc.**
Business Services									First lien (2)(14)(15)						SOFR(Q)						7.00%						12.35%						02/2024						02/2030						9,560						9,450						9,560						0.70		%
CG Group Holdings, LLC
Specialty Chemicals & Materials									First lien (2)(14)(15)						SOFR(Q)*						6.75% + 2.00%/PIK						13.35%						07/2021						07/2027						8,470						8,420						8,427
									First lien (3)(13)(15)(18) - Drawn						SOFR(M)*						6.75% + 2.00%/PIK						13.60%						07/2021						07/2026						950						940						945
																																																			9,360						9,372						0.69		%
Planview Parent, Inc.
Software									Second lien (2)(14)(15)						SOFR(Q)						6.00%						10.60%						06/2024						12/2028						9,231						9,209						9,208						0.67		%
Safety Borrower Holdings LLC
Software									First lien (2)(14)(15)						SOFR(M)						5.25%						10.21%						09/2021						09/2027						7,465						7,443						7,465
									First lien (3)(13)(15)						SOFR(M)						5.25%						10.21%						09/2021						09/2027						1,527						1,527						1,527
									First lien (3)(15)(18) - Drawn						P(Q)						4.25%						12.25%						09/2021						09/2027						192						191						192
																																																			9,161						9,184						0.67		%
Icefall Parent, Inc.
Software									First lien (3)(13)(15)						SOFR(M)						6.50%						11.35%						01/2024						01/2030						8,696						8,616						8,696						0.64		%

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

16

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Table of Contents

New Mountain Finance Corporation

 

Consolidated Schedule of Investments (Continued)

September 30, 2024

(in thousands, except shares)

(unaudited)

Portfolio Company, Location and Industry (1)									Type of Investment						Reference						Spread						Total Coupon (19)						Acquisition Date						Maturity / Expiration Date						Principal  Amount,  Par Value  or Shares (17)						Cost						Fair  Value						Percent of Net Assets
KPSKY Acquisition Inc.
Business Services									First lien (3)(13)(15)						SOFR(Q)						5.50%						10.85%						10/2021						10/2028						$	6,845					$	6,800					$	6,588
									First lien (3)(13)(15)						SOFR(Q)						5.50%						10.74%						06/2022						10/2028						1,152						1,142						1,109
									First lien (3)(13)(15)						SOFR(Q)						5.50%						10.90%						10/2021						10/2028						784						779						755
									First lien (3)(15)(18) - Drawn						SOFR(Q)						5.75%						10.91%						11/2023						10/2028						19						19						18
																																																			8,740						8,470						0.62		%
Park Place Technologies, LLC
Business Services									First lien (2)(14)(15)						SOFR(Q)						5.25%						9.85%						07/2024						03/2031						7,673						7,654						7,654
									First lien (3)(13)(15)(18) - Drawn						SOFR(M)						5.25%						10.23%						07/2024						03/2030						144						144						144
																																																			7,798						7,798						0.57		%
Eclipse Topco, Inc. (36)
Eclipse Buyer Inc.
Software									First lien (4)						SOFR(Q)						4.75%						9.74%						09/2024						09/2031						7,113						7,077						7,077						0.52		%
CRCI Longhorn Holdings, Inc.
Business Services									First lien (2)(14)(15)						SOFR(M)						5.00%						9.85%						08/2024						08/2031						6,516						6,484						6,483
									First lien (3)(13)(15)(18) - Drawn						SOFR(M)						5.00%						9.85%						08/2024						08/2031						543						540						540
																																																			7,024						7,023						0.51		%
Alegeus Technologies Holdings Corp.
Healthcare									First lien (3)(13)						SOFR(Q)						8.25%						13.46%						09/2018						09/2026						6,763						6,763						6,763						0.49		%
Sun Acquirer Corp.
Consumer Services									First lien (2)(14)(15)						SOFR(M)						5.75%						10.71%						09/2021						09/2028						3,914						3,894						3,914
									First lien (2)(14)(15)						SOFR(M)						5.75%						10.71%						09/2021						09/2028						2,767						2,739						2,767
																																																			6,633						6,681						0.49		%
PPVA Black Elk (Equity) LLC
Business Services									Subordinated (3)(15)						—						—						—						05/2013						—						14,500						14,500						6,525						0.48		%
Greenway Health, LLC
Healthcare									First lien (3)(13)(15)						SOFR(S)						6.75%						12.01%						12/2023						04/2029						6,317						6,233						6,317						0.46		%
Bamboo Health Intermediate Holdings (fka Appriss Health Intermediate Holdings, Inc.) (23)
Bamboo Health Holdings, LLC (f/k/a Appriss Health, LLC)
Healthcare									First lien (3)(13)(15)						SOFR(S)						7.00%						12.08%						05/2021						05/2027						6,133						6,102						6,133
									First lien (3)(15)(18) - Drawn						SOFR(S)						7.00%						12.09%						05/2021						05/2027						21						21						21
																																																			6,123						6,154						0.45		%

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

17

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Table of Contents

New Mountain Finance Corporation

 

Consolidated Schedule of Investments (Continued)

September 30, 2024

(in thousands, except shares)

(unaudited)

Portfolio Company, Location and Industry (1)									Type of Investment						Reference						Spread						Total Coupon (19)						Acquisition Date						Maturity / Expiration Date						Principal  Amount,  Par Value  or Shares (17)						Cost						Fair  Value						Percent of Net Assets
Legends Hospitality Holding Company, LLC
Business Services									First lien (5)(15)						SOFR(Q)						5.00%						10.13%						08/2024						08/2031						$	6,081					$	6,021					$	6,020					0.44		%
NC Topco, LLC
Software									First lien (2)(14)(15)						SOFR(M)*						2.50% + 2.75%/PIK						10.10%						08/2024						09/2031						5,812						5,783						5,783						0.42		%
Higginbotham Insurance Agency, Inc.
Business Services									First lien (3)(13)(15)						SOFR(M)						4.50%						9.35%						03/2024						11/2028						3,817						3,817						3,817
									First lien (3)(15)(18) - Drawn						SOFR(M)						4.75%						9.60%						03/2024						11/2028						1,392						1,386						1,392
																																																			5,203						5,209						0.38		%
Healthspan Buyer, LLC
Healthcare									First lien (3)(13)(15)						SOFR(M)						5.50%						10.35%						10/2023						10/2030						5,082						5,036						5,082						0.37		%
Michael Baker International, LLC
Business Services									First lien (3)(13)						SOFR(M)						4.75%						9.60%						05/2024						12/2028						4,904						4,879						4,935						0.36		%
Adelaide Borrower, LLC**
Software									First lien (3)(13)(15)						SOFR(Q)*						3.38% + 3.38%/PIK						11.35%						05/2024						05/2030						4,698						4,654						4,698						0.34		%
Cube Industrials Buyer Inc.
Business Products									First lien (3)(13)						SOFR(Q)						6.00%						11.25%						10/2023						10/2030						4,472						4,441						4,516						0.33		%
Logrhythm, Inc.
Software									First lien (3)(13)(15)						SOFR(Q)						7.50%						12.10%						07/2024						07/2029						4,196						4,133						4,196						0.31		%
RLG Holdings, LLC
Packaging									First lien (2)(14)						SOFR(M)						5.00%						9.85%						06/2024						07/2028						3,980						3,980						3,922						0.29		%
CommerceHub, Inc.
Software									First lien (3)(13)(15)						SOFR(M)						6.25%						11.35%						06/2023						12/2027						3,930						3,596						3,930						0.29		%
Project Power Buyer, LLC
Software									First lien (2)(14)						SOFR(Q)						6.75%						11.35%						01/2023						05/2026						3,526						3,498						3,526						0.26		%
Kene Acquisition, Inc.
Business Services									First lien (2)(14)(15)						SOFR(M)						5.25%						10.10%						02/2024						02/2031						3,518						3,485						3,518						0.26		%
Next Holdco, LLC
Healthcare									First lien (2)(14)(15)						SOFR(Q)						6.00%						11.06%						11/2023						11/2030						3,503						3,479						3,503						0.26		%
CB Buyer, Inc.
Software									First lien (2)(14)(15)						SOFR(Q)						5.25%						9.85%						07/2024						07/2031						3,317						3,300						3,300						0.24		%
Geo Parent Corporation
Business Services									First lien (2)(14)(15)						SOFR(Q)						5.25%						10.60%						12/2018						12/2028						3,291						3,291						3,291						0.24		%
AI Altius US Bidco, Inc.
Business Services									First lien (3)(13)(15)						SOFR(S)						4.75%						10.03%						05/2024						12/2028						3,062						3,047						3,062						0.22		%

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

18

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Table of Contents

New Mountain Finance Corporation

 

Consolidated Schedule of Investments (Continued)

September 30, 2024

(in thousands, except shares)

(unaudited)

Portfolio Company, Location and Industry (1)									Type of Investment						Reference						Spread						Total Coupon (19)						Acquisition Date						Maturity / Expiration Date						Principal  Amount,  Par Value  or Shares (17)						Cost						Fair  Value						Percent of Net Assets
DCA Investment Holding, LLC
Healthcare									First lien (2)(14)(15)						SOFR(Q)						6.41%						11.01%						03/2021						04/2028						$	1,809					$	1,802					$	1,763
									First lien (3)(13)(15)						SOFR(Q)						6.50%						11.10%						12/2022						04/2028						1,013						1,002						989
																																																			2,804						2,752						0.20		%
Galway Borrower LLC
Business Services									First lien (2)(14)(15)						SOFR(Q)						4.50%						9.10%						04/2024						09/2028						1,094						1,086						1,083
									First lien (3)(15)(18) - Drawn						SOFR(Q)						4.50%						9.10%						04/2024						09/2028						1,674						1,649						1,657
																																																			2,735						2,740						0.20		%
Compsych Investments Corp.
Business Services									First lien (2)(14)(15)						SOFR(Q)						4.75%						10.03%						07/2024						07/2031						1,164						1,162						1,162						0.08		%
CoreTrust Purchasing Group LLC
Business Services									First lien (3)(13)(15)						SOFR(M)						5.25%						10.10%						05/2024						10/2029						1,052						1,047						1,052						0.08		%
Reorganized Careismatic Brands, LLC
Healthcare									Trust Claim(2)(15)						—						—						—						06/2024						06/2029						152						152						152
									Trust Claim(3)(15)						—						—						—						06/2024						06/2029						52						52						52
																																																			204						204						0.01		%
Beacon Pointe Harmony, LLC
Financial Services									First lien (3)(15)(18) - Drawn						SOFR(S)						4.75%						9.04%						06/2024						12/2028						56						55						56						—		%
PPVA Fund, L.P.
Business Services									Collateralized Financing (20)(21)						—						—						—						11/2014						—						—						—						—						—		%
Total Funded Debt Investments - United States																																																			$	2,144,187					$	2,117,968					154.85		%
Funded Debt Investments - Jersey
Tennessee Bidco Limited **
Business Services									First lien (3)(13)(15)						SONIA(D)						5.25%						10.45%						07/2024						07/2031						£	30,123					$	37,920					$	40,102
									First lien (3)(13)(15)						SOFR(S)						5.25%						10.51%						07/2024						07/2031						$	19,418					19,323						19,321
									First lien (3)(13)(15)						EURIBOR(S)						5.25%						8.93%						07/2024						07/2031						£	897					958						993
																																																			58,201						60,416						4.42		%
Total Funded Debt Investments - Jersey																																																			$	58,201					$	60,416					4.42		%
Funded Debt Investments - United Kingdom
Aston FinCo S.a r.l. / Aston US Finco, LLC**
Software									Second lien (3)(13)(15)						SOFR(M)						8.25%						13.21%						10/2019						10/2027						$	34,459					$	34,326					$	34,459					2.52		%

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

19

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Table of Contents

New Mountain Finance Corporation

 

Consolidated Schedule of Investments (Continued)

September 30, 2024

(in thousands, except shares)

(unaudited)

Portfolio Company, Location and Industry (1)									Type of Investment						Reference						Spread						Total Coupon (19)						Acquisition Date						Maturity / Expiration Date						Principal  Amount,  Par Value  or Shares (17)						Cost						Fair  Value						Percent of Net Assets
Integro Parent Inc.**
Business Services									First lien (2)(15)						SOFR(Q)*						12.25%/PIK						16.85%						10/2015						10/2024						$	4,549					$	4,548					$	4,549
									First lien (3)(15)						SOFR(Q)*						12.25%/PIK						16.85%						6/8/2018						10/2024						898						896						898
									Second lien (3)(13)(15)						SOFR(Q)*						12.25%/PIK						16.85%						10/2015						07/2025						15,581						14,815						15,581
																																																			20,259						21,028						1.54		%
Total Funded Debt Investments - United Kingdom																																																			$	54,585					$	55,487					4.06		%
Funded Debt Investments - Australia
Atlas AU Bidco Pty Ltd**
Business Services									First lien (3)(13)(15)						SOFR(Q)						5.75%						11.03%						12/2022						12/2029						$	3,454					$	3,412					$	3,454
									First lien (3)(13)(15)						SOFR(Q)						5.75%						11.03%						12/2023						12/2029						1,345						1,333						1,345
																																																			4,745						4,799						0.35		%
Total Funded Debt Investments - Australia																																																			$	4,745					$	4,799					0.35		%
Total Funded Debt Investments																																																			$	2,261,718					$	2,238,670					163.68		%
Equity - United States
Dealer Tire Holdings, LLC
Distribution & Logistics									Preferred shares (3)(13)(15)						FIXED(S)*						7.00%/PIK						7.00%						09/2021						—						56,271						$	70,384					$	74,040					5.41		%
Symplr Software Intermediate Holdings, Inc.
Healthcare									Preferred shares (4)(15)						SOFR(Q)*						10.50%/PIK						15.20%						11/2018						—						7,500						15,757						15,773
									Preferred shares (3)(13)(15)						SOFR(Q)*						10.50%/PIK						15.20%						11/2018						—						2,586						5,432						5,438
																																																			21,189						21,211						1.55		%
Knockout Intermediate Holdings I Inc.(33)
Software									Preferred shares (3)(15)						SOFR(S)*						10.75%/PIK						16.01%						06/2022						—						15,150						19,270						19,454						1.42		%
ACI Parent Inc.(29)
Healthcare									Preferred shares (3)(15)						FIXED(Q)*						11.75%/PIK						11.75%						08/2021						—						12,500						17,912						15,947						1.17		%
Project Essential Super Parent, Inc.
Software									Preferred shares (3)(15)						SOFR(Q)*						9.50%/PIK						14.10%						04/2021						—						10,000						15,376						14,323						1.05		%
Diamond Parent Holdings Corp. (28)
Diligent Preferred Issuer, Inc.
Software									Preferred shares (3)(15)						FIXED(S)*						10.50%/PIK						10.50%						04/2021						—						10,000						14,162						13,746						1.01		%
HB Wealth Management, LLC
Financial Services									Preferred shares (10)(15)						FIXED(Q)						4.00%						4.00%						09/2021						—						48,303						4,728						9,512						0.70		%
OA Topco, L.P.(32)
Healthcare									Ordinary shares (3)(15)						—						—						—						12/2021						—						2,000,000						2,000						6,182						0.45		%

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

20

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Table of Contents

New Mountain Finance Corporation

 

Consolidated Schedule of Investments (Continued)

September 30, 2024

(in thousands, except shares)

(unaudited)

Portfolio Company, Location and Industry (1)									Type of Investment						Reference						Spread						Total Coupon (19)						Acquisition Date						Maturity / Expiration Date						Principal  Amount,  Par Value  or Shares (17)						Cost						Fair  Value						Percent of Net Assets
Eclipse Topco Holdings, Inc. (fka Transcendia Holdings, Inc.)
Packaging									Preferred shares (3)(15)						FIXED(S)*						15.00%/PIK						15.00%						05/2024						—						2,900						$	2,900					$	2,900
									Preferred shares (3)(15)						FIXED(S)(20)*						11.50%/PIK						11.50%						05/2024						—						3,691						2,565						2,702
									Ordinary shares (3)(15)						—						—						—						05/2024						—						290						145						305
																																																			5,610						5,907						0.43		%
FS WhiteWater Holdings, LLC(30)
Consumer Services									Ordinary shares (5)(15)						—						—						—						12/2021						—						50,000						5,000						4,508						0.33		%
Appriss Health Holdings, Inc. (23)
Bamboo Health Intermediate Holdings (fka Appriss Health Intermediate Holdings, Inc.)(23)
Healthcare									Preferred shares (3)(15)						FIXED(Q)*						11.00%/PIK						11.00%						05/2021						—						2,333						3,249						3,201						0.23		%
Ambrosia Holdco Corp. (35)
Distribution & Logistics									Ordinary shares (2)(15)						—						—						—						01/2024						—						126,536						1,348						1,348
									Ordinary shares (3)(15)						—						—						—						01/2024						—						122,044						1,300						1,300
																																																			2,648						2,648						0.19		%
Pioneer Topco I, L.P.(31)
Software									Ordinary shares (11)(15)						—						—						—						11/2021						—						199,980						2,000						2,000						0.15		%
Eclipse Topco, Inc. (36)
Software									Preferred shares (4)						FIXED(Q)*						12.50%/PIK						12.50%						09/2024						—						190						1,877						1,877						0.14		%
GEDC Equity, LLC
Healthcare									Ordinary shares (3)(15)						—						—						—						06/2023						—						190,000						190						100						0.01		%
Ancora Acquisition LLC
Education									Preferred shares (8)(15)						—						—						—						08/2013						—						372,000						83						—						—		%
AAC Lender Holdings, LLC(27)
Education									Ordinary shares (3)(15)						—						—						—						03/2021						—						758						—						—						—		%
Total Shares - United States																																																			$	185,678					$	194,656					14.23		%
Equity - Hong Kong
Bach Special Limited (Bach Preference Limited)**
Education									Preferred shares (3)(13)(15)						FIXED(Q)*						12.25%/PIK						12.25%						09/2017						—						134,468						$	13,367					$	13,447					0.98		%
Total Shares - Hong Kong																																																			$	13,367					$	13,447					0.98		%
Total Shares																																																			$	199,045					$	208,103					15.21		%

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

21

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Table of Contents

New Mountain Finance Corporation

 

Consolidated Schedule of Investments (Continued)

September 30, 2024

(in thousands, except shares)

(unaudited)

Portfolio Company, Location and Industry (1)									Type of Investment						Reference						Spread						Total Coupon (19)						Acquisition Date						Maturity / Expiration Date						Principal  Amount,  Par Value  or Shares (17)						Cost						Fair  Value						Percent of Net Assets
Warrants - United States
Reorganized Careismatic Brands, LLC
Healthcare									Warrants (2)(15)						—						—						—						06/2024						—						138,622						$	182					$	327
									Warrants (3)(15)						—						—						—						06/2024						—						47,459						62						112
																																																			244						439						15.21		%
Total Warrants - United States																																																			$	244					$	439					—
Total Funded Investments																																																			$	2,461,007					$	2,447,212					—
Unfunded Debt Investments - United States
Compsych Investments Corp.
Business Services									First lien (3)(15)(18) - Undrawn						—						—						—						07/2024						07/2027						$	333					$	—					$	—					—		%
Beacon Pointe Harmony, LLC
Financial Services									First lien (3)(15)(18) - Undrawn						—						—						—						06/2024						12/2025						2,098						—						—						—		%
AAC Lender Holdings, LLC(27)
American Achievement Corporation (aka AAC Holding Corp.)
Education									First lien (3)(15)(18) - Undrawn						—						—						—						01/2021						09/2026						2,652						—						—						—		%
DOXA Insurance Holdings LLC
Business Services									First lien (3)(15)(18) - Undrawn						—						—						—						05/2024						05/2026						3,046						—						—						—		%
AI Altius US Bidco, Inc.
Business Services									First lien (3)(15)(18) - Undrawn						—						—						—						05/2024						05/2026						3,077						—						—						—		%
Riskonnect Parent, LLC
Software									First lien (3)(15)(18) - Undrawn						—						—						—						03/2024						03/2026						6,349						—						—						—		%
Higginbotham Insurance Agency, Inc.
Business Services									First lien (3)(15)(18) - Undrawn						—						—						—						03/2024						03/2026						6,602						—						—						—		%
Safety Borrower Holdings LLC
Software									First lien (3)(15)(18) - Undrawn						—						—						—						09/2021						09/2027						320						(2)						—						—		%
Project Power Buyer, LLC
Software									First lien (3)(18) - Undrawn						—						—						—						01/2023						05/2025						184						(3)						—						—		%
CoreTrust Purchasing Group LLC
Business Services									First lien (3)(15)(18) - Undrawn						—						—						—						05/2024						05/2026						578						(3)						—						—		%

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

22

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Table of Contents

New Mountain Finance Corporation

 

Consolidated Schedule of Investments (Continued)

September 30, 2024

(in thousands, except shares)

(unaudited)

Portfolio Company, Location and Industry (1)									Type of Investment						Reference						Spread						Total Coupon (19)						Acquisition Date						Maturity / Expiration Date						Principal  Amount,  Par Value  or Shares (17)						Cost						Fair  Value						Percent of Net Assets
Next Holdco, LLC
Healthcare									First lien (3)(15)(18) - Undrawn						—						—						—						11/2023						11/2025						$	903					$	—					$	—
									First lien (3)(15)(18) - Undrawn						—						—						—						11/2023						11/2029						339						(3)						—
																																																			(3)						—						—		%
Bamboo Health Intermediate Holdings (fka Appriss Health Intermediate Holdings, Inc.)( (23)
Bamboo Health Holdings, LLC (f/k/a Appriss Health, LLC)
Healthcare									First lien (3)(15)(18) - Undrawn						—						—						—						05/2021						05/2027						396						(4)						—						—		%
Cube Industrials Buyer Inc.
Business Products									First lien (3)(18) - Undrawn						—						—						—						10/2023						10/2029						517						(4)						—						—		%
PPV Intermediate Holdings, LLC
Consumer Services									First lien (3)(15)(18) - Undrawn						—						—						—						08/2022						08/2029						486						(5)						—						—		%
Sun Acquirer Corp.
Consumer Services									First lien (3)(15)(18) - Undrawn						—						—						—						09/2021						09/2027						559						(5)						—						—		%
Kene Acquisition, Inc.
Business Services									First lien (3)(15)(18) - Undrawn						—						—						—						02/2024						02/2026						1,561						—						—
									First lien (3)(15)(18) - Undrawn						—						—						—						02/2024						02/2031						468						(5)						—
																																																			(5)						—						—		%
Logrhythm, Inc.
Software									First lien (3)(15)(18) - Undrawn						—						—						—						07/2024						07/2029						420						(6)						—						—		%
Wealth Enhancement Group, LLC
Financial Services									First lien (3)(15)(18) - Undrawn						—						—						—						08/2021						10/2027						2,040						(6)						—						—		%
Adelaide Borrower, LLC**
Software									First lien (3)(15)(18) - Undrawn						—						—						—						05/2024						05/2026						1,048						—						—
									First lien (3)(15)(18) - Undrawn						—						—						—						05/2024						05/2030						667						(7)						—
																																																			(7)						—						—		%
Icefall Parent, Inc.
Software									First lien (3)(15)(18) - Undrawn						—						—						—						01/2024						01/2030						828						(8)						—						—		%

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

23

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Table of Contents

New Mountain Finance Corporation

 

Consolidated Schedule of Investments (Continued)

September 30, 2024

(in thousands, except shares)

(unaudited)

Portfolio Company, Location and Industry (1)									Type of Investment						Reference						Spread						Total Coupon (19)						Acquisition Date						Maturity / Expiration Date						Principal  Amount,  Par Value  or Shares (17)						Cost						Fair  Value						Percent of Net Assets
Kele Holdco, Inc.
Distribution & Logistics									First lien (3)(15)(18) - Undrawn						—						—						—						02/2020						02/2026						$	1,660					$	(8)					$	—					—		%
Project Accelerate Parent, LLC
Software									First lien (3)(15)(18) - Undrawn						—						—						—						02/2024						02/2031						1,510						(8)						—						—		%
Bullhorn, Inc.
Software									First lien (3)(15)(18) - Undrawn						—						—						—						05/2024						05/2026						1,847						—						—
									First lien (3)(15)(18) - Undrawn						—						—						—						09/2019						10/2029						1,447						(8)						—
																																																			(8)						—						—		%
USRP Holdings, Inc.
Business Services									First lien (3)(15)(18) - Undrawn						—						—						—						07/2021						12/2029						893						(9)						—						—		%
Daxko Acquisition Corporation
Software									First lien (3)(15)(18) - Undrawn						—						—						—						10/2021						10/2027						924						(9)						—						—		%
PDI TA Holdings, Inc.
Software									First lien (4)(15)(18) - Undrawn						—						—						—						01/2024						02/2026						4,225						—						—
									First lien (3)(15)(18) - Undrawn						—						—						—						01/2024						02/2031						1,830						(9)						—
																																																			(9)						—						—		%
Xactly Corporation
Software									First lien (3)(15)(18) - Undrawn						—						—						—						07/2017						07/2027						992						(10)						—						—		%
AmeriVet Partners Management, Inc.
Consumer Services									First lien (3)(15)(18) - Undrawn						—						—						—						02/2022						02/2028						1,969						(10)						—						—		%
MRI Software LLC
Software									First lien (3)(15)(18) - Undrawn						—						—						—						01/2020						02/2027						2,002						(10)						—						—		%
Calabrio, Inc.
Software									First lien (3)(15)(18) - Undrawn						—						—						—						04/2021						04/2027						1,487						(11)						—						—		%
Healthspan Buyer, LLC
Healthcare									First lien (3)(15)(18) - Undrawn						—						—						—						10/2023						10/2030						1,229						(12)						—						—		%

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

24

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Table of Contents

New Mountain Finance Corporation

 

Consolidated Schedule of Investments (Continued)

September 30, 2024

(in thousands, except shares)

(unaudited)

Portfolio Company, Location and Industry (1)									Type of Investment						Reference						Spread						Total Coupon (19)						Acquisition Date						Maturity / Expiration Date						Principal  Amount,  Par Value  or Shares (17)						Cost						Fair  Value						Percent of Net Assets
Coupa Holdings, LLC
Software									First lien (3)(15)(18) - Undrawn						—						—						—						02/2023						08/2025						$	1,291					$	—					$	—
									First lien (3)(15)(18) - Undrawn						—						—						—						02/2023						02/2029						989						(12)						—
																																																			(12)						—						—		%
Brave Parent Holdings, Inc.
Software									First lien (3)(15)(18) - Undrawn						—						—						—						05/2024						05/2025						376						—						—
									First lien (3)(15)(18) - Undrawn						—						—						—						11/2023						11/2030						1,594						(6)						—
									First lien (5)(15)(18) - Undrawn						—						—						—						11/2023						05/2025						963						(7)						—
																																																			(13)						—						—		%
FS WhiteWater Holdings, LLC(30)
FS WhiteWater Borrower, LLC
Consumer Services									First lien (3)(15)(18) - Undrawn						—						—						—						12/2021						12/2027						1,400						(14)						—						—		%
IMO Investor Holdings, Inc.
Healthcare									First lien (3)(15)(18) - Undrawn						—						—						—						05/2022						05/2028						1,548						(15)						—						—		%
Trinity Air Consultants Holdings Corporation
Business Services									First lien (2)(14)(15)(18) - Undrawn						—						—						—						06/2021						12/2024						785						—						—
									First lien (3)(15)(18) - Undrawn						—						—						—						06/2021						06/2028						1,501						(15)						—
																																																			(15)						—						—		%
YLG Holdings, Inc.
Business Services									First lien (3)(15)(18) - Undrawn						—						—						—						11/2019						10/2026						5,433						(20)						—						—		%
Avalara, Inc.
Software									First lien (3)(15)(18) - Undrawn						—						—						—						10/2022						10/2028						1,720						(21)						—						—		%
Fortis Solutions Group, LLC
Packaging									First lien (3)(15)(18) - Undrawn						—						—						—						06/2022						06/2025						3,588						—						—
									First lien (3)(13)(15)(18) - Undrawn						—						—						—						10/2021						10/2027						2,098						(21)						—
																																																			(21)						—						—		%

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

25

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Table of Contents

New Mountain Finance Corporation

 

Consolidated Schedule of Investments (Continued)

September 30, 2024

(in thousands, except shares)

(unaudited)

Portfolio Company, Location and Industry (1)									Type of Investment						Reference						Spread						Total Coupon (19)						Acquisition Date						Maturity / Expiration Date						Principal  Amount,  Par Value  or Shares (17)						Cost						Fair  Value						Percent of Net Assets
Foreside Financial Group, LLC
Business Services									First lien (3)(15)(18) - Undrawn						—						—						—						05/2022						11/2024						$	1,903					$	—					$	—
									First lien (3)(15)(18) - Undrawn						—						—						—						03/2024						03/2026						3,474						—						—
									First lien (3)(15)(18) - Undrawn						—						—						—						05/2022						09/2027						2,095						(21)						—
																																																			(21)						—						—		%
Nelipak Holding Company
Packaging									First lien (3)(15)(18) - Undrawn						—						—						—						03/2024						03/2027						3,501						—						—
									First lien (3)(13)(15)(16)(18) - Undrawn						—						—						—						03/2024						03/2027						6,411						—						—
									First lien (3)(13)(15)(16)(18) - Undrawn						—						—						—						03/2024						03/2031						1,196						(10)						—
									First lien (3)(15)(18) - Undrawn						—						—						—						03/2024						03/2031						1,620						(12)						—
																																																			(22)						—						—		%
Knockout Intermediate Holdings I Inc.(33)
Kaseya Inc.
Software									First lien (3)(15)(18) - Undrawn						—						—						—						06/2022						06/2025						2,865						—						—
									First lien (3)(15)(18) - Undrawn						—						—						—						06/2022						06/2029						2,888						(22)						—
																																																			(22)						—						—		%
Oranje Holdco, Inc.
Education									First lien (3)(15)(18) - Undrawn						—						—						—						02/2023						02/2029						1,860						(23)						—						—		%
Infogain Corporation
Business Services									First lien (3)(15)(18) - Undrawn						—						—						—						07/2021						07/2026						3,124						(23)						—						—		%
OEConnection LLC
Software									First lien (3)(15)(18) - Undrawn						—						—						—						04/2024						04/2026						8,101						—						—
									First lien (3)(15)(18) - Undrawn						—						—						—						04/2024						04/2031						5,063						(25)						—
																																																			(25)						—						—		%
Pioneer Topco I, L.P.(31)
Pioneer Buyer I, LLC
Software									First lien (3)(15)(18) - Undrawn						—						—						—						11/2021						11/2027						3,284						(26)						—						—		%

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

26

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Table of Contents

New Mountain Finance Corporation

 

Consolidated Schedule of Investments (Continued)

September 30, 2024

(in thousands, except shares)

(unaudited)

Portfolio Company, Location and Industry (1)									Type of Investment						Reference						Spread						Total Coupon (19)						Acquisition Date						Maturity / Expiration Date						Principal  Amount,  Par Value  or Shares (17)						Cost						Fair  Value						Percent of Net Assets
GS Acquisitionco, Inc.
Software									First lien (3)(15)(18) - Undrawn						—						—						—						03/2024						03/2026						$	1,440					$	—					$	—
									First lien (3)(15)(18) - Undrawn						—						—						—						08/2019						05/2028						4,196						(26)						—
																																																			(26)						—						—		%
GC Waves Holdings, Inc.
Financial Services									First lien (3)(18) - Undrawn						—						—						—						10/2019						10/2030						3,951						(30)						—						—		%
OA Topco, L.P.(32)
OA Buyer, Inc.
Healthcare									First lien (3)(15)(18) - Undrawn						—						—						—						12/2021						12/2028						3,600						(36)						—						—		%
Paw Midco, Inc.
AAH Topco, LLC
Consumer Services									First lien (3)(15)(18) - Undrawn						—						—						—						12/2021						12/2027						3,659						(37)						—						—		%
PetVet Care Centers, LLC
Consumer Services									First lien (3)(15)(18) - Undrawn						—						—						—						10/2023						11/2025						3,708						—						—
									First lien (3)(15)(18) - Undrawn						—						—						—						10/2023						11/2029						3,708						(37)						—
																																																			(37)						—						—		%
Ciklum Inc.**
Business Services									First lien (3)(15)(18) - Undrawn						—						—						—						02/2024						08/2025						11,955						—						—
									First lien (3)(15)(18) - Undrawn						—						—						—						02/2024						02/2030						2,989						(37)						—
																																																			(37)						—						—		%
IG Investments Holdings, LLC
Business Services									First lien (3)(15)(18) - Undrawn						—						—						—						09/2021						09/2027						3,780						(38)						—						—		%
TigerConnect, Inc.
Healthcare									First lien (2)(15)(18) - Undrawn						—						—						—						02/2022						02/2025						76						—						—
									First lien (3)(15)(18) - Undrawn						—						—						—						02/2022						02/2028						4,267						(43)						—
																																																			(43)						—						—		%
CentralSquare Technologies, LLC
Software									First lien (3)(15)(18) - Undrawn						—						—						—						04/2024						04/2030						3,980						(50)						—						—		%

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

27

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Table of Contents

New Mountain Finance Corporation

 

Consolidated Schedule of Investments (Continued)

September 30, 2024

(in thousands, except shares)

(unaudited)

Portfolio Company, Location and Industry (1)									Type of Investment						Reference						Spread						Total Coupon (19)						Acquisition Date						Maturity / Expiration Date						Principal  Amount,  Par Value  or Shares (17)						Cost						Fair  Value						Percent of Net Assets
Recorded Future, Inc.
Software									First lien (3)(18) - Undrawn						—						—						—						06/2024						06/2030						$	4,531					$	(23)					$	—
									First lien (3)(18) - Undrawn						—						—						—						06/2024						06/2026						7,311						(37)						—
																																																			(60)						—						—		%
Galway Borrower LLC
Business Services									First lien (3)(15)(18) - Undrawn						—						—						—						04/2024						10/2025						136						(1)						(1)						(0.00)%
CG Group Holdings, LLC
Specialty Chemicals & Materials									First lien (3)(15)(18) - Undrawn						—						—						—						07/2021						07/2026						226						(3)						(1)						(0.00)%
CB Buyer, Inc.
Software									First lien (3)(15)(18) - Undrawn						—						—						—						07/2024						07/2026						934						—						—
									First lien (3)(15)(18) - Undrawn						—						—						—						07/2024						07/2031						364						(2)						(2)
																																																			(2)						(2)						(0.00)%
CRCI Longhorn Holdings, Inc.
Business Services									First lien (3)(15)(18) - Undrawn						—						—						—						08/2024						08/2026						1,629						—						—
									First lien (3)(15)(18) - Undrawn						—						—						—						08/2024						08/2031						543						(3)						(3)
																																																			(3)						(3)						(0.00)%
NC Topco, LLC
Software									First lien (3)(15)(18) - Undrawn						—						—						—						08/2024						08/2026						1,672						—						—
									First lien (3)(15)(18) - Undrawn						—						—						—						08/2024						09/2031						669						(3)						(3)
																																																			(3)						(3)						(0.00)%
Associations, Inc.
Business Services									First lien (3)(15)(18) - Undrawn						—						—						—						05/2024						07/2028						3,840						(2)						(2)
									First lien (3)(15)(18) - Undrawn						—						—						—						05/2024						07/2028						3,077						(2)						(2)
																																																			(4)						(4)						(0.00)%
Park Place Technologies, LLC
Business Services									First lien (3)(15)(18) - Undrawn						—						—						—						07/2024						03/2030						757						(2)						(2)
									First lien (3)(15)(18) - Undrawn						—						—						—						07/2024						09/2025						1,201						(3)						(3)
																																																			(5)						(5)						(0.00)%

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

28

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Table of Contents

New Mountain Finance Corporation

 

Consolidated Schedule of Investments (Continued)

September 30, 2024

(in thousands, except shares)

(unaudited)

Portfolio Company, Location and Industry (1)									Type of Investment						Reference						Spread						Total Coupon (19)						Acquisition Date						Maturity / Expiration Date						Principal  Amount,  Par Value  or Shares (17)						Cost						Fair  Value						Percent of Net Assets
Legends Hospitality Holding Company, LLC
Business Services									First lien (5)(15)(18) - Undrawn						—						—						—						08/2024						08/2026						$	358					$	—					$	—
									First lien (3)(15)(18) - Undrawn						—						—						—						08/2024						08/2030						715						(7)						(7)
																																																			(7)						(7)						(0.00)%
Specialtycare, Inc.
Healthcare									First lien (3)(15)(18) - Undrawn						—						—						—						06/2021						06/2026						347						(5)						(10)						(0.00)%
DOCS, MSO, LLC
Healthcare									First lien (3)(15)(18) - Undrawn						—						—						—						06/2022						06/2028						2,405						—						(13)						(0.00)%
GraphPAD Software, LLC
Healthcare									First lien (3)(15)(18) - Undrawn						—						—						—						06/2024						06/2031						1,682						(4)						(4)
									First lien (3)(15)(18) - Undrawn						—						—						—						06/2024						06/2026						4,038						(10)						(10)
																																																			(14)						(14)						(0.00)%
Groundworks, LLC
Business Services									First lien (4)(18) - Undrawn						—						—						—						03/2024						03/2026						2,938						(15)						(17)						(0.00)%
iCIMS, Inc.
Software									First lien (2)(15)(18) - Undrawn						—						—						—						09/2023						08/2028						7,403						(2)						—
									First lien (3)(15)(18) - Undrawn						—						—						—						08/2022						08/2028						2,471						(22)						(19)
																																																			(24)						(19)						(0.00)%
Eclipse Topco, Inc. (36)
Eclipse Buyer Inc.
Software									First lien (4)(18) - Undrawn						—						—						—						09/2024						09/2026						1,206						—						—
									First lien (3)(18) - Undrawn						—						—						—						09/2024						09/2031						4,190						(21)						(21)
																																																			(21)						(21)						(0.00)%
Diamond Parent Holdings Corp. (28)
Diligent Corporation
Software									First lien (3)(15)(18) - Undrawn						—						—						—						04/2024						08/2030						2,265						(8)						(8)
									First lien (3)(15)(18) - Undrawn						—						—						—						04/2024						04/2026						3,398						(13)						(13)
																																																			(21)						(21)						(0.00)%

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

29

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Table of Contents

New Mountain Finance Corporation

 

Consolidated Schedule of Investments (Continued)

September 30, 2024

(in thousands, except shares)

(unaudited)

Portfolio Company, Location and Industry (1)									Type of Investment						Reference						Spread						Total Coupon (19)						Acquisition Date						Maturity / Expiration Date						Principal  Amount,  Par Value  or Shares (17)						Cost						Fair  Value						Percent of Net Assets
Baker Tilly Advisory Group, LP
Financial Services									First lien (3)(15)(18) - Undrawn						—						—						—						05/2024						06/2026						$	2,065					$	—					$	(15)
									First lien (3)(15)(18) - Undrawn						—						—						—						05/2024						06/2030						2,894						(22)						(22)
																																																			(22)						(37)						(0.00)%
ACI Parent Inc.(29)
ACI Group Holdings, Inc.
Healthcare									First lien (3)(15)(18) - Undrawn						—						—						—						08/2021						08/2027						1,295						(13)						(38)						(0.00)%
Power Grid Holdings, Inc.
Business Products									First lien (3)(15)(18) - Undrawn						—						—						—						11/2023						12/2030						4,289						(43)						(43)						(0.00)%
KPSKY Acquisition Inc.
Business Services									First lien (3)(15)(18) - Undrawn						—						—						—						11/2023						11/2025						1,568						—						(47)						(0.00)%
Notorious Topco, LLC
Consumer Products									First lien (3)(15)(18) - Undrawn						—						—						—						11/2021						05/2027						880						(7)						(64)						(0.00)%
Model N, Inc.
Software									First lien (3)(15)(18) - Undrawn						—						—						—						06/2024						06/2031						4,825						(24)						(24)
									First lien (3)(15)(18) - Undrawn						—						—						—						06/2024						06/2026						9,047						—						(45)
																																																			(24)						(69)						(0.01)		%
Total Unfunded Debt Investments - United States																																																			$	(1,089)					$	(439)					(0.01)		%
Unfunded Debt Investments - Australia
Atlas AU Bidco Pty Ltd**
Business Services									First lien (3)(15)(18) - Undrawn						—						—						—						12/2022						12/2028						$	320					$	(5)					$	—
Total Unfunded Debt Investments - Australia																																																			$	(5)					$	—					—		%
Total Unfunded Debt Investments																																																			$	(1,094)					$	(439)					(0.03)		%
Total Non-Controlled/Non-Affiliated Investments																																																			$	2,459,913					$	2,446,773					178.86		%

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

30

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Table of Contents

New Mountain Finance Corporation

 

Consolidated Schedule of Investments (Continued)

September 30, 2024

(in thousands, except shares)

(unaudited)

Portfolio Company, Location and Industry (1)									Type of Investment						Reference						Spread						Total Coupon (19)						Acquisition Date						Maturity / Expiration Date						Principal  Amount,  Par Value  or Shares (17)						Cost						Fair  Value						Percent of Net Assets
Non-Controlled/Affiliated Investments (37)
Funded Debt Investments - United States
TVG-Edmentum Holdings, LLC (24)
Edmentum Ultimate Holdings, LLC
Education									Subordinated (3)(15)						SOFR(Q)*						13.00%/PIK						17.60%						12/2020						01/2027						$	21,323					$	21,250					$	21,323					1.56		%
Eagle Infrastructure Super HoldCo, LLC (34)
Eagle Infrastructure Services, LLC (fka FR Arsenal Holdings II Corp.)
Business Services									First lien (2)(14)(15)						SOFR(Q)						7.50%						12.25%						03/2023						04/2028						10,628						10,628						10,628
									First lien (3)(15)						SOFR(Q)						7.50%						12.25%						03/2023						04/2028						340						340						341
																																																			10,968						10,969						0.80		%
Permian Holdco 3, Inc.
Permian Trust
Energy									Trust Claim(9)(15)						FIXED(Q)(20)*						10.00%/PIK						10.00%						03/2021						—						247						—						—
									First lien (3)(15)						SOFR(Q)(20)*						10.00%/PIK						11.00%						07/2020						—						3,409						—						—
																																																			—						—						—		%
Total Funded Debt Investments - United States																																																			$	32,218					$	32,292					2.36		%
Equity - United States
TVG-Edmentum Holdings, LLC(24)
Education									Ordinary shares (3)(15)						FIXED(Q)*						12.00%/PIK						12.00%						12/2020						—						48,899						$	65,291					$	63,285
									Preferred shares (3)(15)						FIXED(Q)*						15.00%/PIK						15.00%						05/2024						—						3,480						7,253						7,253
																																																			72,544						70,538						5.16		%
Eagle Infrastructure Super HoldCo, LLC
Business Services									Ordinary shares (3)(15)						—						—						—						03/2023						—						72,536						4,104						8,187						0.60		%
Sierra Hamilton Holdings Corporation
Energy									Ordinary shares (2)(15)						—						—						—						07/2017						—						25,000,000						11,501						1,799
									Ordinary shares (3)(15)						—						—						—						07/2017						—						2,786,000						1,282						201
																																																			12,783						2,000						0.15		%
Total Shares - United States																																																			$	89,431					$	80,725					5.91		%
Total Non-Controlled/Affiliated Investments																																																			$	121,649					$	113,017					8.27		%

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

31

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Table of Contents

New Mountain Finance Corporation

 

Consolidated Schedule of Investments (Continued)

September 30, 2024

(in thousands, except shares)

(unaudited)

Portfolio Company, Location and Industry (1)									Type of Investment						Reference						Spread						Total Coupon (19)						Acquisition Date						Maturity / Expiration Date						Principal  Amount,  Par Value  or Shares (17)						Cost						Fair  Value						Percent of Net Assets
Controlled Investments (38)
Funded Debt Investments - United States
New Benevis Topco, LLC (26)
New Benevis Holdco, Inc.
Healthcare									First lien (2)(15)						FIXED(Q)*						12.00%/PIK						12.00%						10/2020						10/2026						$	44,697					$	44,697					$	44,697
									First lien (3)(13)(15)						FIXED(Q)*						12.00%/PIK						12.00%						10/2020						10/2026						32,168						32,168						32,168
									Subordinated (3)(15)						FIXED(M)*						12.00%/PIK						12.00%						10/2020						10/2026						23,098						22,115						18,480
																																																			98,980						95,345						6.97		%
New Permian Holdco, Inc.
New Permian Holdco, L.L.C.
Energy									First lien (3)(13)(15)						SOFR(Q)						9.00%						13.87%						10/2020						12/2024						23,336						23,336						23,336
									First lien (3)(13)(15)(18) - Drawn						SOFR(Q)						6.00%						10.87%						10/2020						12/2024						19,472						19,472						19,472
																																																			42,808						42,808						3.13		%
UniTek Global Services, Inc.
Business Services									Second lien (3)(15)						FIXED(Q)*						15.00%/PIK						15.00%						12/2020						06/2028						15,031						15,031						15,031
									Second lien (3)(15)						FIXED(Q)*						15.00%/PIK						15.00%						07/2022						06/2028						6,664						6,664						6,664
																																																			21,695						21,695						1.59		%
NHME Holdings Corp. (25)
National HME, Inc.
Healthcare									Second lien (3)(15)						SOFR(Q)(20)*						5.00%/PIK						10.59%						11/2018						11/2025						8,281						7,872						3,000						0.22		%
Total Funded Debt Investments - United States																																																			$	171,355					$	162,848					11.91		%
Equity - United States
NMFC Senior Loan Program III LLC**
Investment Fund									Membership interest (3)(15)						—						—						—						05/2018						—						—						$	160,000					$	160,000					11.70		%
NMFC Senior Loan Program IV LLC**
Investment Fund									Membership interest (3)(15)						—						—						—						05/2021						—						—						112,400						112,400						8.22		%
NM NL Holdings, L.P.**
Net Lease									Membership interest (7)(15)						—						—						—						06/2018						—						—						74,248						103,239						7.55		%
New Benevis Topco, LLC (26)
Healthcare									Ordinary shares (2)(15)						—						—						—						10/2020						—						325,516						27,154						28,481
									Ordinary shares (3)(15)						—						—						—						10/2020						—						152,548						12,768						13,347
																																																			39,922						41,828						3.06		%

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

32

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Table of Contents

New Mountain Finance Corporation

 

Consolidated Schedule of Investments (Continued)

September 30, 2024

(in thousands, except shares)

(unaudited)

Portfolio Company, Location and Industry (1)									Type of Investment						Reference						Spread						Total Coupon (19)						Acquisition Date						Maturity / Expiration Date						Principal  Amount,  Par Value  or Shares (17)						Cost						Fair  Value						Percent of Net Assets
UniTek Global Services, Inc.
Business Services									Preferred shares (3)(15)						FIXED(Q)*						20.00%/PIK						20.00%						08/2018						—						21,717,347						$	21,717					$	20,558
									Preferred shares (3)(15)						FIXED(Q)*						20.00%/PIK						20.00%						08/2019						—						12,907,638						12,908						12,478
									Preferred shares (3)(15)						FIXED(Q)(20)*						19.00%/PIK						19.00%						06/2017						—						19,795,435						19,795						2,407
									Preferred shares (2)(15)						FIXED(Q)(20)*						13.50%/PIK						13.50%						01/2015						—						29,326,545						26,946						—
									Preferred shares (3)(15)						FIXED(Q)(20)*						13.50%/PIK						13.50%						01/2015						—						8,104,462						7,447						—
									Ordinary shares (2)(15)						—						—						—						01/2015						—						2,096,477						1,925						—
									Ordinary shares (3)(15)						—						—						—						01/2015						—						1,993,749						532						—
																																																			91,270						35,443						2.59		%
New Permian Holdco, Inc.
Energy									Ordinary shares (3)(15)						—						—						—						10/2020						—						100						11,155						20,000						1.46		%
NM CLFX LP
Net Lease									Membership interest (7)(15)						—						—						—						10/2017						—						—						12,279						10,031						0.73		%
NM YI, LLC
Net Lease									Membership interest (7)(15)						—						—						—						09/2019						—						—						6,272						9,961						0.73		%
NM GP Holdco, LLC**
Net Lease									Membership interest (7)(15)						—						—						—						06/2018						—						—						850						1,649						0.12		%
QID TRH Holdings LLC (22)
Haven Midstream Holdings LLC(22)
Specialty Chemicals & Materials									Ordinary shares (12)(15)						—						—						—						10/2021						—						80						—						652
									Profit Interest (6)(15)						—						—						—						10/2021						—						5						—						2
																																																			—						654						0.05		%
NHME Holdings Corp.(25)
Healthcare									Ordinary shares (3)(15)						—						—						—						11/2018						—						640,000						4,000						—						—		%
Total Shares - United States																																																			$	512,396					$	495,205					36.21		%
Total Shares																																																			$	512,396					$	495,205					36.21		%
Warrants - United States
UniTek Global Services, Inc.
Business Services									Warrants (3)(15)						—						—						—						12/2020						02/2025						13,339						$	—					$	47,428					3.47		%
NHME Holdings Corp. (25)
Healthcare									Warrants (3)(15)						—						—						—						11/2018						—						160,000						1,000						—						—		%
Total Warrants - United States																																																			$	1,000					$	47,428					3.47		%
Total Funded Investments																																																			$	684,751					$	705,481					51.59		%
Unfunded Debt Investments - United States
New Permian Holdco, Inc.
New Permian Holdco, L.L.C.
Energy									First lien (3)(15)(18) - Undrawn						—						—						—						10/2020						12/2024						2,423						$	—					$	—					—		%

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

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Table of Contents

New Mountain Finance Corporation

 

Consolidated Schedule of Investments (Continued)

September 30, 2024

(in thousands, except shares)

(unaudited)

Portfolio Company, Location and Industry (1)									Type of Investment						Reference						Spread						Total Coupon (19)						Acquisition Date						Maturity / Expiration Date						Principal  Amount,  Par Value  or Shares (17)						Cost						Fair  Value						Percent of Net Assets
Haven Midstream Holdings LLC (22)
Haven Midstream LLC
Specialty Chemicals & Materials									First lien (3)(15)(18) - Undrawn						—						—						—						12/2021						10/2026						8,000						$	—					$	—					—		%
Total Unfunded Debt Investments - United States																																																			$	—					$	—					—		%
Total Controlled Investments																																																			$	684,751					$	705,481					51.59		%
Total Investments																																																			$	3,266,313					$	3,265,271					238.72		%

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

(2)Investment is held by New Mountain Finance Holdings, L.L.C.

(3)Investment is held by New Mountain Finance Corporation

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

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

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

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

(8)Investment is held by NMF Ancora Holdings, Inc.

(9)Investment is held by NMF Permian Holdings, LLC.

(10)Investment is held by NMF HB, Inc.

(11)Investment is held by NMF Pioneer, Inc.

(12)Investment is held by NMF TRM, LLC.

(13)Investment is pledged as collateral for the NMFC Credit Facility, a revolving credit facility among the Company as the Borrower, Sumitomo Mitsui Banking Corporation, as administrative agent, sole lead arranger, and sole book runner, and the lenders party thereto. See Note 7. Borrowings, for details

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

(15)The fair value of the Company's investment is determined using unobservable inputs that are significant to the overall fair value measurement. See Note 4. Fair Value, for details.

(16)Investment is denominated in foreign currency and is translated into U.S. dollars as of the valuation date. As of September 30, 2024, the par value U.S. dollar equivalent of the Tennessee Bidco Limited first lien term loans is $41,302 and the Nelipak Holding Company first lien term loan, undrawn delayed draw term loan and undrawn revolver is $18,445, $7,138 and $1,332, respectively. See Note 2. Summary of Significant Accounting Policies, for details.

(17)Par amount is denominated in U.S. Dollar unless otherwise noted, which may include British Pound ("£") and/or Euro ("€").

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

(19)Total Coupon is payable in cash unless otherwise indicated. A majority of the variable rate debt investments bear interest and dividends at a rate that may be determined by reference to the Secured Overnight Financing Rate (SOFR), the Prime Rate (P), the Sterling Overnight Interbank Average Rate (SONIA) and Euro Interbank Offered Rate (EURIBOR) and which resets daily (D), monthly (M), quarterly (Q), semi-annually (S) or annually (A). For each investment the current coupon rate provided reflects the rate in effect as of September 30, 2024.

(20)Investment is on non-accrual status. See Note 3. Investments, for details.

(21)The Company holds one security purchased under a collateralized agreement to resell on its Consolidated Statement of Assets and Liabilities with a cost basis of $30,000 and a fair value of $13,500 as of September 30, 2024. See Note 2. Summary of Significant Accounting Policies, for details.

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

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New Mountain Finance Corporation

 

Consolidated Schedule of Investments (Continued)

September 30, 2024

(in thousands, except shares)

(unaudited)

(22)The Company holds investments in multiple entities of Haven Midstream Holdings LLC. The Company holds 4.6% of the Class B profits interest in QID NGL, LLC (which at closing represented 97.0% of the ownership in the class B units in QID TRH Holdings, LLC), class A common units of Haven Midstream Holdings LLC, and holds a first lien revolver in Haven Midstream LLC.

(23)The Company holds preferred equity in Bamboo Health Intermediate Holdings, Inc.(fka Appriss Health Intermediate Holdings, Inc.) and holds a first lien term loan and a first lien revolver in Bamboo Health Holdings, LLC (fka Appriss Health, LLC), a wholly-owned subsidiary of Bamboo Health Intermediate Holdings, Inc.

(24)The Company holds ordinary shares and preferred equity in TVG-Edmentum Holdings, LLC, and subordinated notes in Edmentum Ultimate Holdings, LLC, a wholly-owned subsidiary of TVG-Edmentum Holdings, LLC.

(25)The Company holds ordinary shares and warrants in NHME Holdings Corp., as well as a second lien Tranche A Term Loan in National HME, Inc., a wholly-owned subsidiary of NHME Holdings Corp. The second lien Tranche A Term Loan is entitled to receive 20% of the interest earned on the first lien Tranche A Term Loan, which accrues interest at a rate of SOFR + 5.00%, and 20% of the interest earned on the first lien Tranche B Term Loan, which accrues interest at a rate of SOFR + 6.00%.

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

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

(28)The Company holds investments in two wholly-owned subsidiaries of Diamond Parent Holdings Corp. The Company holds three first lien term loans and a first lien revolver in Diligent Corporation and preferred equity in Diligent Preferred Issuer Inc.

(29)The Company holds investments in ACI Parent Inc. and a wholly-owned subsidiary of ACI Parent Inc. The Company holds a first lien term loan, two first lien delayed draws and a first lien revolver in ACI Group Holdings, Inc. and preferred equity in ACI Parent Inc.

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

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

(32)The Company holds ordinary shares in OA Topco, L.P., and two first lien term loans and a first lien revolver in OA Buyer, Inc., a wholly-owned subsidiary of OA Topco, L.P.

(33)The Company holds preferred equity in Knockout Intermediate Holdings I Inc. and a first lien term loan, a first lien revolver and a first lien delayed draw in Kaseya, Inc., a wholly-owned subsidiary of Knockout Intermediate Holdings I Inc.

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

(35)The Company holds ordinary shares in Ambrosia Holdco Corp. and two first lien term loans and a subordinated loan in TMK Hawk Parent, Corp., a wholly-owned subsidiary of Ambrosia Holdco Corp.

(36)The Company holds preferred equity in Eclipse Topco, Inc. and a first lien term loan, a first lien revolver and a first lien delayed draw in Eclipse Buyer, Inc., a wholly-owned subsidiary of Eclipse Topco, Inc..

(37)Denotes a portfolio company of which the Company is an “Affiliated Person”, as defined in the Investment Company Act of 1940, as amended (the "1940 Act"), due to owning or holding the power to vote 5.0% or more of the outstanding voting securities of the investment but not controlling the company. Fair value as of September 30, 2024 and December 31, 2023, along with transactions during the nine months ended September 30, 2024 in which the issuer was a non-controlled/affiliated investment, is as follows:

Portfolio Company						Fair Value at December 31, 2023						Gross Additions (A)						Gross Redemptions (B)						Net Change In Unrealized Appreciation (Depreciation)						Fair Value at September 30, 2024						Net Realized Gains (Losses)						Interest Income						Dividend Income						Other Income
Eagle Infrastructure Services, LLC (fka FR Arsenal Holdings II Corp.) / Eagle Infrastructure Super HoldCo, LLC						$	17,873					$	—					$	(50)					$	1,333					$	19,156					$	—					$	1,088					$	—					$	—
Sierra Hamilton Holdings Corporation						2,000						—						—						—						2,000						—						—						—						—
TVG-Edmentum Holdings, LLC / Edmentum Ultimate Holdings, LLC						113,786						13,804						—						(35,729)						91,861						—						2,685						4,211						188
Total Non-Controlled/Affiliated Investments						$	133,659					$	13,804					$	(50)					$	(34,396)					$	113,017					$	—					$	3,773					$	4,211					$	188

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

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

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

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New Mountain Finance Corporation

 

Consolidated Schedule of Investments (Continued)

September 30, 2024

(in thousands, except shares)

(unaudited)

(38)    Denotes portfolio companies which the Company "controls", as defined in the 1940 Act, due to owning or holding the power to vote more than 25.0% of the outstanding voting securities of the investment. Fair value as of September 30, 2024 and December 31, 2023, along with transactions during the nine months ended September 30, 2024 in which the issuer was a controlled investment, is as follows:

Portfolio Company (1)						Fair Value at December 31, 2023						Gross Additions (A)						Gross Redemptions (B)						Net Change In Unrealized Appreciation (Depreciation)						Fair Value at September 30, 2024						Net Realized Gains (Losses)						Interest Income						Dividend Income						Other Income
Haven Midstream LLC / Haven Midstream Holdings LLC / QID TRH Holdings LLC						$	3,419					$	—					$	—					$	(2,765)					$	654					$	3,895					$	—					$	—					$	30
National HME, Inc./NHME Holdings Corp.						3,000						—						—						—						3,000						—						—						—						—
New Benevis Topco, LLC / New Benevis Holdco, Inc.						135,401						7,411						—						(5,639)						137,173						—						9,679						—						375
New Permian Holdco, Inc. / New Permian Holdco, L.L.C.						63,170						5,637						—						(5,999)						62,808						—						4,010						—						375
NM APP Canada Corp.						7						—						—						(7)						—						31						—						—						—
NM CLFX LP						11,731						—						—						(1,700)						10,031						—						—						601						—
NM NL Holdings, L.P.						96,071						—						(2,123)						9,291						103,239						(548)						—						6,133						181
NM GP Holdco, LLC						1,048						—						(11)						612						1,649						(3)						—						67						—
NM YI LLC						9,550						—						—						411						9,961						—						—						654						—
NMFC Senior Loan Program III LLC						140,000						20,000						—						—						160,000						—						—						17,204						—
NMFC Senior Loan Program IV LLC						112,400						—						—						—						112,400						—						—						12,153						—
UniTek Global Services, Inc.						91,999						7,014						—						5,553						104,566						—						2,301						4,715						1,088
Total Controlled Investments						$	667,796					$	40,062					$	(2,134)					$	(243)					$	705,481					$	3,375					$	15,990					$	41,527					$	2,049

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

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

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

**    Indicates assets that the Company deems to be “non-qualifying assets” under Section 55(a) of the 1940 Act. Qualifying assets must represent at least 70.0% of the Company’s total assets at the time of acquisition of any additional non-qualifying assets. As of September 30, 2024, 15.4% of the Company’s total assets are represented by investments at fair value that are considered non-qualifying assets.

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

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New Mountain Finance Corporation

 

Consolidated Schedule of Investments (Continued)

September 30, 2024

(unaudited)

						September 30, 2024
Investment Type						Percent of Total Investments at Fair Value
First lien						63.48		%
Second lien						7.68		%
Subordinated						3.36		%
Equity and other						25.48		%
Total investments						100.00		%

 

						September 30, 2024
Industry Type						Percent of Total Investments at Fair Value
Software						28.37		%
Business Services						17.64		%
Healthcare						15.58		%
Investment Funds (includes investments in joint ventures)						8.34		%
Consumer Services						6.09		%
Education						5.74		%
Financial Services						3.84		%
Net Lease						3.82		%
Distribution & Logistics						3.53		%
Packaging						2.10		%
Energy						1.98		%
Food & Beverage						1.25		%
Business Products						0.82		%
Consumer Products						0.59		%
Specialty Chemicals & Materials						0.31		%
Total investments						100.00		%

 

						September 30, 2024
Interest Rate Type						Percent of Total Investments at Fair Value
Floating rates						87.37		%
Fixed rates						12.63		%
Total investments						100.00		%

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

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New Mountain Finance Corporation

 

Consolidated Schedule of Investments

 December 31, 2023

(in thousands, except shares)

Portfolio Company, Location and Industry(1)						Type of Investment						Reference						Spread						Total Coupon (19)						Acquisition Date						Maturity/Expiration Date						Principal Amount, Par Value or Shares (17)						Cost						Fair Value						Percent of Net Assets
Non-Controlled/Non-Affiliated Investments
Funded Debt Investments - United States
Paw Midco, Inc.
AAH Topco, LLC
Consumer Services						First lien (2)(15)(18) - Drawn						SOFR(M)						5.50%						10.96%						12/2021						12/2027						$	22,965					$	22,772					$	22,965
						First lien (8)(15)						SOFR(M)						5.50%						10.96%						12/2021						12/2027						20,426						20,278						20,426
						First lien (4)(15)						SOFR(M)						5.50%						10.96%						01/2022						12/2027						9,698						9,628						9,698
						First lien (4)(15)(18) - Drawn						SOFR(M)						5.50%						10.96%						12/2021						12/2027						7,450						7,388						7,450
						Subordinated (3)(15)						FIXED(Q)*						11.50%/PIK						11.50%						12/2021						12/2031						14,011						13,865						13,420
						Subordinated (4)(15)						FIXED(Q)*						11.50%/PIK						11.50%						01/2022						12/2031						5,495						5,437						5,263
																																																79,368						79,222						5.95		%
Associations, Inc.
Business Services						First lien (2)(15)						SOFR(Q)*						4.00% + 2.50%/PIK						12.18%						07/2021						07/2027						33,701						33,604						33,701
						First lien (2)(15)						SOFR(Q)*						4.00% + 2.50%/PIK						12.13%						07/2021						07/2027						9,037						9,007						9,037
						First lien (8)(15)						SOFR(Q)*						4.00% + 2.50%/PIK						12.15%						07/2021						07/2027						9,036						9,006						9,036
						First lien (8)(15)						SOFR(Q)*						4.00% + 2.50%/PIK						12.13%						07/2021						07/2027						5,457						5,439						5,457
						First lien (8)(15)						SOFR(Q)*						4.00% + 2.50%/PIK						12.17%						07/2021						07/2027						4,341						4,327						4,341
						First lien (2)(15)						SOFR(Q)*						4.00% + 2.50%/PIK						12.16%						10/2023						07/2027						4,121						4,102						4,121
						First lien (3)(15)(18) - Drawn						SOFR(Q)						6.50%						12.14%						07/2021						07/2027						1,252						1,246						1,252
																																																66,731						66,945						5.03		%
Knockout Intermediate Holdings I Inc. (32)
Kaseya Inc.
Software						First lien (2)(15)						SOFR(Q)*						3.50% + 2.50%/PIK						11.38%						06/2022						06/2029						63,633						63,237						63,633
						First lien (3)(15)(18) - Drawn						SOFR(M)						5.50%						10.86%						06/2022						06/2029						973						966						973
						First lien (3)(15)(18) - Drawn						SOFR(Q)*						3.50% + 2.50%/PIK						11.38%						06/2022						06/2029						237						235						237
																																																64,438						64,843						4.87		%

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

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New Mountain Finance Corporation

 

Consolidated Schedule of Investments (Continued)

 December 31, 2023

(in thousands, except shares)

Portfolio Company, Location and Industry(1)						Type of Investment						Reference						Spread						Total Coupon (19)						Acquisition Date						Maturity/Expiration Date						Principal Amount, Par Value or Shares (17)						Cost						Fair Value						Percent of Net Assets
GC Waves Holdings, Inc.
Financial Services						First lien (2)(15)						SOFR(M)						6.00%						11.46%						08/2021						08/2028						$	40,270					$	40,008					$	40,270
						First lien (5)(15)						SOFR(M)						6.00%						11.46%						08/2021						08/2028						21,666						21,591						21,666
						First lien (2)(15)(18) - Drawn						SOFR(M)						6.00%						11.46%						10/2019						08/2028						451						446						451
																																																62,045						62,387						4.68		%
GS Acquisitionco, Inc.
Software						First lien (2)(15)						SOFR(Q)						5.50%						11.00%						08/2019						05/2026						34,023						33,947						34,023
						First lien (5)(15)						SOFR(Q)						5.50%						11.00%						08/2019						05/2026						21,521						21,476						21,521
																																																55,423						55,544						4.17		%
CentralSquare Technologies, LLC
Software						Second lien (3)(15)						SOFR(Q)						7.50%						13.00%						08/2018						08/2026						47,838						47,581						45,072
						Second lien (8)(15)						SOFR(Q)						7.50%						13.00%						08/2018						08/2026						7,500						7,459						7,066
																																																55,040						52,138						3.91		%
IG Intermediateco LLC
Infogain Corporation
Business Services						First lien (2)(15)						SOFR(M)						5.50%						10.96%						07/2021						07/2028						18,707						18,605						18,707
						First lien (8)(15)						SOFR(M)						5.50%						10.96%						07/2022						07/2028						7,844						7,781						7,844
						Subordinated (3)(15)						SOFR(Q)						8.25%						13.70%						07/2022						07/2029						17,245						17,060						17,245
																																																43,446						43,796						3.29		%
iCIMS, Inc.
Software						First lien (8)(15)						SOFR(Q)*						3.88%/PIK + 3.38%						12.62%						08/2022						08/2028						30,783						30,569						31,008
						First lien (2)(15)						SOFR(Q)						7.25%						12.62%						10/2022						08/2028						7,366						7,311						7,440
						First lien (2)(15)						SOFR(Q)*						3.88%/PIK + 3.38%						12.62%						09/2023						08/2028						4,772						4,726						4,807
						First lien (3)(15)(18) - Drawn						SOFR(Q)						6.75%						12.10%						08/2022						08/2028						471						467						471
																																																43,073						43,726						3.28		%
Deca Dental Holdings LLC
Healthcare						First lien (2)(15)						SOFR(Q)						5.75%						11.20%						08/2021						08/2028						37,477						37,204						36,791
						First lien (3)(15)						SOFR(Q)						5.75%						11.20%						08/2021						08/2028						3,945						3,915						3,873
						First lien (3)(15)(18) - Drawn						SOFR(Q)						5.75%						11.20%						08/2021						08/2027						2,623						2,597						2,576
																																																43,716						43,240						3.25		%
MRI Software LLC
Software						First lien (5)(15)						SOFR(Q)						5.50%						10.95%						01/2020						02/2027						21,655						21,610						21,598
						First lien (3)(15)						SOFR(Q)						5.50%						10.95%						03/2021						02/2027						7,670						7,655						7,650
						First lien (2)(15)						SOFR(Q)						5.50%						10.95%						03/2021						02/2027						4,568						4,561						4,557
						First lien (2)(15)						SOFR(Q)						5.50%						10.95%						01/2020						02/2027						3,140						3,133						3,132
						First lien (3)(15)						SOFR(Q)						5.50%						10.95%						01/2020						02/2027						801						799						800
																																																37,758						37,737						2.83		%

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

39

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Table of Contents

New Mountain Finance Corporation

 

Consolidated Schedule of Investments (Continued)

 December 31, 2023

(in thousands, except shares)

Portfolio Company, Location and Industry(1)						Type of Investment						Reference						Spread						Total Coupon (19)						Acquisition Date						Maturity/Expiration Date						Principal Amount, Par Value or Shares (17)						Cost						Fair Value						Percent of Net Assets
WEG Sub Intermediate Holdings, LLC
Wealth Enhancement Group, LLC
Financial Services						First lien (2)(15)						SOFR(Q)						5.75%						11.11%						08/2021						10/2027						$	18,758					$	18,715					$	18,758
						First lien (2)(15)(18) - Drawn						SOFR(Q)						5.75%						11.20%						05/2022						10/2027						13,336						13,307						13,336
						First lien (2)(15)						SOFR(Q)						5.75%						11.23%						01/2022						10/2027						1,241						1,232						1,241
						First lien (2)(15)						SOFR(Q)						5.75%						11.23%						01/2022						10/2027						832						826						832
						Subordinated (3)(15)						FIXED(Q)*						15.00%/PIK						15.00%						05/2023						05/2033						3,513						3,464						3,459
																																																37,544						37,626						2.83		%
Recorded Future, Inc.
Software						First lien (8)(15)						SOFR(M)						5.25%						10.71%						08/2019						07/2025						24,220						24,147						24,220
						First lien (2)(15)						SOFR(M)						5.25%						10.71%						03/2021						07/2025						12,524						12,484						12,524
																																																36,631						36,744						2.76		%
Auctane Inc. (fka Stamps.com Inc.)
Software						First lien (8)(15)						SOFR(Q)						5.75%						11.23%						10/2021						10/2028						21,847						21,684						21,473
						First lien (2)(15)						SOFR(Q)						5.75%						11.23%						10/2021						10/2028						14,774						14,664						14,522
																																																36,348						35,995						2.70		%
OEC Holdco, LLC (21)
OEConnection LLC
Software						Second lien (2)(15)						SOFR(M)						7.00%						12.46%						12/2021						09/2027						23,406						23,239						23,406
						Second lien (2)(15)						SOFR(M)						7.00%						12.46%						09/2019						09/2027						12,044						11,977						12,044
																																																35,216						35,450						2.66		%
Foreside Financial Group, LLC
Business Services						First lien (2)(15)						SOFR(Q)						5.50%						11.04%						05/2022						09/2027						33,698						33,444						33,698
						First lien (3)(15)(18) - Drawn						SOFR(Q)						5.50%						11.02%						05/2022						09/2027						1,006						996						1,006
						First lien (3)(15)						SOFR(Q)						5.50%						11.04%						05/2022						09/2027						347						344						347
																																																34,784						35,051						2.63		%
KAMC Holdings, Inc.
Business Services						Second lien (2)(15)						SOFR(Q)						8.00%						13.63%						08/2019						08/2027						18,750						18,673						17,079
						Second lien (8)(15)						SOFR(Q)						8.00%						13.63%						08/2019						08/2027						18,750						18,673						17,079
																																																37,346						34,158						2.56		%
IG Investments Holdings, LLC
Business Services						First lien (2)(15)						SOFR(Q)						6.00%						11.48%						09/2021						09/2028						28,839						28,625						28,839
						First lien (2)(15)						SOFR(Q)						6.00%						11.48%						02/2022						09/2028						4,214						4,197						4,214
																																																32,822						33,053						2.48		%

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

40

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Table of Contents

New Mountain Finance Corporation

 

Consolidated Schedule of Investments (Continued)

 December 31, 2023

(in thousands, except shares)

Portfolio Company, Location and Industry(1)						Type of Investment						Reference						Spread						Total Coupon (19)						Acquisition Date						Maturity/Expiration Date						Principal Amount, Par Value or Shares (17)						Cost						Fair Value						Percent of Net Assets
Granicus, Inc.
Software						First lien (4)(15)						SOFR(Q)*						5.50% + 1.50%/PIK						12.48%						01/2021						01/2027						$	15,463					$	15,396					$	15,463
						First lien (8)(15)						SOFR(Q)*						5.50% + 1.50%/PIK						12.48%						01/2021						01/2027						5,981						5,954						5,981
						First lien (2)(15)						SOFR(Q)*						5.50% + 1.50%/PIK						12.48%						01/2021						01/2027						5,899						5,874						5,899
						First lien (2)(15)						SOFR(Q)						6.00%						11.48%						04/2021						01/2027						4,542						4,511						4,542
						First lien (3)(15)(18) - Drawn						SOFR(M)						6.50%						11.96%						01/2021						01/2027						579						575						579
																																																32,310						32,464						2.44		%
TigerConnect, Inc.
Healthcare						First lien (8)(15)						SOFR(Q)*						3.38% + 3.38%/PIK						12.28%						02/2022						02/2028						29,868						29,644						29,614
						First lien (2)(15)(18) - Drawn						SOFR(Q)*						3.38% + 3.38%/PIK						12.28%						02/2022						02/2028						1,354						1,354						1,343
																																																30,998						30,957						2.32		%
Diamond Parent Holdings Corp. (27)
Diligent Corporation
Software						First lien (2)(15)						SOFR(Q)						5.75%						11.28%						03/2021						08/2025						17,404						17,369						16,998
						First lien (3)(15)						SOFR(Q)						6.25%						11.78%						12/2018						08/2025						5,768						5,755						5,654
						First lien (2)(15)						SOFR(Q)						5.75%						11.28%						03/2021						08/2025						5,679						5,667						5,546
						First lien (3)(15)(18) - Drawn						SOFR(Q)						6.25%						11.76%						03/2021						08/2025						1,957						1,947						1,919
																																																30,738						30,117						2.26		%
OA Topco, L.P. (31)
OA Buyer, Inc.
Healthcare						First lien (2)(15)						SOFR(M)						5.50%						10.86%						12/2021						12/2028						27,707						27,493						27,707
						First lien (2)(15)						SOFR(M)						5.50%						10.86%						05/2022						12/2028						1,754						1,740						1,754
																																																29,233						29,461						2.21		%
NMC Crimson Holdings, Inc.
Healthcare						First lien (8)(15)						SOFR(Q)						6.09%						11.64%						03/2021						03/2028						19,259						19,067						19,133
						First lien (3)(15)(18) - Drawn						SOFR(Q)						6.09%						11.62%						03/2021						03/2028						5,012						4,992						4,979
						First lien (2)(15)						SOFR(Q)						6.09%						11.64%						03/2021						03/2028						4,913						4,864						4,881
																																																28,923						28,993						2.18		%
Foundational Education Group, Inc.
Education						Second lien (5)(15)						SOFR(Q)						6.50%						12.14%						08/2021						08/2029						22,500						22,412						22,100
						Second lien (2)(15)						SOFR(Q)						6.50%						12.14%						08/2021						08/2029						7,009						6,989						6,884
																																																29,401						28,984						2.18		%

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

41

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Table of Contents

New Mountain Finance Corporation

 

Consolidated Schedule of Investments (Continued)

 December 31, 2023

(in thousands, except shares)

Portfolio Company, Location and Industry(1)						Type of Investment						Reference						Spread						Total Coupon (19)						Acquisition Date						Maturity/Expiration Date						Principal Amount, Par Value or Shares (17)						Cost						Fair Value						Percent of Net Assets
Fortis Solutions Group, LLC
Packaging						First lien (2)(15)						SOFR(Q)						5.50%						10.95%						10/2021						10/2028						$	17,353					$	17,219					$	17,243
						First lien (8)(15)						SOFR(Q)						5.50%						10.95%						10/2021						10/2028						10,092						10,017						10,028
						First lien (3)(15)						SOFR(Q)						5.50%						10.95%						10/2021						10/2028						1,178						1,168						1,171
						First lien (3)(15)(18) - Drawn						SOFR(Q)						5.50%						10.95%						10/2021						10/2027						143						142						142
						First lien (3)(15)(18) - Drawn						SOFR(Q)						5.50%						10.98%						06/2022						10/2028						138						137						138
						First lien (3)(15)						SOFR(Q)						5.50%						10.95%						10/2021						10/2028						80						80						80
																																																28,763						28,802						2.16		%
PetVet Care Centers, LLC
Consumer Services						First lien (2)						SOFR(M)						6.00%						11.36%						10/2023						11/2030						28,430						28,148						28,439						2.14		%
Syndigo LLC
Software						Second lien (4)(15)						SOFR(M)						8.00%						13.48%						12/2020						12/2028						22,500						22,379						22,500
						Second lien (2)(15)						SOFR(M)						8.00%						13.48%						02/2022						12/2028						5,697						5,708						5,697
																																																28,087						28,197						2.12		%
ACI Parent Inc. (28)
ACI Group Holdings, Inc.
Healthcare						First lien (2)(15)						SOFR(M)						5.50%						10.96%						08/2021						08/2028						22,025						21,868						21,498
						First lien (3)(15)						SOFR(M)						5.50%						10.96%						08/2021						08/2028						3,904						3,871						3,810
						First lien (3)(15)(18) - Drawn						SOFR(M)						5.50%						10.96%						08/2021						08/2028						1,397						1,384						1,364
						First lien (3)(15)(18) - Drawn						SOFR(M)						5.50%						10.96%						08/2021						08/2027						353						350						345
																																																27,473						27,017						2.03		%
CRCI Longhorn Holdings, Inc.
Business Services						Second lien (3)(15)						SOFR(M)						7.25%						12.71%						08/2018						08/2026						18,266						18,237						18,184
						Second lien (8)(15)						SOFR(M)						7.25%						12.71%						08/2018						08/2026						7,500						7,488						7,467
																																																25,725						25,651						1.93		%
Idera, Inc.
Software						Second lien (4)(15)						SOFR(Q)						6.75%						12.28%						06/2019						03/2029						22,500						22,273						22,500
						Second lien (3)(15)						SOFR(Q)						6.75%						12.28%						04/2021						03/2029						3,000						2,989						3,000
																																																25,262						25,500						1.91		%
AmeriVet Partners Management, Inc.
Consumer Services						First lien (2)(15)						SOFR(Q)						5.50%						11.00%						02/2022						02/2028						19,159						19,089						19,159
						First lien (2)(15)						SOFR(Q)						5.50%						11.00%						02/2022						02/2028						5,331						5,308						5,331
						First lien (3)(15)(18) - Drawn						SOFR(Q)						5.50%						11.00%						02/2022						02/2028						700						697						700
																																																25,094						25,190						1.89		%

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

42

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Table of Contents

New Mountain Finance Corporation

 

Consolidated Schedule of Investments (Continued)

 December 31, 2023

(in thousands, except shares)

Portfolio Company, Location and Industry(1)						Type of Investment						Reference						Spread						Total Coupon (19)						Acquisition Date						Maturity/Expiration Date						Principal Amount, Par Value or Shares (17)						Cost						Fair Value						Percent of Net Assets
DOCS, MSO, LLC
Healthcare						First lien (8)(15)						SOFR(M)						5.75%						11.20%						06/2022						06/2028						$	18,572					$	18,572					$	18,238
						First lien (4)(15)						SOFR(M)						5.75%						11.20%						06/2022						06/2028						6,955						6,955						6,830
																																																25,527						25,068						1.88		%
HS Purchaser, LLC / Help/Systems Holdings, Inc.
Software						Second lien (5)(15)						SOFR(S)						6.75%						12.35%						11/2019						11/2027						22,500						22,429						21,059
						Second lien (2)(15)						SOFR(S)						6.75%						12.35%						11/2019						11/2027						4,208						4,184						3,938
																																																26,613						24,997						1.88		%
Xactly Corporation
Software						First lien (4)(15)						SOFR(Q)						7.25%						12.74%						07/2017						07/2025						22,500						22,472						22,500						1.69		%
Sierra Enterprises, LLC
Food & Beverage						First lien (3)						SOFR(Q)*						4.25%/PIK + 2.50%						12.13%						06/2023						05/2027						23,780						20,370						22,055						1.66		%
FS WhiteWater Holdings, LLC (29)
FS WhiteWater Borrower, LLC
Consumer Services						First lien (5)(15)						SOFR(Q)						5.75%						11.25%						12/2021						12/2027						10,290						10,217						10,125
						First lien (3)(15)(18) - Drawn						SOFR(Q)						6.00%						11.52%						07/2022						12/2027						4,503						4,462						4,466
						First lien (5)(15)						SOFR(Q)						5.75%						11.28%						12/2021						12/2027						3,454						3,427						3,398
						First lien (5)(15)						SOFR(Q)						5.75%						11.25%						12/2021						12/2027						3,432						3,407						3,378
						First lien (3)(15)(18) - Drawn						SOFR(M)						5.75%						11.26%						12/2021						12/2027						315						312						310
																																																21,825						21,677						1.63		%
Bullhorn, Inc.
Software						First lien (2)(15)						SOFR(M)						5.50%						10.96%						09/2019						09/2026						16,487						16,432						16,487
						First lien (2)(15)						SOFR(M)						5.50%						10.96%						10/2021						09/2026						3,407						3,401						3,407
						First lien (2)(15)						SOFR(M)						5.50%						10.96%						09/2019						09/2026						763						760						763
						First lien (2)(15)						SOFR(M)						5.50%						10.96%						09/2019						09/2026						342						341						342
						First lien (2)(15)						SOFR(M)						5.50%						10.96%						09/2019						09/2026						273						272						273
																																																21,206						21,272						1.60		%
YLG Holdings, Inc.
Business Services						First lien (5)(15)						SOFR(Q)						5.00%						10.48%						11/2019						10/2025						17,677						17,646						17,676
						First lien (5)(15)						SOFR(Q)						5.00%						10.48%						11/2019						10/2025						2,302						2,298						2,301
						First lien (5)(15)(18) - Drawn						SOFR(Q)						5.00%						10.48%						10/2021						10/2025						1,204						1,196						1,204
						First lien (5)(15)(18) - Drawn						SOFR(Q)						5.50%						10.99%						10/2021						10/2025						80						80						80
																																																21,220						21,261						1.60		%
TMK Hawk Parent, Corp.
Distribution & Logistics						First lien (2)(15)						SOFR(Q)						3.50%						9.14%						06/2019						08/2024						16,227						15,852						9,736
						First lien (8)(15)						SOFR(Q)						3.50%						9.14%						10/2019						08/2024						15,651						15,190						9,392
						First lien (2)						SOFR(M)						9.50%						14.98%						12/2023						05/2024						1,033						1,033						1,033
						First lien (8)						SOFR(M)						9.50%						14.98%						12/2023						05/2024						996						996						996
																																																33,071						21,157						1.59		%

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

43

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Table of Contents

New Mountain Finance Corporation

 

Consolidated Schedule of Investments (Continued)

 December 31, 2023

(in thousands, except shares)

Portfolio Company, Location and Industry(1)						Type of Investment						Reference						Spread						Total Coupon (19)						Acquisition Date						Maturity/Expiration Date						Principal Amount, Par Value or Shares (17)						Cost						Fair Value						Percent of Net Assets
AAC Lender Holdings, LLC (26)
American Achievement Corporation (aka AAC Holding Corp.)
Education						First lien (2)(15)						SOFR(M)(34)*						5.75%/PIK + 0.50%						11.69%						09/2015						09/2026						$	29,879					$	29,842					$	20,586
						First lien (3)(15)						SOFR(M)(34)*						13.50%/PIK + 0.50%						19.44%						06/2021						09/2026						1,527						1,527						—
						Subordinated (3)(15)						SOFR(Q)(34)*						1.00%/PIK						7.54%						03/2021						09/2026						5,230						—						—
																																																31,369						20,586						1.55		%
MED Parentco, LP
Healthcare						Second lien (8)(15)						SOFR(M)						8.25%						13.72%						08/2019						08/2027						20,857						20,769						20,119						1.51		%
Brave Parent Holdings, Inc.
Software						First lien (5)(15)						SOFR(M)						5.00%						10.36%						11/2023						11/2030						20,171						20,071						20,070						1.51		%
Cardinal Parent, Inc.
Software						First lien (4)						SOFR(Q)						4.50%						10.00%						10/2020						11/2027						11,852						11,798						10,919
						Second lien (4)(15)						SOFR(Q)						7.75%						13.25%						11/2020						11/2028						9,767						9,698						8,975
																																																21,496						19,894						1.49		%
Convey Health Solutions, Inc.
Healthcare						First lien (4)(15)						SOFR(Q)						5.25%						10.70%						09/2019						09/2026						19,022						18,928						16,768
						First lien (4)(15)						SOFR(Q)						5.25%						10.70%						02/2022						09/2026						3,176						3,146						2,800
																																																22,074						19,568						1.47		%
Trinity Air Consultants Holdings Corporation
Business Services						First lien (2)(15)						SOFR(S)						5.75%						11.29%						06/2021						06/2027						15,382						15,283						15,382
						First lien (2)(15)(18) - Drawn						SOFR(S)						5.75%						11.18%						06/2021						06/2027						4,070						4,038						4,070
																																																19,321						19,452						1.46		%
Groundworks, LLC
Consumer Services						First lien (4)(15)						SOFR(Q)						6.50%						11.90%						03/2023						03/2030						19,517						19,245						19,330						1.45		%
Notorious Topco, LLC
Consumer Products						First lien (8)(15)						SOFR(Q)						6.75%						12.28%						11/2021						11/2027						9,950						9,896						9,215
						First lien (8)(15)						SOFR(Q)						6.75%						12.28%						05/2022						11/2027						9,825						9,769						9,100
						First lien (3)(15)(18) - Drawn						SOFR(Q)						6.75%						12.28%						11/2021						11/2027						867						858						803
						First lien (3)(15)(18) - Drawn						SOFR(Q)						6.75%						12.28%						11/2021						05/2027						59						59						55
																																																20,582						19,173						1.44		%

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

44

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Table of Contents

New Mountain Finance Corporation

 

Consolidated Schedule of Investments (Continued)

 December 31, 2023

(in thousands, except shares)

Portfolio Company, Location and Industry(1)						Type of Investment						Reference						Spread						Total Coupon (19)						Acquisition Date						Maturity/Expiration Date						Principal Amount, Par Value or Shares (17)						Cost						Fair Value						Percent of Net Assets
Pioneer Topco I, L.P. (30)
Pioneer Buyer I, LLC
Software						First lien (8)(15)						SOFR(Q)*						7.00%/PIK						12.35%						11/2021						11/2028						$	16,802					$	16,700					$	16,802
						First lien (8)(15)						SOFR(Q)*						7.00%/PIK						12.35%						03/2022						11/2028						2,303						2,287						2,303
																																																18,987						19,105						1.43		%
DG Investment Intermediate Holdings 2, Inc.
Business Services						Second lien (3)						SOFR(M)						6.75%						12.22%						03/2021						03/2029						20,313						20,275						18,333						1.38		%
Power Grid Holdings, Inc.
Business Products						First lien (4)(15)						SOFR(Q)						4.75%						10.14%						11/2023						12/2030						18,193						18,013						18,011
						First lien (3)(15)(18) - Drawn						SOFR(Q)						4.75%						10.12%						11/2023						12/2030						214						212						212
																																																18,225						18,223						1.37		%
Avalara, Inc.
Software						First lien (8)(15)						SOFR(Q)						7.25%						12.60%						10/2022						10/2028						17,198						17,015						17,198						1.29		%
Coyote Buyer, LLC
Specialty Chemicals & Materials						First lien (5)						SOFR(Q)						6.00%						11.53%						03/2020						02/2026						13,653						13,625						13,653
						First lien (5)						SOFR(Q)						8.00%						13.54%						10/2020						08/2026						2,457						2,445						2,457
																																																16,070						16,110						1.21		%
Oranje Holdco, Inc.
Education						First lien (8)(15)						SOFR(Q)						7.50%						12.88%						02/2023						02/2029						7,440						7,357						7,440
						First lien (2)(15)						SOFR(Q)						7.50%						12.88%						02/2023						02/2029						7,440						7,357						7,440
																																																14,714						14,880						1.12		%
EAB Global, Inc.
Education						Second lien (2)(15)						SOFR(M)						6.50%						11.97%						08/2021						08/2029						14,868						14,695						14,868						1.12		%
Kele Holdco, Inc.
Distribution & Logistics						First lien (5)(15)						SOFR(M)						5.25%						10.71%						02/2020						02/2026						14,796						14,767						14,796						1.11		%
Coupa Holdings, LLC
Software						First lien (2)(15)						SOFR(M)						7.50%						12.86%						02/2023						02/2030						7,230						7,147						7,303
						First lien (8)(15)						SOFR(M)						7.50%						12.86%						02/2023						02/2030						7,230						7,147						7,303
																																																14,294						14,606						1.10		%
Daxko Acquisition Corporation
Software						First lien (8)(15)						SOFR(M)						5.50%						10.96%						10/2021						10/2028						13,011						12,914						13,011
						First lien (2)(15)						SOFR(M)						5.50%						10.96%						10/2021						10/2028						1,096						1,088						1,096
						First lien (3)(15)(18) - Drawn						SOFR(M)						5.50%						10.96%						10/2021						10/2028						66						65						66
						First lien (3)(15)(18) - Drawn						P(Q)						4.50%						13.00%						10/2021						10/2027						66						65						66
																																																14,132						14,239						1.07		%

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

45

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Table of Contents

New Mountain Finance Corporation

 

Consolidated Schedule of Investments (Continued)

 December 31, 2023

(in thousands, except shares)

Portfolio Company, Location and Industry(1)						Type of Investment						Reference						Spread						Total Coupon (19)						Acquisition Date						Maturity/Expiration Date						Principal Amount, Par Value or Shares (17)						Cost						Fair Value						Percent of Net Assets
IMO Investor Holdings, Inc.
Healthcare						First lien (2)(15)						SOFR(Q)						6.00%						11.40%						05/2022						05/2029						$	12,844					$	12,739					$	12,742
						First lien (3)(15)(18) - Drawn						SOFR(S)						6.00%						11.39%						05/2022						05/2029						1,139						1,128						1,130
						First lien (3)(15)(18) - Drawn						SOFR(S)						6.00%						11.42%						05/2022						05/2028						62						61						61
																																																13,928						13,933						1.05		%
Alegeus Technologies Holdings Corp.
Healthcare						First lien (8)(15)						SOFR(S)						8.25%						13.75%						09/2018						09/2024						13,444						13,433						13,444						1.01		%
Calabrio, Inc.
Software						First lien (5)						SOFR(M)						7.13%						12.48%						04/2021						04/2027						12,347						12,290						12,224
						First lien (3)(18) - Drawn						SOFR(M)						7.13%						12.48%						04/2021						04/2027						850						843						841
																																																13,133						13,065						0.98		%
USRP Holdings, Inc.
Business Services						First lien (2)(15)						SOFR(S)						5.75%						11.18%						07/2021						07/2027						11,226						11,152						11,226
						First lien (3)(15)						SOFR(S)						5.75%						11.18%						07/2021						07/2027						1,462						1,451						1,462
																																																12,603						12,688						0.95		%
CFS Management, LLC
Healthcare						First lien (2)(15)						SOFR(Q)*						6.25% + 0.75%/PIK						12.61%						08/2019						07/2024						11,188						11,181						9,775
						First lien (2)(15)						SOFR(Q)*						6.25% + 0.75%/PIK						12.61%						08/2019						07/2024						3,333						3,330						2,912
																																																14,511						12,687						0.95		%
CHA Holdings, Inc.
Business Services						Second lien (4)(15)						SOFR(M)						8.75%						14.22%						04/2018						04/2026						7,012						6,985						7,012
						Second lien (3)(15)						SOFR(M)						8.75%						14.22%						04/2018						04/2026						4,453						4,436						4,454
																																																11,421						11,466						0.86		%
Anaplan, Inc.
Software						First lien (2)(15)						SOFR(Q)						6.50%						11.85%						06/2022						06/2029						10,618						10,535						10,618						0.80		%
Specialtycare, Inc.
Healthcare						First lien (2)(15)						SOFR(Q)						5.75%						11.41%						06/2021						06/2028						10,352						10,253						9,938
						First lien (3)(15)(18) - Drawn						SOFR(M)						4.00%						9.46%						06/2021						06/2026						78						77						76
						First lien (3)(15)						SOFR(Q)						5.75%						11.41%						06/2021						06/2028						78						76						76
																																																10,406						10,090						0.76		%
Quartz Holding Company
Software						Second lien (3)(15)						SOFR(M)						8.00%						13.46%						04/2019						04/2027						10,000						9,900						10,000						0.75		%

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

46

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Table of Contents

New Mountain Finance Corporation

 

Consolidated Schedule of Investments (Continued)

 December 31, 2023

(in thousands, except shares)

Portfolio Company, Location and Industry(1)						Type of Investment						Reference						Spread						Total Coupon (19)						Acquisition Date						Maturity/Expiration Date						Principal Amount, Par Value or Shares (17)						Cost						Fair Value						Percent of Net Assets
CG Group Holdings, LLC
Specialty Chemicals & Materials						First lien (2)(15)						SOFR(Q)*						6.75% + 2.00%/PIK						14.10%						07/2021						07/2027						$	8,403					$	8,342					$	8,039
						First lien (3)(15)(18) - Drawn						SOFR(M)*						6.75% + 2.00%/PIK						14.11%						07/2021						07/2026						935						925						894
																																																9,267						8,933						0.67		%
KPSKY Acquisition Inc.
Business Services						First lien (8)(15)						SOFR(Q)						5.25%						10.73%						10/2021						10/2028						6,898						6,846						6,763
						First lien (2)(15)(18) - Drawn						SOFR(Q)						5.25%						10.73%						06/2022						10/2028						1,160						1,150						1,138
						First lien (2)(15)						SOFR(Q)						5.25%						10.76%						10/2021						10/2028						790						784						774
						First lien (3)(15)(18) - Drawn						SOFR(Q)						5.75%						11.23%						11/2023						10/2028						19						19						19
																																																8,799						8,694						0.65		%
Ncontracts, LLC
Software						First lien (2)						SOFR(S)						6.50%						11.80%						12/2023						12/2029						8,372						8,268						8,267						0.62		%
Virtusa Corporation
Business Services						Subordinated (3)						FIXED(S)						7.13%						7.13%						10/2022						12/2028						9,401						7,565						8,077						0.61		%
PPVA Black Elk (Equity) LLC
Business Services						Subordinated (3)(15)						SOFR(Q)						—						—						05/2013						—						14,500						14,500						7,975						0.60		%
TRC Companies L.L.C. (fka Energize Holdco LLC)
Business Services						Second lien (2)(15)						SOFR(M)						6.75%						12.22%						11/2021						12/2029						7,950						7,918						7,711						0.58		%
DS Admiral Bidco, LLC
Software						First lien (2)(15)						SOFR(Q)						7.00%						12.35%						12/2022						03/2028						7,472						7,377						7,564						0.57		%
PPV Intermediate Holdings, LLC
Consumer Services						First lien (4)(15)						SOFR(Q)						5.75%						11.14%						08/2022						08/2029						7,514						7,449						7,514						0.56		%
Safety Borrower Holdings LLC
Software						First lien (2)(15)						SOFR(M)						5.25%						10.87%						09/2021						09/2027						6,904						6,881						6,904
						First lien (3)(15)(18) - Drawn						P(Q)						4.25%						12.75%						09/2021						09/2027						384						382						384
																																																7,263						7,288						0.55		%
Transcendia Holdings, Inc.
Packaging						Second lien (8)(15)						L(Q)(34)						8.00%						13.61%						06/2017						05/2025						14,500						14,445						7,250						0.54		%
Community Brands ParentCo, LLC
Software						First lien (2)(15)						SOFR(M)						5.50%						10.96%						02/2022						02/2028						7,091						7,037						6,899						0.52		%
Sun Acquirer Corp.
Consumer Services						First lien (2)(15)						SOFR(M)						5.75%						11.22%						09/2021						09/2028						3,945						3,919						3,878
						First lien (2)(15)						SOFR(M)						5.75%						11.22%						09/2021						09/2028						2,788						2,757						2,740
						First lien (3)(15)(18) - Drawn						SOFR(M)						5.75%						11.22%						09/2021						09/2027						112						113						110
																																																6,789						6,728						0.51		%

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

47

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Table of Contents

New Mountain Finance Corporation

 

Consolidated Schedule of Investments (Continued)

 December 31, 2023

(in thousands, except shares)

Portfolio Company, Location and Industry(1)						Type of Investment						Reference						Spread						Total Coupon (19)						Acquisition Date						Maturity/Expiration Date						Principal Amount, Par Value or Shares (17)						Cost						Fair Value						Percent of Net Assets
Houghton Mifflin Harcourt Company
Education						First lien (8)						SOFR(M)						5.25%						10.71%						10/2023						04/2029						$	6,822					$	6,430					$	6,704					0.50		%
Greenway Health, LLC
Healthcare						First lien (8)						SOFR(S)						6.75%						11.93%						12/2023						04/2029						6,349						6,254						6,254						0.47		%
Appriss Health Holdings, Inc. (22)
Appriss Health, LLC
Healthcare						First lien (8)(15)						SOFR(Q)						6.75%						12.32%						05/2021						05/2027						6,188						6,150						6,188						0.46		%
Pye-Barker Fire & Safety, LLC
Business Services						First lien (2)(15)						SOFR(Q)						5.50%						11.00%						11/2021						11/2027						5,109						5,071						5,109						0.38		%
Healthspan Buyer, LLC
Healthcare						First lien (8)(15)						SOFR(Q)						5.75%						11.10%						10/2023						10/2030						5,120						5,070						5,069						0.38		%
Cube Industrials Buyer, Inc.
Business Products						First lien (3)(15)						SOFR(Q)						6.00%						11.40%						10/2023						10/2030						4,483						4,450						4,450						0.33		%
CommerceHub, Inc.
Software						First lien (3)(15)						SOFR(Q)						6.25%						11.79%						06/2023						12/2027						3,960						3,564						3,960						0.30		%
Project Power Buyer, LLC
Software						First lien (2)(15)						SOFR(Q)						7.00%						12.35%						01/2023						05/2026						3,553						3,513						3,553						0.27		%
Next Holdco, LLC
Healthcare						First lien (2)(15)						SOFR(M)						6.00%						11.37%						11/2023						11/2030						3,520						3,494						3,494						0.26		%
DCA Investment Holding, LLC
Healthcare						First lien (2)(15)						SOFR(Q)						6.41%						11.75%						03/2021						04/2028						1,823						1,815						1,768
						First lien (3)(15)(18) - Drawn						SOFR(Q)						6.50%						11.85%						12/2022						04/2028						1,021						1,007						992
																																																2,822						2,760						0.21		%
New Trojan Parent, Inc.
Healthcare						Second lien (2)(15)						SOFR(M)						7.25%						12.72%						01/2021						01/2029						26,762						26,663						1,421						0.11		%
PPVA Fund, L.P.
Business Services						Collateralized Financing (34)(35)						—						—						—						11/2014						—						—						—						—						—		%
Total Funded Debt Investments - United States																																																$	1,992,317					$	1,917,817					144.02		%
Funded Debt Investments - United Kingdom
Aston FinCo S.a r.l. / Aston US Finco, LLC**
Software						Second lien (8)(15)						SOFR(M)						8.25%						13.72%						10/2019						10/2027						$	34,459					$	34,301					$	34,458					2.59		%
Integro Parent Inc.**
Business Services						First lien (2)(15)						SOFR(Q)*						12.25%/PIK						17.60%						10/2015						10/2024						4,086						4,085						4,086
						First lien (3)(15)						SOFR(Q)*						12.25%/PIK						17.60%						06/2018						10/2024						807						805						807
						Second lien (3)(15)						SOFR(Q)*						12.25%/PIK						17.60%						10/2015						10/2024						13,657						12,888						13,231
																																																17,778						18,124						1.36		%
Total Funded Debt Investments - United Kingdom																																																$	52,079					$	52,582					3.95		%

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

48

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Table of Contents

New Mountain Finance Corporation

 

Consolidated Schedule of Investments (Continued)

 December 31, 2023

(in thousands, except shares)

Portfolio Company, Location and Industry(1)						Type of Investment						Reference						Spread						Total Coupon (19)						Acquisition Date						Maturity/Expiration Date						Principal Amount, Par Value or Shares (17)						Cost						Fair Value						Percent of Net Assets
Funded Debt Investments - Jersey
Tennessee Bidco Limited **
Business Services						First lien (3)(15)(16)						SONIA(D)*						5.00% +2.50% /PIK						12.96%						08/2021						08/2028						£	13,039					$	17,864					$	16,600
						First lien (3)(15)(16)						SONIA(D)*						5.00% +2.50% /PIK						12.96%						08/2021						08/2028						£	10,734					13,407						13,664
						First lien (3)(15)						SOFR(S)*						5.00% +2.50% /PIK						13.03%						08/2021						08/2028						$	10,312					10,200						10,312
						First lien (3)(15)						SOFR(S)*						5.00% +2.50% /PIK						12.90%						08/2021						08/2028						$	6,373					6,300						6,373
						First lien (3)(15)(16)						EURIBOR(S)*						5.00% +2.50% /PIK						11.47%						08/2021						08/2028						€	716					726						791
																																																48,497						47,740						3.58		%
Total Funded Debt Investments - Jersey																																																$	48,497					$	47,740					3.58		%
Funded Debt Investments - Australia
Atlas AU Bidco Pty Ltd**
Business Services						First lien (2)(15)						SOFR(M)						7.25%						12.61%						12/2022						12/2029						$	3,454					$	3,407					$	3,454
						First lien (2)						SOFR(M)						6.75%						12.11%						12/2023						12/2029						1,345						1,332						1,332
																																																4,739						4,786						0.36		%
Total Funded Debt Investments - Australia																																																$	4,739					$	4,786					0.36		%
Total Funded Debt Investments																																																$	2,097,632					$	2,022,925					151.91		%
Equity - United States
Dealer Tire Holdings, LLC
Distribution & Logistics						Preferred shares (3)(15)						FIXED(S)*						7.00%/PIK						7.00%						09/2021						—						56,271						$	70,383					$	74,768					5.61		%
Symplr Software Intermediate Holdings, Inc.
Healthcare						Preferred shares (4)(15)						SOFR(Q)*						10.50%/PIK						16.03%						11/2018						—						7,500						13,999						13,807
						Preferred shares (3)(15)						SOFR(Q)*						10.50%/PIK						16.03%						11/2018						—						2,586						4,826						4,759
																																																18,825						18,566						1.39		%
Knockout Intermediate Holdings I Inc. (32)
Software						Preferred shares (3)(15)						FIXED(S)*						11.75%/PIK						11.75%						06/2022						—						15,150						16,837						17,019						1.28		%
ACI Parent Inc. (28)
Healthcare						Preferred shares (3)(15)						FIXED(Q)*						11.75%/PIK						11.75%						08/2021						—						12,500						16,414						15,040						1.13		%
Project Essential Super Parent, Inc.
Software						Preferred shares (3)(15)						SOFR(Q)*						9.50%/PIK						14.85%						04/2021						—						10,000						13,754						12,382						0.93		%
Diamond Parent Holdings Corp. (27)
Diligent Preferred Issuer, Inc.
Software						Preferred shares (3)(15)						FIXED(S)*						10.50%/PIK						10.50%						04/2021						—						10,000						12,771						12,162						0.91		%

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

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New Mountain Finance Corporation

 

Consolidated Schedule of Investments (Continued)

 December 31, 2023

(in thousands, except shares)

Portfolio Company, Location and Industry(1)						Type of Investment						Reference						Spread						Total Coupon (19)						Acquisition Date						Maturity/Expiration Date						Principal Amount, Par Value or Shares (17)						Cost						Fair Value						Percent of Net Assets
OEC Holdco, LLC (21)
Software						Preferred shares (12)(15)						FIXED(S)*						11.00%/PIK						11.00%						12/2021						—						7,214						$	8,431					$	8,115					0.61		%
HB Wealth Management, LLC
Financial Services						Preferred shares (11)(15)						FIXED(Q)*						4.00%/PIK						4.00%						09/2021						—						48,303						4,777						5,125						0.38		%
FS WhiteWater Holdings, LLC (29)
Consumer Services						Ordinary shares (5)(15)						—						—						—						12/2021						—						50,000						5,000						4,454						0.33		%
OA Topco, L.P. (31)
Healthcare						Ordinary shares (3)(15)						—						—						—						12/2021						—						2,000,000						2,000						3,343						0.25		%
Appriss Health Holdings, Inc. (22)
Appriss Health Intermediate Holdings, Inc.
Healthcare						Preferred shares (3)(15)						FIXED(Q)*						11.00%/PIK						11.00%						05/2021						—						2,333						2,992						2,863						0.21		%
Pioneer Topco I, L.P. (30)
Software						Ordinary shares (13)(15)						—						—						—						11/2021						—						199,980						2,000						1,796						0.13		%
GEDC Equity, LLC
Healthcare						Ordinary shares (3)(15)						—						—						—						06/2023						—						190,000						190						150						0.01		%
Ancora Acquisition LLC
Education						Preferred shares (9)(15)						SOFR(Q)						—						—						08/2013						—						372						83						—						—		%
AAC Lender Holdings, LLC(26)
Education						Ordinary shares (3)(15)						SOFR(Q)						—						—						03/2021						—						758						—						—						—		%
Total Shares - United States																																																$	174,457					$	175,783					13.17		%
Equity - Hong Kong
Bach Special Limited (Bach Preference Limited)**
Education						Preferred shares (3)(15)						FIXED(Q)*						12.25%/PIK						12.25%						09/2017						—						122,712						$	12,189					$	11,742					0.88		%
Total Shares - Hong Kong																																																$	12,189					$	11,742					0.88		%
Total Shares																																																$	186,646					$	187,525					14.05		%
Total Funded Investments																																																$	2,284,278					$	2,210,450					165.96		%
Unfunded Debt Investments - United States
Coupa Holdings, LLC
Software						First lien (3)(15)(18) - Undrawn						—						—						—						02/2023						08/2024						$	1,291					$	—					$	13
						First lien (3)(15)(18) - Undrawn						—						—						—						02/2023						02/2029						989						(12)						—
																																																(12)						13						0.00		%

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

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New Mountain Finance Corporation

 

Consolidated Schedule of Investments (Continued)

 December 31, 2023

(in thousands, except shares)

Portfolio Company, Location and Industry(1)						Type of Investment						Reference						Spread						Total Coupon (19)						Acquisition Date						Maturity/Expiration Date						Principal Amount, Par Value or Shares (17)						Cost						Fair Value						Percent of Net Assets
PetVet Care Centers, LLC
Consumer Services						First lien (3)(18) - Undrawn						—						—						—						10/2023						11/2025						$	3,708					$	—					$	1
						First lien (3)(18) - Undrawn						—						—						—						10/2023						11/2029						3,708						(37)						—
																																																(37)						1						0.00		%
AAC Lender Holdings, LLC (26)
American Achievement Corporation (aka AAC Holding Corp.)
Education						First lien (3)(15)(18) - Undrawn						—						—						—						01/2021						09/2026						2,652						—						—						—		%
Safety Borrower Holdings LLC
Software						First lien (3)(15)(18) - Undrawn						—						—						—						09/2021						09/2027						128						(1)						—						—		%
Project Power Buyer, LLC
Software						First lien (3)(15)(18) - Undrawn						—						—						—						01/2023						05/2025						184						(3)						—						—		%
Appriss Health Holdings, Inc. (22)
Appriss Health, LLC
Healthcare						First lien (3)(15)(18) - Undrawn						—						—						—						05/2021						05/2027						417						(4)						—						—		%
PPV Intermediate Holdings, LLC
Consumer Services						First lien (3)(15)(18) - Undrawn						—						—						—						08/2022						08/2029						486						(5)						—						—		%
Coyote Buyer, LLC
Specialty Chemicals & Materials						First lien (3)(18) - Undrawn						—						—						—						03/2020						02/2025						1,013						(5)						—						—		%
Bullhorn, Inc.
Software						First lien (3)(15)(18) - Undrawn						—						—						—						09/2019						09/2026						852						(6)						—						—		%
Wealth Enhancement Group, LLC
Financial Services						First lien (2)(15)(18) - Undrawn						—						—						—						05/2022						05/2024						2,396						—						—
						First lien (3)(15)(18) - Undrawn						—						—						—						08/2021						10/2027						2,040						(6)						—
																																																(6)						—						—		%
USRP Holdings, Inc.
Business Services						First lien (3)(15)(18) - Undrawn						—						—						—						07/2021						07/2027						893						(9)						—						—		%

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

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New Mountain Finance Corporation

 

Consolidated Schedule of Investments (Continued)

 December 31, 2023

(in thousands, except shares)

Portfolio Company, Location and Industry(1)						Type of Investment						Reference						Spread						Total Coupon (19)						Acquisition Date						Maturity/Expiration Date						Principal Amount, Par Value or Shares (17)						Cost						Fair Value						Percent of Net Assets
Daxko Acquisition Corporation
Software						First lien (3)(15)(18) - Undrawn						—						—						—						10/2021						04/2024						$	459					$	—					$	—
						First lien (3)(15)(18) - Undrawn						—						—						—						10/2021						10/2027						920						(9)						—
																																																(9)						—						—		%
Kele Holdco, Inc.
Distribution & Logistics						First lien (3)(15)(18) - Undrawn						—						—						—						02/2020						02/2026						1,799						(9)						—						—		%
Xactly Corporation
Software						First lien (3)(15)(18) - Undrawn						—						—						—						07/2017						07/2025						992						(10)						—						—		%
AmeriVet Partners Management, Inc.
Consumer Services						First lien (3)(15)(18) - Undrawn						—						—						—						02/2022						02/2028						1,969						(10)						—						—		%
Associations, Inc.
Business Services						First lien (3)(15)(18) - Undrawn						—						—						—						07/2021						07/2027						2,291						(11)						—						—		%
Foreside Financial Group, LLC
Business Services						First lien (3)(15)(18) - Undrawn						—						—						—						05/2022						05/2024						4,557						—						—
						First lien (3)(15)(18) - Undrawn						—						—						—						05/2022						09/2027						1,090						(11)						—
																																																(11)						—						—		%
Granicus, Inc.
Software						First lien (3)(15)(18) - Undrawn						—						—						—						01/2021						01/2027						1,834						(14)						—						—		%
Trinity Air Consultants Holdings Corporation
Business Services						First lien (2)(15)(18) - Undrawn						—						—						—						06/2021						06/2024						1,182						—						—
						First lien (3)(15)(18) - Undrawn						—						—						—						06/2021						06/2027						1,501						(15)						—
																																																(15)						—						—		%
Pye-Barker Fire & Safety, LLC
Business Services						First lien (3)(15)(18) - Undrawn						—						—						—						11/2021						11/2026						1,161						(16)						—						—		%
Recorded Future, Inc.
Software						First lien (3)(15)(18) - Undrawn						—						—						—						08/2019						07/2025						2,981						(20)						—						—		%

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

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New Mountain Finance Corporation

 

Consolidated Schedule of Investments (Continued)

 December 31, 2023

(in thousands, except shares)

Portfolio Company, Location and Industry(1)						Type of Investment						Reference						Spread						Total Coupon (19)						Acquisition Date						Maturity/Expiration Date						Principal Amount, Par Value or Shares (17)						Cost						Fair Value						Percent of Net Assets
YLG Holdings, Inc.
Business Services						First lien (5)(15)(18) - Undrawn						—						—						—						10/2021						12/2024						$	785					$	—					$	—
						First lien (3)(15)(18) - Undrawn						—						—						—						11/2019						10/2025						3,968						(20)						—
																																																(20)						—						—		%
Avalara, Inc.
Software						First lien (3)(15)(18) - Undrawn						—						—						—						10/2022						10/2028						1,720						(21)						—						—		%
iCIMS, Inc.
Software						First lien (8)(15)(18) - Undrawn						—						—						—						08/2022						08/2024						6,293						—						—
						First lien (2)(15)(18) - Undrawn						—						—						—						09/2023						08/2024						976						—						—
						First lien (3)(15)(18) - Undrawn						—						—						—						08/2022						08/2028						2,347						(21)						—
																																																(21)						—						—		%
Knockout Intermediate Holdings I Inc. (32)
Kaseya Inc.
Software						First lien (3)(15)(18) - Undrawn						—						—						—						06/2022						06/2024						3,616						—						—
						First lien (3)(15)(18) - Undrawn						—						—						—						06/2022						06/2029						2,888						(22)						—
																																																(22)						—						—		%
Oranje Holdco, Inc.
Education						First lien (3)(15)(18) - Undrawn						—						—						—						02/2023						02/2029						1,860						(23)						—						—		%
IG Investments Holdings, LLC
Business Services						First lien (3)(15)(18) - Undrawn						—						—						—						09/2021						09/2027						2,298						(23)						—						—		%
GS Acquisitionco, Inc.
Software						First lien (3)(15)(18) - Undrawn						—						—						—						08/2019						05/2026						3,730						(23)						—						—		%
Pioneer Topco I, L.P. (30)
Pioneer Buyer I, LLC
Software						First lien (3)(15)(18) - Undrawn						—						—						—						11/2021						11/2027						2,446						(24)						—						—		%
Infogain Corporation
Business Services						First lien (3)(15)(18) - Undrawn						—						—						—						07/2021						07/2026						3,827						(29)						—						—		%
GC Waves Holdings, Inc.
Financial Services						First lien (3)(15)(18) - Undrawn						—						—						—						10/2019						08/2028						3,951						(30)						—						—		%

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

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New Mountain Finance Corporation

 

Consolidated Schedule of Investments (Continued)

 December 31, 2023

(in thousands, except shares)

Portfolio Company, Location and Industry(1)						Type of Investment						Reference						Spread						Total Coupon (19)						Acquisition Date						Maturity/Expiration Date						Principal Amount, Par Value or Shares (17)						Cost						Fair Value						Percent of Net Assets
OA Topco, L.P. (31)
OA Buyer, Inc.
Healthcare						First lien (3)(15)(18) - Undrawn						—						—						—						12/2021						12/2028						$	3,600					$	(36)					$	—					—		%
Paw Midco, Inc.
AAH Topco, LLC
Consumer Services						First lien (3)(15)(18) - Undrawn						—						—						—						12/2021						12/2027						3,659						(37)						—						—		%
Next Holdco, LLC
Healthcare						First lien (3)(15)(18) - Undrawn						—						—						—						11/2023						11/2025						903						—						—
						First lien (3)(15)(18) - Undrawn						—						—						—						11/2023						11/2029						339						(3)						(3)
																																																(3)						(3)						(0.00)%
Cube Industrials Buyer, Inc.
Business Products						First lien (3)(15)(18) - Undrawn						—						—						—						10/2023						10/2029						517						(4)						(4)						(0.00)%
MRI Software LLC
Software						First lien (3)(15)(18) - Undrawn						—						—						—						01/2020						02/2027						2,002						(10)						(5)						(0.00)%
Calabrio, Inc.
Software						First lien (3)(18) - Undrawn						—						—						—						04/2021						04/2027						637						(5)						(6)						(0.00)%
Brave Parent Holdings, Inc.
Software						First lien (5)(15)(18) - Undrawn						—						—						—						11/2023						05/2025						2,292						—						—
						First lien (3)(15)(18) - Undrawn						—						—						—						11/2023						11/2030						1,146						(6)						(6)
																																																(6)						(6)						(0.00)%
Deca Dental Holdings LLC
Healthcare						First lien (3)(15)(18) - Undrawn						—						—						—						08/2021						08/2027						404						(4)						(7)						(0.00)%
Sun Acquirer Corp.
Consumer Services						First lien (3)(15)(18) - Undrawn						—						—						—						09/2021						09/2027						447						(6)						(8)						(0.00)%
CG Group Holdings, LLC
Specialty Chemicals & Materials						First lien (3)(15)(18) - Undrawn						—						—						—						07/2021						07/2026						226						(3)						(10)						(0.00)%

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

54

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New Mountain Finance Corporation

 

Consolidated Schedule of Investments (Continued)

 December 31, 2023

(in thousands, except shares)

Portfolio Company, Location and Industry(1)						Type of Investment						Reference						Spread						Total Coupon (19)						Acquisition Date						Maturity/Expiration Date						Principal Amount, Par Value or Shares (17)						Cost						Fair Value						Percent of Net Assets
Ncontracts, LLC
Software						First lien (3)(18) - Undrawn						—						—						—						12/2023						12/2025						$	773					$	—					$	—
						First lien (3)(18) - Undrawn						—						—						—						12/2023						12/2029						773						(10)						(10)
																																																(10)						(10)						(0.00)%
Healthspan Buyer, LLC
Healthcare						First lien (3)(15)(18) - Undrawn						—						—						—						10/2023						10/2030						1,229						(12)						(12)						(0.00)%
KPSKY Acquisition Inc.
Business Services						First lien (3)(15)(18) - Undrawn						—						—						—						11/2023						11/2025						1,568						—						(16)						(0.00)%
Specialtycare, Inc.
Healthcare						First lien (3)(15)(18) - Undrawn						—						—						—						06/2021						06/2026						481						(7)						(17)						(0.00)%
Groundworks, LLC
Consumer Services						First lien (4)(15)(18) - Undrawn						—						—						—						03/2023						09/2024						891						—						(9)
						First lien (3)(15)(18) - Undrawn						—						—						—						03/2023						03/2029						1,076						(16)						(10)
																																																(16)						(19)						(0.00)%
FS WhiteWater Holdings, LLC (29)
FS WhiteWater Borrower, LLC
Consumer Services						First lien (3)(15)(18) - Undrawn						—						—						—						07/2022						07/2024						1,229						—						(10)
						First lien (3)(15)(18) - Undrawn						—						—						—						12/2021						12/2027						1,085						(11)						(17)
																																																(11)						(27)						(0.00)%
IMO Investor Holdings, Inc.
Healthcare						First lien (3)(15)(18) - Undrawn						—						—						—						05/2022						05/2028						1,487						(15)						(12)
						First lien (3)(15)(18) - Undrawn						—						—						—						05/2022						05/2024						1,951						—						(16)
																																																(15)						(28)						(0.00)%
Diamond Parent Holdings Corp. (27)
Diligent Corporation
Software						First lien (3)(15)(18) - Undrawn						—						—						—						03/2021						08/2025						1,667						(8)						(33)						(0.00)%

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

55

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New Mountain Finance Corporation

 

Consolidated Schedule of Investments (Continued)

 December 31, 2023

(in thousands, except shares)

Portfolio Company, Location and Industry(1)						Type of Investment						Reference						Spread						Total Coupon (19)						Acquisition Date						Maturity/Expiration Date						Principal Amount, Par Value or Shares (17)						Cost						Fair Value						Percent of Net Assets
Community Brands ParentCo, LLC
Software						First lien (3)(15)(18) - Undrawn						—						—						—						02/2022						02/2028						$	425					$	(4)					$	(11)
						First lien (3)(15)(18) - Undrawn						—						—						—						02/2022						02/2024						849						—						(23)
																																																(4)						(34)						(0.00)%
Power Grid Holdings, Inc.
Business Products						First lien (3)(15)(18) - Undrawn						—						—						—						11/2023						12/2030						4,075						(41)						(41)						(0.00)%
DOCS, MSO, LLC
Healthcare						First lien (3)(15)(18) - Undrawn						—						—						—						06/2022						06/2028						2,405						—						(43)						(0.00)%
TigerConnect, Inc.
Healthcare						First lien (2)(15)(18) - Undrawn						—						—						—						02/2022						02/2024						885						—						(8)
						First lien (3)(15)(18) - Undrawn						—						—						—						02/2022						02/2028						4,267						(43)						(36)
																																																(43)						(44)						(0.00)%
Fortis Solutions Group, LLC
Packaging						First lien (3)(15)(18) - Undrawn						—						—						—						10/2021						10/2027						2,718						(27)						(17)
						First lien (3)(15)(18) - Undrawn						—						—						—						06/2022						06/2024						4,435						—						(28)
																																																(27)						(45)						(0.00)%
Notorious Topco, LLC
Consumer Products						First lien (3)(15)(18) - Undrawn						—						—						—						11/2021						05/2027						822						(6)						(61)						(0.00)%
ACI Parent Inc. (28)
ACI Group Holdings, Inc.
Healthcare						First lien (3)(15)(18) - Undrawn						—						—						—						08/2021						08/2027						2,001						(20)						(48)
						First lien (3)(15)(18) - Undrawn						—						—						—						08/2021						08/2024						2,909						—						(70)
																																																(20)						(118)						(0.01)		%
Total Unfunded Debt Investments - United States																																																$	(783)					$	(583)					(0.01)		%
Unfunded Debt Investments - Australia
Atlas AU Bidco Pty Ltd**
Business Services						First lien (3)(15)(18) - Undrawn						—						—						—						12/2022						12/2028						$	320					$	(5)					$	—					—		%
Total Unfunded Debt Investments - Australia																																																$	(5)					$	—					—		%
Total Unfunded Debt Investments																																																$	(788)					$	(583)					(0.01)		%
Total Non-Controlled/Non-Affiliated Investments																																																$	2,283,490					$	2,209,867					165.95		%

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

56

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New Mountain Finance Corporation

 

Consolidated Schedule of Investments (Continued)

 December 31, 2023

(in thousands, except shares)

Portfolio Company, Location and Industry(1)						Type of Investment						Reference						Spread						Total Coupon (19)						Acquisition Date						Maturity/Expiration Date						Principal Amount, Par Value or Shares (17)						Cost						Fair Value						Percent of Net Assets
Non-Controlled/Affiliated Investments (36)
Funded Debt Investments - United States
TVG-Edmentum Holdings, LLC (23)
Edmentum Ultimate Holdings, LLC
Education						Subordinated (3)(15)						SOFR(Q)*						7.50% + 4.50%/PIK						17.50%						12/2020						01/2027						$	18,635					$	18,544					$	18,635					1.40		%
Eagle Infrastructure Super HoldCo, LLC (33)
Eagle Infrastructure Services, LLC (fka FR Arsenal Holdings II Corp.)
Business Services						First lien (2)(15)						SOFR(Q)						7.50%						13.00%						03/2023						04/2028						10,676						10,676						10,676
						First lien (3)(15)						SOFR(Q)						7.50%						13.00%						03/2023						04/2028						342						342						342
																																																11,018						11,018						0.83		%
Permian Holdco 3, Inc.
Permian Trust
Energy						First lien (10)(15)						FIXED(Q)(34)*						10.00%/PIK						10.00%						03/2021						—						247						—						—
						First lien (3)(15)						SOFR(Q)(34)*						10.00%/PIK						11.00%						07/2020						—						3,409						—						—
																																																—						—						—		%
Total Funded Debt Investments - United States																																																$	29,562					$	29,653					2.23		%
Equity - United States
TVG-Edmentum Holdings, LLC (23)
Education						Ordinary shares (3)(15)						FIXED(Q)*						12.00%/PIK						12.00%						12/2020						—						48,899						$	61,449					$	95,151					7.14		%
Eagle Infrastructure Super HoldCo, LLC
Business Services						Ordinary shares (3)(15)						—						—						—						03/2023						—						72,536						4,102						6,855						0.51		%
Sierra Hamilton Holdings Corporation
Energy						Ordinary shares (2)(15)						—						—						—						07/2017						—						25,000,000						11,500						1,799
						Ordinary shares (3)(15)						—						—						—						07/2017						—						2,786,000						1,282						201
																																																12,782						2,000						0.15		%
Total Shares - United States																																																$	78,333					$	104,006					7.80		%
Total Non-Controlled/Affiliated Investments																																																$	107,895					$	133,659					10.03		%

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

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New Mountain Finance Corporation

 

Consolidated Schedule of Investments (Continued)

 December 31, 2023

(in thousands, except shares)

Portfolio Company, Location and Industry(1)						Type of Investment						Reference						Spread						Total Coupon (19)						Acquisition Date						Maturity/Expiration Date						Principal Amount, Par Value or Shares (17)						Cost						Fair Value						Percent of Net Assets
Controlled Investments (37)
Funded Debt Investments - United States
New Benevis Topco, LLC (25)
New Benevis Holdco, Inc.
Healthcare						First lien (2)(15)						SOFR(Q)*						9.50%/PIK						14.96%						10/2020						04/2026						$	41,731					$	41731					$	41,731
						First lien (3)(15)						SOFR(Q)*						9.50%/PIK						14.96%						10/2020						04/2026						19,798						19,798						19,798
						First lien (8)(15)						SOFR(Q)*						9.50%/PIK						14.96%						10/2020						04/2026						10,239						10,239						10,239
						Subordinated (3)(15)						FIXED(M)*						12.00%/PIK						12.00%						10/2020						10/2026						21,092						19,801						16,874
																																																91,569						88,642						6.66		%
New Permian Holdco, Inc.
New Permian Holdco, L.L.C.
Energy						First lien (3)(15)						SOFR(Q)						9.00%						14.61%						10/2020						12/2024						23,336						23,336						23,335
						First lien (3)(15)(18) - Drawn						SOFR(Q)						6.00%						11.61%						10/2020						12/2024						13,835						13,835						13,835
																																																37,171						37,170						2.79		%
UniTek Global Services, Inc.
Business Services						Second lien (3)(15)						FIXED(Q)*						15.00%/PIK						15.00%						12/2020						02/2025						13,438						13,438						12,893
						Second lien (3)(15)						FIXED(Q)*						15.00%/PIK						15.00%						07/2022						02/2025						5,957						5,957						5,713
																																																19,395						18,606						1.40		%
NHME Holdings Corp. (24)
National HME, Inc.
Healthcare						Second lien (3)(15)						SOFR(Q)(34)*						5.00%/PIK						10.66%						11/2018						11/2025						8,281						7,872						3,000						0.23		%
Total Funded Debt Investments - United States																																																$	156,007					$	147,418					11.08		%
Equity - United States
NMFC Senior Loan Program III LLC**
Investment Fund						Membership interest (3)(15)						—						—						—						05/2018						—						—						$	140,000					$	140,000					10.51		%
NMFC Senior Loan Program IV LLC**
Investment Fund						Membership interest (3)(15)						—						—						—						05/2021						—						—						112,400						112,400						8.44		%
NM NL Holdings, L.P.**
Net Lease						Membership interest (7)(15)						—						—						—						06/2018						—						—						76,371						96,071						7.21		%
New Benevis Topco, LLC (25)
Healthcare						Ordinary shares (2)(15)						—						—						—						10/2020						—						325,516						27,154						31,838
						Ordinary shares (8)(15)						—						—						—						10/2020						—						79,867						6,662						7,812
						Ordinary shares (3)(15)						—						—						—						10/2020						—						72,681						6,108						7,109
																																																39,924						46,759						3.51		%

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

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New Mountain Finance Corporation

 

Consolidated Schedule of Investments (Continued)

 December 31, 2023

(in thousands, except shares)

Portfolio Company, Location and Industry(1)						Type of Investment						Reference						Spread						Total Coupon (19)						Acquisition Date						Maturity/Expiration Date						Principal Amount, Par Value or Shares (17)						Cost						Fair Value						Percent of Net Assets
UniTek Global Services, Inc.
Business Services						Preferred shares (3)(15)						FIXED(Q)*						20.00%/PIK						20.00%						08/2018						—						18,760,261						$	18,760					$	16,348
						Preferred shares (3)(15)						FIXED(Q)*						20.00%/PIK						20.00%						08/2019						—						11,150,103						11,150						10,119
						Preferred shares (3)(15)(34)						FIXED(Q)(34)*						19.00%/PIK						19.00%						06/2017						—						19,795,435						19,795						4,210
						Preferred shares (2)(15)(34)						FIXED(Q)(34)*						13.50%/PIK						13.50%						01/2015						—						29,326,545						26,946						—
						Preferred shares (3)(15)(34)						FIXED(Q)(34)*						13.50%/PIK						13.50%						01/2015						—						8,104,462						7,447						—
						Ordinary shares (2)(15)						—						—						—						01/2015						—						2,096,477						1,925						—
						Ordinary shares (3)(15)						—						—						—						01/2015						—						1,993,749						532						—
																																																86,555						30,677						2.30		%
New Permian Holdco, Inc.
Energy						Ordinary shares (3)(15)						—						—						—						10/2020						—						100						11,155						26,000						1.95		%
NM CLFX LP
Net Lease						Membership interest (7)(15)						—						—						—						10/2017						—						—						12,278						11,731						0.88		%
NM YI, LLC
Net Lease						Membership interest (7)(15)						—						—						—						09/2019						—						—						6,272						9,550						0.72		%
QID TRH Holdings LLC (20)
Haven Midstream Holdings LLC(20)
Specialty Chemicals & Materials						Ordinary shares (14)(15)						—						—						—						10/2021						—						80						—						3,323
						Profit Interest (6)(15)						—						—						—						10/2021						—						5						—						96
																																																—						3,419						0.26		%
NM GP Holdco, LLC**
Net Lease						Membership interest (7)(15)						—						—						—						06/2018						—						—						861						1,048						0.08		%
NHME Holdings Corp.(24)
Healthcare						Ordinary shares (3)(15)						—						—						—						11/2018						—						640,000						4,000						—						—		%
Total Shares - United States																																																$	489,816					$	477,655					35.86		%
Equity - Canada
NM APP Canada Corp.**
Net Lease						Membership interest (7)(15)						—						—						—						09/2016						—						—						$	—					$	7					—		%
Total Shares - Canada																																																$	—					$	7					—		%
Total Shares																																																$	489,816					$	477,662					35.86		%
Warrants - United States
UniTek Global Services, Inc.
Business Services						Warrants (3)(15)						—						—						—						12/2020						02/2025						13,339						$	—					$	42,716					3.21		%
NHME Holdings Corp. (24)
Healthcare						Warrants (3)(15)						—						—						—						11/2018						—						160,000						1,000						—						—		%
Total Warrants - United States																																																$	1,000					$	42,716					3.21		%
Total Funded Investments																																																$	646,823					$	667,796					50.15		%

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

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New Mountain Finance Corporation

 

Consolidated Schedule of Investments (Continued)

 December 31, 2023

(in thousands, except shares)

Portfolio Company, Location and Industry(1)						Type of Investment						Reference						Spread						Total Coupon (19)						Acquisition Date						Maturity/Expiration Date						Principal Amount, Par Value or Shares (17)						Cost						Fair Value						Percent of Net Assets
Unfunded Debt Investments - United States
New Permian Holdco, Inc.
New Permian Holdco, L.L.C.
Energy						First lien (3)(15)(18) - Undrawn						—						—						—						10/2020						12/2024						$	8,060					$	—					$	—					—		%
Haven Midstream Holdings LLC (20)
Haven Midstream LLC
Specialty Chemicals & Materials						First lien (3)(15)(18) - Undrawn						—						—						—						12/2021						10/2026						8,000						—						—						—		%
Total Unfunded Debt Investments - United States																																																$	—					$	—					—		%
Total Controlled Investments																																																$	646,823					$	667,796					50.15		%
Total Investments																																																$	3,038,208					$	3,011,322					226.13		%

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

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

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

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

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

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

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

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

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

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

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

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

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

(14)Investment is held by NMF TRM, LLC.

(15)The fair value of the Company's investment is determined using unobservable inputs that are significant to the overall fair value measurement. See Note 4. Fair Value, for details.

(16)Investment is denominated in foreign currency and is translated into U.S. dollars as of the valuation date. As of December 31, 2023, the par value U.S. dollar equivalent of the first lien term loan, and drawn first lien term loan is $16,600 and $14,457, respectively. See Note 2. Summary of Significant Accounting Policies, for details.

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

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

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

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New Mountain Finance Corporation

 

Consolidated Schedule of Investments (Continued)

 December 31, 2023

(in thousands, except shares)

(19)Total Coupon is payable in cash unless otherwise indicated. A majority of the variable rate debt investments bear interest and dividends at a rate that may be determined by reference to the London Interbank Offered Rate (L), the Prime Rate (P), the Sterling Overnight Interbank Average Rate (SONIA), Secured Overnight Financing Rate (SOFR) and Euro Interbank Offered Rate (EURIBOR) and which resets daily (D), weekly (W), monthly (M), quarterly (Q), semi-annually (S) or annually (A). For each investment the current coupon rate provided reflects the rate in effect as of December 31, 2023.

(20)The Company holds investments in multiple entities of Haven Midstream Holdings LLC. The Company holds 4.6% of the Class B profits interest in QID NGL, LLC (which at closing represented 97.0% of the ownership in the class B units in QID TRH Holdings, LLC), class A common units of Haven Midstream Holdings LLC, and holds a first lien revolver in Haven Midstream LLC.

(21)The Company holds preferred equity in OEC Holdco, LLC, and two second lien term loans in OEConnection LLC, a wholly-owned subsidiary of OEC Holdco, LLC. The preferred equity is entitled to receive preferential dividends of 11.0% per annum.

(22)The Company holds investments in two wholly-owned subsidiaries of Appriss Health Holdings, Inc. The company holds a first lien term loan and a first lien revolver in Appriss Health, LLC, and preferred equity in Appriss Health Intermediate Holdings, Inc. The preferred equity is entitled to receive preferential dividends at a rate of 11.0% per annum.

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

(24)The Company holds ordinary shares and warrants in NHME Holdings Corp., as well as a second lien Tranche A Term Loan in National HME, Inc., a wholly-owned subsidiary of NHME Holdings Corp. The second lien Tranche A Term Loan is entitled to receive 20% of the interest earned on the first lien Tranche A Term Loan, which accrues interest at a rate of SOFR + 5.00%, and 20% of the interest earned on the first lien Tranche B Term Loan, which accrues interest at a rate of SOFR + 6.00%.

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

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

(27)The Company holds investments in two wholly-owned subsidiary of Diamond Parent Holdings Corp. The Company holds three first lien term loans and a first lien revolver in Diligent Corporation and preferred equity in Diligent Preferred Issuer Inc. The preferred equity in Diligent Preferred Issuer Inc. is entitled to receive cumulative preferential dividends at a rate 10.5% per annum.

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

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

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

(31)The Company holds ordinary shares in OA Topco, L.P., and two first lien term loans and a first lien revolver in OA Buyer, Inc., a wholly-owned subsidiary of OA Topco, L.P.

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

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

(34)Investment is on non-accrual status. See Note 3. Investments, for details.

(35)The Company holds one security purchased under a collateralized agreement to resell on its Consolidated Statement of Assets and Liabilities with a cost basis of $30,000 and a fair value of $16,500 as of December 31, 2023. See Note 2. Summary of Significant Accounting Policies, for details.

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

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New Mountain Finance Corporation

 

Consolidated Schedule of Investments (Continued)

 December 31, 2023

(in thousands, except shares)

(36)Denotes investments in which the Company is an “Affiliated Person”, as defined in the Investment Company Act of 1940, as amended (the "1940 Act"), due to owning or holding the power to vote 5.0% or more of the outstanding voting securities of the investment but not controlling the company. Fair value as of December 31, 2023 and December 31, 2022 along with transactions during the year ended December 31, 2023 in which the issuer was a non-controlled/affiliated investment is as follows:

Portfolio Company						Fair Value at December 31, 2022						Gross Additions (A)						Gross Redemptions (B)						Net Change In Unrealized Appreciation (Depreciation)						Fair Value at December 31, 2023						Net  Realized Gains (Losses)						Interest Income						Dividend Income						Other Income
Eagle Infrastructure Services, LLC (fka FR Arsenal Holdings II Corp.) / Eagle Infrastructure Super HoldCo, LLC						$	—					$	15,581					$	(459)					$	2,751					$	17,873					$	—					$	1,084					$	—					$	—
Sierra Hamilton Holdings Corporation						4,000						2						(7)						(1,995)						2,000						—						2						—						1
TVG-Edmentum Holdings, LLC / Edmentum Ultimate Holdings, LLC						126,787						6,807						—						(19,808)						113,786						—						3,048						4,625						250
Total Non-Controlled/Affiliated Investments						$	130,787					$	22,390					$	(466)					$	(19,052)					$	133,659					$	—					$	4,134					$	4,625					$	251

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

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

(37)    Denotes investments in which the Company is in “Control”, as defined in the 1940 Act, due to owning or holding the power to vote more than 25.0% of the outstanding voting securities of the investment. Fair value as of December 31, 2023 and December 31, 2022 along with transactions during the year ended December 31, 2023 in which the issuer was a controlled investment, is as follows:

Portfolio Company						Fair Value at December 31, 2022						Gross Additions (A)						Gross Redemptions (B)						Net Change In Unrealized Appreciation (Depreciation)						Fair Value at December 31, 2023						Net Realized Gains (Losses)						Interest Income						Dividend Income						Other Income
Haven Midstream LLC / Haven Midstream Holdings LLC / QID TRH Holdings LLC						$	35,788					$	—					$	—					$	(32,369)					$	3,419					$	33,815					$	—					$	—					$	2,041
National HME, Inc./NHME Holdings Corp.						5,381						—						(17,404)						15,023						3,000						(17,404)						—						—						—
New Benevis Topco, LLC / New Benevis Holdco, Inc.						114,146						26,153						—						(4,898)						135,401						—						11,632						—						1,500
New Permian Holdco, Inc. / New Permian Holdco, L.L.C.						57,564						5,606						—						—						63,170						—						5,197						—						506
NM APP CANADA CORP						—						—						—						7						7						—						—						—						—
NM CLFX LP						16,172						—						(259)						(4,182)						11,731						—						—						1,252						—
NM NL Holdings, L.P.						94,305						—						—						1,766						96,071						—						—						8,191						—
NM GP Holdco, LLC						1,028						—						—						20						1,048						—						—						88						—
NM YI LLC						9,481						—						—						69						9,550						—						—						853						—
NMFC Senior Loan Program III LLC						140,000						—						—						—						140,000						—						—						20,038						—
NMFC Senior Loan Program IV LLC						112,400						—						—						—						112,400						—						—						15,483						—
UniTek Global Services, Inc.						103,770						8,699						(26,446)						5,976						91,999						2						4,000						5,303						1,268
Total Controlled Investments						$	690,035					$	40,458					$	(44,109)					$	(18,588)					$	667,796					$	16,413					$	20,829					$	51,208					$	5,315

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

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

*    All or a portion of interest contains PIK interest.

**    Indicates assets that the Company deems to be “non-qualifying assets” under Section 55(a) of the 1940 Act. Qualifying assets must represent at least 70.0% of the Company’s total assets at the time of acquisition of any additional non-qualifying assets. As of December 31, 2023, 14.8% of the Company’s total assets are represented by investments at fair value that are considered non-qualifying assets.

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

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New Mountain Finance Corporation

 

Consolidated Schedule of Investments (Continued)

 December 31, 2023

(in thousands, except shares)

			December 31, 2023
Investment Type			Percent of Total Investments at Fair Value
First lien			55.92		%
Second lien			14.10		%
Subordinated			3.02		%
Equity and other			26.96		%
Total investments			100.00		%

 

			December 31, 2023
Industry Type			Percent of Total Investments at Fair Value
Software			26.89		%
Business Services			17.93		%
Healthcare			15.87		%
Investment Funds (includes investments in joint ventures)			8.38		%
Education			7.03		%
Consumer Services			6.39		%
Net Lease			3.93		%
Distribution & Logistics			3.68		%
Financial Services			3.49		%
Energy			2.16		%
Packaging			1.20		%
Specialty Chemicals & Materials			0.94		%
Business Products			0.75		%
Food & Beverage			0.73		%
Consumer Products			0.63		%
Total investments			100.00		%

 

			December 31, 2023
Interest Rate Type			Percent of Total Investments at Fair Value
Floating rates			88.76		%
Fixed rates			11.24		%
Total investments			100.00		%

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

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Notes to the Consolidated Financial Statements of

New Mountain Finance Corporation

 

September 30, 2024

(in thousands, except share data)

(unaudited)

Note 1. Formation and Business Purpose

New Mountain Finance Corporation (“NMFC” or the “Company”) is a Delaware corporation that was originally incorporated on June 29, 2010 and completed its initial public offering ("IPO") on May 19, 2011. NMFC is a closed-end, non-diversified management investment company that has elected to be regulated as a business development company (“BDC”) under the Investment Company Act of 1940, as amended (the “1940 Act”). NMFC has elected to be treated, and intends to comply with the requirements to continue to qualify annually, as a regulated investment company (“RIC”) under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”). Since NMFC’s IPO, and through September 30, 2024, NMFC has raised approximately $1,034,550 in net proceeds from additional offerings of its common stock.

New Mountain Finance Advisers, L.L.C. (the “Investment Adviser”), formerly known as New Mountain Finance Advisers BDC, L.L.C., is a wholly-owned subsidiary of New Mountain Capital Group, L.P. (together with New Mountain Capital, L.L.C. and its affiliates, "New Mountain Capital"), whose ultimate owners include Steven B. Klinsky, other current and former New Mountain Capital professionals and related vehicles and a minority investor. New Mountain Capital is a global investment firm with over $55 billion of assets under management and a track record of investing in the middle market. New Mountain Capital focuses on investing in defensive growth companies across its private equity, credit and net lease investment strategies. The Investment Adviser manages the Company's day-to-day operations and provides it with investment advisory and management services. The Investment Adviser also manages other funds that may have investment mandates that are similar, in whole or in part, to the Company's. New Mountain Finance Administration, L.L.C. (the "Administrator”), a wholly-owned subsidiary of New Mountain Capital, provides the administrative services necessary to conduct the Company's day-to-day operations.

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

•New Mountain Finance Holdings, L.L.C. ("NMF Holdings") and New Mountain Finance DB, L.L.C. ("NMFDB"), whose assets are used to secure NMF Holdings’ credit facility and were used to secure NMFDB’s credit facility, until its termination on September 30, 2024, respectively;

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

•NMF Ancora Holdings, Inc. ("NMF Ancora"), NMF QID NGL Holdings, Inc. ("NMF QID"), NMF YP Holdings, Inc. ("NMF YP"), NMF Permian Holdings, LLC ("NMF Permian"), NMF HB, Inc. ("NMF HB"), NMF TRM, LLC ("NMF TRM"), NMF Pioneer, Inc. ("NMF Pioneer") and NMF OEC, Inc. ("NMF OEC"), which are treated as corporations for U.S. federal income tax purposes and are intended to facilitate our compliance with the requirements to be treated as a RIC under the Code by holding equity or equity related investments in portfolio companies organized as limited liability companies (or other forms of pass-through entities); the Company consolidates these corporations for accounting purposes but the corporations are not consolidated for U.S. federal income tax purposes and may incur U.S. federal income tax expense as a result of their ownership of the portfolio companies; and

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

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

NMFC is a BDC focused on providing direct lending solutions to U.S. upper middle market companies backed by private equity sponsors. The Company’s investment objective is to generate current income and capital appreciation through the sourcing and origination of senior secured loans and select junior capital positions, to growing businesses in defensive industries that offer attractive risk-adjusted returns. The Company’s investment approach leverages the deep sector knowledge and operating resources of New Mountain Capital.

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Senior secured loans may include traditional first lien loans or unitranche loans. The Company invests a significant portion of its portfolio in unitranche loans, which are loans that combine both senior and subordinated debt, generally in a first-lien position. Because unitranche loans combine characteristics of senior and subordinated debt, they have risks similar to the risks associated with secured debt and subordinated debt. Certain unitranche loan investments may include “last-out” positions, which generally heighten the risk of loss. In some cases, the Company’s investments may also include equity interests.

NMFC primarily invests in senior secured debt of U.S. sponsor-backed, middle market companies. We define middle market companies as those with annual earnings before interest, taxes, depreciation, and amortization ("EBITDA") of $10 million to $200 million. The Company focuses on defensive growth businesses that generally exhibit the following characteristics: (i) acyclicality, (ii) sustainable secular growth drivers, (iii) niche market dominance and high barriers to competitive entry, (iv) recurring revenue and strong free cash flow, (v) flexible cost structures and (vi) seasoned management teams.

Similar to the Company, the investment objective of SBIC I and SBIC II is to generate current income and capital appreciation under the investment criteria used by the Company. However, SBIC I and SBIC II investments must be in SBA eligible small businesses. The Company’s portfolio may be concentrated in a limited number of industries. As of September 30, 2024, the Company’s top five industry concentrations were software, business services, healthcare, investment funds (which includes the Company's investments in its joint ventures) and consumer services.

Note 2. Summary of Significant Accounting Policies

Basis of accounting—The Company’s consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States (“GAAP”). The Company is an investment company following accounting and reporting guidance in Accounting Standards Codification Topic 946, Financial Services—Investment Companies (“ASC 946”). The Company consolidates its wholly-owned direct and indirect subsidiaries: NMF Holdings, NMFDB, NMF Servicing, SBIC I, SBIC I GP, SBIC II, SBIC II GP, NMF Ancora, NMF QID, NMF YP, NMF Permian, NMF HB, NMF TRM, NMF Pioneer and NMF OEC and its majority-owned consolidated subsidiary: NMNLC. For majority-owned consolidated subsidiaries, the third-party equity interest is referred to as non-controlling interest. The net income attributable to non-controlling interests for such subsidiaries is presented as “Net increase (decrease) in net assets resulting from operations related to non-controlling interest” in the Company’s Consolidated Statements of Operations. The portion of shareholders' equity that is attributable to non-controlling interests for such subsidiaries is presented as “Non-controlling interest”, a component of total equity, on the Company’s Consolidated Statements of Assets and Liabilities.

The Company’s consolidated financial statements reflect all adjustments and reclassifications which, in the opinion of management, are necessary for the fair presentation of the results of operations and financial condition for all periods presented. All intercompany transactions have been eliminated. Revenues are recognized when earned and expenses when incurred. The financial results of the Company’s portfolio investments are not consolidated in the financial statements.

The Company’s interim consolidated financial statements are prepared in accordance with GAAP and pursuant to the requirements for reporting on Form 10-Q and Article 6 or 10 of Regulation S-X. Accordingly, the Company’s interim consolidated financial statements do not include all of the information and notes required by GAAP for annual financial statements. In the opinion of management, all adjustments, consisting solely of normal recurring accruals considered necessary for the fair presentation of financial statements for the interim period, have been included. The current period’s results of operations will not necessarily be indicative of results that ultimately may be achieved for the fiscal year ending December 31, 2024.

Investments—The Company applies fair value accounting in accordance with GAAP. Fair value is the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Investments are reflected on the Company’s Consolidated Statements of Assets and Liabilities at fair value, with changes in unrealized gains and losses resulting from changes in fair value reflected in the Company’s Consolidated Statements of Operations as “Net change in unrealized appreciation (depreciation) of investments” and realizations on portfolio investments reflected in the Company’s Consolidated Statements of Operations as “Net realized gains (losses) on investments”.

The Company values its assets on a quarterly basis, or more frequently if required under the 1940 Act. In all cases, the Company’s board of directors is ultimately and solely responsible for determining the fair value of the portfolio investments on a quarterly basis in good faith, including investments that are not publicly traded, those whose market prices are not readily available and any other situation where its portfolio investments require a fair value determination. Security transactions are accounted for on a trade date basis. The Company’s quarterly valuation procedures are set forth in more detail below:

(1)Investments for which market quotations are readily available on an exchange are valued at such market quotations based on the closing price indicated from independent pricing services.

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(2)Investments for which indicative prices are obtained from various pricing services and/or brokers or dealers are valued through a multi-step valuation process, as described below, to determine whether the quote(s) obtained is representative of fair value in accordance with GAAP.

a.Bond quotes are obtained through independent pricing services. Internal reviews are performed by the investment professionals of the Investment Adviser to ensure that the quote obtained is representative of fair value in accordance with GAAP and, if so, the quote is used. If the Investment Adviser is unable to sufficiently validate the quote(s) internally and if the investment’s par value or its fair value exceeds the materiality threshold, the investment is valued similarly to those assets with no readily available quotes (see (3) below); and

b.For investments other than bonds, the Company looks at the number of quotes readily available and performs the following procedures:

i.Investments for which two or more quotes are received from a pricing service are valued using the mean of the mean of the bid and ask of the quotes obtained. The Company will evaluate the reasonableness of the quote, and if the quote is determined to not be representative of fair value, the Company will use one or more of the methodologies outlined below to determine fair value; and

ii.Investments for which one quote is received from a pricing service are validated internally. The investment professionals of the Investment Adviser analyze the market quotes obtained using an array of valuation methods (further described below) to validate the fair value. If the Investment Adviser is unable to sufficiently validate the quote internally and if the investment’s par value or its fair value exceeds the materiality threshold, the investment is valued similarly to those assets with no readily available quotes (see (3) below).

(3)Investments for which quotations are not readily available through exchanges, pricing services, brokers, or dealers are valued through a multi-step valuation process:

a.Each portfolio company or investment is initially valued by the investment professionals of the Investment Adviser responsible for the credit monitoring;

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

c.If an investment falls into (3) above for four consecutive quarters and if the investment’s par value or its fair value exceeds the materiality threshold, then at least once each fiscal year, the valuation for each portfolio investment for which the Company does not have a readily available market quotation will be reviewed by an independent valuation firm engaged by the Company’s board of directors; and

d.When deemed appropriate by the Company’s management, an independent valuation firm may be engaged to review and value investment(s) of a portfolio company, without any preliminary valuation being performed by the Investment Adviser. The investment professionals of the Investment Adviser will review and validate the value provided.

For investments in revolving credit facilities and delayed draw commitments, the cost basis of the funded investments purchased is offset by any costs/netbacks received for any unfunded portion on the total balance committed. The fair value is also adjusted for the price appreciation or depreciation on the unfunded portion. As a result, the purchase of a commitment not completely funded may result in a negative fair value until it is called and funded.

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

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

Derivative instruments and hedging activities—The Company follows the guidance in Accounting Standards Codification Topic 815, Derivatives and Hedging ("ASC 815"), when accounting for derivative instruments and hedging activities. The Company may utilize derivatives to support its overarching risk management objectives. The primary market risk that the Company is exposed to is interest rate risk, which we seek to mitigate through derivative transactions.

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The Company enters into derivative financial instruments to manage interest rate risk, facilitate asset/liability management strategies and manage other exposures. These instruments primarily include interest rate swaps. All derivative financial instruments are recognized as other assets or other liabilities, as applicable, at fair value.

The Company has entered into an International Swaps and Derivatives Association, Inc. 2002 Master Agreement, (together with the Schedule and Credit Support Annex thereto and any transactions thereunder, the "ISDA Master Agreement"), on March 18, 2024, with a derivative counterparty (the “ISDA Counterparty”). The ISDA Master Agreement is a bilateral agreement between the Company and the ISDA Counterparty that governs over-the-counter derivatives, into which the Company enters for hedging purposes. The ISDA Master Agreement provides for, among other things, collateral posting terms and netting provisions in the event of certain specified defaults and/or termination events, including bankruptcy or insolvency of the counterparty. The ISDA Master Agreement also includes termination rights that permit the termination of outstanding transactions by the ISDA Counterparty in the event the Company fails to maintain sufficient asset levels, and by the Company in the event the ISDA Counterparty is downgraded below a specified minimum rating level. The Company minimizes counterparty credit risk by only entering into agreements with counterparties that it believes to be of good standing and by monitoring the financial stability of those counterparties. The collateral terms of the ISDA Master Agreement provide for the bilateral posting of collateral in the form of cash or U.S. government securities for any outstanding exposure under the transactions. In the case of the Company, the agreement provides for the segregation of posted collateral at the Company’s custodian subject to a perfected security interest in favor of the ISDA Counterparty. Upon the close-out of the transactions outstanding under the ISDA Master Agreement following a default, the ISDA Master Agreement provides for a single net payment between the parties equal to the close-out replacement value of the terminated transactions, the right to offset receivables and payables with the same counterparty and/or the right to liquidate collateral.

Interest rate swaps are agreements to exchange interest payments based upon notional amounts and subject the Company to market risk associated with changes in interest rates and changes in interest rate volatility, as well as the credit risk that the counterparty will fail to perform. The Company designates all interest rate swaps as hedging instruments in a qualifying fair value hedge accounting relationship. As a result, the change in fair value of the hedging instrument and hedged item are recorded in "Interest expense" and recognized as components of "Interest expense" in the Company’s Consolidated Statements of Operations. The fair value of the interest rate swap is included as a component of "Derivative asset at fair value" or "Derivative liability at fair value" on the Company’s Consolidated Statements of Assets and Liabilities. Derivative assets at fair value and derivative liabilities at fair value, including variation margin as applicable, are included in the "Net change due to hedging activity" line item in the operating section in the Company’s Consolidated Statements of Cash Flows.

The Company elected not to offset derivative assets and liabilities and cash collateral held with the same counterparty where it has a legally enforceable master netting agreement.

Refer to Note 4. Fair Value and Note 7. Borrowings for more information on derivative instruments and hedging activities.

New Mountain Net Lease Corporation

NMNLC was formed to acquire commercial real estate properties that are subject to "triple net" leases. NMNLC's investments as of September 30, 2024 are disclosed on the Company's Consolidated Schedule of Investments.

    

On March 30, 2020, an affiliate of the Investment Adviser purchased directly from NMNLC 105,030 shares of NMNLC’s common stock at a price of $107.73 per share, which represented the net asset value per share of NMNLC at the date of purchase, for an aggregate purchase price of approximately $11,315. Immediately thereafter, NMNLC redeemed 105,030 shares of its common stock held by NMFC in exchange for a promissory note with a principal amount of $11,315 and a 7.0% interest rate, which was repaid by NMNLC to NMFC on March 31, 2020. Effective July 1, 2024, NMNLC purchased 63,575 shares of NMNLC's common stock from an affiliate of the Investment Adviser at remaining original cost, a price of $73.39 per share, for an aggregate purchase price of approximately $4,666. Immediately thereafter, NMNLC sold 63,575 shares of its common stock to NMFC at remaining original cost, a price of $73.39 per share, for an aggregate purchase price of approximately $4,666.

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Below is certain summarized property information for NMNLC as of September 30, 2024:

Lease

Total

Fair Value as of

Portfolio Company

Tenant

Expiration Date

Location

Square Feet

September 30, 2024

NM NL Holdings LP / NM GP Holdco LLC

Various

Various

Various

Various

$

104,888

NM CLFX LP

Victor Equipment Company

8/31/2033

TX

423

10,031

NM YI, LLC

Young Innovations, Inc.

10/31/2039

IL / MO

212

9,961

$

124,880

Collateralized agreements or repurchase financings—The Company follows the guidance in Accounting Standards Codification Topic 860, Transfers and Servicing—Secured Borrowing and Collateral (“ASC 860”), when accounting for transactions involving the purchases of securities under collateralized agreements to resell (resale agreements). These transactions are treated as collateralized financing transactions and are recorded at their contracted resale or repurchase amounts, as specified in the respective agreements. Interest on collateralized agreements is accrued and recognized over the life of the transaction and included in interest income. As of September 30, 2024 and December 31, 2023, the Company held one collateralized agreement to resell with a cost basis of $30,000 and $30,000, respectively, and a fair value of $13,500 and $16,500, respectively. The collateralized agreement to resell is on non-accrual. The collateralized agreement to resell is guaranteed by a private hedge fund, PPVA Fund, L.P. The private hedge fund is currently in liquidation under the laws of the Cayman Islands. Pursuant to the terms of the collateralized agreement, the private hedge fund was obligated to repurchase the collateral from the Company at the par value of the collateralized agreement. The private hedge fund has breached its agreement to repurchase the collateral under the collateralized agreement. The default by the private hedge fund did not release the collateral to the Company, and therefore, the Company does not have full rights and title to the collateral. A claim has been filed with the Cayman Islands joint official liquidators to resolve this matter. The joint official liquidators have recognized the Company’s contractual rights under the collateralized agreement. The Company continues to exercise its rights under the collateralized agreement and continues to monitor the liquidation process of the private hedge fund. The fair value of the collateralized agreement to resell is reflective of the increased risk of the position.

Cash and cash equivalents—Cash and cash equivalents include cash and short-term, highly liquid investments. The Company defines cash equivalents as securities that are readily convertible into known amounts of cash and so near maturity that there is insignificant risk of changes in value. These securities have original maturities of three months or less. The Company did not hold any cash equivalents as of September 30, 2024 and December 31, 2023.

Revenue recognition

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

Interest and dividend income: Interest income, including amortization of premium and discount using the effective interest method, is recorded on the accrual basis and periodically assessed for collectability. Interest income also includes interest earned from cash on hand. Upon the prepayment of a loan or debt security, any prepayment penalties are recorded as part of interest income. The Company has loans and certain preferred equity investments in the portfolio that contain a payment-in-kind (“PIK”) interest or dividend provision. PIK interest and dividends are accrued and recorded as income at the contractual rates, if deemed collectible. The PIK interest and dividends are added to the principal or share balances on the capitalization dates and are generally due at maturity or when redeemed by the issuer. For the three and nine months ended September 30, 2024, the Company recognized PIK and non-cash interest from investments of $9,050 and $27,735, respectively, and PIK and non-cash dividends from investments of $8,319 and $23,484, respectively. For the three and nine months ended September 30, 2023, the Company recognized PIK and non-cash interest from investments of $7,917 and $24,807, respectively, and PIK and non-cash dividends from investments of $6,988 and $20,225, respectively.

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

Non-accrual income: Investments are placed on non-accrual status when principal or interest payments are past due for 30 days or more and when there is reasonable doubt that principal or interest will be collected. Accrued cash and un-capitalized PIK interest or dividends are reversed when an investment is placed on non-accrual status. Previously capitalized PIK interest or dividends are not reversed when an investment is placed on non-accrual status. Interest or dividend payments received on non-accrual investments may be recognized as income or applied to principal depending upon management’s judgment of the

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ultimate collectability. Non-accrual investments are restored to accrual status when past due principal and interest is paid and, in management’s judgment, are likely to remain current.

Other income: Other income represents delayed compensation, consent or amendment fees, revolver fees, structuring fees, upfront fees and other miscellaneous fees received and are typically non-recurring in nature. Delayed compensation is income earned from counterparties on trades that do not settle within a set number of business days after the trade date. Other income may also include fees from bridge loans. The Company may from time to time enter into bridge financing commitments, an obligation to provide interim financing to a counterparty until permanent credit can be obtained. These commitments are short-term in nature and may expire unfunded. A fee is received by the Company for providing such commitments. Structuring fees and upfront fees are recognized as income when earned, usually when paid at the closing of the investment, and are non-refundable.

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

Deferred financing costs—The deferred financing costs of the Company consist of capitalized expenses related to the origination and amending of the Company’s borrowings. The Company amortizes these costs into expense over the stated life of the related borrowing. See Note 7. Borrowings, for details.

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

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

To continue to qualify and be subject to tax treatment as a RIC, the Company is required to meet certain income and asset diversification tests in addition to timely distributing at least 90.0% of its investment company taxable income, as defined by the Code. Since U.S. federal income tax regulations differ from GAAP, distributions in accordance with tax regulations may differ from net investment income and realized gains recognized for financial reporting purposes.

Differences between taxable income and the results of operations for financial reporting purposes may be permanent or temporary in nature. Permanent differences are reclassified among capital accounts in the financial statements to reflect their tax character. Differences in classification may also result from the treatment of short-term gains as ordinary income for U.S. federal income tax purposes.

For U.S. federal income tax purposes, distributions paid to stockholders of the Company are reported as ordinary income, return of capital, long term capital gains or a combination thereof.

The Company will be subject to a 4.0% nondeductible U.S. federal excise tax on certain undistributed income unless the Company distributes, in a timely manner as required by the Code, an amount at least equal to the sum of (1) 98.0% of its respective net ordinary income earned for the calendar year and (2) 98.2% of its respective capital gain net income for the one-year period ending October 31 in the calendar year.

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

The following table summarizes the current income tax expense (benefit), deferred income tax provision (benefit) and total income tax provision (benefit), for the three and nine months ended September 30, 2024 and September 30, 2023:

						Three Months Ended												Nine Months Ended
						September 30, 2024						September 30, 2023						September 30, 2024						September 30, 2023
Current income tax expense (benefit)						$	118					$	(627)					$	353					$	401
Deferred income tax provision (benefit)						1,037						(291)						1,804						(66)
Total income tax provision (benefit)						$	1,155					$	(918)					$	2,157					$	335

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As of September 30, 2024 and December 31, 2023, the Company had $1,100 of deferred tax liabilities and $594 of deferred tax assets, respectively, primarily relating to deferred taxes attributable to certain differences between the computation of income for U.S. federal income tax purposes as compared to GAAP.

Based on its analysis, the Company has determined that there were no uncertain income tax positions that do not meet the more likely than not threshold as defined by Accounting Standards Codification Topic 740, Income Taxes ("ASC 740") through December 31, 2023. The 2020 through 2023 tax years remain subject to examination by the U.S. federal, state, and local tax authorities.

Distributions—Distributions to common stockholders of the Company are recorded on the record date as set by the board of directors. The Company intends to make distributions to its stockholders that will be sufficient to enable the Company to maintain its status as a RIC. The Company intends to distribute approximately all of its net investment income (see Note 5. Agreements, for details) on a quarterly basis and substantially all of its taxable income on an annual basis, except that the Company may retain certain net capital gains for reinvestment.

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

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

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

Stock repurchase program—On February 4, 2016, the Company's board of directors authorized a program for the purpose of repurchasing up to $50,000 worth of the Company's common stock (the "Repurchase Program"). Under the Repurchase Program, the Company was permitted, but was not obligated, to repurchase its outstanding common stock in the open market from time to time provided that it complied with the Company's code of ethics and the guidelines specified in Rule 10b-18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), including certain price, market volume and timing constraints. In addition, any repurchases were conducted in accordance with the 1940 Act. On October 23, 2024, the Company's board of directors extended the Company's Repurchase Program and the Company expects the Repurchase Program to be in place until the earlier of December 31, 2025 or until $50,000 of its outstanding shares of common stock have been repurchased. During the three and nine months ended September 30, 2024 and September 30, 2023, the Company did not repurchase any shares of the Company's common stock. The Company previously repurchased $2,948 outstanding shares of its common stock under the Repurchase Program.

Earnings per share—The Company's earnings per share ("EPS") amounts have been computed based on the weighted-average number of shares of common stock outstanding for the period. Basic EPS is computed by dividing net increase (decrease) in net assets resulting from operations by the weighted average number of shares of common stock outstanding during the period of computation. Diluted EPS is computed by dividing net increase (decrease) in net assets resulting from operations by the weighted average number of shares of common stock assuming all potential shares had been issued, and its related net impact to net assets accounted for, and the additional shares of common stock were dilutive. Diluted EPS reflects the potential dilution, using the as-if-converted method for convertible debt, which could occur if all potentially dilutive securities were exercised.

Foreign securities—The accounting records of the Company are maintained in U.S. dollars. Investment securities denominated in foreign currencies are translated into U.S. dollars based on the rate of exchange of such currencies on the date of valuation. Purchases and sales of investment securities and income and expense items denominated in foreign currencies are translated into U.S. dollars based on the rate of exchange of such currencies on the respective dates of the transactions. The Company isolates that portion of the results of operations resulting from changes in foreign exchange rates on investments from the fluctuations arising from changes in market prices of securities held. Such fluctuations are included with "Net change in unrealized appreciation (depreciation)" and "Net realized gains (losses)" in the Company's Consolidated Statements of Operations.

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

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 September 30, 2024, the Company's investments consisted of the following:

Investment Cost and Fair Value by Type

			Cost						Fair Value
First lien			$	2,083,293					$	2,072,485
Second lien			260,689						250,871
Subordinated			120,011						109,811
Equity and other			802,320						832,104
Total investments			$	3,266,313					$	3,265,271

Investment Cost and Fair Value by Industry

			Cost						Fair Value
Software			$	930,735					$	926,639
Business Services			583,812						575,852
Healthcare			521,248						508,572
Investment Funds (includes investments in joint ventures)			272,400						272,400
Consumer Services			198,419						198,868
Education			202,259						187,313
Financial Services			120,049						125,294
Net Lease			93,649						124,880
Distribution & Logistics			114,318						115,361
Packaging			67,398						68,538
Energy			66,746						64,808
Food & Beverage			38,612						40,852
Business Products			26,672						26,692
Consumer Products			20,639						19,177
Specialty Chemicals & Materials			9,357						10,025
Total investments			$	3,266,313					$	3,265,271

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At December 31, 2023, the Company’s investments consisted of the following:

Investment Cost and Fair Value by Type

			Cost						Fair Value
First lien			$	1,709,247					$	1,683,952
Second lien			472,930						424,513
Subordinated			100,236						90,948
Equity and other			755,795						811,909
Total investments			$	3,038,208					$	3,011,322

Investment Cost and Fair Value by Industry

			Cost						Fair Value
Software			$	815,065					$	809,401
Business Services			561,492						539,926
Healthcare			516,086						477,854
Investment Funds (includes investments in joint ventures)			252,400						252,400
Education			188,851						211,550
Consumer Services			192,796						192,501
Net Lease			95,782						118,407
Distribution & Logistics			118,212						110,721
Financial Services			104,330						105,138
Energy			61,108						65,170
Packaging			43,181						36,007
Specialty Chemicals & Materials			25,329						28,452
Business Products			22,630						22,628
Food & Beverage			20,370						22,055
Consumer Products			20,576						19,112
Total investments			$	3,038,208					$	3,011,322

During the second quarter of 2022, the Company placed its second lien position in National HME, Inc. ("National HME") on non-accrual status. As of September 30, 2024, the Company's second lien position in National HME had an aggregate cost basis of $7,872, an aggregate fair value of $3,000 and total unearned interest income of $535 and $1,543, respectively, for the three and nine months then ended.

As of September 30, 2024, the Company's aggregate principal amount of its subordinated position and first lien term loans in American Achievement Corporation ("AAC") was $5,230 and $31,406, respectively. During the first quarter of 2021, the Company placed an aggregate principal amount of $5,230 of its subordinated position on non-accrual status. During the third quarter of 2021, the Company placed an initial aggregate principal amount of $13,479 of its first lien term loans on non-accrual status. During the third quarter of 2023, the Company placed the remaining aggregate principal amount of $17,927 of its first lien term loans on non-accrual status. As of September 30, 2024, the Company's positions in AAC on non-accrual status had an aggregate cost basis of $31,370, an aggregate fair value of $17,999 and total unearned interest income of $1,299 and $3,684, respectively, for the three and nine months then ended.

During the first quarter of 2020, the Company placed its junior preferred shares in UniTek Global Services, Inc. ("UniTek") on non-accrual status. As of September 30, 2024, the Company's junior preferred shares in UniTek had an aggregate cost basis of $34,393, an aggregate fair value of $0 and total unearned dividend income of $2,221 and $6,448, respectively, for the three and nine months then ended. During the third quarter of 2021, the Company placed an aggregate amount of $19,795 of its investment in the senior preferred shares of UniTek on non-accrual status. As of September 30, 2024, the Company's senior preferred shares in UniTek had an aggregate cost basis of $19,795, an aggregate fair value of approximately $2,407 and total unearned dividend income of approximately $1,725 and $4,943, respectively, for the three and nine months then ended.

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During the second quarter of 2024, the Company placed its junior preferred shares in Eclipse Topco Holdings, Inc. (fka Transcendia Holdings, Inc.) ("Transcendia") on non-accrual status. As of September 30, 2024, the Company's junior preferred shares in Transcendia had an aggregate cost basis of $2,565, an aggregate fair value of $2,702 and total unearned income of $106 and $150, respectively, for the three and nine months then ended.

For a discussion of the Company's unfunded commitments, see Note 9. Commitments and Contingencies.

PPVA Black Elk (Equity) LLC

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

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

On December 22, 2017, the Company settled the Trustee’s $20,540 Claim for $16,000 and filed a claim with the Cayman Islands joint official liquidators of the private hedge fund for $16,000 that is owed to the Company under the SPP Agreement. The SPP Agreement was restored and is in effect since repayment has not been made. The Company continues to exercise its rights under the SPP Agreement and continues to monitor the liquidation process of the private hedge fund. During the year ended December 31, 2018, the Company received a $1,500 payment from its insurance carrier in respect to the settlement. As of September 30, 2024 and December 31, 2023, the SPP Agreement had a cost basis of $14,500 and $14,500, respectively and a fair value of $6,525 and $7,975, respectively, which is reflective of the higher inherent risk in this transaction.

NMFC Senior Loan Program III LLC

NMFC Senior Loan Program III LLC ("SLP III") was formed as a Delaware limited liability company and commenced operations on April 25, 2018. SLP III is structured as a private joint venture investment fund between the Company and SkyKnight Income II, LLC (“SkyKnight II”) and operates under a limited liability company agreement (the "SLP III Agreement"). The purpose of the joint venture is to invest primarily in senior secured loans issued by portfolio companies within the Company's core industry verticals. These investments are typically broadly syndicated first lien loans. All investment decisions must be unanimously approved by the board of managers of SLP III, which has equal representation from the Company and SkyKnight II. SLP III had a five year investment period and will continue in existence until July 8, 2029. On July 3, 2024, the investment period was extended until July 8, 2027. The investment period may be extended for up to one year pursuant to certain terms of the SLP III Agreement.

SLP III is capitalized with equity contributions which are called from its members, on a pro-rata basis based on their equity commitments, as transactions are completed. Any decision by SLP III to call down on capital commitments requires approval by the board of managers of SLP III. As of September 30, 2024, the Company and SkyKnight II have committed and contributed $160,000 and $40,000, respectively, of equity to SLP III. The Company’s investment in SLP III is disclosed on the Company’s Consolidated Schedule of Investments as of September 30, 2024 and December 31, 2023.

On May 2, 2018, SLP III entered into its revolving credit facility with Citibank, N.A. As of the amendment on July 3, 2024, the maturity date of SLP III's revolving credit facility was extended from January 8, 2026 to January 8, 2029, and the reinvestment period was extended from July 8, 2026 to July 8, 2027. As of the amendment on July 3, 2024, during the reinvestment period, the credit facility bears interest at a rate of the Secured Overnight Financing Rate ("SOFR") plus 1.65%, and after the reinvestment period it will bear interest at a rate of SOFR plus 1.95%. From June 23, 2023 to July 3, 2024, during the reinvestment period, the credit facility bore interest at a rate of the SOFR plus 1.80%, and after the reinvestment period it bore interest at a rate of SOFR plus 2.10%. Prior to the amendment on June 23, 2023, the facility bore interest at a rate of London Interbank Offered Rate ("LIBOR") plus 1.60% per annum during the reinvestment period and LIBOR plus 1.90% per annum after the reinvestment period. As of September 30, 2024, SLP III's revolving credit facility has a maximum borrowing capacity of $600,000. As of September 30, 2024 and December 31, 2023, SLP III had total investments with an aggregate fair value of approximately $680,676 and $636,560, respectively, and debt outstanding under its credit facility of $473,200 and $453,200, respectively. As of September 30, 2024 and December 31, 2023, none of SLP III's investments were on non-accrual.

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Additionally, as of September 30, 2024 and December 31, 2023, SLP III had unfunded commitments in the form of delayed draws of $1,768 and $1,127, respectively.

Below is a summary of SLP III's portfolio, along with a listing of the individual investments in SLP III's portfolio as of September 30, 2024 and December 31, 2023:

						September 30, 2024						December 31, 2023
First lien investments (1)						$	694,510					$	657,208
Weighted average interest rate on first lien investments (2)						9.07		%				9.79		%
Number of portfolio companies in SLP III						88						87
Largest portfolio company investment (1)						$	17,743					$	17,883
Total of five largest portfolio company investments (1)						$	80,382					$	79,458

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

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

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The following table is a listing of the individual investments in SLP III's portfolio as of September 30, 2024:

Portfolio Company and Type of Investment						Industry						Reference						Spread						Interest Rate (1)						Maturity Date						Principal Amount or Par Value						Cost						Fair Value (2)
Funded Investments - First lien
ADMI Corp. (aka Aspen Dental)						Healthcare						SOFR(M)						3.75%						8.71%						12/2027						$	2,358					$	2,351					$	2,313
AG Parent Holdings, LLC						Healthcare						SOFR(Q)						5.00%						10.32%						07/2026						7,237						7,226						6,731
Ardonagh Midco 3 Limited						Financial Services						SOFR (Q)						3.75%						8.35%						02/2031						9,400						9,353						9,420
Aretec Group, Inc. (fka RCS Capital Corporation)						Financial Services						SOFR(M)						4.00%						8.85%						08/2030						6,577						6,444						6,453
Ascensus Group Holdings, Inc.						Business Services						SOFR(M)						3.50%						8.46%						08/2028						2,795						2,785						2,798
AssuredPartners, Inc						Business Services						SOFR(M)						3.50%						8.35%						02/2031						1,960						1,958						1,961
Aston FinCo S.a r.l.						Software						SOFR(M)						4.25%						9.21%						10/2026						5,730						5,711						5,469
Asurion, LLC						Business Services						SOFR(M)						4.25%						9.20%						08/2028						13,167						13,068						12,992
athenahealth Group Inc.						Healthcare						SOFR(M)						3.25%						8.10%						02/2029						6,790						6,589						6,759
Bach Finance Limited						Education						SOFR(Q)						3.75%						8.81%						02/2031						2,129						2,124						2,144
Bayou Intermediate II, LLC						Healthcare						SOFR(Q)						4.50%						10.01%						08/2028						3,969						3,947						3,890
BCPE Empire Holdings, Inc.						Distribution & Logistics						SOFR(M)						4.00%						8.85%						12/2028						7,421						7,362						7,433
Bella Holding Company, LLC						Healthcare						SOFR(M)						3.75%						8.70%						05/2028						7,820						7,799						7,834
BIFM CA Buyer Inc.						Business Services						SOFR(M)						4.25%						9.10%						05/2028						3,580						3,538						3,598
Boxer Parent Company Inc.						Software						SOFR(Q)						3.75%						9.01%						07/2031						15,321						15,283						15,301
Bracket Intermediate Holding Corp.						Healthcare						SOFR(Q)						5.00%						9.70%						05/2028						14,146						13,820						14,228
Brown Group Holding, LLC						Distribution & Logistics						SOFR(Q)						2.75%						7.84%						07/2031						2,704						2,653						2,701
BW Holding, Inc.						Packaging						SOFR(Q)						4.00%						9.21%						12/2028						2,750						2,591						2,542
Cardinal Parent, Inc.						Software						SOFR(Q)						4.50%						9.25%						11/2027						9,746						9,601						9,128
CE Intermediate I, LLC						Software						SOFR(Q)						3.50%						8.76%						11/2028						10,728						10,679						10,758
Chrysaor Bidco S.a r.l.						Information Services						SOFR (Q)						3.50%						8.10%						07/2031						2,131						2,131						2,143
Cloudera, Inc.						Software						SOFR(M)						3.75%						8.70%						10/2028						12,527						12,355						12,235
CommerceHub, Inc.						Software						SOFR(M)						6.25%						11.35%						12/2027						3,930						3,582						3,930
CommerceHub, Inc.						Software						SOFR(M)						4.00%						9.20%						12/2027						6,899						6,837						6,432
Confluent Health, LLC						Healthcare						SOFR(M)						4.00%						8.96%						11/2028						9,719						9,686						9,525
Confluent Medical Technologies, Inc.						Healthcare						SOFR(Q)						3.75%						8.35%						02/2029						6,825						6,802						6,853
ConnectWise, LLC						Software						SOFR(Q)						3.50%						8.37%						09/2028						7,979						7,960						7,983
Convey Health Solutions, Inc.						Healthcare						SOFR(Q)						1.00% + 4.25%/PIK						9.95%						07/2029						8,812						8,667						7,979
Cornerstone OnDemand, Inc.						Software						SOFR(M)						3.75%						8.71%						10/2028						2,566						2,558						2,406
CVET Midco 2, L.P.						Software						SOFR(Q)						5.00%						9.60%						10/2029						9,831						9,453						9,355
Dealer Tire Financial, LLC						Distribution & Logistics						SOFR(M)						3.50%						8.35%						07/2031						11,580						11,523						11,628
DG Investment Intermediate Holdings 2, Inc.						Business Services						SOFR(M)						3.75%						8.71%						03/2028						10,314						10,283						10,298
Discovery Purchaser Corporation						Specialty Chemicals & Materials						SOFR(Q)						4.38%						9.69%						10/2029						9,468						9,009						9,436
Dispatch Acquisition Holdings, LLC						Industrial Services						SOFR(Q)						4.25%						9.00%						03/2028						15,329						15,040						14,020
EAB Global, Inc.						Education						SOFR(M)						3.25%						8.10%						08/2028						2,823						2,804						2,816
Eagle Parent Corp.						Business Services						SOFR(Q)						4.25%						8.85%						04/2029						7,411						7,304						7,048
Eisner Advisory Group LLC						Financial Services						SOFR(M)						4.00%						8.85%						02/2031						8,654						8,591						8,690
eResearchTechnology, Inc.						Healthcare						SOFR(M)						4.00%						8.85%						02/2027						3,603						3,603						3,623
Flash Charm, Inc.						Software						SOFR(Q)						3.50%						8.75%						03/2028						16,549						16,537						16,247
Foundational Education Group, Inc.						Education						SOFR(Q)						3.75%						9.26%						08/2028						14,246						14,134						13,747
Groundworks, LLC						Business Services						SOFR(M)						3.50%						8.60%						03/2031						259						257						258
Groundworks, LLC						Business Services						SOFR(M)						3.50%						8.60%						03/2031						8,811						8,760						8,761
Heartland Dental, LLC						Healthcare						SOFR(M)						4.50%						9.35%						04/2028						14,072						13,639						13,846
Help/Systems Holdings, Inc.						Software						SOFR(M)						4.00%						8.95%						11/2026						17,743						17,677						16,939
Higginbotham Insurance Agency, Inc.						Business Services						SOFR(M)						4.50%						9.35%						11/2026						8,919						8,876						8,919
HighTower Holding, LLC						Financial Services						SOFR(Q)						3.50%						8.75%						08/2028						4,694						4,666						4,702
Houghton Mifflin Harcourt Company						Education						SOFR(M)						5.25%						10.20%						04/2029						8,089						7,866						7,890

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Portfolio Company and Type of Investment						Industry						Reference						Spread						Interest Rate (1)						Maturity Date						Principal Amount or Par Value						Cost						Fair Value (2)
Inizio Group Limited						Healthcare						SOFR(Q)						4.25%						8.95%						08/2028						$	4,500					$	4,468					$	4,483
Kestra Advisor Services Holdings A, Inc.						Financial Services						SOFR(Q)						4.00%						9.06%						03/2031						10,022						9,998						10,068
LI Group Holdings, Inc.						Software						SOFR(M)						3.50%						8.46%						03/2028						3,714						3,709						3,728
LSCS Holdings, Inc.						Healthcare						SOFR(M)						4.50%						9.46%						12/2028						12,004						11,908						11,981
Marcel Bidco LLC (Marcel Bidco GmbH)						Software						SOFR(M)						4.00%						9.34%						11/2030						2,830						2,791						2,851
Maverick Bidco Inc.						Software						SOFR(Q)						5.00%						10.20%						05/2028						1,970						1,901						1,967
Maverick Bidco Inc.						Software						SOFR(Q)						3.75%						9.15%						05/2028						8,877						8,850						8,863
Maverick Bidco Inc.						Software						SOFR(Q)						4.25%						9.76%						05/2028						2,469						2,375						2,468
Mavis Tire Express Services Topco, Corp.						Retail						SOFR(M)						3.50%						8.35%						05/2028						4,100						4,089						4,103
MED ParentCo, LP						Healthcare						SOFR(M)						4.00%						8.85%						04/2031						9,954						9,907						9,981
MH Sub I, LLC (Micro Holding Corp.)						Business Services						SOFR(M)						4.25%						9.10%						05/2028						7,094						6,966						7,057
Nielsen Consumer Inc.						Business Services						SOFR(M)						4.75%						9.60%						03/2028						14,790						14,755						14,766
OMNIA Partners, LLC						Business Services						SOFR(Q)						3.25%						8.53%						07/2030						8,459						8,397						8,495
Osaic Holdings, Inc.						Financial Services						SOFR(M)						4.00%						8.85%						08/2028						11,597						11,474						11,490
Osmosis Buyer Limited						Consumer Products						SOFR(M)						3.50%						8.70%						07/2028						11,048						10,933						11,047
Pearls (Netherlands) Bidco B.V.						Specialty Chemicals & Materials						SOFR(Q)						4.00%						9.25%						02/2029						1,699						1,696						1,704
Peraton Corp.						Federal Services						SOFR(M)						3.75%						8.70%						02/2028						4,114						4,103						3,968
Perforce Software, Inc.						Software						SOFR(M)						4.75%						9.60%						03/2031						6,614						6,585						6,613
Physician Partners, LLC						Healthcare						SOFR(S)						4.00%						9.56%						12/2028						4,199						4,170						2,737
Plano Holdco, Inc.						Information Technology						SOFR (Q)						3.50%						8.09%						08/2031						4,625						4,602						4,636
Planview Parent, Inc.						Software						SOFR(Q)						3.75%						8.35%						12/2027						10,667						10,506						10,689
Project Alpha Intermediate Holding, Inc.						Software						SOFR(Q)						3.75%						9.00%						10/2030						13,676						13,428						13,724
Project Ruby Ultimate Parent Corp.						Healthcare						SOFR(M)						3.25%						8.21%						03/2028						4,274						4,262						4,274
Pushpay USA Inc.						Software						SOFR(Q)						4.50%						9.10%						08/2031						3,120						3,089						3,124
Quartz Holding Company						Software						SOFR(M)						4.00%						8.85%						10/2028						9,107						9,066						9,113
RealPage, Inc.						Software						SOFR(M)						3.00%						7.96%						04/2028						4,272						4,266						4,152
Renaissance Holding Corp.						Education						SOFR(M)						4.25%						9.10%						04/2030						5,042						4,915						5,046
RLG Holdings, LLC						Packaging						SOFR(M)						4.25%						9.21%						07/2028						5,683						5,666						5,562
RxB Holdings, Inc.						Healthcare						SOFR(M)						4.50%						9.47%						12/2027						6,290						6,214						6,304
RxB Holdings, Inc.						Healthcare						SOFR(M)						5.25%						10.10%						12/2027						3,642						3,572						3,642
Sierra Enterprises, LLC						Food & Beverage						SOFR(Q)						6.75%						12.00%						05/2027						2,546						2,546						2,444
Spring Education Group, Inc.						Education						SOFR(Q)						4.00%						8.60%						10/2030						12,256						12,119						12,360
Storable, Inc.						Software						SOFR(M)						3.50%						8.35%						04/2028						3,756						3,751						3,771
Symplr Software, Inc.						Healthcare						SOFR(Q)						4.50%						9.85%						12/2027						15,440						15,365						14,143
Syndigo LLC						Software						SOFR(M)						4.50%						9.46%						12/2027						14,713						14,656						14,694
Therapy Brands Holdings LLC						Healthcare						SOFR(M)						4.00%						8.96%						05/2028						4,026						4,014						3,317
Thermostat Purchaser III, Inc.						Business Services						SOFR(Q)						4.25%						9.00%						08/2028						6,527						6,506						6,539
TMF Sapphire Bidco B.V.						Business Services						SOFR(Q)						3.50%						8.82%						05/2028						2,647						2,604						2,660
TRC Companies LLC						Business Services						SOFR(M)						3.75%						8.71%						12/2028						13,920						13,869						13,932
UKG Inc.						Software						SOFR(Q)						3.25%						8.55%						02/2031						5,827						5,822						5,834
Valcour Packaging, LLC						Packaging						SOFR(Q)						5.25%						10.56%						10/2028						2,256						2,233						2,291
Valcour Packaging, LLC						Packaging						SOFR(Q)						1.50% + 2.25%/PIK						9.33%						10/2028						3,075						3,075						2,687
VSTG Intermediate Holdings, Inc.						Business Services						SOFR(Q)						4.75%						9.35%						07/2029						4,467						4,447						4,470
WatchGuard Technologies, Inc.						Software						SOFR(M)						5.25%						10.10%						07/2029						6,936						6,671						6,879
Wrench Group LLC						Consumer Services						SOFR(Q)						4.00%						8.87%						10/2028						14,144						14,120						14,155
Xplor T1, LLC						Software						SOFR(Q)						4.25%						8.85%						06/2031						5,601						5,573						5,643

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Portfolio Company and Type of Investment						Industry						Reference						Spread						Interest Rate (1)						Maturity Date						Principal Amount or Par Value						Cost						Fair Value (2)
Zest Acquisition Corp.						Healthcare						SOFR(Q)						5.25%						10.51%						02/2028						$	4,042					$	3,918					$	4,066
Total Funded Investments																																				$	692,742					$	685,432					$	680,683
Unfunded Investments - First lien
Chrysaor Bidco S.a r.l.						Information Services						—						—						—						05/2031						$	158					$	—					$	1
DG Investment Intermediate Holdings 2, Inc.						Business Services						—						—						—						03/2026						246						(1)						—
Groundworks, LLC						Business Services						—						—						—						03/2026						1,364						(4)						(8)
Total Unfunded Investments																																				$	1,768					$	(5)					$	(7)
Total Investments																																				$	694,510					$	685,427					$	680,676

(1)All interest is payable in cash unless otherwise indicated. All of the variable rate debt investments bear interest at a rate that may be determined by reference to the Secured Overnight Financing Rate (SOFR). For each investment, the current interest rate provided reflects the rate in effect as of September 30, 2024.

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

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The following table is a listing of the individual investments in SLP III's portfolio as of December 31, 2023:

Portfolio Company and Type of Investment						Industry						Reference						Spread						Interest Rate (1)						Maturity Date						Principal Amount or Par Value						Cost						Fair Value (2)
Funded Investments - First lien
ADMI Corp. (aka Aspen Dental)						Healthcare						SOFR(M)						3.75%						9.22%						12/2027						$	2,376					$	2,368					$	2,261
AG Parent Holdings, LLC						Healthcare						SOFR(Q)						5.00%						10.65%						07/2026						7,294						7,279						7,174
Aretec Group, Inc. (fka RCS Capital Corporation)						Financial Services						SOFR(M)						4.50%						9.96%						08/2030						6,626						6,480						6,634
Artera Services, LLC						Distribution & Logistics						SOFR(Q)						3.50%						8.95%						03/2025						5,273						5,259						4,968
Ascensus Group Holdings, Inc.						Business Services						SOFR(M)						3.50%						8.97%						08/2028						2,817						2,806						2,817
AssuredPartners, Inc						Insurance Services						SOFR(M)						3.75%						9.22%						02/2027						1,975						1,921						1,986
Aston FinCo S.a r.l.						Software						SOFR(M)						4.25%						9.72%						10/2026						5,775						5,749						4,929
athenahealth Group Inc.						Healthcare						SOFR(M)						3.25%						8.61%						02/2029						6,843						6,612						6,828
BCPE Empire Holdings, Inc.						Distribution & Logistics						SOFR(M)						4.75%						10.11%						12/2028						7,458						7,390						7,490
Bella Holding Company, LLC						Healthcare						SOFR(M)						3.75%						9.21%						05/2028						962						955						956
Boxer Parent Company Inc.						Software						SOFR(M)						4.25%						9.60%						12/2028						11,883						11,764						11,992
Bracket Intermediate Holding Corp.						Healthcare						SOFR(Q)						5.00%						10.45%						05/2028						14,253						13,870						14,280
Brown Group Holding, LLC						Distribution & Logistics						SOFR(Q)						3.75%						9.13%						07/2029						3,989						3,905						4,006
Cardinal Parent, Inc.						Software						SOFR(Q)						4.50%						10.00%						11/2027						9,821						9,646						9,048
CE Intermediate I, LLC						Software						SOFR(Q)						3.50%						9.02%						11/2028						10,810						10,754						10,729
CentralSquare Technologies, LLC						Software						SOFR(Q)						3.75%						9.25%						08/2025						14,250						14,240						13,817
CHA Holdings, Inc.						Business Services						SOFR(M)						4.50%						10.15%						04/2025						947						947						947
Cloudera, Inc.						Software						SOFR(M)						3.75%						9.21%						10/2028						5,692						5,553						5,654
CommerceHub, Inc.						Software						SOFR(Q)						4.00%						9.54%						12/2027						5,658						5,641						5,378
CommerceHub, Inc.						Software						SOFR(Q)						6.25%						11.79%						12/2027						3,960						3,548						3,960
Confluent Health, LLC						Healthcare						SOFR(M)						4.00%						9.47%						11/2028						10,962						10,919						10,771
Confluent Medical Technologies, Inc.						Healthcare						SOFR(Q)						3.75%						9.10%						02/2029						6,878						6,851						6,878
Convey Health Solutions, Inc.						Healthcare						SOFR(Q)						5.25%						10.74%						09/2026						12,838						12,559						11,483
Cornerstone OnDemand, Inc.						Software						SOFR(M)						3.75%						9.22%						10/2028						3,527						3,514						3,432
Covenant Surgical Partners, Inc.						Healthcare						SOFR(Q)						4.00%						9.38%						07/2026						9,583						9,545						7,539
Covenant Surgical Partners, Inc.						Healthcare						SOFR(Q)						4.00%						9.38%						07/2026						2,000						1,989						1,573
CRCI Longhorn Holdings, Inc.						Business Services						SOFR(M)						3.50%						8.96%						08/2025						14,213						14,194						14,261
CVET Midco 2, L.P.						Software						SOFR(Q)						5.00%						10.35%						10/2029						9,905						9,483						9,909
Dealer Tire Financial, LLC						Distribution & Logistics						SOFR(M)						4.50%						9.86%						12/2027						9,628						9,617						9,680
DG Investment Intermediate Holdings 2, Inc.						Business Services						SOFR(M)						3.75%						9.22%						03/2028						7,313						7,293						7,263
Discovery Purchaser Corporation						Specialty Chemicals & Materials						SOFR(Q)						4.38%						9.77%						10/2029						7,029						6,538						6,943
Dispatch Acquisition Holdings, LLC						Industrial Services						SOFR(Q)						4.25%						9.75%						03/2028						15,448						15,105						14,550
EAB Global, Inc.						Education						SOFR(M)						3.50%						8.97%						08/2028						3,960						3,929						3,958
Eagle Parent Corp.						Business Services						SOFR(Q)						4.25%						9.60%						04/2029						7,468						7,346						7,403
Eisner Advisory Group LLC						Financial Services						SOFR(M)						5.25%						10.72%						07/2028						2,190						2,113						2,195
eResearchTechnology, Inc.						Healthcare						SOFR(M)						4.50%						9.96%						02/2027						3,632						3,631						3,632
EyeCare Partners, LLC						Healthcare						SOFR(Q)						3.75%						9.39%						02/2027						12,210						12,202						6,114
Foundational Education Group, Inc.						Education						SOFR(Q)						4.25%						9.89%						08/2028						9,601						9,508						9,601
Groundworks, LLC						Consumer Services						SOFR(Q)						6.50%						11.90%						03/2030						1,432						1,395						1,419
Heartland Dental, LLC						Healthcare						SOFR(M)						5.00%						10.36%						04/2028						14,178						13,668						14,160
Help/Systems Holdings, Inc.						Software						SOFR(Q)						4.00%						9.48%						11/2026						17,883						17,795						17,048
Higginbotham Insurance Agency, Inc.						Business Services						SOFR(M)						5.50%						10.96%						11/2028						8,987						8,938						8,987
HighTower Holding, LLC						Financial Services						SOFR(Q)						4.00%						9.64%						04/2028						4,729						4,697						4,720
Houghton Mifflin Harcourt Company						Education						SOFR(M)						5.25%						10.71%						04/2029						8,151						7,898						8,009
Hub International Limited						Insurance Services						SOFR(Q)						4.25%						9.66%						06/2030						6,426						6,363						6,463
Hunter Holdco 3 Limited						Healthcare						SOFR(Q)						4.25%						9.70%						08/2028						3,000						2,978						2,998
Idera, Inc.						Software						SOFR(Q)						3.75%						9.28%						03/2028						15,642						15,633						15,584

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Portfolio Company and Type of Investment						Industry						Reference						Spread						Interest Rate (1)						Maturity Date						Principal Amount or Par Value						Cost						Fair Value (2)
Kestra Advisor Services Holdings A, Inc.						Financial Services						SOFR(Q)						4.25%						9.70%						06/2026						$	11,811					$	11,778					$	11,841
LI Group Holdings, Inc.						Software						SOFR(M)						3.50%						8.97%						03/2028						3,749						3,743						3,763
LSCS Holdings, Inc.						Healthcare						SOFR(M)						4.50%						9.97%						12/2028						7,491						7,462						7,407
Marcel Bidco LLC (Marcel Bidco GmbH)						Software						SOFR(M)						4.50%						9.13%						11/2030						2,837						2,795						2,856
Maverick Bidco Inc.						Software						SOFR(Q)						3.75%						9.28%						05/2028						3,920						3,907						3,875
Maverick Bidco Inc.						Software						SOFR(Q)						4.25%						9.89%						05/2028						2,488						2,377						2,463
Maverick Bidco Inc.						Software						SOFR(Q)						5.00%						10.47%						05/2028						1,985						1,904						1,962
Mavis Tire Express Services Topco Corp.						Retail						SOFR(M)						4.00%						9.47%						05/2028						4,131						4,118						4,144
MED ParentCo, LP						Healthcare						SOFR(M)						4.25%						9.72%						08/2026						12,458						12,407						12,361
MH Sub I, LLC (Micro Holding Corp.)						Business Services						SOFR(M)						4.25%						9.61%						05/2028						3,558						3,479						3,505
Netsmart, Inc.						Healthcare						SOFR(M)						3.75%						9.22%						10/2027						3,900						3,900						3,913
Nielsen Consumer Inc.						Business Services						SOFR(M)						6.25%						11.61%						03/2028						14,925						13,402						14,639
OMNIA Partners, LLC						Business Services						SOFR(Q)						4.25%						9.63%						07/2030						5,919						5,862						5,960
Optiv Parent Inc.						Business Services						SOFR(Q)						5.25%						10.63%						07/2026						6,585						6,396						6,308
Osaic Holdings, Inc.						Financial Services						SOFR(M)						4.50%						9.86%						08/2028						9,650						9,559						9,693
Osmosis Buyer Limited						Food & Beverage						SOFR(M)						3.75%						9.09%						07/2028						2,494						2,457						2,499
Osmosis Buyer Limited						Food & Beverage						SOFR(M)						4.25%						9.60%						07/2028						2,405						2,333						2,418
Pearls (Netherlands) Bidco B.V.						Specialty Chemicals & Materials						SOFR(Q)						3.75%						9.13%						02/2029						1,710						1,707						1,698
Peraton Corp.						Federal Services						SOFR(M)						3.75%						9.21%						02/2028						4,147						4,133						4,161
Physician Partners, LLC						Healthcare						SOFR(Q)						4.00%						9.53%						12/2028						4,231						4,197						4,010
Planview Parent, Inc.						Software						SOFR(Q)						4.00%						9.61%						12/2027						10,721						10,528						10,669
Premise Health Holding Corp.						Healthcare						SOFR(Q)						3.75%						9.25%						07/2025						7,328						7,319						7,200
Project Alpha Intermediate Holding, Inc.						Software						SOFR(M)						4.75%						10.11%						10/2030						13,745						13,474						13,859
Project Ruby Ultimate Parent Corp.						Healthcare						SOFR(M)						5.75%						11.22%						03/2028						4,938						4,817						5,018
Project Ruby Ultimate Parent Corp.						Healthcare						SOFR(M)						3.25%						8.72%						03/2028						4,308						4,293						4,310
RealPage, Inc.						Software						SOFR(M)						3.00%						8.47%						04/2028						4,305						4,298						4,288
Renaissance Holding Corp.						Education						SOFR(M)						4.75%						10.11%						04/2030						6,612						6,429						6,644
RLG Holdings, LLC						Packaging						SOFR(M)						4.25%						9.72%						07/2028						5,727						5,707						5,403
RxB Holdings, Inc.						Healthcare						SOFR(M)						4.50%						9.97%						12/2027						6,339						6,247						6,327
RxB Holdings, Inc.						Healthcare						SOFR(M)						5.25%						10.61%						12/2027						3,669						3,586						3,669
Sierra Enterprises, LLC						Food & Beverage						SOFR(Q)						2.50% + 4.25% PIK						12.13%						05/2027						2,484						2,483						2,304
Snap One Holdings Corp.						Distribution & Logistics						SOFR(Q)						4.50%						10.00%						12/2028						6,556						6,506						6,425
Spring Education Group, Inc.						Education						SOFR(Q)						4.50%						9.85%						10/2030						12,349						12,198						12,390
Storable, Inc.						Software						SOFR(M)						3.50%						8.86%						04/2028						3,785						3,779						3,782
Symplr Software, Inc.						Healthcare						SOFR(Q)						4.50%						9.98%						12/2027						15,560						15,470						13,978
Syndigo LLC						Software						SOFR(M)						4.50%						9.97%						12/2027						14,588						14,519						14,588
Therapy Brands Holdings LLC						Software						SOFR(M)						4.00%						9.47%						05/2028						4,058						4,043						3,763
Thermostat Purchaser III, Inc.						Business Services						SOFR(Q)						4.50%						10.04%						08/2028						6,560						6,535						6,475
TMF Sapphire Bidco B.V.						Business Services						SOFR(Q)						5.00%						10.41%						05/2028						2,667						2,616						2,685
TRC Companies LLC						Business Services						SOFR(M)						3.75%						9.22%						12/2028						13,525						13,470						13,548
UKG Inc.						Software						SOFR(Q)						4.50%						9.99%						05/2026						4,975						4,880						5,004
USI, Inc.						Financial Services						SOFR(Q)						3.00%						8.35%						11/2029						2,446						2,403						2,456
Valcour Packaging, LLC						Packaging						SOFR(M)						3.75%						9.21%						10/2028						4,459						4,449						3,552
WatchGuard Technologies, Inc.						Software						SOFR(M)						5.25%						10.60%						07/2029						5,237						4,944						5,045
Waystar Technologies, Inc.						Healthcare						SOFR(M)						4.00%						9.47%						10/2026						3,983						3,978						4,003

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Portfolio Company and Type of Investment						Industry						Reference						Spread						Interest Rate (1)						Maturity Date						Principal Amount or Par Value						Cost						Fair Value (2)
Wrench Group LLC						Consumer Services						SOFR(Q)						4.00%						9.61%						04/2026						$	7,743					$	7,732					$	7,772
Wrench Group LLC						Consumer Services						SOFR(Q)						4.50%						9.95%						04/2026						5,473						5,386						5,495
Zest Acquisition Corp.						Healthcare						SOFR(M)						5.50%						10.86%						02/2028						4,072						3,926						3,999
Total Funded Investments																																				$	656,081					$	646,319					$	636,554
Unfunded Investments - First lien
Groundworks, LLC						Consumer Services						—						—						—						09/2024						$	65					$	(1)					$	(1)
OMNIA Partners, LLC						Business Services						—						—						—						01/2024						556						(3)						4
Osmosis Buyer Limited						Food & Beverage						—						—						—						07/2028						506						—						3
Total Unfunded Investments																																				$	1,127					$	(4)					$	6
Total Investments																																				$	657,208					$	646,315					$	636,560

(1)All interest is payable in cash unless otherwise indicated. All of the variable rate debt investments bear interest at a rate that may be determined by reference to the Secured Overnight Financing Rate (SOFR). For each investment, the current interest rate provided reflects the rate in effect as of December 31, 2023.

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

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Below is certain summarized financial information for SLP III as of September 30, 2024 and December 31, 2023 and for the three and nine months ended September 30, 2024 and September 30, 2023:

Selected Balance Sheet Information:			September 30, 2024						December 31, 2023
Investments at fair value (cost of $685,427 and $646,315)			$	680,676					$	636,560
Cash and other assets			21,667						21,443
Receivable from unsettled securities sold			1,842						—
Total assets			$	704,185					$	658,003
Credit facility			$	473,200					$	453,200
Deferred financing costs (net of accumulated amortization of $6,196 and $5,650, respectively)			(4,005)						(943)
Payable for unsettled securities purchased			26,321						23,881
Distribution payable			6,959						6,672
Other liabilities			7,670						7,862
Total liabilities			510,145						490,672
Members' capital			$	194,040					$	167,331
Total liabilities and members' capital			$	704,185					$	658,003

Selected Statement of Operations Information:			Three Months Ended												Nine Months Ended
			September 30, 2024						September 30, 2023						September 30, 2024						September 30, 2023
Interest income			$	17,860					$	16,848					$	51,245					$	48,083
Other income			49						295						134						452
Total investment income			17,909						17,143						51,379						48,535
Interest and other financing expenses			8,888						9,061						26,599						26,336
Other expenses			229						317						737						853
Total expenses			9,117						9,378						27,336						27,189
Net investment income			8,792						7,765						24,043						21,346
Net realized gains (losses) on investments			74						(545)						(5,833)						(2,400)
Net change in unrealized (depreciation) appreciation of investments			(1,493)						11,856						5,005						27,810
Net increase in members' capital			$	7,373					$	19,076					$	23,215					$	46,756

For the three and nine months ended September 30, 2024, the Company earned approximately $5,567 and $17,205, respectively, of dividend income related to SLP III, which is included in dividend income. For the three and nine months ended September 30, 2023, the Company earned approximately $4,900 and $14,700, respectively, of dividend income related to SLP III, which is included in dividend income. As of September 30, 2024 and December 31, 2023, approximately $5,567 and $5,338, respectively, of dividend income related to SLP III was included in interest and dividend receivable.

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

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NMFC Senior Loan Program IV LLC

NMFC Senior Loan Program IV LLC ("SLP IV") was formed as a Delaware limited liability company on April 6, 2021, and commenced operations on May 5, 2021. SLP IV is structured as a private joint venture investment fund between the Company and SkyKnight Income Alpha, LLC ("SkyKnight Alpha") and operates under the First Amended and Restated Limited Liability Company Agreement of NMFC Senior Loan Program IV LLC, dated May 5, 2021 (the "SLP IV Agreement"). Upon the effectiveness of the SLP IV Agreement, the members contributed their respective membership interests in NMFC Senior Loan Program I LLC ("SLP I") and NMFC Senior Loan Program II LLC ("SLP II") to SLP IV. Immediately following the contribution of their membership interests, SLP I and SLP II became wholly-owned subsidiaries of SLP IV. The purpose of the joint venture is to invest primarily in senior secured loans issued by portfolio companies within the Company's core industry verticals. These investments are typically broadly syndicated first lien loans. All investment decisions must be unanimously approved by the board of managers of SLP IV, which has equal representation from the Company and SkyKnight Alpha. SLP IV had a five year investment period and will continue in existence until May 5, 2029. On March 15, 2024, the investment period was extended until May 5, 2027 pursuant to the terms of the SLP IV Agreement.

SLP IV is capitalized with equity contributions which were transferred and contributed from its members. As of September 30, 2024, the Company and SkyKnight Alpha have transferred and contributed $112,400 and $30,600, respectively, of their membership interests in SLP I and SLP II to SLP IV. The Company’s investment in SLP IV is disclosed on the Company’s Consolidated Schedule of Investments as of September 30, 2024 and December 31, 2023.

On May 5, 2021, SLP IV entered into a $370,000 revolving credit facility with Wells Fargo Bank, National Association which matures on March 27, 2029. As of the amendment on March 27, 2024, the facility bears interest at a rate of SOFR plus 1.90%. From April 28, 2023 to March 27, 2024, the facility bore interest at a rate of SOFR plus 1.70%. Prior to the amendment on April 28, 2023, the facility bore interest at a rate of LIBOR plus 1.60% per annum. As of September 30, 2024 and December 31, 2023, SLP IV had total investments with an aggregate fair value of approximately $466,322 and $467,886, respectively, and debt outstanding under its credit facility of $341,937 and $306,537, respectively. As of September 30, 2024 and December 31, 2023, none of SLP IV’s investments were on non-accrual. Additionally, as of September 30, 2024 and December 31, 2023, SLP IV had unfunded commitments in the form of delayed draws of $753 and $792, respectively.

Below is a summary of SLP IV's consolidated portfolio, along with a listing of the individual investments in SLP IV's consolidated portfolio as of September 30, 2024 and December 31, 2023:

						September 30, 2024						December 31, 2023
First lien investments (1)						$	478,284					$	482,776
Weighted average interest rate on first lien investments (2)						9.16		%				9.81		%
Number of portfolio companies in SLP IV						78						78
Largest portfolio company investment (1)						$	17,803					$	17,400
Total of five largest portfolio company investments (1)						$	62,735					$	67,838

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

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

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The following table is a listing of the individual investments in SLP IV's consolidated portfolio as of September 30, 2024:

Portfolio Company and Type of Investment						Industry						Reference						Spread						Interest Rate (1)						Maturity Date						Principal Amount or Par Value						Cost						Fair Value (2)
Funded Investments - First lien
ADG, LLC						Healthcare						SOFR(Q)						1.00% + 3.00%/ PIK						8.85%						09/2026						$	17,803					$	17,798					$	15,840
ADMI Corp. (aka Aspen Dental)						Healthcare						SOFR(M)						3.75%						8.71%						12/2027						1,819						1,814						1,784
Aretec Group, Inc. (fka RCS Capital Corporation)						Financial Services						SOFR(M)						4.00%						8.85%						08/2030						4,768						4,674						4,679
Ascensus Group Holdings, Inc.						Business Services						SOFR(M)						3.50%						8.46%						08/2028						4,138						4,125						4,143
Asurion, LLC						Business Services						SOFR(M)						4.25%						9.20%						08/2028						9,717						9,644						9,587
athenahealth Group Inc.						Healthcare						SOFR(M)						3.25%						8.10%						02/2029						2,355						2,347						2,344
Bach Finance Limited						Education						SOFR(Q)						3.75%						8.81%						02/2031						1,611						1,607						1,623
Barracuda Parent, LLC						Software						SOFR(S)						4.50%						9.81%						08/2029						4,913						4,800						4,791
Bayou Intermediate II, LLC						Healthcare						SOFR(Q)						4.50%						10.01%						08/2028						8,872						8,837						8,694
BCPE Empire Holdings, Inc.						Distribution & Logistics						SOFR(M)						4.00%						8.85%						12/2028						5,299						5,262						5,307
Bella Holding Company, LLC						Healthcare						SOFR(M)						3.75%						8.70%						05/2028						747						745						748
BIFM CA Buyer Inc.						Business Services						SOFR(M)						4.25%						9.10%						05/2028						2,709						2,678						2,723
Bleriot US Bidco Inc.						Federal Services						SOFR(Q)						3.25%						7.85%						10/2030						3,871						3,855						3,883
Boxer Parent Company Inc.						Software						SOFR(Q)						3.75%						9.01%						07/2031						10,440						10,414						10,426
Bracket Intermediate Holding Corp.						Healthcare						SOFR(Q)						5.00%						9.70%						05/2028						4,360						4,260						4,386
BW Holding, Inc.						Packaging						SOFR(Q)						4.00%						9.21%						12/2028						2,029						1,912						1,876
CE Intermediate I, LLC						Software						SOFR(Q)						3.50%						8.76%						11/2028						8,033						7,996						8,056
Chrysaor Bidco S.a r.l.						Information Services						SOFR (Q)						3.50%						8.10%						07/2031						1,573						1,573						1,581
Cloudera, Inc.						Software						SOFR(M)						3.75%						8.70%						10/2028						9,346						9,215						9,128
CommerceHub, Inc.						Software						SOFR(M)						6.25%						11.35%						12/2027						540						540						540
CommerceHub, Inc.						Software						SOFR(M)						4.00%						9.20%						12/2027						4,078						3,924						3,802
Confluent Health, LLC						Healthcare						SOFR(M)						4.00%						8.96%						11/2028						6,506						6,484						6,376
Confluent Medical Technologies, Inc.						Healthcare						SOFR(Q)						3.75%						8.35%						02/2029						6,825						6,802						6,853
Convey Health Solutions, Inc.						Healthcare						SOFR(Q)						1.00% + 4.25%/PIK						9.95%						07/2029						3,389						3,333						3,069
Cornerstone OnDemand, Inc.						Software						SOFR(M)						3.75%						8.71%						10/2028						1,833						1,827						1,718
CVET Midco 2, L.P.						Software						SOFR(Q)						5.00%						9.60%						10/2029						6,606						6,453						6,286
Dealer Tire Financial, LLC						Distribution & Logistics						SOFR(M)						3.50%						8.35%						07/2031						10,507						10,456						10,550
Discovery Purchaser Corporation						Specialty Chemicals & Materials						SOFR(Q)						4.38%						9.69%						10/2029						5,802						5,461						5,783
Dispatch Acquisition Holdings, LLC						Industrial Services						SOFR(Q)						4.25%						9.00%						03/2028						9,699						9,624						8,871
EAB Global, Inc.						Education						SOFR(M)						3.25%						8.10%						08/2028						998						992						995
Eagle Parent Corp.						Business Services						SOFR(Q)						4.25%						8.85%						04/2029						7,424						7,326						7,060
Eisner Advisory Group LLC						Financial Services						SOFR(M)						4.00%						8.85%						02/2031						5,039						4,992						5,060
eResearchTechnology, Inc.						Healthcare						SOFR(M)						4.00%						8.85%						02/2027						2,173						2,164						2,184
Flash Charm, Inc.						Software						SOFR(Q)						3.50%						8.75%						03/2028						10,082						10,034						9,897
Foundational Education Group, Inc.						Education						SOFR(Q)						3.75%						9.26%						08/2028						11,072						10,961						10,685
Geo Parent Corporation						Business Services						SOFR(Q)						5.25%						10.60%						12/2028						9,585						9,450						9,585
Groundworks, LLC						Business Services						SOFR(M)						3.50%						8.60%						03/2031						121						120						120
Groundworks, LLC						Business Services						SOFR(M)						3.50%						8.60%						03/2031						4,113						4,074						4,090
Heartland Dental, LLC						Healthcare						SOFR(M)						4.50%						9.35%						04/2028						10,036						9,805						9,875
Help/Systems Holdings, Inc.						Software						SOFR(M)						4.00%						8.95%						11/2026						9,632						9,616						9,195
Houghton Mifflin Harcourt Company						Education						SOFR(M)						5.25%						10.20%						04/2029						6,262						6,091						6,108
Inizio Group Limited						Healthcare						SOFR(Q)						4.25%						8.95%						08/2028						3,949						3,925						3,934
Kestra Advisor Services Holdings A, Inc.						Financial Services						SOFR(Q)						4.00%						9.06%						03/2031						4,560						4,549						4,581
LSCS Holdings, Inc.						Healthcare						SOFR(M)						4.50%						9.46%						12/2028						9,799						9,743						9,780
Mandolin Technology Intermediate Holdings, Inc.						Software						SOFR(Q)						3.75%						8.50%						07/2028						9,725						9,695						8,047
Marcel Bidco LLC (Marcel Bidco GmbH)						Software						SOFR(M)						4.00%						9.34%						11/2030						2,034						2,006						2,049

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Portfolio Company and Type of Investment						Industry						Reference						Spread						Interest Rate (1)						Maturity Date						Principal Amount or Par Value						Cost						Fair Value (2)
Maverick Bidco Inc.						Software						SOFR(Q)						5.00%						10.20%						05/2028						$	1,970					$	1,901					$	1,967
Maverick Bidco Inc.						Software						SOFR(Q)						3.75%						9.15%						05/2028						7,781						7,758						7,768
Mavis Tire Express Services Topco, Corp.						Retail						SOFR(M)						3.50%						8.35%						05/2028						8,201						8,177						8,206
MED ParentCo, LP						Healthcare						SOFR(M)						4.00%						8.85%						04/2031						7,346						7,310						7,365
MH Sub I, LLC (Micro Holding Corp.)						Business Services						SOFR(M)						4.25%						9.10%						05/2028						6,095						5,982						6,063
Nielsen Consumer Inc.						Business Services						SOFR(M)						4.75%						9.60%						03/2028						9,860						9,837						9,844
OMNIA Partners, LLC						Business Services						SOFR(Q)						3.25%						8.53%						07/2030						4,983						4,939						5,004
Osaic Holdings, Inc.						Financial Services						SOFR(M)						4.00%						8.85%						08/2028						11,460						11,367						11,355
Osmosis Buyer Limited						Consumer Products						SOFR(M)						3.50%						8.70%						07/2028						8,850						8,758						8,849
Pearls (Netherlands) Bidco B.V.						Specialty Chemicals & Materials						SOFR(Q)						4.00%						9.25%						02/2029						1,311						1,308						1,314
Perforce Software, Inc.						Software						SOFR(M)						4.75%						9.60%						03/2031						4,880						4,860						4,880
Physician Partners, LLC						Healthcare						SOFR(S)						4.00%						9.56%						12/2028						3,173						3,151						2,069
Project Alpha Intermediate Holding, Inc.						Software						SOFR(Q)						3.75%						9.00%						10/2030						9,831						9,651						9,865
Project Ruby Ultimate Parent Corp.						Healthcare						SOFR(M)						3.50%						8.46%						03/2028						4,975						4,953						4,981
Quartz Holding Company						Software						SOFR(M)						4.00%						8.85%						10/2028						6,892						6,861						6,897
RealPage, Inc.						Software						SOFR(M)						3.00%						7.96%						04/2028						1,361						1,358						1,322
Renaissance Holding Corp.						Education						SOFR(M)						4.25%						9.10%						04/2030						3,890						3,791						3,893
RxB Holdings, Inc.						Healthcare						SOFR(M)						4.50%						9.47%						12/2027						7,306						7,285						7,322
Sierra Enterprises, LLC						Food & Beverage						SOFR(Q)						6.75%						12.00%						05/2027						4,461						4,456						4,283
Spring Education Group, Inc.						Education						SOFR(Q)						4.00%						8.60%						10/2030						9,455						9,347						9,535
STATS Intermediate Holdings, LLC						Business Services						SOFR(Q)						5.25%						10.64%						07/2026						995						982						969
STATS Intermediate Holdings, LLC						Business Services						SOFR(Q)						7.25%						12.64%						07/2026						2,254						2,204						2,254
Storable, Inc.						Software						SOFR(M)						3.50%						8.35%						04/2028						3,890						3,876						3,905
Symplr Software, Inc.						Healthcare						SOFR(Q)						4.50%						9.85%						12/2027						3,697						3,692						3,387
Syndigo LLC						Software						SOFR(M)						4.50%						9.46%						12/2027						9,823						9,813						9,811
Therapy Brands Holdings LLC						Healthcare						SOFR(M)						4.00%						8.96%						05/2028						5,923						5,905						4,879
Thermostat Purchaser III, Inc.						Business Services						SOFR(Q)						4.25%						9.00%						08/2028						4,662						4,647						4,671
TRC Companies LLC						Business Services						SOFR(M)						3.75%						8.71%						12/2028						9,999						9,963						10,008
Valcour Packaging, LLC						Packaging						SOFR(Q)						5.25%						10.56%						10/2028						1,641						1,625						1,667
Valcour Packaging, LLC						Packaging						SOFR(Q)						1.50% + 2.25%/PIK						9.33%						10/2028						2,237						2,237						1,954
VSTG Intermediate Holdings, Inc.						Business Services						SOFR(Q)						4.75%						9.35%						07/2029						3,380						3,365						3,383
VT Topco, Inc.						Business Services						SOFR(M)						3.50%						8.35%						08/2030						5,738						5,689						5,762
WatchGuard Technologies, Inc.						Software						SOFR(M)						5.25%						10.10%						07/2029						4,009						3,808						3,977
Wrench Group LLC						Consumer Services						SOFR(Q)						4.00%						8.87%						10/2028						9,324						9,295						9,331
Xplor T1, LLC						Software						SOFR(Q)						4.25%						8.85%						06/2031						4,075						4,055						4,106
Zest Acquisition Corp.						Healthcare						SOFR(Q)						5.25%						10.51%						02/2028						3,118						3,037						3,136
Zone Climate Services, Inc.						Business Services						SOFR(Q)						5.50%						10.93%						03/2028						9,750						9,626						9,551
Zone Climate Services, Inc.						Business Services						SOFR(Q)						5.50%						10.93%						03/2028						2,143						2,116						2,100
Total Funded Investments																																				$	477,531					$	472,988					$	466,325
Unfunded Investments - First lien
Chrysaor Bidco S.a r.l.						Information Services						—						—						—						05/2031						$	116					$	—					$	1
Groundworks, LLC						Business Services						—						—						—						03/2026						637						(3)						(4)
																																				$	753					$	(3)					$	(3)
Total Unfunded Investments																																				$	478,284					$	472,985					$	466,322

(1)All interest is payable in cash unless otherwise indicated. All of the variable rate debt investments bear interest at a rate that may be determined by reference to the Secured Overnight Financing Rate (SOFR). For each investment, the current interest rate provided reflects the rate in effect as of September 30, 2024.

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

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The following table is a listing of the individual investments in SLP IV's consolidated portfolio as of December 31, 2023:

Portfolio Company and Type of Investment						Industry						Reference						Spread						Interest Rate (1)						Maturity Date						Principal Amount or Par Value						Cost						Fair Value (2)
Funded Investments - First lien
ADG, LLC						Healthcare						SOFR(Q)						1.00% + 3.00%/PIK						9.54%						09/2026						$	17,400					$	17,394					$	14,967
ADMI Corp. (aka Aspen Dental)						Healthcare						SOFR(M)						3.75%						9.22%						12/2027						1,833						1,827						1,744
Aretec Group, Inc. (fka RCS Capital Corporation)						Financial Services						SOFR(M)						4.50%						9.96%						08/2030						4,804						4,700						4,810
Artera Services, LLC						Distribution & Logistics						SOFR(Q)						3.50%						8.95%						03/2025						4,068						4,057						3,832
Ascensus Group Holdings, Inc.						Business Services						SOFR(M)						3.50%						8.97%						08/2028						4,171						4,156						4,171
athenahealth Group Inc.						Healthcare						SOFR(M)						3.25%						8.61%						02/2029						2,373						2,364						2,368
Barracuda Parent, LLC						Software						SOFR(Q)						4.50%						9.88%						08/2029						4,950						4,824						4,851
Bayou Intermediate II, LLC						Healthcare						SOFR(Q)						4.50%						10.15%						08/2028						8,940						8,899						8,549
BCPE Empire Holdings, Inc.						Distribution & Logistics						SOFR(M)						4.75%						10.11%						12/2028						4,353						4,313						4,371
Bella Holding Company, LLC						Healthcare						SOFR(M)						3.75%						9.21%						05/2028						753						751						748
Bleriot US Bidco Inc.						Federal Services						SOFR(Q)						4.00%						9.61%						10/2028						3,900						3,882						3,921
Boxer Parent Company Inc.						Software						SOFR(M)						4.25%						9.60%						12/2028						8,987						8,897						9,070
Bracket Intermediate Holding Corp.						Healthcare						SOFR(Q)						5.00%						10.45%						05/2028						4,394						4,275						4,402
Brown Group Holding, LLC						Distribution & Logistics						SOFR(Q)						3.75%						9.13%						07/2029						5,370						5,255						5,393
CE Intermediate I, LLC						Software						SOFR(Q)						3.50%						9.02%						11/2028						8,095						8,052						8,035
CentralSquare Technologies, LLC						Software						SOFR(Q)						3.75%						9.25%						08/2025						14,250						14,240						13,817
CHA Holdings, Inc.						Business Services						SOFR(M)						4.50%						10.15%						04/2025						10,692						10,682						10,692
CHA Holdings, Inc.						Business Services						SOFR(M)						4.50%						9.97%						04/2025						1,963						1,961						1,963
Cloudera, Inc.						Software						SOFR(M)						3.75%						9.21%						10/2028						4,308						4,202						4,279
Confluent Health, LLC						Healthcare						SOFR(M)						4.00%						9.47%						11/2028						7,338						7,309						7,210
Confluent Medical Technologies, Inc.						Healthcare						SOFR(Q)						3.75%						9.10%						02/2029						6,878						6,851						6,877
Convey Health Solutions, Inc.						Healthcare						SOFR(Q)						5.25%						10.74%						09/2026						4,938						4,830						4,417
Cornerstone OnDemand, Inc.						Software						SOFR(M)						3.75%						9.22%						10/2028						2,519						2,510						2,452
CVET Midco 2, L.P.						Software						SOFR(Q)						5.00%						10.35%						10/2029						6,656						6,481						6,659
Dealer Tire Financial, LLC						Distribution & Logistics						SOFR(M)						4.50%						9.86%						12/2027						10,559						10,538						10,617
Discovery Purchaser Corporation						Specialty Chemicals & Materials						SOFR(Q)						4.38%						9.77%						10/2029						5,346						4,972						5,280
Dispatch Acquisition Holdings, LLC						Industrial Services						SOFR(Q)						4.25%						9.75%						03/2028						9,774						9,686						9,206
EAB Global, Inc.						Education						SOFR(M)						3.50%						8.97%						08/2028						4,369						4,340						4,367
Eagle Parent Corp.						Business Services						SOFR(Q)						4.25%						9.60%						04/2029						7,481						7,369						7,415
Eisner Advisory Group LLC						Financial Services						SOFR(M)						5.25%						10.72%						07/2028						1,689						1,630						1,694
eResearchTechnology, Inc.						Healthcare						SOFR(M)						4.50%						9.96%						02/2027						2,190						2,179						2,190
EyeCare Partners, LLC						Healthcare						SOFR(Q)						3.75%						9.39%						11/2028						9,825						9,807						4,932
Foundational Education Group, Inc.						Education						SOFR(Q)						4.25%						9.89%						08/2028						8,453						8,344						8,453
Geo Parent Corporation						Business Services						SOFR(S)						5.25%						10.80%						12/2028						9,634						9,479						9,634
Heartland Dental, LLC						Healthcare						SOFR(M)						5.00%						10.36%						04/2028						7,605						7,332						7,596
Help/Systems Holdings, Inc.						Software						SOFR(Q)						4.00%						9.48%						11/2026						9,707						9,687						9,254
Houghton Mifflin Harcourt Company						Education						SOFR(M)						5.25%						10.71%						04/2029						6,310						6,116						6,200
Hub International Limited						Insurance Services						SOFR(Q)						4.25%						9.66%						06/2030						2,754						2,728						2,770
Hunter Holdco 3 Limited						Healthcare						SOFR(Q)						4.25%						9.70%						08/2028						3,949						3,921						3,947
Idera, Inc.						Software						SOFR(Q)						3.75%						9.28%						03/2028						9,130						9,079						9,096
Kestra Advisor Services Holdings A, Inc.						Financial Services						SOFR(Q)						4.25%						9.70%						06/2026						5,374						5,344						5,387
LSCS Holdings, Inc.						Healthcare						SOFR(M)						4.50%						9.97%						12/2028						8,582						8,551						8,485
Mandolin Technology Intermediate Holdings, Inc.						Software						SOFR(Q)						3.75%						9.25%						07/2028						9,800						9,765						8,942
Marcel Bidco LLC (Marcel Bidco GmbH)						Software						SOFR(M)						4.50%						9.13%						11/2030						2,039						2,009						2,053
Maverick Bidco Inc.						Software						SOFR(Q)						3.75%						9.28%						05/2028						7,841						7,814						7,750

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Portfolio Company and Type of Investment						Industry						Reference						Spread						Interest Rate (1)						Maturity Date						Principal Amount or Par Value						Cost						Fair Value (2)
Maverick Bidco Inc.						Software						SOFR(Q)						5.00%						10.47%						05/2028						$	1,985					$	1,904					$	1,962
Mavis Tire Express Services Topco Corp.						Retail						SOFR(M)						4.00%						9.47%						05/2028						8,263						8,235						8,288
MH Sub I, LLC (Micro Holding Corp.)						Business Services						SOFR(M)						4.25%						9.61%						05/2028						4,783						4,677						4,711
Netsmart, Inc.						Healthcare						SOFR(M)						3.75%						9.22%						10/2027						6,825						6,825						6,848
Nielsen Consumer Inc.						Business Services						SOFR(M)						6.25%						11.61%						03/2028						9,950						8,943						9,759
OEConnection LLC						Software						SOFR(M)						4.00%						9.46%						09/2026						4,039						4,020						4,037
OMNIA Partners, LLC						Business Services						SOFR(Q)						4.25%						9.63%						07/2030						4,566						4,523						4,598
Optiv Parent Inc.						Business Services						SOFR(Q)						5.25%						10.63%						07/2026						5,080						4,934						4,866
Osaic Holdings, Inc.						Financial Services						SOFR(M)						4.50%						9.86%						08/2028						11,518						11,410						11,569
Osmosis Buyer Limited						Food & Beverage						SOFR(M)						3.75%						9.09%						07/2028						2,494						2,457						2,499
Osmosis Buyer Limited						Food & Beverage						SOFR(M)						4.25%						9.60%						07/2028						1,726						1,674						1,735
Pearls (Netherlands) Bidco B.V.						Specialty Chemicals & Materials						SOFR(Q)						3.75%						9.13%						02/2029						1,319						1,317						1,310
Physician Partners, LLC						Healthcare						SOFR(Q)						4.00%						9.53%						12/2028						3,197						3,173						3,031
Premise Health Holding Corp.						Healthcare						SOFR(Q)						3.75%						9.25%						07/2025						1,926						1,923						1,892
Project Alpha Intermediate Holding, Inc.						Software						SOFR(M)						4.75%						10.11%						10/2030						9,880						9,684						9,962
RealPage, Inc.						Software						SOFR(M)						3.00%						8.47%						04/2028						1,371						1,368						1,366
Renaissance Holding Corp.						Education						SOFR(M)						4.75%						10.11%						04/2030						5,101						4,959						5,126
RxB Holdings, Inc.						Healthcare						SOFR(M)						4.50%						9.97%						12/2027						7,363						7,338						7,349
Sierra Enterprises, LLC						Food & Beverage						SOFR(Q)						2.50% + 4.25%/PIK						12.13%						05/2027						4,352						4,345						4,036
Snap One Holdings Corp.						Distribution & Logistics						SOFR(Q)						4.50%						10.00%						12/2028						8,498						8,433						8,328
Spring Education Group, Inc.						Education						SOFR(Q)						4.50%						9.85%						10/2030						9,526						9,408						9,558
STATS Intermediate Holdings, LLC						Business Services						SOFR(Q)						7.25%						12.88%						07/2026						2,271						2,203						2,271
Storable, Inc.						Software						SOFR(M)						3.50%						8.86%						04/2028						3,920						3,904						3,918
Symplr Software, Inc.						Healthcare						SOFR(Q)						4.50%						9.98%						12/2027						3,726						3,719						3,347
Syndigo LLC						Software						SOFR(M)						4.50%						9.97%						12/2027						9,660						9,648						9,660
Therapy Brands Holdings LLC						Software						SOFR(M)						4.00%						9.47%						05/2028						5,969						5,947						5,536
Thermostat Purchaser III, Inc.						Business Services						SOFR(Q)						4.50%						10.04%						08/2028						4,686						4,668						4,625
TRC Companies LLC						Business Services						SOFR(M)						3.75%						9.22%						12/2028						9,574						9,536						9,590
USIC Holdings, Inc.						Business Services						SOFR(Q)						3.50%						9.11%						05/2028						2,971						2,963						2,952
Valcour Packaging, LLC						Packaging						SOFR(M)						3.75%						9.21%						10/2028						3,244						3,236						2,584
VT Topco, Inc.						Business Services						SOFR(M)						4.25%						9.61%						08/2030						7,289						7,218						7,335
WatchGuard Technologies, Inc.						Software						SOFR(M)						5.25%						10.60%						07/2029						4,040						3,814						3,892
Wrench Group LLC						Consumer Services						SOFR(Q)						4.00%						9.61%						04/2026						9,371						9,337						9,406
Zest Acquisition Corp.						Healthcare						SOFR(M)						5.50%						10.86%						02/2028						3,142						3,039						3,085
Zone Climate Services, Inc.						Business Services						SOFR(Q)						5.25%						10.80%						03/2028						9,850						9,702						9,824
Zone Climate Services, Inc.						Business Services						SOFR(Q)						5.25%						10.80%						03/2028						2,165						2,133						2,160
Total Funded Investments																																				$	481,984					$	476,019					$	467,881
Unfunded Investments - First lien
OMNIA Partners, LLC						Business Services						—						—						—						01/2024						$	429					$	(2)					$	3
Osmosis Buyer Limited						Food & Beverage						—						—						—						07/2028						363						—						2
Total Unfunded Investments																																				$	792					$	(2)					$	5
Total Investments																																				$	482,776					$	476,017					$	467,886

(1)All interest is payable in cash unless otherwise indicated. All of the variable rate debt investments bear interest at a rate that may be determined by reference to the Secured Overnight Financing Rate (SOFR). For each investment, the current interest rate provided reflects the rate in effect as of December 31, 2023.

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

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Below is certain summarized consolidated financial information for SLP IV as of September 30, 2024 and December 31, 2023 and for the three and nine months ended September 30, 2024 and September 30, 2023:

Selected Consolidated Balance Sheet Information:			September 30, 2024						December 31, 2023
Investments at fair value (cost of $472,985 and $476,017, respectively)			$	466,322					$	467,886
Cash and other assets			18,078						16,227
Receivable from unsettled securities sold			2,929						1,445
Total assets			$	487,329					$	485,558
Credit facility			$	341,937					$	306,537
Deferred financing costs (net of accumulated amortization of $2,329 and $1,599, respectively)			(3,376)						(1,414)
Distribution payable			4,826						5,220
Payable for unsettled securities purchased			1,573						31,322
Other liabilities			6,872						6,676
Total liabilities			351,832						348,341
Members' capital			$	135,497					$	137,217
Total liabilities and members' capital			$	487,329					$	485,558

Selected Consolidated Statement of Operations Information:			Three Months Ended												Nine Months Ended
			September 30, 2024						September 30, 2023						September 30, 2024						September 30, 2023
Interest income			$	12,906					$	12,476					$	37,025					$	35,669
Other income			10						100						77						258
Total investment income			12,916						12,576						37,102						35,927
Interest and other financing expenses			6,694						6,447						19,436						18,455
Other expenses			202						221						651						653
Total expenses			6,896						6,668						20,087						19,108
Net investment income			6,020						5,908						17,015						16,819
Net realized gains (losses) on investments			133						(97)						(4,741)						(1,751)
Net change in unrealized (depreciation) appreciation of investments			(2,076)						10,361						1,468						19,942
Net increase in members' capital			$	4,077					$	16,172					$	13,742					$	35,010

For the three and nine months ended September 30, 2024, the Company earned approximately $3,794 and $12,153, respectively, of dividend income related to SLP IV, which is included in dividend income. For the three and nine months ended September 30, 2023, the Company earned approximately $3,653 and $11,381, respectively, of dividend income related to SLP IV, which is included in dividend income. As of September 30, 2024 and December 31, 2023, approximately $3,794 and $4,103, respectively, of dividend income related to SLP IV was included in interest and dividend receivable.

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

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Unconsolidated Significant Subsidiaries

In accordance with Regulation S-X Rule 10-01(b)(1), the Company evaluates its unconsolidated controlled portfolio companies to determine if any are as “significant subsidiaries.” This determination is made based upon an analysis performed under Rules 3-09 and 4-08(g) of Regulation S-X, pursuant to which the Company must determine if any of its portfolio companies are considered a “significant subsidiary" as defined by Rule 1-02(w) of Regulation S-X under this rule. As of September 30, 2024, the Company did not have any portfolio companies that were deemed to be a "significant subsidiary."

Investment Risk Factors

First and second lien debt that the Company invests in is almost entirely rated below investment grade or may be unrated. Debt investments rated below investment grade are often referred to as "leveraged loans", "high yield" or "junk" debt investments, and may be considered "high risk" compared to debt investments that are rated investment grade. These debt investments are considered speculative because of the credit risk of the issuers. Such issuers are considered more likely than investment grade issuers to default on their payments of interest and principal, and such risk of default could reduce the net asset value and income distributions of the Company. In addition, some of the Company's debt investments will not fully amortize during their lifetime, which could result in a loss or a substantial amount of unpaid principal and interest due upon maturity. First and second lien debt may also lose significant market value before a default occurs. Furthermore, an active trading market may not exist for these securities. This illiquidity may make it more difficult to value the investments.

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

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

Note 4. Fair Value

Pursuant to Rule 2a-5, a market quotation is readily available for purposes of Section 2(a)(41) of the 1940 Act with respect to a security only when that “quotation is a quoted price (unadjusted) in active markets for identical investments that the fund can access at the measurement date, provided that a quotation will not be readily available if it is not reliable.” Fair value is the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. ASC 820 establishes a fair value hierarchy that prioritizes and ranks the inputs to valuation techniques used in measuring investments at fair value. The hierarchy classifies the inputs used in measuring fair value into three levels as follows:

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

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

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

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

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

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

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

The inputs used to measure fair value may fall into different levels. In all instances when the inputs fall within different levels of the hierarchy, the level within which the fair value measurement is categorized is based on the lowest level of input that is significant to the fair value measurement in its entirety. As such, a Level III fair value measurement may include

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inputs that are both observable and unobservable. Gains and losses for such assets categorized within the Level III table below may include changes in fair value that are attributable to both observable inputs and unobservable inputs.

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

The following table summarizes the levels in the fair value hierarchy that the Company’s portfolio investments fall into as of September 30, 2024:

			Total						Level I						Level II						Level III
First lien			$	2,072,485					$	—					$	53,422					$	2,019,063
Second lien			250,871						—						59,539						191,332
Subordinated			109,811						—						10,425						99,386
Equity and other			832,104						—						—						832,104
Total investments			$	3,265,271					$	—					$	123,386					$	3,141,885

The following table summarizes the levels in the fair value hierarchy that the Company’s portfolio investments fall into as of December 31, 2023:

			Total						Level I						Level II						Level III
First lien			$	1,683,952					$	—					$	46,063					$	1,637,889
Second lien			424,513						—						18,333						406,180
Subordinated			90,948						—						8,077						82,871
Equity and other			811,909						—						—						811,909
Total investments			$	3,011,322					$	—					$	72,473					$	2,938,849

The following table summarizes the changes in fair value of Level III portfolio investments for the three months ended September 30, 2024, as well as the portion of appreciation (depreciation) included in income attributable to the net change in unrealized appreciation (depreciation) related to those assets and liabilities still held by the Company at September 30, 2024:

			Total						First Lien						Second Lien						Subordinated						Equity and other
Fair Value, June 30, 2024			$	3,098,192					$	1,973,080					$	216,064					$	96,653					$	812,395
Total gains or losses included in earnings:
Net realized (losses) gains on investments			(1,981)						(1,529)						—						3						(455)
Net change in unrealized (depreciation) appreciation of investments			(4,521)						3,513						(451)						199						(7,782)
Purchases, including capitalized PIK and revolver fundings			170,005						136,054						1,485						2,823						29,643
Proceeds from sales and paydowns of investments			(110,879)						(83,124)						(25,766)						(292)						(1,697)
Transfers out of Level III(1)			(8,931)						(8,931)						—						—						—
Fair Value, September 30, 2024			$	3,141,885					$	2,019,063					$	191,332					$	99,386					$	832,104
Net change in unrealized (depreciation) appreciation for the period relating to those Level III assets that were still held by the Company at the end of the period:			$	(6,029)					$	2,007					$	(452)					$	197					$	(7,781)

(1)As of September 30, 2024, portfolio investments were transferred out of Level III into Level II at fair value as of the beginning of the period in which the reclassification occurred.

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The following table summarizes the changes in fair value of Level III portfolio investments for the three months ended September 30, 2023, as well as the portion of appreciation (depreciation) included in income attributable to the net change in unrealized appreciation (depreciation) related to those assets and liabilities still held by the Company at September 30, 2023:

			Total						First Lien						Second Lien						Subordinated						Equity and other
Fair Value, June 30, 2023			$	3,095,531					$	1,693,215					$	495,695					$	78,960					$	827,661
Total gains or losses included in earnings:
Net realized gains on investments			4,671						111						—						—						4,560
Net change in unrealized (depreciation) appreciation of investments			(17,113)						1,280						9,084						209						(27,686)
Purchases, including capitalized PIK and revolver fundings			33,311						26,051						1,244						1,408						4,608
Proceeds from sales and paydowns of investments			(88,751)						(39,990)						(44,190)						—						(4,571)
Fair Value, September 30, 2023			$	3,027,649					$	1,680,667					$	461,833					$	80,577					$	804,572
Net change in unrealized (depreciation) appreciation for the period relating to those Level III assets that were still held by the Company at the end of the period:			$	(17,605)					$	1,695					$	8,177					$	209					$	(27,686)

The following table summarizes the changes in fair value of Level III portfolio investments for the nine months ended September 30, 2024, as well as the portion of appreciation (depreciation) included in income attributable to the net change in unrealized appreciation (depreciation) related to those assets and liabilities still held by the Company at September 30, 2024:

			Total						First Lien						Second Lien						Subordinated						Equity and other
Fair Value, December 31, 2023			$	2,938,849					$	1,637,889					$	406,180					$	82,871					$	811,909
Total gains or losses included in earnings:
Net realized (losses) gains on investments			(44,979)						(13,267)						(35,163)						3						3,448
Net change in unrealized appreciation (depreciation) of investments			31,047						18,233						40,417						(1,240)						(26,363)
Purchases, including capitalized PIK and revolver fundings(1)			797,225						708,021						13,546						18,044						57,614
Proceeds from sales and paydowns of investments(1)			(608,697)						(360,253)						(233,648)						(292)						(14,504)
Transfers into Level III(2)			28,440						28,440						—						—						—
Fair Value, September 30, 2024			$	3,141,885					$	2,019,063					$	191,332					$	99,386					$	832,104
Net change in unrealized (depreciation) appreciation for the period relating to those Level III assets that were still held by the Company at the end of the period:			$	(23,625)					$	3,908					$	347					$	(1,242)					$	(26,638)

(1)Includes non-cash reorganizations and restructurings.

(2)As of September 30, 2024, portfolio investments were transferred into Level III from Level II at fair value as of the beginning of the period in which the reclassification occurred.

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The following table summarizes the changes in fair value of Level III portfolio investments for the nine months ended September 30, 2023, as well as the portion of appreciation (depreciation) included in income attributable to the net change in unrealized appreciation (depreciation) related to those assets and liabilities still held by the Company at September 30, 2023:

			Total						First Lien						Second Lien						Subordinated						Equity and other
Fair Value, December 31, 2022			$	3,136,291					$	1,753,967					$	480,068					$	72,842					$	829,414
Total gains or losses included in earnings:
Net realized gains (losses) on investments			7,944						(1,244)						(24,627)						—						33,815
Net change in unrealized (depreciation) appreciation of investments			(15,994)						(2,141)						31,862						(251)						(45,464)
Purchases, including capitalized PIK and revolver fundings(1)			216,221						184,157						3,185						7,986						20,893
Proceeds from sales and paydowns of investments(1)			(321,049)						(242,582)						(44,381)						—						(34,086)
Transfers into Level III(2)			15,726						—						15,726						—						—
Transfers out of Level III(2)			(11,490)						(11,490)						—						—						—
Fair Value, September 30, 2023			$	3,027,649					$	1,680,667					$	461,833					$	80,577					$	804,572
Net change in unrealized (depreciation) appreciation for the period relating to those Level III assets that were still held by the Company at the end of the period:			$	(35,115)					$	(4,814)					$	15,305					$	(143)					$	(45,463)

(1)Includes non-cash reorganizations and restructurings.

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

Except as noted in the tables above, there were no other transfers in or out of Level I, II, or III during the three and nine months ended September 30, 2024 and September 30, 2023. Transfers into Level III occur as quotations obtained through pricing services are deemed not representative of fair value as of the balance sheet date and such assets are internally valued. As quotations obtained through pricing services are substantiated through additional market sources, investments are transferred out of Level III. In addition, transfers out of Level III and transfers into Level III occur based on the increase or decrease in the availability of certain observable inputs.

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

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

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

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

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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 multiple will result in an increase or decrease in enterprise value, which may result in an increase or decrease in the fair value estimate of the investment. In applying the market based approach as of September 30, 2024 and December 31, 2023, the Company used the relevant EBITDA or revenue multiple ranges set forth in the table below to determine the enterprise value of its portfolio companies. The Company believes these were reasonable ranges in light of current comparable company trading levels and the specific portfolio companies involved.

Income Based Approach: The Company also may use a discounted cash flow analysis to estimate the fair value of the investment. Projected cash flows represent the relevant security's contractual interest, fee and principal payments plus the assumption of full principal recovery at the investment's expected maturity date. These cash flows are discounted at a rate established utilizing a combination of a yield calibration approach and a comparable investment approach. The yield calibration approach incorporates changes in the credit quality (as measured by relevant statistics) of the portfolio company, as compared to changes in the yield associated with comparable credit quality market indices, between the date of origination and the valuation date. The comparable investment approach utilizes an average yield-to maturity of a selected set of high-quality, liquid investments to determine a comparable investment discount rate. Significant increases or decreases in the discount rate would result in a decrease or increase in the fair value measurement. In applying the income based approach as of September 30, 2024 and December 31, 2023, the Company used the discount ranges set forth in the table below to value investments in its portfolio companies.

The unobservable inputs used in the fair value measurement of the Company's Level III investments as of September 30, 2024 were as follows:

																					Range
Type			Fair Value as of September 30, 2024						Approach						Unobservable Input						Low						High						Weighted Average(1)
First lien			$	1,796,760					Market & Income Approach						EBITDA multiple						5.0x						35.0x						15.1x
															Revenue multiple						4.0x						19.5x						8.0x
															Discount rate						6.5		%				21.1		%				9.7		%
			222,303						Other						N/A(2)						N/A						N/A						N/A
Second lien			175,751						Market & Income Approach						EBITDA multiple						8.6x						21.0x						18.2x
															Discount rate						9.5		%				21.0		%				11.4		%
			15,581						Other						N/A(2)						N/A						N/A						N/A
Subordinated			99,386						Market & Income Approach						EBITDA multiple						7.7x						24.5x						16.3x
															Discount rate						12.2		%				23.8		%				16.9		%
Equity and other			424,106						Market & Income Approach						EBITDA multiple						5.0x						32.0x						13.0x
															Revenue multiple						4.5x						19.5x						7.1x
															Discount rate						8.4		%				52.6		%				9.2		%
			397,280						Income Approach						Discount rate						6.3		%				12.5		%				10.0		%
			10,718						Other						N/A(2)						N/A						N/A						N/A
			$	3,141,885

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

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

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The unobservable inputs used in the fair value measurement of the Company's Level III investments as of December 31, 2023 were as follows:

																					Range
Type			Fair Value as of December 31, 2023						Approach						Unobservable Input						Low						High						Weighted Average(1)
First lien			$	1,559,300					Market & income approach						EBITDA multiple						5.0x						24.0x						15.1x
															Revenue multiple						5.0x						19.5x						10.6x
															Discount rate						8.6		%				22.0		%				10.2		%
			78,589						Other						N/A(2)						N/A						N/A						N/A
Second lien			403,180						Market & income approach						EBITDA multiple						7.0x						20.0x						14.4x
															Discount rate						9.2		%				30.0		%				12.1		%
			3,000						Other						N/A(2)						N/A						N/A						N/A
Subordinated			82,871						Market & income approach						EBITDA multiple						8.0x						22.0x						16.0x
															Discount rate						12.9		%				20.9		%				11.9		%
Equity and other			430,828						Market & income approach						EBITDA multiple						5.5x						34.0x						12.6x
															Revenue multiple						9.0x						11.0x						10.0x
															Discount rate						9.8		%				43.1		%				12.2		%
			370,807						Income approach						Discount rate						6.4		%				12.6		%				10.1		%
			10,274						Other						N/A(2)						N/A						N/A						N/A
			$	2,938,849

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

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

The carrying value of the collateralized agreement approximates fair value as of September 30, 2024 and is considered a Level III investment. The fair value of other financial assets and liabilities approximates their carrying value based on the short-term nature of these items.

The 2021A Unsecured Notes, 2022A Unsecured Notes, SBA-guaranteed debentures, Holdings Credit Facility, DB Credit Facility, NMFC Credit Facility and NMNLC Credit Facility II are considered Level III investments. The fair value of the 2022 Convertible Notes, the 8.250% Unsecured Notes, the 6.875% Unsecured Notes and the 6.200% Unsecured Notes are based on quoted prices and are considered Level II investments. See Note 7. Borrowings, for details.

The following are the principal amounts and fair values of the Company’s borrowings as of September 30, 2024 and December 31, 2023. Fair value is estimated by discounting remaining payments using applicable current market rates, which take into account changes in the Company’s marketplace credit ratings or market quotes, if available.

						As of
						September 30, 2024												December 31, 2023
						Principal Amount						Fair Value						Principal Amount						Fair Value
Unsecured Notes						$	990,000					$	988,569					$	506,500					$	490,200
Holdings Credit Facility						407,563						406,072						515,063						511,511
SBA-guaranteed debentures						300,000						270,806						300,000						259,811
Convertible Notes						260,000						263,250						260,000						264,706
NMFC Credit Facility (1)						55,031						54,105						36,813						36,507
NMNLC Credit Facility II						2,908						2,908						2,853						2,846
DB Credit Facility (2)						—						—						186,400						184,506
Total Borrowings						$	2,015,502					$	1,985,710					$	1,807,629					$	1,750,087

 

(1)     As of September 30, 2024, the principal amount of the NMFC Credit Facility was $55,031, which includes £26,650 denominated in GBP and €17,400 denominated in EUR that has been converted to U.S. dollars. As of September 30, 2024, the fair value of the NMFC Credit Facility was $54,105, which included £26,659 denominated in GBP and

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€16,557 denominated in EUR that has been converted to U.S. dollars. As of December 31, 2023, the principal amount of the NMFC Credit Facility was $36,813, which included £22,850 denominated in GBP and €700 denominated in EUR that has been converted to U.S. dollars. As of December 31, 2023, the fair value of the NMFC Credit Facility was $36,507, which included £22,660 denominated in GBP and €694 denominated in EUR that has been converted to U.S. dollars.

(2)     On September 30, 2024, the Company repaid all amounts outstanding under the DB Credit Facility, including outstanding borrowings and accrued interest, and terminated the DB Credit Facility.

The following table summarizes the notional amounts and fair values of the Company's derivative instruments as of September 30, 2024. The Company's derivative instruments are considered Level II investments.

						As of September 30, 2024
						Notional Amount						Fair Value
												Asset						Liability
Derivatives in fair value hedging relationships:
Interest rate swaps						$	600,000					$	8,320					$	(781)
Total derivatives designated as hedging instruments						$	600,000					$	8,320					$	(781)
Total derivatives						$	600,000					$	8,320					$	(781)
Total net derivatives(1)						$	600,000					$	7,539

(1)As of September 30, 2024, the Company had net derivative assets at fair value subject to such enforceable master netting arrangement in the amount of $7,539 and a collateral balance of $10,370, included in "Payable to broker" on the Consolidated Statements of Assets and Liabilities. If the Company had elected to offset, the net amount would be $0.

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

Note 5. Agreements

The Company entered into an investment advisory and management agreement (the “Investment Management Agreement”) with the Investment Adviser which was most recently re-approved by the Company's board of directors on January 30, 2024, at an in-person meeting, for a period of 12 months commencing on March 1, 2024. Under the Investment Management Agreement, the Investment Adviser manages the day-to-day operations of, and provides investment advisory services to, the Company. For providing these services, the Investment Adviser receives a fee from the Company, consisting of two components—a base management fee and an incentive fee. On November 1, 2021, the Company entered into Amendment No. 1 to the Investment Management Agreement (“Amendment No. 1”). As described below, the sole purpose of Amendment No. 1 was to reduce the base management fee from 1.75% of the Company’s gross assets to 1.4% of the Company’s gross assets.

Pursuant to Amendment No. 1, the base management fee is calculated at an annual rate of 1.4% of the Company's gross assets, which equals the Company's total assets on the Consolidated Statements of Assets and Liabilities, less cash and cash equivalents. The base management fee is payable quarterly in arrears, and is calculated based on the average value of the Company's gross assets, which equals the Company's total assets, as determined in accordance with GAAP, less cash and cash equivalents at the end of each of the two most recently completed calendar quarters, and appropriately adjusted on a pro rata basis for any equity capital raises or repurchases during the current calendar quarter. To the extent the Company invests in derivatives, the Company uses the actual value of the derivatives, as reported on the Consolidated Statements of Assets and Liabilities, for purposes of calculating its base management fee.

Effective as of and for the quarter ended March 31, 2021 through the quarter ending December 31, 2024, the Investment Adviser entered into a fee waiver agreement (the "Fee Waiver Agreement"), amended on August 7, 2023, pursuant to which the Investment Adviser will waive base management fees in order to reach a target base management fee of 1.25% on gross assets (the “Reduced Base Management Fee”). The Fee Waiver Agreement was most recently extended for a period of one year through the quarter ending December 31, 2024 by the Investment Adviser on August 7, 2023. The Investment Adviser

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cannot recoup management fees that the Investment Adviser has previously waived. For the three and nine months ended September 30, 2024, management fees waived were approximately $970 and $2,732, respectively. For the three and nine months ended September 30, 2023, management fees waived were approximately $1,013 and $3,172, respectively.

The incentive fee consists of two parts. The first part is calculated and payable quarterly in arrears and equals 20.0% of the Company’s “Pre-Incentive Fee Net Investment Income” for the immediately preceding quarter, subject to a “preferred return”, or “hurdle”, and a “catch-up” feature. “Pre-Incentive Fee Net Investment Income” means interest income, dividend income and any other income (including any other fees (other than fees for providing managerial assistance), such as commitment, origination, structuring, upfront, diligence and consulting fees or other fees that the Company receives from portfolio companies) accrued during the calendar quarter, minus the Company’s operating expenses for the quarter (including the base management fee, expenses payable under an administration agreement, as amended and restated (the “Administration Agreement”), with the Administrator, and any interest expense and distributions paid on any issued and outstanding preferred stock (of which there were none as of September 30, 2024), but excluding the incentive fee). Pre-Incentive Fee Net Investment Income includes, in the case of investments with a deferred interest feature (such as original issue discount, debt instruments with PIK interest and zero coupon securities), accrued income that the Company has not yet received in cash. Pre-Incentive Fee Net Investment Income does not include any realized capital gains, realized capital losses or unrealized capital appreciation or depreciation.

Pre-Incentive Fee Net Investment Income, expressed as a rate of return on the value of the Company’s net assets at the end of the immediately preceding calendar quarter, will be compared to a "hurdle rate" of 2.0% per quarter (8.0% annualized), subject to a "catch-up" provision measured as of the end of each calendar quarter. The hurdle rate is appropriately pro-rated for any partial periods. The calculation of the Company’s incentive fee with respect to the Pre-Incentive Fee Net Investment Income for each quarter is as follows:

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

•100.0% of the Company’s Pre-Incentive Fee Net Investment Income with respect to that portion of such Pre-Incentive Fee Net Investment Income, if any, that exceeds the hurdle rate but is less than or equal to 2.5% in any calendar quarter (10.0% annualized) is payable to the Investment Adviser. This portion of the Company’s Pre-Incentive Fee Net Investment Income (which exceeds the hurdle rate but is less than or equal to 2.5%) is referred to as the "catch-up". The catch-up provision is intended to provide the Investment Adviser with an incentive fee of 20.0% on all of the Company’s Pre-Incentive Fee Net Investment Income as if a hurdle rate did not apply when the Company's Pre-Incentive Fee Net Investment Income exceeds 2.5% in any calendar quarter.

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

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

In accordance with GAAP, the Company accrues a hypothetical capital gains incentive fee based upon the cumulative net realized capital gains and realized capital losses and the cumulative net unrealized capital appreciation and unrealized capital depreciation on investments held at the end of each period. Actual amounts paid to the Investment Adviser are consistent with the Investment Management Agreement and are based only on actual realized capital gains computed net of all realized capital losses and unrealized capital depreciation on a cumulative basis from inception through the end of each calendar year.

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The following table summarizes the management fees and incentive fees incurred by the Company for the three and nine months ended September 30, 2024 and September 30, 2023:

			Three Months Ended												Nine Months Ended
			September 30, 2024						September 30, 2023						September 30, 2024						September 30, 2023
Management fee			$	11,700					$	11,334					$	34,048					$	34,549
Less: management fee waiver			(970)						(1,013)						(2,732)						(3,172)
Total management fee			10,730						10,321						31,316						31,377
Incentive fee, excluding accrued capital gains incentive fees			$	8,821					$	10,169					$	27,760					$	29,748
Accrued capital gains incentive fees(1)			$	—					$	—					$	—					$	—

(1)As of September 30, 2024 and September 30, 2023, no actual capital gains incentive fee was owed under the Investment Management Agreement by the Company, as cumulative net realized capital gains did not exceed cumulative unrealized capital depreciation.

The Company has entered into the Administration Agreement with the Administrator under which the Administrator provides administrative services. The Administration Agreement was most recently re-approved by the board of directors on January 30, 2024 for a period of 12 months commencing on March 1, 2024. The Administrator maintains, or oversees the maintenance of, the Company’s consolidated financial records, prepares reports filed with the SEC, generally monitors the payment of the Company's expenses and oversees the performance of administrative and professional services rendered by others. The Company reimburses the Administrator for the Company's allocable portion of overhead and other expenses incurred by the Administrator in performing its obligations to the Company under the Administration Agreement. Pursuant to the Administration Agreement and further restricted by the Company, the Administrator may, in its own discretion, submit to the Company for reimbursement some or all of the expenses that the Administrator has incurred on behalf of the Company during any quarterly period. As a result, the amount of expenses for which the Company will have to reimburse the Administrator may fluctuate in future quarterly periods and there can be no assurance given as to when, or if, the Administrator may determine to limit the expenses that the Administrator submits to the Company for reimbursement in the future. However, it is expected that the Administrator will continue to support part of the expense burden of the Company in the near future and may decide to not calculate and charge through certain overhead related amounts as well as continue to cover some of the indirect costs. The Administrator cannot recoup any expenses that the Administrator has previously waived. For the three and nine months ended September 30, 2024, approximately $618 and $1,804, respectively, of indirect administrative expenses were included in administrative expenses, of which no expenses were waived by the Administrator. For the three and nine months ended September 30, 2023, approximately $563 and $1,659, respectively, of indirect administrative expenses were included in administrative expenses, of which no expenses were waived by the Administrator. As of September 30, 2024 and December 31, 2023, approximately $580 and $682, respectively, of indirect administrative expenses were included in payable to affiliates. For the three and nine months ended September 30, 2024, the reimbursement to the Administrator represented approximately 0.02% and 0.05%, respectively, of the Company's gross assets. For the three and nine months ended September 30, 2023, the reimbursement to the Administrator represented approximately 0.02% and 0.05%, respectively, of the Company's gross assets.

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

In addition, pursuant to an exemptive order issued by the SEC on April 8, 2020 and applicable to all BDCs through December 31, 2020 (the “Temporary Relief), the Company was permitted, subject to the satisfaction of certain conditions, to complete follow-on investments in its existing portfolio companies with certain affiliates that are private funds if such private funds did not hold an investment in such existing portfolio company. Without the Temporary Relief, such private funds would not be able to participate in such co-investments with the Company unless the private funds had previously acquired securities of the portfolio company in a co-investment transaction with the Company. Although the Temporary Relief expired on December 31, 2020, the SEC’s Division of Investment Management had indicated that until March 31, 2022, it would not recommend enforcement action, to the extent that any BDC with an existing co-investment order continued to engage in certain

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transactions described in the Temporary Relief, pursuant to the same terms and conditions described therein. The Temporary Relief is no longer effective; however, on August 30, 2022, the Company received an Order from the SEC that amended its existing Exemptive Order to permit the Company to complete follow-on investments in its existing portfolio companies with certain affiliates that are private funds if such private funds do not hold an investment in such existing portfolio company, subject to certain conditions.

Note 6. Related Parties

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

    The Company has entered into the Investment Management Agreement with the Investment Adviser, a wholly-owned subsidiary of New Mountain Capital. Therefore, New Mountain Capital is entitled to any profits earned by the Investment Adviser, which includes any fees payable to the Investment Adviser under the terms of the Investment Management Agreement, less expenses incurred by the Investment Adviser in performing its services under the Investment Management Agreement.

The Company has entered into the Fee Waiver Agreement with the Investment Adviser, pursuant to which the Investment Adviser originally agreed to voluntarily reduce the base management fees payable to the Investment Adviser by the Company under the Investment Management Agreement beginning with the quarter ended March 31, 2021 through the quarter ended December 31, 2022. Subsequently, the Company and the Investment Adviser extended the term of the Fee Waiver Agreement to be effective through the quarter ending December 31, 2024. See Note 5. Agreements, for details.

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

The Company, the Investment Adviser and the Administrator have entered into a royalty-free Trademark License Agreement, as amended, with New Mountain Capital, pursuant to which New Mountain Capital has agreed to grant the Company, the Investment Adviser and the Administrator a non-exclusive, royalty-free license to use the name "New Mountain" and "New Mountain Finance", as well as the NMF logo.

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

The Investment Adviser and its affiliates may also manage other funds in the future that may have investment mandates that are similar, in whole or in part, to the Company’s investment mandates. The Investment Adviser and its affiliates may determine that an investment is appropriate for the Company or for one or more of those other funds. In such event, depending on the availability of such investment and other appropriate factors, the Investment Adviser or its affiliates may determine that the Company should invest side-by-side with one or more other funds. Any such investments will be made only to the extent permitted by applicable law and interpretive positions of the SEC and its staff and consistent with the Investment Adviser’s allocation procedures. On October 8, 2019, the SEC issued an exemptive order (the “Exemptive Order”), which superseded a prior order issued on December 18, 2017, which permits the Company to co-invest in portfolio companies with certain funds or entities managed by the Investment Adviser or its affiliates in certain negotiated transactions where co-investing would otherwise be prohibited under the 1940 Act, subject to the conditions of the Exemptive Order. Pursuant to the Exemptive Order, the Company is permitted to co-invest with its affiliates if a “required majority” (as defined in Section 57(o) of the 1940 Act) of the Company's independent directors make certain conclusions in connection with a co-investment transaction, including, but not limited to, that (1) the terms of the potential co-investment transaction, including the consideration to be paid, are reasonable and fair to the Company and its stockholders and do not involve overreaching in respect of the Company or its stockholders on the part of any person concerned, and (2) the potential co-investment transaction is consistent with the interests of the Company's stockholders and is consistent with its then-current investment objective and strategies. The Exemptive Order was amended on August 30, 2022 to permit the Company to complete follow-on investments in its existing portfolio companies with certain affiliates that are private funds if such private funds do not hold an investment in such existing portfolio company, subject to certain conditions.

On March 30, 2020, an affiliate of the Investment Adviser purchased directly from NMNLC 105,030 shares of NMNLC’s common stock at a price of $107.73 per share, which represented the net asset value per share of NMNLC at the date of purchase, for an aggregate purchase price of approximately $11,315. Immediately thereafter, NMNLC redeemed 105,030 shares of its common stock held by the Company in exchange for a promissory note with a principal amount of $11,315 and a 7.0% interest rate, which was repaid by NMNLC to the Company on March 31, 2020. Effective July 1, 2024,

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NMNLC purchased 63,575 shares of NMNLC's common stock from an affiliate of the Investment Adviser at remaining original cost, a price of $73.39 per share, for an aggregate purchase price of approximately $4,666. Immediately thereafter, NMNLC sold the 63,575 shares of its common stock to NMFC at remaining original cost, a price of $73.39 per share, for an aggregate purchase price of approximately $4,666.

On March 30, 2020, the Company entered into an unsecured revolving credit facility with NMF Investments III, L.L.C., an affiliate of the Investment Adviser, with a $30,000 maximum amount of revolver borrowings available and a maturity date of December 31, 2022. On May 4, 2020, the Company entered into an Amended and Restated Uncommitted Revolving Loan Agreement with NMF Investments III, L.L.C., which increased the maximum amounts of revolving borrowings available thereunder from $30,000 to $50,000. On December 17, 2021, the Company entered into Amendment No. 1 to the Amended and Restated Uncommitted Revolving Loan Agreement with NMF Investments III, L.L.C., which lowered the interest rate and extended the maturity date from December 31, 2022 to December 31, 2024. On October 31, 2023, we entered into a Second Amended and Restated Uncommitted Revolving Loan Agreement with NMF Investments III, L.L.C., which increased the maximum amounts of revolving borrowings thereunder from $50,000 to $100,000, extended the maturity date from December 31, 2024 to December 31, 2027 and changed the interest rate to the Applicable Federal Rate. Refer to Note 7. Borrowings for discussion of the Unsecured Management Company Revolver (defined below).

Note 7. Borrowings

On June 8, 2018 the Company's shareholders approved the application of the modified asset coverage requirements set forth in Section 61(a) of the 1940 Act, which resulted in the reduction of the minimum asset coverage ratio applicable to the Company from 200.0% to 150.0% as of June 9, 2018 (which means the Company can borrow $2 for every $1 of its equity). As a result of the Company's exemptive relief received on November 5, 2014, the Company is permitted to exclude the SBA-guaranteed debentures held by SBIC I and SBIC II from the 150.0% asset coverage ratio that the Company is required to maintain under the 1940 Act. The agreements governing the NMFC Credit Facility, the Convertible Notes (as defined below) and certain of the Unsecured Notes (as defined below) contain certain covenants and terms, including a requirement that the Company not exceed a debt-to-equity ratio of 1.65 to 1.00 at the time of incurring additional indebtedness and a requirement that the Company not exceed a secured debt ratio of 0.70 to 1.00 at any time. As of September 30, 2024, the Company’s asset coverage ratio was 179.2%.

Holdings Credit Facility—On October 24, 2017, the Company entered into the Third Amended and Restated Loan and Security Agreement (as amended from time to time, the "Loan and Security Agreement") among the Company, as the Collateral Manager, NMF Holdings, as the Borrower, Wells Fargo Securities, LLC, as the Administrative Agent and Wells Fargo Bank, National Association, as the Lender and Collateral Custodian (the "Holdings Credit Facility"). As of the amendment on October 26, 2023, the maturity date of the Holdings Credit Facility is October 26, 2028, and the maximum facility amount is the lesser of $800,000 and the actual commitments of the lenders to make advances as of such date.

As of September 30, 2024, the maximum amount of revolving borrowings available under the Holdings Credit Facility is $730,000. Under the Holdings Credit Facility, NMF Holdings is permitted to borrow up to 35.0%, 45.0%, 55.0%, 67.5% or 70.0% of the purchase price of pledged assets, subject to approval by Wells Fargo Bank, National Association. The Holdings Credit Facility is non-recourse to the Company and is collateralized by all of the investments of NMF Holdings on an investment by investment basis. All fees associated with the origination, amending or upsizing of the Holdings Credit Facility are capitalized on the Company's Consolidated Statement of Assets and Liabilities and charged against income as other financing expenses over the life of the Holdings Credit Facility. The Holdings Credit Facility contains certain customary affirmative and negative covenants and events of default. In addition, the Holdings Credit Facility requires the Company to maintain a minimum asset coverage ratio of 150.0%. The covenants are generally not tied to mark to market fluctuations in the prices of NMF Holdings investments, but rather to the performance of the underlying portfolio companies.

As of the amendment on July 29, 2024, the Holdings Credit Facility bears interest at a rate of SOFR plus 2.15% per annum for Broadly Syndicated Loans (as defined in the Eleventh Amendment to the Loan and Security Agreement). From October 26, 2023 to July 28, 2024, the Holdings Credit Facility bore interest at a rate of SOFR plus 2.50% for Broadly Syndicated Loans (as defined in the Eighth Amendment to the Loan and Security Agreement). From April 28, 2023 to October 25, 2023, the Holdings Credit Facility bore interest at a rate of SOFR plus 1.70% for Broadly Syndicated Loans (as defined in the Seventh Amendment to the Loan and Security Agreement) and SOFR plus 2.20% per annum for all other investments. From April 20, 2021 to April 27, 2023, the Holdings Credit Facility bore interest at a rate of LIBOR plus 1.60% per annum for Broadly Syndicated Loans (as defined in the Fifth Amendment to the Loan and Security Agreement) and LIBOR plus 2.10% per annum for all other investments. The Holdings Credit Facility also charges a non-usage fee, based on the unused facility amount multiplied by the Non-Usage Fee Rate (as defined in the Twelfth Amendment to the Loan and Security Agreement).

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The following table summarizes the interest expense, non-usage fees and amortization of financing costs incurred on the Holdings Credit Facility for the three and nine months ended September 30, 2024 and September 30, 2023:

			Three Months Ended												Nine Months Ended
			September 30, 2024						September 30, 2023						September 30, 2024						September 30, 2023
Interest expense			$	7,835					$	10,340					$	21,417					$	31,345
Non-usage fee			$	409					$	209					$	1,417					$	473
Amortization of financing costs			$	585					$	475					$	1,737					$	1,408
Weighted average interest rate			7.6		%				7.2		%				7.7		%				6.9		%
Effective interest rate			8.7		%				7.8		%				9.0		%				7.4		%
Average debt outstanding			$	405,661					$	563,470					$	364,418					$	603,154

As of September 30, 2024 and December 31, 2023, the outstanding balance on the Holdings Credit Facility was $407,563 and $515,063, respectively, and NMF Holdings was in compliance with the applicable covenants of the Holdings Credit Facility on such dates.

NMFC Credit Facility—The Second Amended and Restated Senior Secured Revolving Credit Agreement, (as amended from time to time, and together with the related guarantee and security agreement, the "RCA"), dated September 30, 2024, among the Company, as the Borrower, Sumitomo Mitsui Banking Corporation, as the Administrative Agent, and the Lenders, as outlined in the RCA (the "NMFC Credit Facility"), is structured as a senior secured revolving credit facility. The NMFC Credit Facility is guaranteed by certain of the Company's domestic subsidiaries and proceeds from the NMFC Credit Facility may be used for general corporate purposes, including the funding of portfolio investments. As of the amendment and restatement on September 30, 2024, the maturity date of the NMFC Credit Facility is June 4, 2026 for Non-Extending Lenders and September 28, 2029 for Extending Lenders (as defined in the RCA).

As of the amendment and restatement on September 30, 2024, the maximum amount of revolving borrowings available under the NMFC Credit Facility was $638,500, of which $527,100 has been committed by Extending Lenders and $111,400 has been committed by Non-Extending Lenders. The Company is permitted to borrow at various advance rates depending on the type of portfolio investment, as outlined in the RCA. All fees associated with the origination and amending of the NMFC Credit Facility are capitalized on the Company’s Consolidated Statement of Assets and Liabilities and charged against income as other financing expenses over the life of the NMFC Credit Facility. The NMFC Credit Facility contains certain customary affirmative and negative covenants and events of default, including certain financial covenants related to asset coverage and liquidity and other maintenance covenants.

As of the amendment and restatement on September 30, 2024, the NMFC Credit Facility generally bears interest at a rate of SOFR plus any applicable credit spread adjustment, SONIA or EURIBOR plus 1.90% per annum for Extending Lenders and 2.10% per annum for Non-Extending Lenders, and charges a commitment fee, based on the unused facility amount multiplied by 0.375% per annum (as defined in the RCA). From June 29, 2023 to September 29, 2024, the NMFC Credit Facility bore interest at a rate of SOFR plus any applicable credit spread adjustment, SONIA or EURIBOR plus 2.10% per annum or the prime rate plus 1.10% per annum, and charges a commitment fee, based on the unused facility amount multiplied by 0.375% per annum. From June 4, 2021 to June 28, 2023, the NMFC Credit Facility generally bore interest at a rate of LIBOR, SONIA or EURIBOR plus 2.10% per annum or the prime rate plus 1.10% per annum, and charged a commitment fee, based on the unused facility amount multiplied by 0.375% per annum. As of the amendment on June 5, 2024, the Canadian Dollar Offered Rate was replaced with the Canadian Overnight Repo Rate Average term rate plus a credit spread adjustment as a benchmark rate for certain assets.

The following table summarizes the interest expense, non-usage fees and amortization of financing costs incurred on the NMFC Credit Facility for the three and nine months ended September 30, 2024 and September 30, 2023:

			Three Months Ended												Nine Months Ended
			September 30, 2024						September 30, 2023						September 30, 2024						September 30, 2023
Interest expense			$	2,538					$	2,680					$	4,292					$	5,481
Non-usage fee			$	56					$	55					$	338					$	269
Amortization of financing costs			$	63					$	56					$	170					$	162
Weighted average interest rate			7.2		%				7.4		%				7.1		%				7.0		%
Effective interest rate			7.5		%				7.8		%				8.0		%				7.6		%
Average debt outstanding			$	140,385					$	141,764					$	79,969					$	104,227

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As of September 30, 2024, the outstanding balance on the NMFC Credit Facility was $55,031, which included £26,650 denominated in British Pound Sterling ("GBP") and €17,400 denominated in Euro ("EUR") that have been converted to U.S. dollars. As of December 31, 2023, the outstanding balance on the NMFC Credit Facility was $36,813, which included £22,850 denominated in GBP and €700 denominated in EUR that have been converted to U.S. dollars.

Unsecured Management Company Revolver—The Uncommitted Revolving Loan Agreement (the "Uncommitted Revolving Loan Agreement"), dated March 30, 2020, by and between the Company, as the Borrower, and NMF Investments III, L.L.C., as Lender, an affiliate of the Investment Adviser (the "Unsecured Management Company Revolver"), is structured as a discretionary unsecured revolving credit facility. The proceeds from the Unsecured Management Company Revolver may be used for general corporate purposes, including the funding of portfolio investments. As of the amendment on October 31, 2023, the maturity date of the Unsecured Management Company Revolver is December 31, 2027.

As of the amendment on October 31, 2023, the Unsecured Management Company Revolver bears interest at the Applicable Federal Rate. As of December 17, 2021 through the amendment on October 31, 2023, the Unsecured Management Company Revolver bore interest at a rate of 4.00% per annum. On October 31, 2023, the Company entered into a Second Amended and Restated Uncommitted Revolving Loan Agreement with NMF Investments III, L.L.C., which increased the maximum amount of revolving borrowings available thereunder from $50,000 to $100,000. As of September 30, 2024, the maximum amount of revolving borrowings available under the Unsecured Management Company Revolver was $100,000 and no borrowings were outstanding. For the three and nine months ended September 30, 2024, amortization of financing costs were $1 and $5, respectively. For the three and nine months ended September 30, 2023, amortization of financing costs were $1 and $2, respectively.

DB Credit Facility—The Loan Financing and Servicing Agreement (the "LFSA"), dated December 14, 2018 and as amended from time to time, among NMFDB as the borrower, Deutsche Bank AG, New York Branch ("Deutsche Bank") as the facility agent, Lender and other agent from time to time party thereto and U.S. Bank National Association, as collateral agent and collateral custodian (the "DB Credit Facility"), was structured as a secured revolving credit facility. As of the amendment on October 31, 2023, the maturity date of the DB Credit Facility was March 25, 2027. On September 30, 2024, the Company repaid all amounts outstanding under the DB Credit Facility, including outstanding borrowings and accrued interest, and terminated the DB Credit Facility.

Prior to its termination on September 30, 2024, the maximum amount of revolving borrowings available under the DB Credit Facility was $280,000. The Company was permitted to borrow at various advance rates depending on the type of portfolio investment, as outlined in the LFSA. The DB Credit Facility was non-recourse to the Company and was collateralized by all of the investments of NMFDB on an investment by investment basis. All fees associated with the origination and amending of the DB Credit Facility were capitalized on the Company's Consolidated Statement of Assets and Liabilities and charged against income as other financing expenses over the life of the DB Credit Facility. The DB Credit Facility contained certain customary affirmative and negative covenants and events of default. The covenants were generally not tied to mark to market fluctuations in the prices of NMFDB investments, but rather to the performance of the underlying portfolio companies.

The advances under the DB Credit Facility accrued interest at a per annum rate equal to the Applicable Margin plus the lender's Cost of Funds Rate. As of the amendment on October 31, 2023, the Applicable Margin was equal to 2.55% during the Revolving Period, increased by 0.20% per annum after the Revolving period and would have been increased by 2.00% per annum during an Event of Default. From June 29, 2023 to October 30, 2023, the Applicable Margin was 2.61% during the Revolving Period, increased by 0.20% per annum after the Revolving Period and then increased by 2.00% per annum during an Event of Default. From March 25, 2021 to June 29, 2023, the Applicable Margin was equal to 2.35% during the Revolving Period, increased by 0.20% per annum after the Revolving Period and then increased by 2.00% during an Event of Default (as defined in the LFSA). The "Cost of Funds Rate" for a conduit lender was the lower of its commercial paper rate and the Base Rate plus 0.50%, and for any other lender was the Base Rate. Effective June 29, 2023, the Base Rate was the three-months SOFR Rate. Prior to the amendment on June 29, 2023, the Base Rate was the three-months LIBOR rate. The Company was also charged a non-usage fee, based on the unused facility amount multiplied by the Undrawn Fee Rate (as defined in the LFSA) and a facility agent fee of 0.25% per annum, until the amendment on October 31, 2023, on the total facility amount. As of the amendment on October 31, 2023, the facility agent fee was 0.20% per annum on the total facility amounts.

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The following table summarizes the interest expense, non-usage fees and amortization of financing costs incurred on the DB Credit Facility for the three and nine months ended September 30, 2024 and September 30, 2023:

			Three Months Ended												Nine Months Ended
			September 30, 2024(2)						September 30, 2023						September 30, 2024(2)						September 30, 2023
Interest expense(1)			$	3,718					$	3,864					$	11,203					$	11,062
Non-usage fee(1)			$	112					$	120					$	331					$	355
Amortization of financing costs(3)			$	1,641					$	277					$	2,024					$	814
Weighted average interest rate			8.1		%				8.1		%				8.1		%				7.8		%
Effective interest rate(3)			12.1		%				9.1		%				9.9		%				8.8		%
Average debt outstanding			$	180,022					$	186,487					$	182,364					$	186,429

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

(2)On September 30, 2024, the Company repaid all amounts outstanding under the DB Credit Facility, including outstanding borrowings and accrued interest, and terminated the DB Credit Facility.

(3)Three and nine months ended September 30, 2024 includes accelerated deferred financing costs due to DB Credit Facility termination on September 30, 2024.

As of September 30, 2024 and December 31, 2023, the outstanding balance on the DB Credit Facility was $0 and $186,400, respectively, and NMFDB was in compliance with the applicable covenants in the DB Credit Facility on December 31, 2023.

NMNLC Credit Facility II—The Credit Agreement (together with the related guarantee and security agreement, the "NMNLC CA"), dated February 26, 2021, by and between NMNLC, as the Borrower, and City National Bank, as the Lender (the "NMNLC Credit Facility II"), is structured as a senior secured revolving credit facility. As of the amendment on November 1, 2022, NM CLFX LP has been added as a co-borrower and the NMNLC CA would have matured on November 1, 2024. As of the most recent amendment on October 29, 2024, the NMNLC CA will mature on December 2, 2024. The NMNLC Credit Facility II is guaranteed by the Company and proceeds from the NMNLC Credit Facility II are able to be used for refinancing existing loans on properties held.

As of the amendment on November 1, 2022, the NMNLC Credit Facility II bears interest at a rate of SOFR plus 2.25% per annum with a 0.35% floor, and charges a commitment fee, based on the unused facility amount multiplied by 0.05% per annum (as defined in the NMNLC CA). As of the amendment on November 1, 2022, the maximum amount of revolving borrowings available to all borrowers under the NMNLC Credit Facility II is $27,500, of which $25,463 is outstanding as of September 30, 2024.

The following table summarizes the interest expense, non-usage fees and amortization of financing costs incurred on the NMNLC Credit Facility II for the three and nine months ended September 30, 2024 and September 30, 2023:

			Three Months Ended												Nine Months Ended
			September 30, 2024						September 30, 2023						September 30, 2024						September 30, 2023
Interest expense			$	41					$	40					$	135					$	136
Non-usage fee			$	—					$	—					$	1					$	1
Amortization of financing costs			$	21					$	21					$	64					$	66
Weighted average interest rate			7.6		%				7.5		%				7.6		%				7.1		%
Effective interest rate			11.7		%				11.7		%				11.4		%				10.9		%
Average debt outstanding			$	2,151					$	2,091					$	2,341					$	2,480

As of September 30, 2024 and December 31, 2023, the outstanding balance on the NMNLC Credit Facility II was $2,908 and $2,853, respectively, and NMNLC was in compliance with the applicable covenants of the NMNLC Credit Facility II on such dates.

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Convertible Notes

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

The 2018 Convertible Notes bore interest at an annual rate of 5.75%, payable semi-annually in arrears on February 15 and August 15 of each year, which commenced on February 15, 2019. The 2018 Convertible Notes matured on August 15, 2023.

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

On August 15, 2023, the Company's $116,816 aggregate principal amount of 2018 Convertible Notes matured and the Company repaid the outstanding principal and accrued but unpaid interest in cash.

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

The 2022 Convertible Notes bear interest at an annual rate of 7.50%, payable semi-annually in arrears on April 15 and October 15 of each year. The 2022 Convertible Notes will mature on October 15, 2025 unless earlier converted, repurchased or redeemed pursuant to the terms of the 2018C Indenture. The Company may not redeem the 2022 Convertible Notes prior to July 15, 2025. On or after July 15, 2025, the Company may redeem the 2022 Convertible Notes for cash, in whole or from time to time in part, at our option at a redemption price, subject to an exception for redemption dates occurring after a record date but on or prior to the interest payment date, equal to the sum of (i) 100% of the principal amount of the 2022 Convertible Notes to be redeemed, (ii) accrued and unpaid interest thereon to, but excluding, the redemption date and (iii) a make-whole premium.

The following table summarizes certain key terms related to the convertible features of the 2022 Convertible Notes as of September 30, 2024:

															2022 Convertible Notes
Initial conversion premium(1)															14.7		%
Initial conversion rate(2)															70.4225
Initial conversion price															$	14.20
Conversion rate at September 30, 2024(1)(2)															73.0051
Conversion price at September 30, 2024(2)(3)															$	13.70
Last conversion price calculation date															September 16, 2024

(1)Conversion rates denominated in shares of common stock per $1 principal amount of the 2022 Convertible Notes converted.

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

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(3)The conversion price in effect at September 30, 2024 on the 2022 Convertible Notes was calculated on September 16, 2024.

The conversion rate will be subject to adjustment upon certain events, such as stock splits and combinations, mergers, spin-offs, increases in dividends in excess of $0.30 per share per quarter for the 2022 Convertible Notes and certain changes in control. Certain of these adjustments, including adjustments for increases in dividends, are subject to a conversion price floor of $12.38 per share for the 2022 Convertible Notes. In no event will the total number of shares of common stock issuable upon conversion exceed 80.7754 per $1 principal amount of the 2022 Convertible Notes. The Company has determined that the embedded conversion option in the 2022 Convertible Notes is not required to be separately accounted for as a derivative under GAAP.

The 2022 Convertible Notes are unsecured obligations and rank senior in right of payment to the Company’s existing and future indebtedness, if any, that is expressly subordinated in right of payment to the 2022 Convertible Notes; equal in right of payment to the Company’s existing and future unsecured indebtedness that is not so subordinated; effectively junior in right of payment to any of the Company’s secured indebtedness (including existing unsecured indebtedness that the Company later secures) to the extent of the value of the assets securing such indebtedness; and structurally junior to all existing and future indebtedness (including trade payables) incurred by the Company’s subsidiaries and financing vehicles. As reflected in Note 11. Earnings Per Share, the issuance is considered part of the if-converted method for calculation of diluted earnings per share.

The following table summarizes the interest expense, amortization of financing costs and amortization of premium incurred on the 2018 Convertible Notes and 2022 Convertible Notes (together, the "Convertible Notes") for the three and nine months ended September 30, 2024 and September 30, 2023:

			Three Months Ended												Nine Months Ended
			September 30, 2024						September 30, 2023						September 30, 2024						September 30, 2023
Interest expense			$	4,875					$	5,696					$	14,625					$	17,892
Amortization of financing costs			$	410					$	447					$	1,210					$	1,276
Amortization of premium			$	(30)					$	(52)					$	(87)					$	(101)
Weighted average interest rate			7.5		%				7.2		%				7.5		%				7.0		%
Effective interest rate			8.1		%				7.7		%				8.1		%				7.5		%
Average debt outstanding			$	260,000					$	317,138					$	260,000					$	340,881

As of September 30, 2024 and December 31, 2023, the outstanding balance on the 2022 Convertible Notes was $260,000 and $260,000, respectively. As of both September 30, 2024 and December 31, 2023, the outstanding balance on the 2018 Convertible Notes was $0. The Company was in compliance with the terms of the 2018A Indenture and 2018C Indenture on such dates.

Unsecured Notes

On January 30, 2018, the Company issued $90,000 in aggregate principal amount of five year unsecured notes that matured on January 30, 2023 (the "2018A Unsecured Notes") pursuant to the NPA and a second supplement to the NPA. On January 30, 2023, the Company caused notices to be issued to holders of the Company's 2018A Unsecured Notes regarding the exercise of the Company's option to repay all of the Company's $90,000 in aggregate principal amount of issued and outstanding 2018A Unsecured Notes, which was repaid on January 27, 2023. On July 5, 2018, the Company issued $50,000 in aggregate principal amount of five year unsecured notes that matured on June 28, 2023 (the "2018B Unsecured Notes") pursuant to the NPA and a third supplement to the NPA (the "Third Supplement"). On June 28, 2023, the Company caused notices to be issued to holders of the Company's 2018B Unsecured Notes regarding the exercise of the Company's option to repay all of the Company's $50,000 in aggregate principal amount of issued and outstanding 2018B Unsecured Notes, which was repaid on June 27, 2023. On April 30, 2019, the Company issued $116,500 in aggregate principal amount of five year unsecured notes with a maturity of April 30, 2024 (the "2019A Unsecured Notes") pursuant to the NPA and a fourth supplement to the NPA (the "Fourth Supplement"). On February 5, 2024, the Company fully repaid $116,500 in aggregate principal amount of issued and outstanding 2019A Unsecured Notes. On January 29, 2021, the Company issued $200,000 in aggregate principal amount of five year unsecured notes that mature on January 29, 2026 (the "2021A Unsecured Notes") pursuant to the NPA and a fifth supplement to the NPA (the "Fifth Supplement"). On June 15, 2022, the Company issued $75,000 in aggregate principal amount of five year unsecured notes that mature on June 15, 2027 (the "2022A Unsecured Notes") pursuant to the NPA and a sixth supplement to the NPA (the "Sixth Supplement"). The NPA provides for future issuances of unsecured notes in separate series or tranches.

The 2019A Unsecured Notes bore interest at an annual rate of 5.494%. The 2021A Unsecured Notes bear interest at an annual rate of 3.875%, payable semi-annually in arrears on January 29 and July 29 of each year. The 2022A Unsecured Notes

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bear interest at an annual rate of 5.900%, payable semi-annually in arrears on June 15 and December 15 of each year. These interest rates are subject to increase in the event that: (i) subject to certain exceptions, the underlying unsecured notes or the Company ceases to have an investment grade rating or (ii) the aggregate amount of the Company’s unsecured debt falls below $150,000. In each such event, the Company has the option to offer to prepay the underlying unsecured notes at par, in which case holders of the underlying unsecured notes who accept the offer would not receive the increased interest rate. In addition, the Company is obligated to offer to prepay the underlying unsecured notes at par if the Investment Adviser, or an affiliate thereof, ceases to be the Company’s investment adviser or if certain change in control events occur with respect to the Investment Adviser. 

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

On November 13, 2023, the Company closed a registered public offering of $115,000 in aggregate principal amount of 8.250% notes that mature on November 15, 2028 (the "8.250% Unsecured Notes"), pursuant to a base indenture and fourth supplemental indenture thereto dated November 13, 2023 (the "Fourth Supplemental Indenture") between the Company and U.S. Bank Trust Company, National Association (as successor in interest to U.S. Bank National Association), as trustee.

The 8.250% Unsecured Notes bear interest at an annual rate of 8.250%, payable quarterly on February 15, May 15, August 15 and November 15 of each year. The 8.250% Unsecured Notes are listed on NASDAQ and trade under the trading symbol "NMFCZ".

The Company may redeem the 8.250% Unsecured Notes, in whole or in part, at any time, or from time to time, at its option on or after November 15, 2025 at the redemption price of par, plus accrued interest.

No sinking fund provision is provided for the 8.250% Unsecured Notes and holders of the 8.250% Unsecured Notes have no option to have their 8.250% Unsecured Notes repaid prior to the stated maturity date.

On February 1, 2024, the Company issued $300,000 in aggregate principal amount of its 6.875% notes that mature on February 1, 2029 (the "6.875% Unsecured Notes") pursuant to a base indenture and fifth supplemental indenture thereto dated February 1, 2024 (the "Fifth Supplemental Indenture"). The 6.875% Unsecured Notes bear interest at an annual rate of 6.875%, payable semi-annually on February 1 and August 1 of each year. The Company may redeem the 6.875% Unsecured Notes, in whole or in part, at any time prior to January 1, 2029, at par plus a "make-whole" premium, and thereafter at par, plus accrued interest.

On September 26, 2024, the Company issued $300,000 in aggregate principal amount of its 6.200% notes that mature on October 15, 2027 (the "6.200% Unsecured Notes", together with the 2018A Unsecured Notes, 2018B Unsecured Notes, 2019A Unsecured Notes, 2021A Unsecured Notes, 2022A Unsecured Notes, 8.250% Unsecured Notes and 6.875% Unsecured Notes, the "Unsecured Notes") pursuant to a base indenture and sixth supplemental indenture thereto dated September 26, 2024 (together, with the Fourth Supplemental Indenture and the Fifth Supplemental Indenture, the "Indenture"). The 6.200% Unsecured Notes bear interest at an annual rate of 6.200%, payable semi-annually on April 15 and October 15 of each year, beginning on April 15, 2025. The Company may redeem the 6.200% Unsecured Notes, in whole or in part, at any time prior to October 15, 2027, at par plus a "make-whole" premium and accrued interest.

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

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The following table summarizes the interest expense and amortization of financing costs incurred on the Unsecured Notes for the three and nine months ended September 30, 2024 and September 30, 2023:

			Three Months Ended												Nine Months Ended
			September 30, 2024						September 30, 2023						September 30, 2024						September 30, 2023
Interest expense(1)			$	12,277					$	4,644					$	33,765					$	15,602
Amortization of financing costs			$	526					$	143					$	1,539					$	524
Amortization of discount			$	165					$	—					$	422					$	—
Weighted average interest rate			6.7		%				4.7		%				6.5		%				4.8		%
Effective interest rate			7.3		%				4.9		%				7.0		%				5.0		%
Average debt outstanding			$	706,304					$	391,500					$	676,414					$	433,661

(1)Interest expense includes net expense recognized on fair value hedges.

As of September 30, 2024 and December 31, 2023, the outstanding balance on the Unsecured Notes was $993,577 and $506,500, respectively, and the Company was in compliance with the terms of the NPA and Indenture as of such dates, as applicable.

In connection with the issuance of the 6.875% Unsecured Notes, the Company entered into an interest rate swap on March 22, 2024 with Morgan Stanley Bank N.A., in which the Company receives a fixed interest rate of 6.875% and pays a floating interest rate of one-month SOFR plus 2.8183% on the notional amount of $300,000. In connection with the issuance of the 6.200% Unsecured Notes, the Company entered into an interest rate swap on September 23, 2024 with Morgan Stanley Bank, N.A., in which the Company receives a fixed interest rate of 6.200% and pays a floating rate of one-month SOFR plus 2.882% on the notional amount of $300,000. The Company designates interest rate swaps as fair value hedges in a qualifying fair value hedge accounting relationship to mitigate risk of changes in the fair value of financial liabilities due to interest rate risk. As a result, the Company will present changes in fair value of the hedging instruments and the related hedged items in interest expense within the Company’s Consolidated Statements of Operations.

The Company recorded and formally documented all hedging relationships, its risk management objective and strategy upon entering into each hedging relationship. For each hedging relationship, the Company performs quarterly quantitative assessments of the hedge effectiveness to assess that the hedging relationships are highly effective in offsetting changes in fair values of hedged items and whether the relationship is expected to continue to be highly effective in the future. To the extent the changes in fair value of the derivative do not offset the changes in fair value of the hedged item, the difference is recognized. The corresponding adjustment to the hedged asset or liability is included in the basis of the hedged item, while the corresponding change in the fair value of the derivative instrument is recorded as an adjustment to "Derivative assets at fair value" or "Derivative liabilities at fair value", as applicable.

If a hedge relationship is de-designated or if hedge accounting is discontinued because the hedged item no longer exists, the derivative will continue to be recorded as a "Derivative asset at fair value" or "Derivative liability at fair value" in the Consolidated Statements of Assets and Liabilities at its fair value, with changes in fair value recognized in net change in unrealized appreciation (depreciation).

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The following table presents the effect of hedging derivative instruments on the Consolidated Statements of Operations and the total amounts for the respective line items affected:

						Three Months Ended						Nine Months Ended
						September 30, 2024						September 30, 2024
(Losses) gains on fair value hedging relationship:
Interest rate swap contract:
Interest expense recognized on derivative						$	(1,189)					$	(2,270)
Gains recognized on derivative						9,092						7,539
Losses recognized on hedged item						(9,350)						(8,175)
Net expense recognized on fair value hedge						$	(1,447)					$	(2,906)

The following table summarizes the carrying value of the Company's hedged assets and liabilities in fair value hedges and the associated cumulative basis adjustments included in those carrying values as of September 30, 2024.

Description			Carrying Value			Cumulative Amount of Basis Adjustment
6.875% Unsecured Notes			$	306,122		$	(8,817)
6.200% Unsecured Notes			$	297,455		$	642

The Company’s derivative instrument contracts are subject to ISDA Master Agreements which contain certain covenants and other provisions upon the occurrence of specific credit-risk-related events which may allow the counterparties to terminate derivatives contracts if the Company fails to maintain sufficient asset coverage for its derivative contracts or upon certain credit events. As a result, the hedging relationship terminates and is immediately accelerated and deemed payable pursuant to the ISDA Master Agreement.

The aggregate fair values of all derivative instruments with any credit-risk-related contingent features that were in an asset position on September 30, 2024 was $7,539, for which Morgan Stanley Bank N.A. had posted collateral of $10,370. The Company does not have any derivatives that are not designated as hedging instruments.

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

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

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

As of September 30, 2024 and December 31, 2023, SBIC I had regulatory capital of $75,000 and $75,000, respectively, and SBA-guaranteed debentures outstanding of $150,000 and $150,000, respectively. As of September 30, 2024 and December 31, 2023, SBIC II had regulatory capital of $75,000 and $75,000, respectively, and $150,000 and $150,000, respectively, of SBA-guaranteed debentures outstanding. The SBA-guaranteed debentures incur upfront fees of 3.435%, which consists of a 1.00% commitment fee and a 2.435% issuance discount, which are amortized over the life of the SBA-guaranteed debentures.

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The following table summarizes the Company’s SBA-guaranteed debentures as of September 30, 2024:

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

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

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

Prior to pooling, the SBA-guaranteed debentures bear interest at an interim interest rate equal to the Federal Home Loan Bank of Chicago's Fixed Regular Advance Rate (Bank Advance Rate), plus 41 basis points. Once pooled, which occurs in March and September each year, the SBA-guaranteed debentures bear interest at a fixed rate that is set to the current 10-year treasury rate plus a spread at each pooling date.

The following table summarizes the interest expense and amortization of financing costs incurred on the SBA-guaranteed debentures for the three and nine months ended September 30, 2024 and September 30, 2023:

			Three Months Ended												Nine Months Ended
			September 30, 2024						September 30, 2023						September 30, 2024						September 30, 2023
Interest expense			$	2,043					$	2,042					$	6,084					$	6,061
Amortization of financing costs			$	253					$	253					$	753					$	750
Weighted average interest rate			2.7		%				2.7		%				2.7		%				2.7		%
Effective interest rate			3.0		%				3.0		%				3.0		%				3.0		%
Average debt outstanding			$	300,000					$	300,000					$	300,000					$	300,000

The SBIC program is designed to stimulate the flow of private investor capital into eligible small businesses, as defined by SBA regulations that, among other things: require SBICs to invest in eligible small businesses and invest at least 25.0% of investment capital in eligible smaller enterprises (as defined by the SBA regulations), place certain limitations on the financing terms of investments, regulate the types of financing provided by an SBIC, prohibit investments in small businesses with certain characteristics or in certain industries and require capitalization thresholds that limit distributions to the Company. SBICs are subject to an annual periodic examination by an SBA examiner to determine the SBIC's compliance with the relevant SBA regulations and an annual financial audit of its financial statements that are prepared on a basis of accounting other than GAAP (such as ASC 820) by an independent auditor.

Leverage risk factors—The Company utilizes and may utilize leverage to the maximum extent permitted by the law for investment and other general business purposes. The Company's lenders will have fixed dollar claims on certain assets that are superior to the claims of the Company's common stockholders, and the Company would expect such lenders to seek recovery against these assets in the event of a default. The use of leverage also magnifies the potential for gain or loss on amounts invested. Leverage may magnify interest rate risk (particularly on the Company's fixed-rate investments), which is the risk that the prices of portfolio investments will fall or rise if market interest rates for those types of securities rise or fall. As a result, leverage may cause greater changes in the Company's net asset value. Similarly, leverage may cause a sharper decline in

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the Company's income than if the Company had not borrowed. Such a decline could negatively affect the Company's ability to make distributions to its stockholders. Leverage is generally considered a speculative investment technique. The Company's ability to service any debt incurred will depend largely on financial performance and will be subject to prevailing economic conditions and competitive pressures.

Note 8. Regulation

The Company has elected to be treated, and intends to comply with the requirements to continue to qualify annually, as a RIC under Subchapter M of the Code. In order to continue to qualify and be subject to tax treatment as a RIC, among other things, the Company is generally required to timely distribute to its stockholders at least 90.0% of its investment company taxable income, as defined by the Code, for each year. The Company, among other things, intends to make and will continue to make the requisite distributions to its stockholders, which will generally relieve the Company from U.S. federal, state, and local income taxes (excluding excise taxes which may be imposed under the Code).

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

Note 9. Commitments and Contingencies

In the normal course of business, the Company may enter into contracts that contain a variety of representations and warranties and which provide general indemnifications. The Company may also enter into future funding commitments such as revolving credit facilities, bridge financing commitments or delayed draw commitments. As of September 30, 2024, the Company had unfunded commitments on revolving credit facilities of $146,530, no outstanding bridge financing commitments and other future funding commitments of $130,848. As of December 31, 2023, the Company had unfunded commitments on revolving credit facilities of $112,803, no outstanding bridge financing commitments and other future funding commitments of $43,948. The unfunded commitments on revolving credit facilities and delayed draws are disclosed on the Company’s Consolidated Schedules of Investments.

The Company also had revolving borrowings available under the Holdings Credit Facility, the DB Credit Facility (prior to its termination on September 30, 2024), the NMFC Credit Facility, the Unsecured Management Company Revolver and the NMNLC Credit Facility II as of September 30, 2024 and December 31, 2023. See Note 7. Borrowings, for details.

The Company may from time to time enter into financing commitment letters. As of September 30, 2024 and December 31, 2023, the Company had commitment letters to purchase investments in the aggregate par amount of $87,649 and $11,105, respectively, which could require funding in the future.

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Note 10. Net Assets

The table below illustrates the effect of certain transactions on the net asset accounts of the Company during the three and nine months ended September 30, 2024:

																											Accumulated Overdistributed Earnings
			Common Stock																		Paid in Capital in Excess						Accumulated Net Investment						Accumulated Net Realized						Net  Unrealized Appreciation						Total Net Assets						Non- Controlling Interest in						Total
			Shares						Par Amount												of Par						Income						(Losses) Gains						(Depreciation)						of NMFC						NMNLC						Net Assets
Net assets at December 31, 2023			102,558,859						$	1,026											$	1,331,269					$	150,407					$	(100,015)					$	(62,736)					$	1,319,951					$	11,772					$	1,331,723
Issuances of common stock			3,730,434						37												47,882						—						—						—						47,919						—						47,919
Offering costs			—						—												(81)						—						—						—						(81)						—						(81)
Distributions declared			—						—												—						(38,265)						—						—						(38,265)						(197)						(38,462)
Net increase (decrease) in net assets resulting from operations			—						—												—						37,325						(11,830)						1,913						27,408						676						28,084
Net assets at March 31, 2024			106,289,293						$	1,063											$	1,379,070					$	149,467					$	(111,845)					$	(60,823)					$	1,356,932					$	12,251					$	1,369,183
Issuances of common stock			1,562,122						16												19,756						—						—						—						19,772						—						19,772
Offering costs			—						—												(388)						—						—						—						(388)						—						(388)
Distributions declared			—						—												—						(36,669)						—						—						(36,669)						(165)						(36,834)
Net increase (decrease) in net assets resulting from operations			—						—												—						38,200						(31,166)						27,437						34,471						313						34,784
Net assets at June 30, 2024			107,851,415						$	1,079											$	1,398,438					$	150,998					$	(143,011)					$	(33,386)					$	1,374,118					$	12,399					$	1,386,517
Issuances of common stock			—						—												—						—						—						—						—						—						—
Other			—						—												—						—						—						—						—						244						244
Offering costs			—						—												(43)						—						—						—						(43)						—						(43)
Distributions declared			—						—												—						(36,668)						—						—						(36,668)						(166)						(36,834)
Sale of non-controlling interest in NMNLC			—						—												—						—						—						—						—						(4,666)						(4,666)
Net change in unrealized appreciation in NMNLC			—						—												—						—						—						—						—						(1,533)						(1,533)
Net increase (decrease) in net assets resulting from operations			—						—												—						35,526						(1,959)						(9,678)						23,889						5						23,894
Net assets at September 30, 2024			107,851,415						$	1,079											$	1,398,395					$	149,856					$	(144,970)					$	(43,064)					$	1,361,296					$	6,283					$	1,367,579

    

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The table below illustrates the effect of certain transactions on the net asset accounts of the Company during the three and nine months ended September 30, 2023:

																											Accumulated Undistributed (Overdistributed) Earnings
			Common Stock																		Paid in Capital in Excess						Accumulated Net Investment						Accumulated Net Realized  (Losses)						Net  Unrealized Appreciation						Total Net Assets						Non-Controlling Interest in						Total
			Shares						Par Amount												of Par						Income						Gains						(Depreciation)						of NMFC						NMNLC						Net Assets
Net assets at December 31, 2022			100,937,026						$	1,009											$	1,305,945					$	147,593					$	(68,072)					$	(72,002)					$	1,314,473					$	11,718					$	1,326,191
Issuances of common stock			—						—												—						—						—						—						—						—						—
Offering costs			—						—												(56)						—						—						—						(56)						—						(56)
Distributions declared			—						—												—						(32,300)						—						—						(32,300)						(153)						(32,453)
Net increase in net assets resulting from operations			—						—												—						38,113						677						5,783						44,573						239						44,812
Net assets at March 31, 2023			100,937,026						$	1,009											$	1,305,889					$	153,406					$	(67,395)					$	(66,219)					$	1,326,690					$	11,804					$	1,338,494
Issuances of common stock			—						—												—						—						—						—						—						—						—
Offering costs			—						—												(91)						—						—						—						(91)						—						(91)
Distributions declared			—						—												—						(35,328)						—						—						(35,328)						(191)						(35,519)
Net increase (decrease) in net assets resulting from operations			—						—												—						39,678						2,567						(7,415)						34,830						248						35,078
Net assets at June 30, 2023			100,937,026						$	1,009											$	1,305,798					$	157,756					$	(64,828)					$	(73,634)					$	1,326,101					$	11,861					$	1,337,962
Issuances of common stock			502,623						5												6,620						—						—						—						6,625						—						6,625
Offering costs			—						—												(66)						—						—						—						(66)						—						(66)
Distributions declared			—						—												—						(36,338)						—						—						(36,338)						(188)						(36,526)
Net increase (decrease) in net assets resulting from operations			—						—												—						40,445						4,673						(16,422)						28,696						3						28,699
Net assets at September 30, 2023			101,439,649						$	1,014											$	1,312,352					$	161,863					$	(60,155)					$	(90,056)					$	1,325,018					$	11,676					$	1,336,694

On November 3, 2021, the Company entered into an equity distribution agreement, as amended on May 18, 2023, August 23, 2023, June 27, 2024 and August 1, 2024 (the “Distribution Agreement”), with B. Riley Securities, Inc. and Raymond James & Associates, Inc. (collectively, the “Agents”). The Distribution Agreement originally provided that the Company may issue and sell its shares from time to time through the Agents, up to $250,000 worth of its common stock by means of at-the-market ("ATM") offerings. As of the amendment on June 27, 2024, the Company increased the maximum amount of shares to be sold through the ATM program from $250,000 to $400,000.

For the three months ended September 30, 2024, the Company did not sell any shares of common stock, under the Distribution Agreement. For the nine months ended September 30, 2024, the Company sold 5,292,556 shares of common stock under the Distribution Agreement. For the nine months ended September 30, 2024, the Company received total accumulated net proceeds of approximately $67,691, including $12 of offering expenses, from these sales. For the three and nine months ended September 30, 2023, the Company sold 502,623 and 502,623 shares, respectively, of common stock under the Distribution Agreement. For the three and nine months ended September 30, 2023, the Company received total accumulated net proceeds of approximately $6,625 and $6,625, respectively, including $0 and $0, respectively, of offering expenses, from these sales.

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The Company generally uses net proceeds from these offerings to make investments, to pay down liabilities and for general corporate purposes. As of September 30, 2024, shares representing approximately $257,991 of its common stock remain available for issuance and sale under the Distribution Agreement.

Note 11. Earnings Per Share

The following information sets forth the computation of basic and diluted net increase in the Company’s net assets per share resulting from operations for the three and nine months ended September 30, 2024 and September 30, 2023:

			Three Months Ended												Nine Months Ended
			September 30, 2024						September 30, 2023						September 30, 2024						September 30, 2023
Earnings per share—basic
Numerator for basic earnings per share:			$	23,889					$	28,696					$	85,768					$	108,099
Denominator for basic weighted average share:			107,851,415						100,954,898						106,140,789						100,943,049
Basic earnings per share:			$	0.22					$	0.28					$	0.81					$	1.07
Earnings per share—diluted(1)
Numerator for increase in net assets per share			$	23,889					$	28,696					$	85,768					$	108,099
Adjustment for interest on Convertible Notes and incentive fees, net			3,900						4,557						11,700						14,314
Numerator for diluted earnings per share:			$	27,789					$	33,253					$	97,468					$	122,413
Denominator for basic weighted average share			107,851,415						100,954,898						106,140,789						100,943,049
Adjustment for dilutive effect of Convertible Notes			18,928,404						22,228,371						18,860,083						23,652,660
Denominator for diluted weighted average share			126,779,819						123,183,269						125,000,872						124,595,709
Diluted earnings per share:			$	0.22					$	0.27					$	0.78					$	0.98

(1)In applying the if-converted method, conversion is not assumed for purposes of computing diluted earnings per share if the effect would be anti-dilutive. For the three months ended September 30, 2024, there was anti-dilution. For the nine months ended September 30, 2024 and for the three and nine months September 30, 2023, there was no anti-dilution.

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Note 12. Financial Highlights

The following information sets forth the Company's financial highlights for the nine months ended September 30, 2024 and September 30, 2023:

			Nine Months Ended
			September 30, 2024						September 30, 2023
Per share data(1):
Net asset value, January 1, 2024 and January 1, 2023, respectively			$	12.87					$	13.02
Net investment income			1.05						1.17
Net realized and unrealized losses (2)			(0.26)						(0.10)
Total net increase			0.79						1.07
Distributions declared to stockholders from net investment income			(1.04)						(1.03)
Net asset value, September 30, 2024 and September 30, 2023, respectively			$	12.62					$	13.06
Per share market value, September 30, 2024 and September 30, 2023, respectively			$	11.98					$	12.95
Total return based on market value(3)			2.40		%				13.49		%
Total return based on net asset value(4)			6.32		%				8.39		%
Shares outstanding at end of period			107,851,415						101,439,649
Average weighted shares outstanding for the period			106,140,789						100,943,049
Average net assets for the period			$	1,357,569					1,322,558
Ratio to average net assets(5):
Net investment income			10.93		%				11.95		%
Total expenses, before waivers/reimbursements			16.90		%				16.77		%
Total expenses, net of waivers/reimbursements			16.63		%				16.45		%
Average debt outstanding—Unsecured Notes			$	676,414					$	433,661
Average debt outstanding—Holdings Credit Facility			364,418						603,154
Average debt outstanding—SBA-guaranteed debentures			300,000						300,000
Average debt outstanding—Convertible Notes			260,000						340,881
Average debt outstanding—DB Credit Facility (6)			182,364						186,429
Average debt outstanding—NMFC Credit Facility(7)			79,969						104,227
Average debt outstanding—NMNLC Credit Facility II			2,341						2,480
Asset coverage ratio(8)			179.18		%				182.68		%
Portfolio turnover			17.99		%				4.36		%

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

(2)Includes the accretive effect of common stock issuances per share, which for the nine months ended September 30, 2024 and September 30, 2023, were $(0.02) and $0.00, respectively

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

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

(5)Interim periods are annualized.

(6)On September 30, 2024, the Company repaid all amounts outstanding under the DB Credit Facility, including outstanding borrowings and accrued interest, and terminated the DB Credit Facility.

(7)Under the NMFC Credit Facility, the Company may borrow in U.S. dollars or certain other permitted currencies. As of September 30, 2024 and September 30, 2023, the Company had borrowings denominated in GBP of £26,650 and

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£22,850, respectively, and borrowings denominated in EUR of €17,400 and €700, respectively, that have been converted to U.S. dollars.

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

Note 13. Recent Accounting Standards Updates

In March 2020, the Financial Accounting Standards Board (the "FASB") issued ASU 2020-04, Reference Rate Reform. The amendments in ASU 2020-04 provide optional expedients and exceptions for applying GAAP to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. The standard was effective as of March 12, 2020 through December 31, 2022. Management is currently evaluating the impact of the optional guidance on the Company's consolidated financial statements and disclosures. The Company did not utilize the optional expedients and exceptions provided by ASU 2020-04 during the quarter ended September 30, 2024. In December 2022, the FASB issued ASU No. 2022-06, Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848, which deferred the sunset day of this guidance to December 31, 2024. The Company is currently evaluating the impact of this guidance on its consolidated financial statements.

Note 14. Subsequent Events

On October 23, 2024, the Company’s board of directors declared a regular fourth quarter 2024 distribution of $0.32 per share and a supplemental distribution related to third quarter earnings of $0.01 per share, each payable on December 31, 2024 to holders of record as of December 17, 2024.

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			Deloitte & Touche LLP   30 Rockefeller Plaza New York, NY 10112 USA   Tel:    212 492 4000 Fax:   212 489 1687 www.deloitte.com

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the shareholders and the Board of Directors of New Mountain Finance Corporation

Results of Review of Interim Financial Information

We have reviewed the accompanying consolidated statement of assets and liabilities of New Mountain Finance Corporation and subsidiaries (the "Company"), including the consolidated schedule of investments, as of September 30, 2024, and the related consolidated statements of operations and changes in net assets for the three-month and nine-month periods ended September 30, 2024 and 2023, the consolidated statements of cash flows for the nine-month periods ended September 30, 2024 and 2023, and the related notes (collectively referred to as the "interim financial information"). Based on our reviews we are not aware of any material modifications that should be made to the accompanying interim financial information for it to be in conformity with accounting principles generally accepted in the United States of America.

We have previously audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the consolidated statement of assets and liabilities of the Company, including the consolidated schedule of investments as of December 31, 2023, and the related consolidated statements of operations, changes in net assets and cash flows for the year then ended (not presented herein); and in our report dated February 26, 2024, 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, 2023, 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

October 30, 2024

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Item 2.     Management’s Discussion and Analysis of Financial Condition and Results of Operations

The information in management's discussion and analysis of financial condition and results of operations relates to New Mountain Finance Corporation, including its wholly-owned direct and indirect subsidiaries (collectively, "we", "us", "our", "NMFC" or the "Company").

Forward-Looking Statements

The information contained in this section should be read in conjunction with the financial data and consolidated financial statements and notes thereto appearing elsewhere in this report. Some of the statements in this report (including in the following discussion) constitute forward-looking statements, which relate to future events or our future performance or our financial condition. The forward-looking statements contained in this section involve a number of risks and uncertainties, including:

•statements concerning the impact of a protracted decline in the liquidity of credit markets;

•the general economy, including fluctuating interest and inflation rates, on the industries in which we invest;

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

•our future operating results, our business prospects, the adequacy of our cash resources and working capital;

•the ability of our portfolio companies to achieve their objectives;

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

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

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

•the risk factors set forth in Item 1A.—Risk Factors contained in our Annual Report on Form 10-K for the year ended December 31, 2023 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, 2023 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, quarterly reports on Form 10-Q and current reports on Form 8-K.

Overview

We are a Delaware corporation that was originally incorporated on June 29, 2010 and completed our initial public offering ("IPO") on May 19, 2011. We are a closed-end, non-diversified management investment company that has elected to be regulated as a business development company ("BDC") under the Investment Company Act of 1940, as amended (the "1940 Act"). We have elected to be treated, and intend to comply with the requirements to continue to qualify annually, as a regulated investment company ("RIC") under Subchapter M of the Internal Revenue Code of 1986, as amended (the "Code"). Since our IPO, and through September 30, 2024, we have raised approximately $1,034.6 million in net proceeds from additional offerings of our common stock.

The Investment Adviser is a wholly-owned subsidiary of New Mountain Capital. New Mountain Capital is a global investment firm with over $55 billion of assets under management and a track record of investing in the middle market. New Mountain Capital focuses on investing in defensive growth companies across its private equity, credit and net lease investment strategies. The Investment Adviser manages our day-to-day operations and provides us with investment advisory and management services. The Investment Adviser also manages other funds that may have investment mandates that are similar, in

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whole or in part, to ours. New Mountain Finance Administration, L.L.C. (the "Administrator”), a wholly-owned subsidiary of New Mountain Capital, provides the administrative services necessary to conduct our day-to-day operations.

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

•New Mountain Finance Holdings, L.L.C. ("NMF Holdings") and New Mountain Finance DB, L.L.C. ("NMFDB"), whose assets are used to secure NMF Holdings’ credit facility and were used to secured NMFDB’s credit facility, until its termination on September 30, 2024, respectively;

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

•NMF Ancora Holdings, Inc. ("NMF Ancora"), NMF QID NGL Holdings, Inc. ("NMF QID"), NMF YP Holdings, Inc. ("NMF YP"), NMF Permian Holdings, LLC ("NMF Permian"), NMF HB, Inc. ("NMF HB"), NMF TRM, LLC ("NMF TRM"), NMF Pioneer, Inc. ("NMF Pioneer") and NMF OEC, Inc. ("NMF OEC"), which are treated as corporations for U.S. federal income tax purposes and are intended to facilitate our compliance with the requirements to be treated as a RIC under the Code by holding equity or equity related investments in portfolio companies organized as limited liability companies (or other forms of pass-through entities); we consolidate these corporations for accounting purposes but the corporations are not consolidated for income tax purposes and may incur income tax expense as a result of their ownership of the portfolio companies; and

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

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

We are a leading BDC focused on providing direct lending solutions to U.S. upper middle market companies backed by top private equity sponsors. Our investment objective is to generate current income and capital appreciation through the sourcing and origination of senior secured loans and select junior capital positions, to growing businesses in defensive industries that offer attractive risk-adjusted returns. Our differentiated investment approach leverages the deep sector knowledge and operating resources of New Mountain Capital.

Senior secured loans may include traditional first lien loans or unitranche loans. We invest a significant portion of our portfolio in unitranche loans, which are loans that combine both senior and subordinated debt, generally in a first-lien position. Because unitranche loans combine characteristics of senior and subordinated debt, they have risks similar to the risks associated with secured debt and subordinated debt. Certain unitranche loan investments may include “last-out” positions, which generally heighten the risk of loss. In some cases, our investments may also include equity interests.

We primarily invest in senior secured debt of U.S. sponsor-backed, middle market companies. We define middle market companies as those with annual earnings before interest, taxes, depreciation, and amortization ("EBITDA") of $10 million to $200 million. Our focus is on defensive growth businesses that generally exhibit the following characteristics: (i) acyclicality, (ii) sustainable secular growth drivers, (iii) niche market dominance and high barriers to competitive entry, (iv) recurring revenue and strong free cash flow, (v) flexible cost structures and (vi) seasoned management teams.

Similar to us, the investment objective of SBIC I and SBIC II is to generate current income and capital appreciation under the investment criteria we use. However, SBIC I and SBIC II investments must be in SBA eligible small businesses. Our portfolio may be concentrated in a limited number of industries. As of September 30, 2024, our top five industry concentrations were software, business services, healthcare, investment funds (which includes our investments in our joint ventures) and consumer services.

As of September 30, 2024, our net asset value was approximately $1,361.3 million and our portfolio had a fair value, as determined in good faith by the board of directors, of approximately $3,265.3 million in 127 portfolio companies, with a weighted average yield to maturity at cost for income producing investments ("YTM at Cost") of approximately 10.5% and a weighted average yield to maturity at cost for all investments ("YTM at Cost for Investments") of approximately 9.5%. The YTM at Cost calculation assumes that all investments, including secured collateralized agreements, not on non-accrual are purchased at cost on the quarter end date and held until their respective maturities with no prepayments or losses and exited at par at maturity. The YTM at Cost for Investments calculation assumes that all investments, including secured collateralized agreements, are purchased at cost on the quarter end date and held until their respective maturities with no prepayments or losses and exited at par at maturity. YTM at Cost and YTM at Cost for Investments calculations exclude the impact of existing

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leverage. YTM at Cost and YTM at Cost for Investments use Sterling Overnight Interbank Average Rate ("SONIA"), Secured Overnight Financing Rate ("SOFR") and Euro Interbank Offered Rate ("EURIBOR") curves at each quarter's end date. The actual yield to maturity may be higher or lower due to the future selection of the SONIA, SOFR and EURIBOR contracts by the individual companies in our portfolio or other factors.

Recent Developments

On October 23, 2024, our board of directors declared a fourth quarter 2024 distribution of $0.32 per share and a supplemental distribution related to third quarter earnings of $0.01 per share, each payable on December 31, 2024 to holders of record as of December 17, 2024.

Critical Accounting Estimates

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

Basis of Accounting

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

Valuation and Leveling of Portfolio Investments

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

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

(1)Investments for which market quotations are readily available on an exchange are valued at such market quotations based on the closing price indicated from independent pricing services.

(2)Investments for which indicative prices are obtained from various pricing services and/or brokers or dealers are valued through a multi-step valuation process, as described below, to determine whether the quote(s) obtained is representative of fair value in accordance with GAAP.

a.Bond quotes are obtained through independent pricing services. Internal reviews are performed by the investment professionals of the Investment Adviser to ensure that the quote obtained is representative of fair value in accordance with GAAP and, if so, the quote is used. If the Investment Adviser is unable to sufficiently validate the quote(s) internally and if the investment's par value or its fair value exceeds the materiality threshold, the investment is valued similarly to those assets with no readily available quotes (see (3) below); and

b.For investments other than bonds, we look at the number of quotes readily available and perform the following procedures:

i.Investments for which two or more quotes are received from a pricing service are valued using the mean of the mean of the bid and ask of the quotes obtained. We will evaluate the reasonableness of the quote, and if the quote is determined to not be representative of fair value, we will use one or more of the methodologies outlined below to determine fair value;

ii.Investments for which one quote is received from a pricing service are validated internally. The investment professionals of the Investment Adviser analyze the market quotes obtained using an array of valuation methods (further described below) to validate the fair value. If the Investment Adviser is unable to sufficiently validate the quote internally and if the investment's par value or its fair value exceeds the materiality threshold, the investment is valued similarly to those assets with no readily available quotes (see (3) below).

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(3)Investments for which quotations are not readily available through exchanges, pricing services, brokers, or dealers are valued through a multi-step valuation process:

a.Each portfolio company or investment is initially valued by the investment professionals of the Investment Adviser responsible for the credit monitoring;

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

c.If an investment falls into (3) above for four consecutive quarters and if the investment's par value or its fair value exceeds the materiality threshold, then at least once each fiscal year, the valuation for each portfolio investment for which we do not have a readily available market quotation will be reviewed by an independent valuation firm engaged by our board of directors; and

d.When deemed appropriate by our management, an independent valuation firm may be engaged to review and value investment(s) of a portfolio company, without any preliminary valuation being performed by the Investment Adviser. The investment professionals of the Investment Adviser will review and validate the value provided.

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 our investments may fluctuate from period to period and the fluctuations could be material.

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

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

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

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

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

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

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

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

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

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

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See Item 1.—Financial Statements and Supplementary Data—Note 4. Fair Value in this Quarterly Report on Form 10-Q for additional information on fair value hierarchy as of September 30, 2024.

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

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

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

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

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

See Item 1.—Financial Statements and Supplementary Data—Note 4. Fair Value in this Quarterly Report on Form 10-Q for additional information on unobservable inputs used in the fair value measurement of our Level III investments as of September 30, 2024.

NMFC Senior Loan Program III LLC

NMFC Senior Loan Program III LLC ("SLP III") was formed as a Delaware limited liability company and commenced operations on April 25, 2018. SLP III is structured as a private joint venture investment fund between us and SkyKnight Income II, LLC (“SkyKnight II”) and operates under a limited liability company agreement (the "SLP III Agreement"). The purpose of the joint venture is to invest primarily in senior secured loans issued by portfolio companies within our core industry verticals. These investments are typically broadly syndicated first lien loans. All investment decisions must be unanimously approved by the board of managers of SLP III, which has equal representation from us and SkyKnight II. SLP III has a five year investment period and will continue in existence until July 8, 2029. On July 3, 2024, the investment period was extended until July 8, 2027. The investment period may be extended for up to one year pursuant to certain terms of the SLP III Agreement.

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SLP III is capitalized with equity contributions which are called from its members, on a pro-rata basis based on their equity commitments, as transactions are completed. Any decision by SLP III to call down on capital commitments requires approval by the board of managers of SLP III. As of September 30, 2024, we and SkyKnight II have committed and contributed $160.0 million and $40.0 million, respectively, of equity to SLP III. Our investment in SLP III is disclosed on our Consolidated Schedule of Investments as of September 30, 2024 and December 31, 2023.

On May 2, 2018, SLP III entered into its revolving credit facility with Citibank, N.A. As of the amendment on July 3, 2024, the maturity date of SLP III's revolving credit facility was extended from January 8, 2026 to January 8, 2029, and the reinvestment period was extended from July 8, 2026 to July 8, 2027. As of the amendment on July 3, 2024, during the reinvestment period, the credit facility bears interest at a rate of the Secured Overnight Financing Rate ("SOFR") plus 1.65%, and after the reinvestment period it will bear interest at a rate of SOFR plus 1.95%. From June 23, 2023 to July 3, 2024, during the reinvestment period, the credit facility bore interest at a rate of SOFR plus 1.80%, and after the reinvestment period it bore interest at a rate of SOFR plus 2.10%. Prior to the amendment on June 23, 2023, the facility bore interest at a rate of LIBOR plus 1.60% per annum during the reinvestment period and LIBOR plus 1.90% per annum after the reinvestment period. As of September 30, 2024, SLP III's revolving credit facility has a maximum borrowing capacity of $600.0 million. As of September 30, 2024 and December 31, 2023, SLP III had total investments with an aggregate fair value of approximately $680.7 million and $636.6 million, respectively, and debt outstanding under its credit facility of $473.2 million and $453.2 million, respectively. As of September 30, 2024 and December 31, 2023, none of SLP III's investments were on non-accrual. Additionally, as of September 30, 2024 and December 31, 2023, SLP III had unfunded commitments in the form of delayed draws of $1.8 million and $1.1 million, respectively.

Below is a summary of SLP III's portfolio as of September 30, 2024 and December 31, 2023:    

(in thousands)						September 30, 2024						December 31, 2023
First lien investments (1)						$	694,510					$	657,208
Weighted average interest rate on first lien investments (2)						9.07		%				9.79		%
Number of portfolio companies in SLP III						88						87
Largest portfolio company investment (1)						$	17,743					$	17,883
Total of five largest portfolio company investments (1)						$	80,382					$	79,458

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

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

See Item 1.—Financial Statements and Supplementary Data—Note 3. Investments in this Quarterly Report on Form 10-Q for a listing of the individual investments in SLP III's portfolio as of September 30, 2024 and December 31, 2023 and additional information on certain summarized financial information for SLP III as of September 30, 2024 and December 31, 2023 and for the three and nine months ended September 30, 2024 and September 30, 2023.

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NMFC Senior Loan Program IV LLC

NMFC Senior Loan Program IV LLC ("SLP IV") was formed as a Delaware limited liability company on April 6, 2021, and commenced operations on May 5, 2021. SLP IV is structured as a private joint venture investment fund between us and SkyKnight Income Alpha, LLC ("SkyKnight Alpha") and operates under the First Amended and Restated Limited Liability Company Agreement of NMFC Senior Loan Program IV LLC, dated May 5, 2021 (the "SLP IV Agreement"). Upon the effectiveness of the SLP IV Agreement, the members contributed their respective membership interests in NMFC Senior Loan Program I LLC ("SLP I") and NMFC Senior Loan Program II LLC ("SLP II") to SLP IV. Immediately following the contribution of their membership interests, SLP I and SLP II became wholly-owned subsidiaries of SLP IV. The purpose of the joint venture is to invest primarily in senior secured loans issued by portfolio companies within our core industry verticals. These investments are typically broadly syndicated first lien loans. All investment decisions must be unanimously approved by the board of managers of SLP IV, which has equal representation from us and SkyKnight Alpha. SLP IV had a five year investment period and will continue in existence until May 5, 2029. On March 15, 2024, the investment period was extended until May 5, 2027 pursuant to the terms of the SLP IV Agreement.

SLP IV is capitalized with equity contributions which were transferred and contributed from its members. As of September 30, 2024, we and SkyKnight Alpha have transferred and contributed $112.4 million and $30.6 million, respectively, of their membership interests in SLP I and SLP II to SLP IV. Our investment in SLP IV is disclosed on our Consolidated Schedule of Investments as of September 30, 2024 and December 31, 2023.

On May 5, 2021, SLP IV entered into a $370.0 million revolving credit facility with Wells Fargo Bank, National Association which matures on March 27, 2029. As of the amendment on March 27, 2024, the facility bears interest at a rate of SOFR plus 1.90%. From April 28, 2023 to March 27, 2024, the facility bore interest at a rate of SOFR plus 1.70%. Prior to the amendment on April 28, 2023, the facility bore interest at a rate of LIBOR plus 1.60% per annum. As of September 30, 2024 and December 31, 2023, SLP IV had total investments with an aggregate fair value of approximately $466.3 million and $467.9 million, respectively, and debt outstanding under its credit facility of $341.9 million and $306.5 million, respectively. As of September 30, 2024 and December 31, 2023, none of SLP IV’s investments were on non-accrual. Additionally, as of September 30, 2024 and December 31, 2023, SLP IV had unfunded commitments in the form of delayed draws of $0.8 million and $0.8 million, respectively.

Below is a summary of SLP IV's consolidated portfolio as of September 30, 2024 and December 31, 2023:

(in thousands)						September 30, 2024						December 31, 2023
First lien investments (1)						$	478,284					$	482,776
Weighted average interest rate on first lien investments (2)						9.16		%				9.81		%
Number of portfolio companies in SLP IV						78						78
Largest portfolio company investment (1)						$	17,803					$	17,400
Total of five largest portfolio company investments (1)						$	62,735					$	67,838

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

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

See Item 1.—Financial Statements and Supplementary Data—Note 3. Investments in this Quarterly Report on Form 10-Q for a listing of the individual investments in SLP IV's consolidated portfolio as of September 30, 2024 and December 31, 2023 and additional information on certain summarized financial information for SLP IV as of September 30, 2024 and December 31, 2023 and for the three and nine months ended September 30, 2024 and September 30, 2023.

New Mountain Net Lease Corporation

NMNLC was formed to acquire commercial real estate properties that are subject to "triple net" leases. NMNLC's investments are disclosed on our Consolidated Schedule of Investments as of September 30, 2024.

On March 30, 2020, an affiliate of the Investment Adviser purchased directly from NMNLC 105,030 shares of NMNLC’s common stock at a price of $107.73 per share, which represented the net asset value per share of NMNLC at the date of purchase, for an aggregate purchase price of approximately $11.3 million. Immediately thereafter, NMNLC redeemed 105,030 shares of its common stock held by NMFC in exchange for a promissory note with a principal amount of $11.3 million and a 7.0% interest rate, which was repaid by NMNLC to NMFC on March 31, 2020. Effective July 1, 2024, NMNLC purchased 63,575 shares of NMNLC's common stock from an affiliate of the Investment Adviser at remaining original cost, a price of $73.39 per share, for an aggregate purchase price of approximately $4.7 million. Immediately thereafter, NMNLC sold

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the 63,575 shares of its common stock to NMFC at remaining original cost, a price of $73.39 per share, for an aggregate purchase price of approximately $4.7 million.

Below is certain summarized property information for NMNLC as of September 30, 2024:

Lease

Total

Fair Value as of

Portfolio Company

Tenant

Expiration Date

Location

Square Feet

September 30, 2024

(in thousands)

(in thousands)

NM NL Holdings LP / NM GP Holdco LLC

Various

Various

Various

Various

$

104,888

NM CLFX LP

Victor Equipment Company

8/31/2033

TX

423

10,031

NM YI, LLC

Young Innovations, Inc.

10/31/2039

IL / MO

212

9,961

$

124,880

Collateralized agreements or repurchase financings

We follow the guidance in Accounting Standards Codification Topic 860, Transfers and Servicing—Secured Borrowing and Collateral ("ASC 860") when accounting for transactions involving the purchases of securities under collateralized agreements to resell (resale agreements). These transactions are treated as collateralized financing transactions and are recorded at their contracted resale or repurchase amounts, as specified in the respective agreements. Interest on collateralized agreements is accrued and recognized over the life of the transaction and included in interest income. As of September 30, 2024 and December 31, 2023, we held one collateralized agreement to resell with a cost basis of $30.0 million and $30.0 million, respectively, and a fair value of $13.5 million and $16.5 million, respectively. The collateralized agreement to resell is on non-accrual. The collateralized agreement to resell is guaranteed by a private hedge fund, PPVA Fund, L.P. The private hedge fund is currently in liquidation under the laws of the Cayman Islands. Pursuant to the terms of the collateralized agreement, the private hedge fund was obligated to repurchase the collateral from us at the par value of the collateralized agreement. The private hedge fund has breached its agreement to repurchase the collateral under the collateralized agreement. The default by the private hedge fund did not release the collateral to us, therefore, we do not have full rights and title to the collateral. A claim has been filed with the Cayman Islands joint official liquidators to resolve this matter. The joint official liquidators have recognized our contractual rights under the collateralized agreement. We continue to exercise our rights under the collateralized agreement and continue to monitor the liquidation process of the private hedge fund. The fair value of the collateralized agreement to resell is reflective of the increased risk of the position.

PPVA Black Elk (Equity) LLC

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

In August 2017, a trustee (the “Trustee”) for Black Elk informed us that the Trustee intended to assert a fraudulent conveyance claim (the “Claim”) against us and one of its affiliates seeking the return of the $20.5 million repayment. Black Elk filed a Chapter 11 bankruptcy petition pursuant to the U.S. Bankruptcy Code in August 2015. The Trustee alleged that individuals affiliated with the private hedge fund conspired with Black Elk and others to improperly use proceeds from the sale of certain Black Elk assets to repay, in August 2014, the private hedge fund’s obligation to us under the SPP Agreement. We were unaware of these claims at the time the repayment was received. The private hedge fund is currently in liquidation under the laws of the Cayman Islands.

On December 22, 2017, we settled the Trustee’s $20.5 million Claim for $16.0 million and filed a claim with the Cayman Islands joint official liquidators of the private hedge fund for $16.0 million that is owed to us under the SPP Agreement. The SPP Agreement was restored and is in effect since repayment has not been made. We continue to exercise our rights under the SPP Agreement and continue to monitor the liquidation process of the private hedge fund. During the year ended December 31, 2018, we received a $1.5 million payment from our insurance carrier in respect to the settlement. As of September 30, 2024 and December 31, 2023, the SPP Agreement had a cost basis of $14.5 million and $14.5 million, respectively, and a fair value of $6.5 million and $8.0 million, respectively, which is reflective of the higher inherent risk in this transaction.

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Revenue Recognition

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

Interest and dividend income:  Interest income, including amortization of premium and discount using the effective interest method, is recorded on the accrual basis and periodically assessed for collectability. Interest income also includes interest earned from cash on hand. Upon the prepayment of a loan or debt security, any prepayment penalties are recorded as part of interest income. We have loans and certain preferred equity investments in the portfolio that contain a payment-in-kind (“PIK”) interest or dividend provision. PIK interest and dividends are accrued and recorded as income at the contractual rates, if deemed collectible. The PIK interest and dividends are added to the principal or share balances on the capitalization dates and are generally due at maturity or when redeemed by the issuer. For the three and nine months ended September 30, 2024 we recognized PIK and non-cash interest from investments of approximately $9.1 million and $27.7 million, respectively, and PIK and non-cash dividends from investments of approximately $8.3 million and $23.5 million, respectively. For the three and nine months ended September 30, 2023, we recognized PIK and non-cash interest from investments of approximately $7.9 million and $24.8 million, respectively, and PIK and non-cash dividends from investments of approximately $7.0 million and $20.2 million, respectively.

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

Non-accrual income:  Investments are placed on non-accrual status when principal or interest payments are past due for 30 days or more and when there is reasonable doubt that principal or interest will be collected. Accrued cash and un-capitalized PIK interest or dividends are reversed when an investment is placed on non-accrual status. Previously capitalized PIK interest or dividends are not reversed when an investment is placed on non-accrual status. Interest or dividend payments received on non-accrual investments may be recognized as income or applied to principal depending upon management’s judgment of the ultimate collectibility. Non-accrual investments are restored to accrual status when past due principal and interest is paid and, in management’s judgment, are likely to remain current.

Other income: Other income represents delayed compensation, consent or amendment fees, revolver fees, structuring fees, upfront fees and other miscellaneous fees received and are typically non-recurring in nature. Delayed compensation is income earned from counterparties on trades that do not settle within a set number of business days after trade date. Other income may also include fees from bridge loans. We may from time to time enter into bridge financing commitments, an obligation to provide interim financing to a counterparty until permanent credit can be obtained. These commitments are short-term in nature and may expire unfunded. A fee is received for providing such commitments. Structuring fees and upfront fees are recognized as income when earned, usually when paid at the closing of the investment, and are non-refundable.

Monitoring of Portfolio Investments

We monitor the performance and financial trends of our portfolio companies on at least a quarterly basis. We attempt to identify any developments within the portfolio company, the industry or the macroeconomic environment that may alter any material element of our original investment strategy. Our portfolio monitoring procedures are designed to provide a simple yet comprehensive analysis of our portfolio companies based on their operating performance and underlying business characteristics, which in turn forms the basis of its Risk Rating (as defined below).

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

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

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

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

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

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

•Business Characteristics assesses the health of the investment in context of the underlying portfolio company’s business and credit quality, the underlying portfolio company’s current balance sheet, and the level of support from the

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

•Green – 4C, 3B, 2A, 4B, 3A, and 4A (e.g., Tier 4 for Operating Performance and C for Business Characteristics)

•Yellow – 3C, 2B, and 1A

•Orange – 2C and 1B

•Red – 1C

The following table shows the Risk Rating of our portfolio companies as of September 30, 2024:

(in millions)			As of September 30, 2024
Risk Rating						Cost						Percent						Fair Value						Percent
Green						$	3,143.6					95.4		%				$	3,189.0					97.3		%
Yellow						80.3						2.4		%				53.0						1.6		%
Orange						72.4						2.2		%				36.8						1.1		%
Red						—						—						—						—
Total						$	3,296.3					100.0		%				$	3,278.8					100.0		%

As of September 30, 2024, all investments in our portfolio had a Green Risk Rating with the exception of four portfolio companies that had a Yellow Risk Rating, and six portfolio companies that had an Orange Risk Rating. As of September 30, 2024, no portfolio companies had a Red Risk Rating.

During the second quarter of 2022, we placed our second lien positions in National HME, Inc. ("National HME") on non-accrual status. As of September 30, 2024, our second lien position in National HME had an aggregate cost basis of $7.9 million, an aggregate fair value of $3.0 million and total unearned interest income of $0.5 million and $1.5 million, respectively, for the three and nine months then ended. As of September 30, 2024, our investment in National HME had an Orange Risk Rating.

As of September 30, 2024, our aggregate principal amount of our subordinated position and first lien term loans in American Achievement Corporation ("AAC") was $5.2 million and $31.4 million, respectively. During the first quarter of 2021, we placed an aggregate principal amount of $5.2 million of our subordinated position on non-accrual status. During the third quarter of 2021, we placed an aggregate principal amount of $13.5 million of our first lien term loans on non-accrual status. During the third quarter of 2023, we placed the remaining aggregate principal amount of $17.9 million of our first lien term loans on non-accrual status. As of September 30, 2024, our positions in AAC on non-accrual status had an aggregate cost basis of $31.4 million, an aggregate fair value of $18.0 million and total unearned interest income of $1.3 million and $3.7 million, for the three and nine months then ended. As of September 30, 2024, our investment in AAC had an Orange Risk Rating.

During the first quarter of 2020, we placed our investment in our junior preferred shares of UniTek Global Services, Inc. ("UniTek") on non-accrual status. As of September 30, 2024, our junior preferred shares of UniTek had an aggregate cost basis of $34.4 million, an aggregate fair value of $0 and total unearned dividend income of $2.2 million and $6.4 million, respectively, for the three and nine months then ended. During the third quarter of 2021, we placed an aggregate principal amount of $19.8 million of our investment in our senior preferred shares of UniTek on non-accrual status. As of September 30, 2024, our senior preferred shares of UniTek had an aggregate cost basis of $19.8 million, an aggregate fair value of approximately $2.4 million and total unearned dividend income of approximately $1.7 million and $4.9 million, respectively, for the three and nine months then ended. As of September 30, 2024, our investment in UniTek had a Green Risk Rating.

During the second quarter of 2024, we placed our investment in our junior preferred shares in Eclipse Topco Holdings, Inc. (fka Transcendia Holdings, Inc.) ("Transcendia") on non-accrual status. As of September 30, 2024, our junior preferred shares in Transcendia had an aggregate cost basis of $2.6 million, an aggregate fair value of $2.7 million and total unearned income of $0.1 million and $0.1 million, respectively, for the three and nine months then ended. As of September 30, 2024, our investment in Transcendia had a Green Risk Rating.

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During the year ended December 31, 2019, our security purchased under collateralized agreements to resell was placed on non-accrual. As of September 30, 2024, our investment in this security had a Yellow Risk Rating and had an aggregate cost basis of $30.0 million and an aggregate fair value of approximately $13.5 million.

Portfolio and Investment Activity

The fair value of our investments, as determined in good faith by our board of directors, was approximately $3,265.3 million in 127 portfolio companies at September 30, 2024 and approximately $3,011.3 million in 110 portfolio companies at December 31, 2023.

The following table shows our portfolio and investment activity for the nine months ended September 30, 2024 and September 30, 2023:

						Nine Months Ended
(in millions)						September 30, 2024						September 30, 2023
New investments in 67 and 32 portfolio companies, respectively						$	777.2					$	140.5
Debt repayments in existing portfolio companies						546.7						112.0
Sales of securities in 3 and 8 portfolio companies, respectively						11.0						170.8
Change in unrealized appreciation on 73 and 66 portfolio companies, respectively						84.3						70.0
Change in unrealized depreciation on 59 and 41 portfolio companies, respectively						(62.5)						(88.3)

Recent Accounting Standards Updates

See Item 1.—Financial Statements and Supplementary Data—Note 13. Recent Accounting Standards Updates in this Quarterly Report on Form 10-Q for details on recent accounting standards updates.

Results of Operations for the Three Months Ended September 30, 2024 and September 30, 2023

Revenue

						Three Months Ended
(in thousands)						September 30, 2024						September 30, 2023
Total interest income						$	72,838					$	74,044
Total dividend income						20,293						18,078
Other income						2,196						2,227
Total investment income						$	95,327					$	94,349

Our total investment income increased by approximately $1.0 million, or 1%, for the three months ended September 30, 2024 as compared to the three months ended September 30, 2023. For the three months ended September 30, 2024, total investment income of approximately $95.3 million consisted of approximately $61.9 million in cash interest from investments, approximately $9.0 million in PIK and non-cash interest from investments, approximately $0.1 million in prepayment fees, net amortization of purchase premiums and discounts of approximately $1.7 million, approximately $12.0 million in cash dividends from investments, approximately $8.4 million in PIK and non-cash dividends from investments and approximately $2.2 million in other income. The decrease in interest income of approximately $1.2 million during the three months ended September 30, 2024 as compared to the three months ended September 30, 2023 was primarily due to the decrease in total coupon rates on our floating rate investments, partially offset by a larger invested balance. The increase in dividend income of approximately $2.2 million during the three months ended September 30, 2024 as compared to the three months ended September 30, 2023 was primarily due to an increase in cash dividends from SLP III and an increase in PIK dividends on our preferred equity investments. Other income during the three months ended September 30, 2024, which represents fees that are generally non-recurring in nature, was primarily attributable to upfront and amendment fees received from 19 different portfolio companies.

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Operating Expenses

						Three Months Ended
(in thousands)						September 30, 2024						September 30, 2023
Management fee						$	11,700					$	11,334
Less: management fee waiver						(970)						(1,013)
Total management fee						10,730						10,321
Incentive fee						8,821						10,169
Interest and other financing expenses						37,661						31,425
Professional fees						1,019						850
Administrative expenses						1,059						995
Other general and administrative expenses						531						542
Total expenses						59,821						54,302
Income tax expense (benefit)						118						(627)
Net expenses after income taxes						$	59,939					$	53,675

    

Our total net operating expenses increased by approximately $6.3 million for the three months ended September 30, 2024 as compared to the three months ended September 30, 2023. Our management fee, net of a management fee waiver, remained relatively flat for the three months ended September 30, 2024 as compared to the three months ended September 30, 2023. Our incentive fee decreased by approximately $1.3 million for the three months ended September 30, 2024 as compared to the three months ended September 30, 2023. The decrease in incentives fees was attributable to a decrease in net investment income. Interest and other financing expenses increased by approximately $6.2 million during the three months ended September 30, 2024 as compared to the three months ended September 30, 2023 as a result of the acceleration of financing costs upon termination of the DB Credit Facility, an increase in our cost of borrowings due to higher SOFR rates on our floating rate facilities, our 8.250% Unsecured Notes, issued on November 13, 2023 and our 6.875% Unsecured Notes, issued on February 1, 2024, partially offset by the repayment of our 2019A Unsecured Notes on February 5, 2024. Our total professional fees, administrative expenses and total other general and administrative expenses for the three months ended September 30, 2024 as compared to the three months ended September 30, 2023 remained relatively flat.

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

						Three Months Ended
(in thousands)						September 30, 2024						September 30, 2023
Net realized (losses) gains on investments						$	(531)					$	4,673
Net realized losses on foreign currency						(1,455)						—
Net change in unrealized depreciation of investments						(11,694)						(16,879)
Net change in unrealized appreciation in NMNLC						1,533						—
Net change in unrealized appreciation (depreciation) on foreign currency						1,690						(60)
(Provision) benefit for taxes						(1,037)						291
Net realized and unrealized losses						$	(11,494)					$	(11,975)

Our net realized losses and unrealized gains and losses resulted in a net loss of approximately $11.5 million for the three months ended September 30, 2024 compared to net realized gains and unrealized losses resulting in a net loss of approximately $12.0 million for the same period in 2023. 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 September 30, 2024 was primarily driven by unrealized depreciation in New Permian Holdco, Inc., TVG-Edmentum Holdings, LLC ("Edmentum") and AAC, partially offset by unrealized appreciation in HB Wealth Management, LLC ("Homrich"), NM NL Holdings, L.P. and NM YI, LLC. The provision for income taxes was attributable to equity investments that are held as of September 30, 2024 in eight of our corporate subsidiaries. The net loss for the three months ended September 30, 2023 was primarily driven by unrealized depreciation in Edmentum and UniTek, partially offset by realized gains in Haven Midstream Holdings LLC and unrealized appreciation in Vectra Co. and TMK Hawk Parent, Corp. See Monitoring of Portfolio Investments above for more details regarding the health of our portfolio companies.

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

						Three Months Ended
(in thousands)						September 30, 2024						September 30, 2023
Total investment income						$	95,327					$	94,349
Net expenses after income taxes						59,939						53,675
Net investment income						35,388						40,674
Less: Net investment income related to non-controlling interest in NMNLC						(138)						229
Net investment income related to NMFC						$	35,526					$	40,445
Net change in realized (losses) gains on investments						(531)						4,673
Net change in realized losses on foreign currency						(1,455)						—
Less: Net change in realized losses on investments related to non-controlling interest in NMNLC						(27)						—
Net change in realized (losses) gains of investments related to NMFC						$	(1,959)					$	4,673
Net change in unrealized depreciation of investments						(11,694)						(16,879)
Net change in unrealized appreciation in NMNLC						1,533						—
Net change in unrealized appreciation (depreciation) on foreign currency						1,690						(60)
(Provision) benefit for taxes						(1,037)						291
Less: Net change in unrealized appreciation (depreciation) of investments related to non-controlling interest in NMNLC						170						(226)
Net change in unrealized depreciation of investments related to NMFC						$	(9,678)					$	(16,422)

Results of Operations for the Nine Months Ended September 30, 2024 and September 30, 2023

Revenue

						Nine Months Ended
(in thousands)						September 30, 2024						September 30, 2023
Total interest income						$	208,831					$	219,720
Total dividend income						63,058						54,547
Other income						8,582						7,527
Total investment income						$	280,471					$	281,794

Our total investment income remained relatively flat for the nine months ended September 30, 2024 as compared to the nine months ended September 30, 2023. For the nine months ended September 30, 2024, total investment income of approximately $280.5 million consisted of approximately $174.8 million in cash interest from investments, approximately $27.7 million in PIK and non-cash interest from investments, approximately $0.6 million in prepayment fees, net amortization of purchase premiums and discounts of approximately $5.8 million, approximately $39.4 million in cash dividends from investments, approximately $23.6 million in PIK and non-cash dividends from investments and approximately $8.6 million in other income. The decrease in interest income of approximately $10.9 million during the nine months ended September 30, 2024 as compared to the nine months ended September 30, 2023 was primarily due to lower leverage, resulting in a smaller invested asset base, along with slightly lower yields on the portfolio. The increase in dividend income of approximately $8.5 million during the nine months ended September 30, 2024 as compared to the nine months ended September 30, 2023 was primarily driven by an increase in cash dividends from our investments in SLP III and SLP IV, an increase in PIK dividends on our preferred equity investments and a cash distribution from our common shares investment in OA Topco, L.P. Other income during the nine months ended September 30, 2024, which represents fees that are generally non-recurring in nature, was primarily attributable to upfront and amendment fees received from 61 different portfolio companies.

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Operating Expenses

						Nine Months Ended
(in thousands)						September 30, 2024						September 30, 2023
Management fee						$	34,048					$	34,549
Less: management fee waiver						(2,732)						(3,172)
Total management fee						31,316						31,377
Incentive fee						27,760						29,748
Interest and other financing expenses						101,790						93,921
Professional fees						3,213						2,818
Administrative expenses						3,135						2,996
Other general and administrative expenses						1,523						1,543
Total expenses						168,737						162,403
Income tax expense						353						401
Net expenses after income taxes						$	169,090					$	162,804

    

Our total net operating expenses increased by approximately $6.3 million for the nine months ended September 30, 2024 as compared to the nine months ended September 30, 2023. Our management fee, net of a management fee waiver, remained relatively flat for the nine months ended September 30, 2024 as compared to the nine months ended September 30, 2023. Our incentive fee decreased by approximately $2.0 million for the nine months ended September 30, 2024 as compared to the nine months ended September 30, 2023. The decrease in incentive fees was attributable to a decrease in net investment income. Interest and other financing expenses increased by approximately $7.9 million for the nine months ended September 30, 2024 as compared to the nine months ended September 30, 2023 as a result of the acceleration of financing costs upon termination of the DB Credit Facility, an increase in our cost of borrowings due to higher SOFR rates on our floating rate facilities, our 8.250% Unsecured Notes, issued on November 13, 2023 and our 6.875% Unsecured Notes, issued on February 1, 2024, partially offset by the repayment of our 2019A Unsecured Notes on February 5, 2024. Our total professional fees, administrative expenses and total other general and administrative expenses for the nine months ended September 30, 2024 as compared to the nine months ended September 30, 2023 remained relatively flat.

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

						Nine Months Ended
(in thousands)						September 30, 2024						September 30, 2023
Net realized (losses) gains on investments						$	(43,524)					$	7,904
Net realized (losses) gains on foreign currency						(1,455)						13
Net change in unrealized appreciation (depreciation) of investments						21,835						(18,340)
Net change in unrealized depreciation securities purchased under collateralized agreements to resell						(3,000)						(39)
Net change in unrealized appreciation in NMNLC						1,533						—
Net change in unrealized appreciation (depreciation) on foreign currency						1,796						(5)
(Provision) benefit for taxes						(1,804)						66
Net realized and unrealized losses						$	(24,619)					$	(10,401)

Our net realized losses and unrealized gains and losses resulted in a net loss of approximately $24.6 million for the nine months ended September 30, 2024 compared to net realized gains and unrealized losses resulting in a net loss of approximately $10.4 million for the same period in 2023. As movement in unrealized appreciation or depreciation can be the result of realizations, we look at net realized and unrealized gains or losses together. The net loss for the nine months ended September 30, 2024 was primarily driven by realized losses in New Trojan Parent, Inc., TMK Hawk Parent, Corp., and Transcendia and unrealized depreciation in Edmentum, Permian and New Benevis Holdco, Inc., partially offset by realized gains in Haven Midstream Holdings LLC and unrealized appreciation in NM GP Holdco, LLC, UniTek, Homrich and CentralSquare Technologies, LLC. The benefit for income taxes was attributable to equity investments that are held as of September 30, 2024 in eight of our corporate subsidiaries. The net loss for the nine months ended September 30, 2023 was primarily driven by realized losses in National HME and ADG, LLC, and unrealized depreciation in Ansira, Edmentum and

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New Trojan Parent, Inc., partially offset by realized gains in Haven Midstream Holdings LLC and unrealized appreciation in UniTek. See Monitoring of Portfolio Investments above for more details regarding the health of our portfolio companies.

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

						Nine Months Ended
(in thousands)						September 30, 2024						September 30, 2023
Total investment income						$	280,471					$	281,794
Net expenses after income taxes						169,090						162,804
Net investment income						111,381						118,990
Less: Net investment income related to non-controlling interest in NMNLC						330						754
Net investment income related to NMFC						$	111,051					$	118,236
Net change in realized (losses) gains on investments						(43,524)						7,904
Net change in realized (losses) gains on foreign currency						(1,455)						13
Less: Net change in realized losses on investments related to non-controlling interest in NMNLC						(24)						—
Net change in realized (losses) gains of investments related to NMFC						$	(44,955)					$	7,917
Net change in unrealized appreciation (depreciation) of investments						21,835						(18,340)
Net change in unrealized depreciation of securities purchased under collateralized agreements to resell						(3,000)						(39)
Net change in unrealized appreciation in NMNLC						1,533						—
Net change in unrealized appreciation (depreciation) on foreign currency						1,796						(5)
(Provision) benefit for taxes						(1,804)						66
Less: Net change in unrealized appreciation (depreciation) of investments related to non-controlling interest in NMNLC						688						(264)
Net change in unrealized appreciation (depreciation) of investments related to NMFC						$	19,672					$	(18,054)

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

Liquidity and Capital Resources

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

Since our IPO, and through September 30, 2024, we have raised approximately $1,034.6 million in net proceeds from additional offerings of common stock.

Our liquidity is generated and generally available through advances from the revolving credit facilities, from cash flows from operations, and, we expect, through periodic follow-on equity offerings. In addition, we may from time to time enter into additional debt facilities, increase the size of existing facilities or issue additional debt securities, including unsecured debt and/or debt securities convertible into common stock. Any such incurrence or issuance would be subject to prevailing market conditions, our liquidity requirements, contractual and regulatory restrictions and other factors. On June 8, 2018 our shareholders approved the application of the modified asset coverage requirements set forth in Section 61(a) of the 1940 Act, which resulted in the reduction of the minimum asset coverage ratio applicable to us from 200.0% to 150.0% as of June 9, 2018. In accordance with the 1940 Act, with certain limited exceptions, we are only allowed to borrow amounts such that our asset coverage, calculated pursuant to the 1940 Act, is at least 150.0% after such borrowing (which means we can borrow $2 for every $1 of our equity). As a result of our exemptive relief received on November 5, 2014, we are permitted to exclude the SBA-guaranteed debentures held by SBIC I and SBIC II from the 150.0% asset coverage ratio that we are required to maintain under the 1940 Act. The agreements governing the NMFC Credit Facility, the Convertible Notes and certain of the Unsecured Notes (as defined in Item 1— Financial Statements—Note 7. Borrowings) contain certain covenants and terms, including a requirement that we not exceed a debt-to-equity ratio of 1.65 to 1.00 at the time of incurring additional indebtedness and a requirement that we not exceed a secured debt ratio of 0.70 to 1.00 at any time. As of September 30, 2024, our asset coverage ratio was 179.2%.

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As of September 30, 2024 and December 31, 2023, our borrowings consisted of the 2019A Unsecured Notes (repaid on February 5, 2024), 2021A Unsecured Notes, 2022A Unsecured Notes, 8.250% Unsecured Notes, 6.875% Unsecured Notes (issued on February 1, 2024), SBA-guaranteed debentures, Holdings Credit Facility, 2022 Convertible Notes, DB Credit Facility (repaid and terminated on September 30, 2024), NMFC Credit Facility, NMNLC Credit Facility II and Unsecured Management Company Revolver. See Item 1—Financial Statements —Note 7. Borrowings in this Quarterly Report on Form 10-Q for additional information.

At September 30, 2024 and December 31, 2023, we had cash and cash equivalents of approximately $61.9 million and $70.1 million, respectively. Our cash (used in) provided by operating activities during the nine months ended September 30, 2024 and September 30, 2023 was approximately $(153.2) million and $207.0 million, respectively. We expect that all current liquidity needs will be met with cash flows from operations and other activities.

On November 3, 2021, we entered into an equity distribution agreement, as amended on May 18, 2023, August 23, 2023, June 27, 2024 and August 1, 2024 (the “Distribution Agreement”) with B. Riley Securities, Inc. and Raymond James & Associates, Inc. (collectively, the “Agents”). The Distribution Agreement originally provided that we may issue and sell our shares from time to time through the Agents, up to $250.0 million worth of our common stock by means of at-the-market ("ATM") offerings. As of the amendment on June 27, 2024, we increased the maximum amount of shares to be sold through the ATM program from $250.0 million to $400.0 million.

For the three months ended September 30, 2024, we did not sell any shares of common stock under the Distribution Agreement. For the nine months ended September 30, 2024, we sold 5,292,556 shares of common stock under the Distribution Agreement and received total accumulated net proceeds of approximately $67.7 million, including $0.0 million of offering expenses, from these sales. For the three and nine months ended September 30, 2023, we sold 502,623 and 502,623 shares, respectively, of common stock, under the Distribution Agreement and received total accumulated net proceeds of approximately $6.6 million and $6.6 million, respectively, including $0.0 million and $0.0 million, respectively, of offering expenses, from these sales.

We generally use net proceeds from these ATM offerings to make investments, to pay down liabilities and for general corporate purposes. As of September 30, 2024, shares representing approximately $258.0 million of our common stock remain available for issuance and sale under the Distribution Agreement.

Off-Balance Sheet Agreements

We may become a party to financial instruments with off-balance sheet risk in the normal course of business to meet the financial needs of our portfolio companies. These instruments may include commitments to extend credit and involve, to varying degrees, elements of liquidity and credit risk in excess of the amount recognized in the balance sheet. As of September 30, 2024 and December 31, 2023, we had outstanding commitments to third parties to fund investments totaling $277.4 million and $156.8 million, respectively, under various undrawn revolving credit facilities, delayed draw commitments or other future funding commitments.

We may from time to time enter into financing commitment letters or bridge financing commitments, which could require funding in the future. As of September 30, 2024 and December 31, 2023, we had commitment letters to purchase investments in an aggregate par amount of $87.6 million and $11.1 million, respectively. As of September 30, 2024 and December 31, 2023, we had not entered into any bridge financing commitments which could require funding in the future.

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Contractual Obligations

A summary of our significant contractual payment obligations as of September 30, 2024 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
Unsecured Notes(1)						$	990.0					$	—					$	275.0					$	715.0					$	—
Holdings Credit Facility(2)						407.6						—						—						407.6						—
SBA-guaranteed debentures(3)						300.0						103.8						30.9						49.3						116.0
2022 Convertible Notes(4)						260.0						—						260.0						—						—
NMFC Credit Facility(5)						55.0						—						5.6						49.4						—
NMNLC Credit Facility II(6)						2.9						2.9						—						—						—
Total Contractual Obligations(7)						$	2,015.5					$	106.7					$	571.5					$	1,221.3					$	116.0

(1)$200.0 million of the 2021A Unsecured Notes will mature on January 29, 2026 unless earlier repurchased, $75.0 million of the 2022A Unsecured Notes will mature on June 15, 2027 unless earlier repurchased, $115.0 million of the 8.250% Unsecured Notes will mature on November 15, 2028 unless earlier redeemed, $300.0 million of the 6.875% Unsecured Notes will mature on February 1, 2029 unless earlier redeemed and $300.0 million of the 6.200% Unsecured Notes will mature on October 15, 2027 unless earlier redeemed.

(2)Under the terms of the $730.0 million Holdings Credit Facility, all outstanding borrowings under that facility ($407.6 million as of September 30, 2024) must be repaid on or before October 26, 2028. As of September 30, 2024, there was approximately $322.4 million of available capacity remaining, subject to borrowing base limitations, under the Holdings Credit Facility.

(3)The SBA-guaranteed debentures held by SBIC I and SBIC II will begin to mature on March 1, 2025.

(4)The 2022 Convertible Notes will mature on October 15, 2025 unless earlier converted or purchased at the holder's option or redeemed by us.

(5)Under the terms of the $638.5 million NMFC Credit Facility, all outstanding borrowings under that facility ($55.0 million, which included £26.7 million denominated in GBP and €17.4 million denominated in EUR that have been converted to U.S. dollars as of September 30, 2024) must be repaid on or before June 4, 2026 for Non-Extending Lenders and on or before September 28, 2029 for Extending Lenders. As of September 30, 2024, there was approximately $583.5 million of available capacity remaining, subject to borrowing base limitations, under the NMFC Credit Facility.

(6)Under the terms of the NMNLC Credit Facility II, all outstanding borrowings under that facility must be repaid on or before November 1, 2024. As of September 30, 2024, the outstanding borrowings under the NMNLC Credit Facility II for all borrowers was $25.5 million, of which $2.9 million was outstanding for NMNLC.

(7)Under the terms of the $100.0 million Unsecured Management Company Revolver, all outstanding borrowings under that facility must be repaid on or before December 31, 2027. As of September 30, 2024, there were no borrowings outstanding.

We have entered into an investment management and advisory agreement (the "Investment Management Agreement") with the Investment Adviser in accordance with the 1940 Act. Under the Investment Management Agreement, the Investment Adviser has agreed to provide us with investment advisory and management services. We have agreed to pay for these services (1) a management fee and (2) an incentive fee based on our performance.

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

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

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Distributions and Dividends

Distributions declared and paid to stockholders for the nine months ended September 30, 2024 totaled approximately $111.6 million.

The following table reflects cash distributions, including dividends and returns of capital, if any, per share that have been declared by our board of directors for the two most recently completed fiscal years and the current fiscal year to date:

Fiscal Year Ended

Date Declared

Record Date

Payment Date

Per Share Amount (1)

December 31, 2024

Third Quarter

July 23, 2024

September 16, 2024

September 30, 2024

$

0.34

(2)

Second Quarter

April 18, 2024

June 14, 2024

June 28, 2024

0.34

(3)

First Quarter

January 30, 2024

March 15, 2024

March 29, 2024

0.36

(4)

$

1.04

December 31, 2023

Fourth Quarter

December 8, 2023

December 22, 2023

December 29, 2023

$

0.10

(5)

Fourth Quarter

October 24, 2023

December 15, 2023

December 29, 2023

0.36

(6)

Third Quarter

July 27, 2023

September 15, 2023

September 29, 2023

0.36

(7)

Second Quarter

April 25, 2023

June 16, 2023

June 30, 2023

0.35

(8)

First Quarter

January 24, 2023

March 17, 2023

March 31, 2023

0.32

$

1.49

December 31, 2022

Fourth Quarter

November 2, 2022

December 16, 2022

December 30, 2022

$

0.32

Third Quarter

August 3, 2022

September 16, 2022

September 30, 2022

0.30

Second Quarter

May 3, 2022

June 16, 2022

June 30, 2022

0.30

First Quarter

February 23, 2022

March 17, 2022

March 31, 2022

0.30

$

1.22

(1)Tax characteristics of all distributions paid are reported to stockholders on Form 1099 after the end of the calendar year. For the years ended December 31, 2023 and December 31, 2022, total distributions were $150.7 million and $122.4 million, respectively, of which the distributions were comprised of approximately 93.14% and 70.59%, respectively, of ordinary income, 6.86% and 0.00%, respectively, of qualified income, 0.00% and 20.79%, respectively, of long-term capital gains and approximately 0.00% and 8.62%, respectively, of a return of capital. Future quarterly distributions, if any, will be determined by our board of directors.

(2)Includes a regular quarterly distribution of $0.32 per share and a supplemental distribution related to second quarter 2024 earnings of $0.02 per share.

(3)Includes a regular quarterly distribution of $0.32 per share and a supplemental distribution related to first quarter 2024 earnings of $0.02 per share.

(4)Includes a regular quarterly distribution of $0.32 per share and a supplemental distribution related to fourth quarter 2023 earnings of $0.04 per share.

(5)Special distribution of excess undistributed taxable income, driven primarily from the gain realized on our investment in Haven Midstream Holdings LLC.

(6)Includes a regular quarterly distribution of $0.32 per share and a supplemental distribution related to third quarter 2023 earnings of $0.04 per share.

(7)Includes a regular quarterly distribution of $0.32 per share and a supplemental distribution related to second quarter 2023 earnings of $0.04 per share.

(8)Includes a regular quarterly distribution of $0.32 per share and a supplemental distribution related to first quarter 2023 earnings of $0.03 per share.

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

We maintain an "opt out" dividend reinvestment plan on behalf of our common stockholders, pursuant to which each of our stockholders' cash distributions will be automatically reinvested in additional shares of our common stock, unless the

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stockholder elects to receive cash. See Item 1— Financial Statements—Note 2. Summary of Significant Accounting Policies in this Quarterly Report on Form 10-Q for additional details regarding our dividend reinvestment plan.

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Related Parties

We have entered into a number of business relationships with affiliated or related parties, including the following:

•We have entered into the Investment Management Agreement with the Investment Adviser, a wholly-owned subsidiary of New Mountain Capital. Therefore, New Mountain Capital is entitled to any profits earned by the Investment Adviser, which includes any fees payable to the Investment Adviser under the terms of the Investment Management Agreement, less expenses incurred by the Investment Adviser in performing its services under the Investment Management Agreement.

•We have entered into a fee waiver agreement (the "Fee Waiver Agreement") with the Investment Adviser, pursuant to which the Investment Adviser agreed to voluntarily reduce the base management fees payable to the Investment Adviser by us under the Investment Management Agreement beginning with the quarter ended March 31, 2021 through the quarter ending December 31, 2024. See Item 1— Financial Statements—Note 5. Agreements in this Quarterly Report on Form 10-Q for details.

•We have entered into the Administration Agreement with the Administrator, a wholly-owned subsidiary of New Mountain Capital. The Administrator arranges our office space and provides office equipment and administrative services necessary to conduct our respective day-to-day operations pursuant to the Administration Agreement. We reimburse the Administrator for the allocable portion of overhead and other expenses incurred by it in performing its obligations to us under the Administration Agreement, which includes the fees and expenses associated with performing administrative, finance, and compliance functions, and the compensation of our chief financial officer and chief compliance officer and their respective staffs. Pursuant to the Administration Agreement and further restricted by us, the Administrator may, in its own discretion, submit to us for reimbursement some or all of the expenses that the Administrator has incurred on our behalf during any quarterly period. As a result, the amount of expenses for which we will have to reimburse the Administrator may fluctuate in future quarterly periods and there can be no assurance given as to when, or if, the Administrator may determine to limit the expenses that the Administrator submits to us for reimbursement in the future. However, it is expected that the Administrator will continue to support part of our expense burden in the near future and may decide to not calculate and charge through certain overhead related amounts as well as continue to cover some of the indirect costs. The Administrator cannot recoup any expenses that the Administrator has previously waived. For the three and nine months ended September 30, 2024 approximately $0.6 million and $1.8 million, respectively, of indirect administrative expenses were included in administrative expenses, of which no expenses were waived by the Administrator. As of September 30, 2024, approximately $0.6 million of indirect administrative expenses were included in payable to affiliates. For the three and nine months ended September 30, 2024, the reimbursement to the Administrator represented approximately 0.02% and 0.05%, respectively, of our gross assets.

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

In addition, we have adopted a formal code of ethics that governs the conduct of our officers and directors, which is available on our website at www.newmountainfinance.com. These officers and directors also remain subject to the duties imposed by the 1940 Act and the Delaware General Corporation Law.

The Investment Adviser and its affiliates may also manage other funds in the future that may have investment mandates that are similar, in whole or in part, to our investment mandates. The Investment Adviser and its affiliates may determine that an investment is appropriate for us and for one or more of those other funds. In such event, depending on the availability of such investment and other appropriate factors, the Investment Adviser or its affiliates may determine that we should invest side-by-side with one or more other funds. Any such investments will be made only to the extent permitted by applicable law and interpretive positions of the SEC and its staff, and consistent with the Investment Adviser's allocation procedures. On October 8, 2019, the SEC issued an exemptive order (the “Exemptive Order”), which superseded a prior order issued on December 18, 2017, which permits us to co-invest in portfolio companies with certain funds or entities managed by the Investment Adviser or its affiliates in certain negotiated transactions where co-investing would otherwise be prohibited under the 1940 Act, subject to the conditions of the Exemptive Order. Pursuant to the Exemptive Order, we are permitted to co-invest with our affiliates if a “required majority” (as defined in Section 57(o) of the 1940 Act) of our independent directors make certain conclusions in connection with a co-investment transaction, including, but not limited to, that (1) the terms of the potential co-investment transaction, including the consideration to be paid, are reasonable and fair to us and our stockholders and do not involve overreaching in respect of us or our stockholders on the part of any person concerned, and (2) the potential co-investment transaction is consistent with the interests of our stockholders and is consistent with our then-current investment objective and strategies. The Exemptive Order was amended on August 30, 2022 to permit us to complete follow-on

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investments in our existing portfolio companies with certain affiliates that are private funds if such private funds do not hold an investment in such existing portfolio company, subject to certain conditions.

On March 30, 2020, an affiliate of the Investment Adviser purchased directly from NMNLC 105,030 shares of NMNLC’s common stock at a price of $107.73 per share, which represented the net asset value per share of NMNLC at the date of purchase, for an aggregate purchase price of approximately $11.3 million. Immediately thereafter, NMNLC redeemed 105,030 shares of its common stock held by NMFC in exchange for a promissory note with a principal amount of $11.3 million and a 7.0% interest rate, which was repaid by NMNLC to NMFC on March 31, 2020. Effective July 1, 2024, NMNLC purchased 63,575 shares of NMNLC's common stock from an affiliate of the Investment Adviser at remaining original cost, a price of $73.39 per share, for an aggregate purchase price of approximately $4.7 million. Immediately thereafter, NMNLC sold the 63,575 shares of its common stock to NMFC at remaining original cost, a price of $73.39 per share, for an aggregate purchase price of approximately $4.7 million.

On March 30, 2020, we entered into the Uncommitted Revolving Loan Agreement with NMF Investments III, L.L.C., an affiliate of the Investment Adviser, with a $30.0 million maximum amount of revolver borrowings available and a maturity date of December 31, 2022. On May 4, 2020, we entered into an Amended and Restated Uncommitted Revolving Loan Agreement with NMF Investments III, L.L.C., which increased the maximum amounts of revolving borrowings available thereunder from $30.0 million to $50.0 million. On December 17, 2021, we entered into Amendment No. 1 to the Amended and Restated Uncommitted Revolving Loan Agreement with NMF Investments III, L.L.C., which lowered the interest rate and extended the maturity date from December 31, 2022 to December 31, 2024. On October 31, 2023, we entered into the Second Amended and Restated Uncommitted Revolving Loan Agreement with NMF Investments III, L.L.C., which increased the maximum amount of revolving borrowings thereunder from $50.0 million to $100.0 million, extended the maturity date from December 31, 2024 to December 31, 2027 and changed the interest rate to the Applicable Federal Rate. Refer to Item 1 — Financial Statements — Note 7. Borrowings for discussion of the Unsecured Management Company Revolver.

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Item 3.     Quantitative and Qualitative Disclosures About Market Risk

We are subject to certain financial market risks, such as interest rate fluctuations. 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. From March 2022 to July 2023, the Federal Reserve was periodically raising interest rates to combat inflation and maintained the same rate benchmark from July 2023 to September 2024. While the Federal Reserve cut its benchmark rate in the third quarter of 2024 for the first time since March 2020 and indicated that there may be additional rate cuts in 2024, future reductions to benchmark rates are not certain. In a high interest rate environment, our net investment income would increase due to an increase in interest income generated by our investment portfolio. However, our cost of funds would also increase, which could also impact net investment income. It is possible that the Federal Reserve's tightening cycle could result in a recession in the United States, which would likely decrease interest rates. Alternatively, in a prolonged low interest rate environment, including a reduction of base rates, such as SONIA or SOFR, to zero, the difference between the total interest income earned on interest earning assets and the total interest expense incurred on interest bearing liabilities may be compressed, reducing our net interest income and potentially adversely affecting our operating results. During the nine months ended September 30, 2024, certain of the loans held in our portfolio had floating SOFR, SONIA, EURIBOR or Prime interest rates. As of September 30, 2024, approximately 84.94% of our investments at fair value (excluding investments on non-accrual, unfunded debt investments and non-interest bearing equity investments) represent floating-rate investments with a SOFR, SONIA or EURIBOR floor (includes investments bearing prime interest rate contracts) and approximately 15.06% of investments at fair value represent fixed-rate investments. Additionally, our senior secured revolving credit facilities are also subject to floating interest rates and are currently paid based on floating SOFR, SONIA or EURIBOR rates.

The following table estimates the potential changes in interest income, net of interest expense, should interest rates decrease by 200, 150, 100 or 50 basis points, or increase by 50, 100, 150 or 200 basis points. Interest income is calculated as revenue from interest generated from our portfolio of investments held on September 30, 2024. Interest expense is calculated based on the terms of our outstanding revolving credit facilities, convertible notes and unsecured notes. For our credit facilities, we use the outstanding balance as of September 30, 2024. This analysis does not take into account the impact of the incentive fee or other expenses. These hypothetical calculations are based on a model of the investments in our portfolio, held as of September 30, 2024, and are only adjusted for assumed changes in the underlying base interest rates.

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

Change in Interest Rates						Estimated Percentage Change in Interest Income Net of Interest Expense (unaudited)
-200 Basis Points						(14.16)		%
-150 Basis Points						(10.62)		%
-100 Basis Points						(7.08)		%
-50 Basis Points						(3.54)		%
+50 Basis Points						3.54		%
+100 Basis Points						7.08		%
+150 Basis Points						10.62		%
+200 Basis Points						14.16		%

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Item 4.     Controls and Procedures

(a)Evaluation of Disclosure Controls and Procedures 

As of September 30, 2024 (the end of the period covered by this report), we, including our Chief Executive Officer and Chief Financial Officer, evaluated the effectiveness of the design and operation of our disclosure controls and procedures (as defined in Rule 13a-15(e) of the Exchange Act). Based on that evaluation, our management, including the Chief Executive Officer and Chief Financial Officer, concluded that our disclosure controls and procedures were effective and provided reasonable assurance that information required to be disclosed in our periodic SEC filings is recorded, processed, summarized and reported within the time periods specified in the SEC rules and forms, and that such information is accumulated and communicated to our management, including our Chief Executive Officer and Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosure. However, in evaluating the disclosure controls and procedures, management recognized that any controls and procedures, no matter how well designed and operated can provide only reasonable assurance of achieving the desired control objectives, and management necessarily was required to apply its judgment in evaluating the cost-benefit relationship of such possible controls and procedures.

(b)Changes in Internal Controls Over Financial Reporting

Management has not identified any change in our internal control over financial reporting that occurred during the quarter ended September 30, 2024 that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

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PART II. OTHER INFORMATION

The terms “we”, “us”, “our” and the “Company” refers to New Mountain Finance Corporation and its consolidated subsidiaries.

Item 1.    Legal Proceedings

We, our consolidated subsidiaries, the Investment Adviser and the Administrator are not currently subject to any material pending legal proceedings as of September 30, 2024. From time to time, we or our consolidated subsidiaries may be a party to certain legal proceedings incidental to the normal course of our business including the enforcement of our rights under contracts with our portfolio companies. While the outcome of these legal proceedings cannot be predicted with certainty, we do not expect that these proceedings will have a material effect upon our business, financial condition or results of operations.

Item 1A. Risk Factors

In addition to the other information set forth in this report, you should carefully consider the factors discussed in Item 1A. Risk Factors in our Annual Report on Form 10-K for the fiscal year ended December 31, 2023, which could materially affect our business, financial condition and/or operating results, including the Risk Factor titled "Small Business Credit Availability Act allows us to incur additional leverage, which could increase the risk of investing in our securities". The risks described in our Annual Report on Form 10-K are not the only risks we face. Additional risks and uncertainties not currently known to us or that we currently deem to be immaterial also may materially and adversely affect our business, financial condition and/or operating results. There have been no material changes during the nine months ended September 30, 2024 to the risk factors discussed in Item 1A. Risk Factors in our Annual Report on Form 10-K for the year ended December 31, 2023, other than those set forth below:

We may be subject to additional risks if we invest in foreign securities.

The 1940 Act generally requires that 70.0% of our investments be in issuers each of whom is, among other things, organized under the laws of, and has its principal place of business in the United States. Our investment strategy does not presently contemplate significant investments in securities of non-U.S. companies. However, we may desire to make such investments in the future, to the extent that such transactions and investments are permitted under the 1940 Act and any other applicable laws. We expect that these investments would focus on the same types of investments that we make in U.S. middle market companies and accordingly would be complementary to our overall strategy and enhance the diversity of our holdings. Investing in foreign companies could expose us to additional risks not typically associated with investing in U.S. companies. These risks include changes in exchange control regulations, political and social instability, expropriation, imposition of foreign taxes, less liquid markets and less available information than is generally the case in the U.S., higher transaction costs, less government supervision of exchanges, brokers and issuers, less developed bankruptcy laws, difficulty in enforcing contractual obligations, lack of uniform accounting and auditing standards and greater price volatility. Investments denominated in foreign currencies would be subject to the risk that the value of a particular currency will change in relation to one or more other currencies. Among the factors that may affect currency values are trade balances, the level of short-term interest rates, differences in relative values of similar assets in different currencies, long-term opportunities for investment and capital appreciation and political developments. We may employ hedging techniques to minimize these risks, but we can offer no assurance that we will, in fact, hedge currency risk, or that if we do, such strategies will be effective.

Hedging using derivatives may impact investment performance.

We may use over-the-counter (OTC) and cleared derivatives to hedge against fluctuations of the relative values of our portfolio positions from changes in market interest rates or currency exchange rates. Hedging against a decline in the values of our portfolio positions would not eliminate the possibility of fluctuations in the values of such positions or prevent losses if the values of the positions declined. However, such hedging could establish other positions designed to gain from those same developments, thereby offsetting the decline in the value of such portfolio positions.

Hedging transactions may limit the opportunity for gain if the values of the underlying portfolio positions increased. Moreover, it might not be possible to hedge against an exchange rate or interest rate fluctuation that was so generally anticipated that we would not be able to enter into a hedging transaction at an acceptable price. If we choose to engage in hedging transactions, there can be no assurances that we will achieve the intended benefits of such transactions and, depending on the degree of exposure such transactions could create, such transactions may expose us to risk of loss.

While we may enter into derivatives transactions to seek to reduce currency exchange rate and interest rate risks, unanticipated changes in currency exchange rates or interest rates could result in poorer overall investment performance than if we had not engaged in any such hedging transactions. In addition, the degree of correlation between price movements of the instruments used in a hedging strategy and price movements in the portfolio positions being hedged could vary. Moreover, for a variety of reasons, we might not seek to establish a perfect correlation between the hedging instruments and the portfolio holdings being hedged. Any imperfect correlation could prevent us from achieving the intended hedge and expose us to risk of

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loss. In addition, it might not be possible to hedge fully or perfectly against currency fluctuations affecting the value of securities denominated in non-U.S. currencies because the value of those securities would likely fluctuate as a result of factors not related to currency fluctuations.

Our ability to enter into transactions involving derivatives and unfunded commitment transactions may be limited.

In 2020, the SEC adopted Rule 18f-4 under the 1940 Act, which relates to the use of derivatives and other transactions that create future payment or delivery obligations by BDCs (and other funds that are registered investment companies). Under Rule 18f-4, for which compliance was required beginning in August 2022, BDCs that use derivatives are subject to a value-at-risk leverage limit, certain derivatives risk management program and testing requirements and requirements related to board reporting. These new requirements apply unless the BDC qualifies as a “limited derivatives user,” as defined in Rule 18f-4. A BDC that enters into reverse repurchase agreements or similar financing transactions could either (i) comply with the asset coverage requirements of Section 18, as modified by Section 61 of the 1940 Act, when engaging in reverse repurchase agreements or (ii) choose to treat such agreements as derivatives transactions under Rule 18f-4. In addition, under Rule 18f-4, a BDC may enter into an unfunded commitment agreement that is not a derivatives transaction, such as an agreement to provide financing to a portfolio company, if the BDC has a reasonable belief, at the time it enters into such an agreement, that it will have sufficient cash and cash equivalents to meet its obligations with respect to all of its unfunded commitment agreements, in each case as it becomes due. If the BDC cannot meet this requirement, it is required to treat the unfunded commitment as a derivatives transaction subject to the aforementioned requirements of Rule 18f-4.

We qualify as a “limited derivatives user” for purposes of Rule 18f-4 and as a result the requirements applicable to us under Rule 18f-4 may limit our ability to use derivatives and enter into certain other financial contracts. However, if we fail to qualify as a limited derivatives user and become subject to the additional requirements under Rule 18f-4, compliance with such requirements may increase cost of doing business, which could have a material adverse effect on our business, financial condition, results of operations, and cash flows.

Valuing OTC derivatives may be less certain than actively traded financial instruments.

In general, valuing OTC derivatives is less certain than valuing actively traded financial instruments such as exchange traded futures contracts and securities or cleared swaps because, for OTC derivatives, the price and terms on which such OTC derivatives are entered into or can be terminated are individually negotiated, and those prices and terms may not reflect the best price or terms available from other sources. In addition, while market makers and dealers generally quote indicative prices or terms for entering into or terminating OTC contracts, they typically are not contractually obligated to do so, particularly if they are not a party to the transaction. As a result, it may be difficult to obtain an independent value for an outstanding OTC derivatives transaction.

Our rights under an OTC derivative may be restricted by regulations.

Regulations adopted by global prudential regulators that are now in effect require certain prudentially regulated entities and certain of their affiliates and subsidiaries (including swap dealers) to include in their derivatives contracts and certain other financial contracts terms that delay or restrict the rights of counterparties to terminate such contracts, foreclose upon collateral, exercise other default rights or restrict transfers of credit support in the event that the prudentially regulated entity and/or its affiliates are subject to certain types of resolution or insolvency proceedings. Similar regulations and laws have been adopted in non-U.S. jurisdictions that may apply to any of our counterparties that located in those jurisdictions. It is possible that these new requirements, as well as potential additional resulted government regulation, could adversely affect our ability to terminate existing derivatives contracts, exercise default rights, or satisfy obligations owed to us with collateral received under such contracts.

The use of OTC derivatives may expose us to early termination risk, which could result in significant losses.

OTC derivatives do not have uniform terms. An OTC derivatives counterparty may have the right to close out our position due to the occurrence of certain events (for example, if a counterparty is unable to hedge its obligations to us, or if we defaults on certain terms of the OTC swaps agreement, or if there is a material decline in our NAV on a particular day) and request immediate payment of amounts owed by us under the agreement. If the level of our NAV has a dramatic intraday move, the terms of our OTC derivatives document may permit the counterparty to early close out a transaction with us at a price calculated by the counterparty that, in good faith, represents such counterparty’s loss, which may not represent fair market value. An OTC derivatives counterparty may also have the right to close out our position for no reason, in some cases with same day notice.

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

We did not engage in unregistered sales of equity securities during the three and nine months ended September 30, 2024.

Issuer Purchases of Equity Securities

Dividend Reinvestment Plan

During the nine months ended September 30, 2024, as part of our dividend reinvestment plan for our common stockholders, our dividend reinvestment plan administrator purchased 422,990 shares of our common stock for approximately $5.3 million in the open market in order to satisfy the reinvestment portion of our distribution. The following table outlines purchases by our dividend reinvestment plan administrator of our common stock for this purpose during the nine months ended September 30, 2024.

(in thousands, except shares and per share data)						Total Number of						Weighted Average Price						Total Number of Shares Purchased as Part of Publicly Announced Plans						Maximum Number (or Approximate Dollar Value) of Shares that May Yet Be Purchased Under the
Period						Shares Purchased						Paid Per Share						or Programs						Plans or Programs
January 2024						161,815						$	12.86					—						$	—
February 2024						—						—						—						—
March 2024						—						—						—						—
April 2024						135,241						12.63						—						—
May 2024						—						—						—						—
June 2024						—						—						—						—
July 2024						125,934						12.26						—						—
August 2024						—						—						—						—
September 2024						—						—						—						—
Total						422,990						$	12.61					—						$	—

Stock Repurchase Program

On February 4, 2016, our board of directors authorized a program for the purpose of repurchasing up to $50.0 million worth of our common stock (the "Repurchase Program"). Under the Repurchase Program, we were permitted, but were not obligated, to repurchase our outstanding common stock in the open market from time to time, provided that we complied with our code of ethics and the guidelines specified in Rule 10b-18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act") including certain price, market volume and timing constraints. In addition, any repurchases were conducted in accordance with the 1940 Act. On October 23, 2024, our board of directors extended our Repurchase Program and we expect the Repurchase Program to be in place until the earlier of December 31, 2025 or until $50.0 million of outstanding shares of common stock have been repurchased. To date, approximately $2.9 million of common stock has been repurchased by us under the Repurchase Program. We did not repurchase any shares of our common stock under the Repurchase Program during the three and nine months ended September 30, 2024.

Item 3.     Defaults Upon Senior Securities

None.

Item 4.    Mine Safety Disclosures

Not applicable.

Item 5.    Other Information

(a)None.

(b)None.

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

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

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Item 6.     Exhibits

(a)Exhibits

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

Exhibit Number						Description
3.1(a)						Amended and Restated Certificate of Incorporation of New Mountain Finance Corporation(2)
3.1(b)						Certificate of Change of Registered Agent and/or Registered Office of New Mountain Finance Corporation(3)
3.2						Amended and Restated Bylaws of New Mountain Finance Corporation(2)
3.3						Certificate of Amendment to the Amended and Restated Certificate of Incorporation New Mountain Finance Corporation(4)
4.1						Form of Stock Certificate of New Mountain Finance Corporation(1)
4.2						Sixth Supplemental Indenture, dated September 26, 2024 relating to the 6.200% Notes due 2027, by and between New Mountain Finance Corporation and U.S. Bank Trust, Company, National Association, as trustee(5)
4.3						Form of Global Note 6.200% Note Due 2027 (included as part of Exhibit 4.2)(5)
10.1						Amendment No.4, dated August 1, 2024, to Equity Distribution Agreement, dated November 3, 2021, between New Mountain Finance Corporation and B. Riley Securities, Inc., Raymond James & Associates, Inc. and Citizens JMP Securities, LLC*
10.2						Second Amended and Restated Senior Secured Revolving Credit Agreement, by and among New Mountain Finance Corporation, as borrower Sumitomo Mitsui Banking Corporation, as administrative agent, sole lead arranger, and sole book runner, and the lenders party thereto*
10.3						Twelfth Amended and Restated Loan and Security Agreement, dated as of October 11, 2024, by and among New Mountain Finance Corporation, as the collateral manager, New Mountain Finance Holdings, L.L.C., as the borrower, Wells Fargo Bank, National Association, as the administrative agent, the lenders party thereto and Wells Fargo Bank, National Association, as the collateral custodian*
31.1						Certification of Chief Executive Officer pursuant to Rule 13a-14(a) of the Securities Exchange Act of 1934, as amended*
31.2						Certification of Chief Financial Officer pursuant to Rule 13a-14(a) of the Securities Exchange Act of 1934, as amended*
32.1						Certification of Chief Executive Officer pursuant to Section 906 of The Sarbanes-Oxley Act of 2002 (18 U.S.C. 1350)*
32.2						Certification of Chief Financial Officer pursuant to Section 906 of The Sarbanes-Oxley Act of 2002 (18 U.S.C. 1350)*
101.INS						Inline XBRL Instance Document.
101.SCH						Inline XBRL Taxonomy Extension Schema Document.
101.CAL						Inline XBRL Taxonomy Extension Calculation Linkbase Document.
101.DEF						Inline XBRL Taxonomy Extension Definition Linkbase Document.
101.LAB						Inline XBRL Taxonomy Extension Label Linkbase Document.
101.PRE						Inline XBRL Taxonomy Extension Presentation Linkbase Document.
104						Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101).

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(1)Previously filed in connection with New Mountain Finance Holdings, L.L.C.’s registration statement on Form N-2 Pre-Effective Amendment No. 3 (File Nos. 333-168280 and 333-172503) filed on May 9, 2011.

(2)Previously filed in connection with New Mountain Finance Corporation’s Quarterly Report on Form 10-Q filed on August 11, 2011.

(3)Previously filed in connection with New Mountain Finance Corporation's and New Mountain Finance AIV Holdings Corporation's Current Report on Form 8-K filed on August 25, 2011.

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

(5)Previously filed in connection with New Mountain Finance Corporation's Current Report on Form 8-K filed on September 26, 2024.

*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 October 30, 2024.

			NEW MOUNTAIN FINANCE CORPORATION
			By:			/s/ JOHN R. KLINE
						John R. Kline
						President, Chief Executive Officer
						(Principal Executive Officer) and Director
			By:			/s/ KRIS CORBETT
						Kris Corbett
						Chief Financial Officer and Treasurer (Principal
						Financial and Accounting Officer)

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