What changed in this filing

/stocks — the workspaceLOADING

Item 1. Financial Statements

2021-05-05 compared with 2020-11-04 · 1307 added, 1253 removed, 2262 unchanged (53% of the section changed)

3 unchanged sentences

(in thousands, except shares and per share data)

September 30, 2020 December 31, 2019

March 31, 2021 December 31, 2020

Investments at fair value

8 unchanged sentences

Receivable from affiliates — 117

Deferred tax asset — 101

Other assets 8,075 5,981

Total assets $ 3,128,335 $ 3,097,519

Holdings Credit Facility $ 459,163 $ 661,563

Unsecured Notes $ 511,500 $ 453,250

Holdings Credit Facility 450,163 450,163

SBA-guaranteed debentures 300,000 300,000

DB Credit Facility 242,000 230,000

Convertible Notes 201,494 201,520

DB Credit Facility 201,000 244,000

NMFC Credit Facility 107,000 165,500

24 unchanged sentences

(in thousands, except shares and per share data)

Three Months Ended Nine Months Ended

September 30, 2020 September 30, 2019 September 30, 2020 September 30, 2019

Three Months Ended

March 31, 2021 March 31, 2020

Investment income

24 unchanged sentences

Total expenses 42,350 46,322

management and incentive fees waived (See Note 5) (3,341) (3,141) (10,067) (8,497)

expenses waived and reimbursed (See Note 5) (589) — (924) (335)

management fee waived (See Note 5) (3,637) (3,543)

Net expenses 38,713 42,779

2 unchanged sentences

Net investment income 28,994 31,305

Net realized gains (losses):

Net realized (losses) gains:

Non-controlled/non-affiliated investments 181 (702)

6 unchanged sentences

Controlled investments (3,841) (52,808)

Securities purchased under collateralized agreements to resell — (1,332) — (1,332)

New Mountain Net Lease Corporation — (812)

Benefit for taxes 257 281 778 121

(Provision) benefit for taxes (115) 898

Net realized and unrealized gains (losses) 22,861 (203,727)

Net increase (decrease) in net assets resulting from operations 51,855 (172,422)

Net increase in net assets resulting from operations related to non-controlling interest in New Mountain Net Lease Corporation (1,398) — (1,584) —

Net (increase) decrease in net assets resulting from operations related to non-controlling interest in New Mountain Net Lease Corporation (365) 65

Net increase (decrease) in net assets resulting from operations related to New Mountain Finance Corporation $ 51,490 $ (172,357)

10 unchanged sentences

(in thousands, except shares and per share data)

Three Months Ended Nine Months Ended

September 30, 2020 September 30, 2019 September 30, 2020 September 30, 2019

Three Months Ended

March 31, 2021 March 31, 2020

Increase (decrease) in net assets resulting from operations:

Net investment income $ 28,994 $ 31,305

Net realized gains (losses) on investments and New Mountain Net Lease Corporation 47 355 (3,595) 453

Net change in unrealized appreciation (depreciation) of investments and New Mountain Net Lease Corporation 60,242 (7,024) (91,215) 5,305

Net change in unrealized depreciation of securities purchased under collateralized agreements to resell — (1,332) — (1,332)

Benefit for taxes 257 281 778 121

Net realized (losses) gains on investments and New Mountain Net Lease Corporation ("NMNLC") (10,496) 114

Net change in unrealized appreciation (depreciation) of investments and NMNLC 33,472 (204,739)

(Provision) benefit for taxes (115) 898

Net increase (decrease) in net assets resulting from operations 51,855 (172,422)

Net increase in net assets resulting from operations related to non-controlling interest in New Mountain Net Lease Corporation (1,398) — (1,584) —

Net (increase) decrease in net assets resulting from operations related to non-controlling interest in NMNLC (365) 65

Net increase (decrease) in net assets resulting from operations related to New Mountain Finance Corporation 51,490 (172,357)

Capital transactions

Net proceeds from shares sold — 94,185 — 153,482

Deferred offering costs — (315) — (544)

Distributions declared to stockholders from net investment income (29,048) (32,921)

Reinvestment of distributions — 795 — 3,429

Total net (decrease) increase in net assets resulting from capital transactions (29,049) 64,912 (91,018) 71,895

Total net decrease in net assets resulting from capital transactions (29,048) (32,921)

Net increase (decrease) in net assets 22,442 (205,278)

1 unchanged sentence

New Mountain Finance Corporation net assets at the end of the period 1,244,317 1,078,190

Non-controlling interest in New Mountain Net Lease Corporation 12,396 — 12,396 —

Non-controlling interest in NMNLC 18,481 11,250

Net assets at the end of the period $ 1,262,798 $ 1,089,440

Capital share activity

Shares sold — 6,900,000 — 11,212,500

Shares issued from the reinvestment of distributions — —

4 unchanged sentences

(in thousands)

Nine Months Ended

September 30, 2020 September 30, 2019

Three Months Ended

March 31, 2021 March 31, 2020

Cash flows from operating activities

Net (decrease) increase in net assets resulting from operations $ (6,102) $ 91,115

Net increase (decrease) in net assets resulting from operations $ 51,855 $ (172,422)

Adjustments to reconcile net decrease (increase) in net assets resulting from operations to net cash provided by (used in) operating activities:

Net realized losses (gains) on investments and New Mountain Net Lease Corporation

Net change in unrealized depreciation (appreciation) of investments and New Mountain Net Lease Corporation

91,215 (5,305)

Net change in unrealized depreciation of securities purchased under collateralized agreements to resell — 1,332

Net realized losses (gains) on investments and New Mountain Net Lease Corporation ("NMNLC") 10,496 (114)

Net change in unrealized (appreciation) depreciation of investments and NMNLC (33,472) 204,739

Amortization of purchase discount

5 unchanged sentences

(Increase) decrease in operating assets:

Proceeds from sale of non-controlling interest in New Mountain Net Lease Corporation

Proceeds from sale of non-controlling interest in NMNLC — 11,315

Purchase of investments and delayed draw facilities

8 unchanged sentences

Cash repayments on drawn revolvers

35,251 13,684

Deferred tax asset 101 —

Interest and dividend receivable

1 unchanged sentence

Receivable from unsettled securities sold

9,019 (30,964)

Receivable from affiliates

8 unchanged sentences

Other liabilities 1,550 74

Distributions related to non-controlling interest in New Mountain Net Lease Corporation (503) —

Contributions related to non-controlling interest in NMNLC 3,102 —

Net cash flows provided by (used in) operating activities 44,289 (13,532)

Cash flows from financing activities

Net proceeds from shares sold — 153,482

Distributions paid (29,048) (32,921)

Offering costs paid (203) (606)

Proceeds from Holdings Credit Facility — 16,000

Repayment of Holdings Credit Facility — (108,400)

Proceeds from Convertible Notes — 86,681

Repayment of Convertible Notes — (155,250)

Proceeds from Unsecured Notes 200,000 —

Repayment of Unsecured Notes (141,750) —

Proceeds from SBA-guaranteed debentures — 75,000

3 unchanged sentences

Repayment of DB Credit Facility (83,000) —

Proceeds from NMNLC Credit Facility — 10,600

Deferred financing costs paid (3,658) (2,613)

Net cash flows (used in) provided by financing activities (249,528) 493,752

Net increase in cash and cash equivalents 20,090 20,151

Net cash flows used in by financing activities (75,956) (12,934)

Net decrease in cash and cash equivalents (31,667) (26,466)

Cash and cash equivalents at the beginning of the period 78,966 48,574

4 unchanged sentences

Non-cash financing activities:

Value of shares reissued from repurchase program in connection with the distribution reinvestment plan $ — $ 3,429

Accrual for offering costs $ — $ 86

3 unchanged sentences

Consolidated Schedule of Investments

September 30, 2020

March 31, 2021

(in thousands, except shares)

8 unchanged sentences

36,113 35,878 36,157 2.86 %

Wolfpack IP Co.**

Software First lien (2)(10) 7.00% (L + 6.00%/S) 6/14/2019 6/13/2025 9,091 9,016 9,091 0.76 %

Total Funded Debt Investments - Canada $ 36,113 $ 35,878 $ 36,157 2.86 %

4 unchanged sentences

Funded Debt Investments - United Kingdom

Shine Acquisition Co.

S.à.r.l / Boing US Holdco Inc.**

Consumer Services Second lien (2)(10) 8.50% (L + 7.50%/M) 9/25/2017 10/3/2025 $ 37,853 $ 37,690 $ 37,853

Second lien (8)(10) 8.50% (L + 7.50%/M) 9/25/2017 10/3/2025 6,000 5,974 6,000

43,853 43,664 43,853 3.66 %

Aston FinCo S.a r.l.

4 unchanged sentences

GS Acquisitionco, Inc.

Software First lien (2)(10) 6.75% (L + 5.75%/S) 8/7/2019 5/24/2024 $ 26,707 $ 26,575 $ 26,707

First lien (2)(10) 6.75% (L + 5.75%/S) 8/7/2019 5/24/2024 26,016 25,875 26,016

Software First lien (2)(11) 6.75% (L + 5.75%/Q) 8/7/2019 5/24/2024 $ 26,571 $ 26,457 $ 26,570

First lien (2)(11) 6.75% (L + 5.75%/S) 8/7/2019 5/24/2024 25,885 25,762 25,885

First lien (5)(11) 6.75% (L + 5.75%/Q) 8/7/2019 5/24/2024 22,137 22,041 22,137

First lien (2)(11) 6.75% (L + 5.75%/S) 8/7/2019 5/24/2024 12,618 12,551 12,618

1 unchanged sentence

89,649 89,234 89,648 7.11 %

Associations, Inc.

Business Services First lien (2)(11) 8.00% (L + 4.00% + 3.00% PIK/Q)* 7/30/2018 7/30/2024 52,963 52,776 52,963

First lien (8)(11) 8.00% (L + 4.00% + 3.00% PIK/Q)* 7/30/2018 7/30/2024 5,314 5,295 5,314

First lien (2)(11)(12) - Drawn 8.00% (L + 4.00% + 3.00% PIK/Q)* 7/30/2018 7/30/2024 10,500 10,456 10,500

First lien (2)(11)(12) - Drawn 7.00% (L + 6.00%/Q) 7/30/2018 7/30/2024 2,033 2,020 2,033

70,810 70,547 70,810 5.61 %

PhyNet Dermatology LLC

Healthcare Services First lien (2)(10) 6.50% (L + 5.50%/M) 9/17/2018 8/16/2024 49,985 49,636 48,685

First lien (3)(10) 6.50% (L + 5.50%/M) 9/17/2018 8/16/2024 27,927 27,678 27,201

Healthcare Services First lien (2)(11) 7.50% (L + 5.50% + 1.00% PIK/M)* 9/17/2018 8/16/2024 49,744 49,437 49,169

First lien (3)(11) 7.50% (L + 5.50% + 1.00% PIK/M)* 9/17/2018 8/16/2024 19,080 18,929 18,859

68,824 68,366 68,028 5.39 %

2 unchanged sentences

Consolidated Schedule of Investments (Continued)

September 30, 2020

March 31, 2021

(in thousands, except shares)

2 unchanged sentences

Value Percent of Net

Associations, Inc.

Business Services First lien (2)(10) 8.00% (L + 4.00% + 3.00% PIK/Q)* 7/30/2018 7/30/2024 $ 45,582 $ 45,390 $ 45,581

First lien (8)(10) 8.00% (L + 4.00% + 3.00% PIK/Q)* 7/30/2018 7/30/2024 5,232 5,211 5,232

First lien (2)(10)(11) - Drawn 8.34% (L + 4.00% + 3.00% PIK/Q)* 7/30/2018 7/30/2024 10,360 10,310 10,360

First lien (2)(10)(11) - Drawn 7.00% (L + 6.00%/Q) 7/30/2018 7/30/2024 2,033 2,020 2,033

63,207 62,931 63,206 5.28 %

ConnectWise, LLC

Software First lien (2)(11) 6.25% (L + 5.25%/Q) 11/26/2019 2/28/2025 $ 54,914 $ 54,648 $ 54,914

First lien (3)(11)(12) - Drawn 6.25% (L + 5.25%/M) 11/26/2019 2/28/2025 265 264 265

55,179 54,912 55,179 4.38 %

CentralSquare Technologies, LLC

Software Second lien (3)(10) 7.65% (L + 7.50%/M) 8/15/2018 8/31/2026 47,838 47,345 45,049

Second lien (8)(10) 7.65% (L + 7.50%/M) 8/15/2018 8/31/2026 7,500 7,423 7,063

Software Second lien (3) 7.70% (L + 7.50%/Q) 8/15/2018 8/31/2026 47,838 47,377 46,283

Second lien (8) 7.70% (L + 7.50%/Q) 8/15/2018 8/31/2026 7,500 7,428 7,256

55,338 54,805 53,539 4.24 %

1 unchanged sentence

First lien (8)(11) 7.50% (L + 6.50%/S) 6/14/2019 9/12/2024 8,667 8,606 8,713

First lien (3)(11)(12) - Drawn 7.50% (L + 6.50%/S) 9/12/2018 9/12/2024 2,915 2,886 2,915

53,218 52,850 53,485 4.24 %

3 unchanged sentences

50,110 49,814 50,110 3.97 %

DCA Investment Holding, LLC

Healthcare Services First lien (8)(10) 6.29% (L + 5.25%/S) 4/16/2019 7/2/2021 20,367 20,257 19,164

First lien (2)(10) 6.25% (L + 5.25%/S) 7/2/2015 7/2/2021 16,961 16,936 15,958

First lien (8)(10) 6.25% (L + 5.25%/S) 12/20/2017 7/2/2021 8,823 8,795 8,302

First lien (2)(10) 6.25% (L + 5.25%/S) 12/20/2017 7/2/2021 4,152 4,142 3,907

First lien (3)(10)(11) - Drawn 6.25% (L + 5.25%/S) 7/2/2015 7/2/2021 2,056 2,036 1,935

Integro Parent Inc.

Business Services First lien (2)(11) 6.75% (L + 5.75%/M) 10/9/2015 10/31/2022 34,364 34,290 34,364

First lien (3)(11)(12) - Drawn 4.36% (L + 4.25%/M) 6/8/2018 4/30/2022 3,938 3,918 3,938

Second lien (8)(11) 10.25% (L + 9.25%/M) 10/9/2015 10/30/2023 10,000 9,958 10,000

48,302 48,166 48,302 3.82 %

NM GRC Holdco, LLC

Business Services First lien (2)(11) 8.50% (L + 6.00% + 1.50% PIK/Q)* 2/9/2018 2/9/2024 38,414 38,313 37,719

First lien (2)(11) 8.50% (L + 6.00% + 1.50% PIK/Q)* 2/9/2018 2/9/2024 10,677 10,647 10,484

49,091 48,960 48,203 3.82 %

Frontline Technologies Group Holdings, LLC

1 unchanged sentence

First lien (2)(11) 6.75% (L + 5.75%/Q) 9/18/2017 9/18/2023 18,443 18,404 18,443

First lien (2)(10) 6.75% (L + 5.75%/Q) 9/18/2017 9/18/2023 7,652 7,610 7,652

First lien (2)(11) 6.75% (L + 5.75%/M) 9/18/2017 9/18/2023 7,613 7,578 7,613

47,940 47,790 47,940 3.80 %

Brave Parent Holdings, Inc.

Software Second lien (5) 7.61% (L + 7.50%/M) 4/17/2018 4/17/2026 22,500 22,420 22,500

Second lien (2) 7.61% (L + 7.50%/M) 4/17/2018 4/17/2026 16,624 16,503 16,624

Second lien (8) 7.61% (L + 7.50%/M) 4/17/2018 4/17/2026 6,000 5,956 6,000

45,124 44,879 45,124 3.57 %

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

1 unchanged sentence

Consolidated Schedule of Investments (Continued)

September 30, 2020

March 31, 2021

(in thousands, except shares)

2 unchanged sentences

Value Percent of Net

NM GRC Holdco, LLC

Business Services First lien (2)(10) 8.50% (L + 6.00% + 1.50% PIK/Q)* 2/9/2018 2/9/2024 $ 38,318 $ 38,201 $ 35,751

First lien (2)(10) 8.50% (L + 6.00% + 1.50% PIK/Q)* 2/9/2018 2/9/2024 10,650 10,615 9,937

48,968 48,816 45,688 3.82 %

Brave Parent Holdings, Inc.

Software Second lien (5)(10) 7.65% (L + 7.50%/M) 4/17/2018 4/17/2026 22,500 22,413 22,397

Second lien (2)(10) 7.65% (L + 7.50%/M) 4/17/2018 4/17/2026 16,624 16,493 16,547

Second lien (8)(10) 7.65% (L + 7.50%/M) 4/17/2018 4/17/2026 6,000 5,953 5,972

45,124 44,859 44,916 3.75 %

Integro Parent Inc.

Business Services First lien (2)(10) 6.75% (L + 5.75%/M) 10/9/2015 10/31/2022 34,617 34,520 34,617

Second lien (8)(10) 10.25% (L + 9.25%/M) 10/9/2015 10/30/2023 10,000 9,951 10,000

44,617 44,471 44,617 3.73 %

Quest Software US Holdings Inc.

3 unchanged sentences

Specialty Chemicals & Materials First lien (3)(11) 10.50% (Base + 8.00%/Q) 5/12/2014 10/30/2024 38,500 38,461 38,309 3.03 %

CoolSys, Inc.

Industrial Services First lien (5) 7.00% (L + 6.00%/Q) 11/20/2019 11/20/2026 22,331 22,230 22,387

First lien (2) 7.00% (L + 6.00%/Q) 11/20/2019 11/20/2026 10,322 10,275 10,348

First lien (3) 7.00% (L + 6.00%/Q) 11/20/2019 11/20/2026 4,184 4,163 4,194

36,837 36,668 36,929 3.09 %

Trader Interactive, LLC

Business Services First lien (2)(10) 7.50% (L + 6.50%/S) 6/15/2017 6/17/2024 31,687 31,555 31,687

Affinity Dental Management, Inc.

Healthcare Services First lien (2)(11) 7.00% (L + 6.00%/S) 9/15/2017 9/15/2023 26,153 26,117 26,153

First lien (4)(11) 7.00% (L + 6.00%/S) 9/17/2019 9/15/2023 10,564 10,564 10,564

First lien (3)(11)(12) - Drawn 7.00% (L + 6.00%/S) 9/15/2017 3/15/2023 1,738 1,720 1,738

38,455 38,401 38,455 3.05 %

Peraton Holding Corp.

(fka MHVC Acquisition Corp.)

Federal Services First lien (2) 6.25% (L + 5.25%/Q) 4/25/2017 4/29/2024 36,623 36,517 36,348 3.04 %

KAMC Holdings, Inc

2 unchanged sentences

37,500 37,260 37,311 2.95 %

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

New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

September 30, 2020

(in thousands, except shares)

Portfolio Company, Location and Industry (1) Type of Investment Interest Rate (12) Acquisition Date Maturity / Expiration Date Principal

or Shares Cost Fair

Value Percent of Net

Definitive Healthcare Holdings, LLC

Healthcare Information Technology First lien (8)(10) 6.50% (L + 5.50%/M) 8/7/2019 7/16/2026 $ 33,698 $ 33,555 $ 33,698

First lien (3)(10)(11) - Drawn 6.50% (L + 5.50%/Q) 8/7/2019 7/16/2024 1,848 1,839 1,848

35,546 35,394 35,546 2.97 %

Affinity Dental Management, Inc.

Healthcare Services First lien (2)(10) 10.25% (P + 7.00%/S) 9/15/2017 9/15/2023 26,290 26,246 23,364

First lien (4)(10) 10.25% (P + 7.00%/S) 9/17/2019 9/15/2023 10,619 10,619 9,437

First lien (3)(10)(11) - Drawn 10.25% (P + 7.00%/Q) 9/15/2017 3/15/2023 1,738 1,720 1,544

38,647 38,585 34,345 2.87 %

Finalsite Holdings, Inc.

Software First lien (4)(10) 6.50% (L + 5.50%/Q) 9/28/2018 9/25/2024 22,050 21,932 22,050

CoolSys, Inc.

Industrial Services First lien (5) 7.00% (L + 6.00%/Q) 11/20/2019 11/20/2026 22,219 22,124 22,219

First lien (2) 7.00% (L + 6.00%/Q) 11/20/2019 11/20/2026 10,270 10,226 10,270

32,941 32,765 32,941 2.75 %

TDG Group Holding Company

Consumer Services First lien (2)(10) 5.44% (L + 5.25%/Q) 5/22/2018 5/31/2024 24,670 24,589 24,493

First lien (3) 7.00% (L + 6.00%/Q) 11/20/2019 11/20/2026 4,163 4,144 4,163

36,652 36,494 36,652 2.90 %

Trader Interactive, LLC

Business Services First lien (2)(11) 7.25% (L + 6.25%/Q) 6/15/2017 6/17/2024 31,524 31,408 31,524

First lien (8)(11) 7.25% (L + 6.25%/Q) 6/15/2017 6/17/2024 4,886 4,868 4,886

First lien (3)(11)(12) - Drawn 7.25% (L + 6.25%/M) 6/15/2017 6/15/2023 112 111 112

36,522 36,387 36,522 2.89 %

2 unchanged sentences

First lien (3)(11) 6.75% (L + 5.75%/Q) 10/31/2019 10/31/2025 9,810 9,721 9,864

First lien (3)(10)(11) - Drawn 6.75% (L + 5.75%/Q) 10/31/2019 10/31/2025 5,424 5,373 5,358

31,466 31,245 31,080 2.60 %

Integral Ad Science, Inc.

Software First lien (8)(10) 8.25% (L + 6.00% + 1.25% PIK/S)* 7/19/2018 7/19/2024 27,099 26,904 27,302

First lien (3)(10) 8.25% (L + 6.00% + 1.25% PIK/S)* 8/27/2019 7/19/2024 3,540 3,512 3,567

First lien (2)(11) 6.75% (L + 5.75%/Q) 10/31/2019 10/31/2025 3,636 3,614 3,656

35,721 35,476 35,917 2.84 %

Software First lien (8)(10) 8.09% (L + 4.00% + 3.00% PIK/S)* 5/9/2019 5/2/2025 28,011 27,789 28,291

First lien (3)(10)(11) - Drawn 7.50% (L + 6.50%/S) 5/9/2019 5/2/2025 1,133 1,121 1,133

First lien (3)(10)(11) - Drawn 8.06% (L + 4.00% + 3.00% PIK/S)* 5/9/2019 5/2/2025 636 630 642

Definitive Healthcare Holdings, LLC

Healthcare Information Technology First lien (8)(11) 6.50% (L + 5.50%/Q) 8/7/2019 7/16/2026 33,532 33,400 33,531

First lien (3)(11)(12) - Drawn 6.50% (L + 5.50%/Q) 8/7/2019 7/16/2026 1,324 1,318 1,324

34,856 34,718 34,855 2.76 %

2 unchanged sentences

Consolidated Schedule of Investments (Continued)

September 30, 2020

March 31, 2021

(in thousands, except shares)

2 unchanged sentences

Value Percent of Net

Diligent Corporation

Software First lien (2)(11) 6.75% (L + 5.75%/Q) 3/30/2021 8/4/2025 $ 17,896 $ 17,807 $ 17,807

First lien (2)(11) 6.75% (L + 5.75%/Q) 3/4/2021 8/4/2025 9,980 9,930 9,930

First lien (3)(11) 7.25% (L + 6.25%/S) 12/19/2018 8/4/2025 5,932 5,899 5,959

33,808 33,636 33,696 2.67 %

Software First lien (8)(11) 8.00% (L + 4.00% + 3.00% PIK/S)* 5/9/2019 5/2/2025 28,449 28,248 28,448

First lien (3)(11) 8.00% (L + 4.00% + 3.00% PIK/S)* 5/9/2019 5/2/2025 3,330 3,300 3,330

First lien (3)(11)(12) - Drawn 7.50% (L + 6.50%/S) 5/9/2019 5/2/2025 1,133 1,121 1,133

32,912 32,669 32,911 2.61 %

Finalsite Holdings, Inc.

Software First lien (4)(11) 7.50% (L + 6.50%/S) 9/28/2018 9/25/2024 21,938 21,834 21,938

First lien (2)(11) 7.50% (L + 6.50%/S) 9/28/2018 9/25/2024 10,835 10,784 10,835

32,773 32,618 32,773 2.60 %

Ansira Holdings, Inc.

2 unchanged sentences

37,644 37,576 30,800 2.44 %

Integral Ad Science, Inc.

Software First lien (8)(11) 6.00% (L + 5.00%/S) 7/19/2018 7/19/2024 27,216 27,043 27,216

First lien (3)(11) 6.00% (L + 5.00%/S) 8/27/2019 7/19/2024 3,556 3,531 3,556

30,772 30,574 30,772 2.44 %

MRI Software LLC

2 unchanged sentences

First lien (2)(11) 6.50% (L + 5.50%/Q) 1/31/2020 2/10/2026 1,611 1,604 1,619

First lien (3)(11)(12) - Drawn 6.50% (L + 5.50%/Q) 1/31/2020 2/10/2026 100 100 100

28,626 28,505 28,773 2.28 %

3 unchanged sentences

28,669 28,559 27,823 2.20 %

Confluent Health, LLC

Healthcare Services First lien (2) 5.11% (L + 5.00%/M) 6/21/2019 6/24/2026 27,019 26,912 27,019 2.14 %

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

New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

March 31, 2021

(in thousands, except shares)

Portfolio Company, Location and Industry (1) Type of Investment Interest Rate (13) Acquisition Date Maturity / Expiration Date Principal

or Shares Cost Fair

Value Percent of Net

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

2 unchanged sentences

26,708 26,565 26,842 2.13 %

Confluent Health, LLC

Healthcare Services First lien (2) 5.15% (L + 5.00%/M) 6/21/2019 6/24/2026 27,156 27,040 26,138 2.18 %

New Trojan Parent, Inc.

Healthcare Services Second lien (2) 7.75% (L + 7.25%/M) 1/22/2021 1/5/2029 26,762 26,630 26,762 2.12 %

RealPage, Inc.**

Business Services Second lien (2) 7.25% (L + 6.50%/Q) 2/18/2021 4/23/2029 25,000 24,813 25,750 2.04 %

Convey Health Solutions, Inc.

Healthcare Services First lien (4)(11) 7.00% (L + 6.00%/Q) 9/9/2019 9/4/2026 22,163 21,960 22,384

First lien (2)(11) 7.00% (L + 6.00%/Q) 2/12/2021 9/4/2026 2,643 2,617 2,670

24,806 24,577 25,054 1.98 %

NMC Crimson Holdings, Inc.

Healthcare Services First lien (8) 6.75% (L + 6.00%/S) 3/1/2021 3/1/2028 19,259 18,973 18,970

First lien (2) 6.75% (L + 6.00%/S) 3/2/2021 3/1/2028 4,913 4,840 4,839

24,172 23,813 23,809 1.89 %

TMK Hawk Parent, Corp.

Distribution & Logistics First lien (2)(11) 3.61% (L + 3.50%/M) 6/24/2019 8/28/2024 16,692 14,866 12,062

First lien (8)(11) 3.61% (L + 3.50%/M) 10/23/2019 8/28/2024 16,100 13,883 11,634

32,792 28,749 23,696 1.88 %

Instructure, Inc.

Software First lien (8)(11) 8.00% (L + 7.00%/Q) 3/24/2020 3/24/2026 22,667 22,546 23,007 1.82 %

AAC Holding Corp.

Education First lien (2)(10) 9.25% (L + 5.00% + 3.25% PIK/M)* 9/30/2015 9/30/2022 26,199 26,131 22,515 1.88 %

Software Second lien (4) 7.50% (L + 6.75%/S) 6/27/2019 3/2/2029 22,500 22,189 22,669 1.80 %

Software Second lien (4) 8.75% (L + 8.00%/S) 12/14/2020 12/15/2028 22,500 22,335 22,613 1.79 %

Astra Acquisition Corp.

Software First lien (5) 5.50% (L + 4.75%/M) 2/26/2020 3/1/2027 22,331 22,184 22,499 1.78 %

Convey Health Solutions, Inc.

Healthcare Services First lien (4)(10) 6.25% (L + 5.25%/Q) 9/9/2019 9/4/2026 22,275 22,056 22,275 1.86 %

Software Second lien (4) 10.00% (L + 9.00%/S) 6/27/2019 6/28/2027 22,500 22,349 22,162 1.85 %

Cardinal Parent, Inc.

Software First lien (4) 5.25% (L + 4.50%/S) 10/30/2020 11/12/2027 12,188 12,100 12,256

Second lien (4)(11) 8.50% (L + 7.75%/S) 11/12/2020 11/13/2028 9,767 9,672 9,962

21,955 21,772 22,218 1.76 %

CRCI Longhorn Holdings, Inc.

Business Services Second lien (3)(11) 7.36% (L + 7.25%/M) 8/2/2018 8/10/2026 14,349 14,308 14,349

Second lien (8)(11) 7.36% (L + 7.25%/M) 8/2/2018 8/10/2026 7,500 7,479 7,500

21,849 21,787 21,849 1.73 %

Avatar Topco, Inc.

EAB Global, Inc.

Education Second lien (3)(10) 8.50% (L + 7.50%/Q) 11/17/2017 11/17/2025 13,950 13,799 13,950

Second lien (8)(10) 8.50% (L + 7.50%/Q) 11/17/2017 11/17/2025 7,500 7,419 7,500

Education Second lien (3)(11) 8.50% (L + 7.50%/S) 11/17/2017 11/17/2025 13,950 13,811 13,950

Second lien (8)(11) 8.50% (L + 7.50%/S) 11/17/2017 11/17/2025 7,500 7,425 7,500

21,450 21,236 21,450 1.70 %

Spring Education Group, Inc (fka SSH Group Holdings, Inc.)

Education Second lien (2) 8.47% (L + 8.25%/Q) 7/26/2018 7/30/2026 22,603 22,560 20,908 1.75 %

MED Parentco, LP

Healthcare Services Second lien (8)(10) 8.40% (L + 8.25%/M) 8/2/2019 8/30/2027 20,857 20,714 20,501 1.71 %

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

1 unchanged sentence

Consolidated Schedule of Investments (Continued)

September 30, 2020

March 31, 2021

(in thousands, except shares)

2 unchanged sentences

Value Percent of Net

Institutional Shareholder Services, Inc.

Business Services Second lien (3)(10) 8.72% (L + 8.50%/Q) 3/5/2019 3/5/2027 $ 20,372 $ 20,109 $ 20,372 1.70 %

Granicus, Inc.

Software First lien (4)(11) 7.50% (L + 6.50%/S) 1/27/2021 1/29/2027 $ 15,600 $ 15,485 $ 15,483

First lien (2)(11) 7.50% (L + 6.50%/S) 1/27/2021 1/29/2027 5,952 5,908 5,907

21,552 21,393 21,390 1.69 %

MED Parentco, LP

Healthcare Services Second lien (8) 8.36% (L + 8.25%/M) 8/2/2019 8/30/2027 20,857 20,722 20,831 1.65 %

YLG Holdings, Inc.

Business Services First lien (5)(11) 7.25% (L + 6.25%/S) 11/1/2019 10/31/2025 18,183 18,110 18,183

First lien (5)(10)(11) - Drawn 7.25% (L + 6.25%/S) 11/1/2019 10/31/2025 1,910 1,901 1,918

First lien (5)(11) 7.25% (L + 6.25%/S) 11/1/2019 10/31/2025 2,368 2,357 2,368

20,551 20,467 20,551 1.63 %

CRCI Longhorn Holdings, Inc.

Spring Education Group, Inc (fka SSH Group Holdings, Inc.)

Education Second lien (2) 8.45% (L + 8.25%/Q) 7/26/2018 7/30/2026 21,959 21,916 20,450 1.62 %

DG Investment Intermediate Holdings 2, Inc.

Business Services Second lien (3) 7.50% (L + 6.75%/M) 3/18/2021 3/30/2029 20,313 20,262 20,262 1.60 %

Second lien (8) 7.40% (L + 7.25%/M) 8/2/2018 8/10/2026 7,500 7,477 6,938

21,849 21,782 20,210 1.69 %

TMK Hawk Parent, Corp.

Distribution & Logistics First lien (2) 4.50% (L + 3.50%/M) 6/24/2019 8/28/2024 16,779 14,705 9,844

First lien (8) 4.50% (L + 3.50%/M) 10/23/2019 8/28/2024 16,183 13,672 9,494

32,962 28,377 19,338 1.62 %

Xactly Corporation

Software First lien (4)(10) 8.25% (L + 7.25%/S) 7/31/2017 7/29/2022 19,047 18,958 19,047 1.59 %

DCA Investment Holding, LLC

Healthcare Services First lien (2) 7.00% (L + 6.25%/S) 3/12/2021 3/12/2027 19,978 19,829 19,828 1.57 %

DiversiTech Holdings, Inc.

2 unchanged sentences

19,500 19,381 19,598 1.55 %

AAC Lender Holdings, LLC (26)

American Achievement Corporation (aka AAC Holding Corp.)

Education First lien (2)(11) 7.25% (L + 3.25% PIK + 3.00%/M)* 9/30/2015 9/30/2026 26,738 26,681 18,208

First lien (3)(11)(12) - Drawn 7.25% (L + 6.25%/M) 1/25/2021 9/30/2026 1,052 1,052 1,052

Subordinated (3)(11) 2.00% (L + 1.00% PIK/M)* 3/16/2021 9/30/2026 5,230 — —

33,020 27,733 19,260 1.52 %

Xactly Corporation

Software First lien (4)(11) 8.25% (L + 7.25%/S) 7/31/2017 7/29/2022 19,047 18,981 19,047 1.51 %

Bluefin Holding, LLC

Software Second lien (8)(11) 7.86% (L + 7.75%/M) 9/6/2019 9/3/2027 18,000 18,000 18,180 1.44 %

Bullhorn, Inc.

Software First lien (2)(10) 6.75% (L + 5.75%/Q) 9/24/2019 9/30/2026 17,045 16,935 17,045

First lien (3)(10) 6.75% (L + 5.75%/Q) 9/24/2019 9/30/2026 353 351 353

First lien (3)(10) 6.75% (L + 5.75%/Q) 9/24/2019 9/30/2026 282 280 282

17,680 17,566 17,680 1.48 %

FR Arsenal Holdings II Corp.

Business Services First lien (2)(10) 8.25% (L + 7.25%/S) 9/29/2016 9/8/2022 18,213 18,135 17,528 1.46 %

The Kleinfelder Group, Inc.

Business Services First lien (4)(10) 5.75% (L + 4.75%/Q) 12/18/2018 11/29/2024 17,194 17,130 17,194 1.44 %

Kele Holdco, Inc.

Distribution & Logistics First lien (5)(11) 7.00% (L + 6.00%/M) 2/20/2020 2/20/2026 16,071 16,002 16,231

Hill International, Inc.**

Business Services First lien (2)(10) 6.75% (L + 5.75%/Q) 6/21/2017 6/21/2023 15,287 15,248 15,287 1.28 %

First lien (3)(11)(12) - Drawn 7.00% (L + 6.00%/M) 2/20/2020 2/20/2026 1,507 1,499 1,507

17,578 17,501 17,738 1.40 %

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

1 unchanged sentence

Consolidated Schedule of Investments (Continued)

September 30, 2020

March 31, 2021

(in thousands, except shares)

2 unchanged sentences

Value Percent of Net

Symplr Software Intermediate Holdings, Inc.

Symplr Software, Inc.

(fka Caliper Software, Inc.)

Healthcare Information Technology First lien (4)(10) 5.72% (L + 5.50%/Q) 11/30/2018 11/28/2025 $ 14,738 $ 14,651 $ 14,738

Bullhorn, Inc.

Software First lien (2)(11) 6.75% (L + 5.75%/Q) 9/24/2019 9/30/2026 $ 16,959 $ 16,857 $ 16,959

First lien (3)(11) 6.75% (L + 5.75%/Q) 9/24/2019 9/30/2026 352 349 352

First lien (3)(11) 6.75% (L + 5.75%/Q) 9/24/2019 9/30/2026 280 279 280

17,591 17,485 17,591 1.39 %

Netsmart Inc.

/ Netsmart Technologies, Inc.

Healthcare Information Technology Second lien (2) 9.75% (P + 6.50%/Q) 4/18/2016 10/19/2023 15,000 14,814 15,000 1.25 %

The Kleinfelder Group, Inc.

Business Services First lien (4)(11) 6.25% (L + 5.25%/Q) 12/18/2018 11/29/2024 17,106 17,050 17,106 1.35 %

Coyote Buyer, LLC

Specialty Chemicals & Materials First lien (5)(11) 7.00% (L + 6.00%/Q) 3/13/2020 2/6/2026 14,043 13,983 14,043

First lien (5)(11) 9.00% (L + 8.00%/Q) 10/15/2020 8/6/2026 2,527 2,503 2,527

16,570 16,486 16,570 1.31 %

Hill International, Inc.**

Business Services First lien (2)(11) 6.75% (L + 5.75%/Q) 6/21/2017 6/21/2023 15,208 15,175 15,208 1.20 %

Bleriot US Bidco Inc.

Federal Services Second lien (2) 8.70% (L + 8.50%/Q) 10/24/2019 10/29/2027 15,000 14,869 15,113 1.20 %

CFS Management, LLC

2 unchanged sentences

15,036 14,981 15,036 1.19 %

Bleriot US Bidco Inc.

Federal Services Second lien (2) 8.72% (L + 8.50%/Q) 10/24/2019 10/29/2027 15,000 14,862 14,588 1.22 %

FR Arsenal Holdings II Corp.

Business Services First lien (2)(11) 8.50% (L + 7.50%/S) 9/29/2016 9/8/2022 15,229 15,180 14,860 1.18 %

BackOffice Associates Holdings, LLC

2 unchanged sentences

13,551 13,494 13,551 1.07 %

Coyote Buyer, LLC

Specialty Chemicals & Materials First lien (5)(10) 7.00% (L + 6.00%/Q) 3/13/2020 2/6/2026 14,114 14,049 14,044 1.17 %

Ministry Brands, LLC

Software First lien (2)(10) 5.00% (L + 4.00%/Q) 12/7/2016 12/2/2022 2,910 2,904 2,883

Second lien (8)(10) 10.25% (L + 9.25%/S) 12/7/2016 6/2/2023 7,840 7,811 7,840

Second lien (3)(10) 10.25% (L + 9.25%/S) 12/7/2016 6/2/2023 2,160 2,152 2,160

First lien (3)(10)(11) - Drawn 6.00% (L + 5.00%/S) 12/7/2016 12/2/2022 575 572 570

13,485 13,439 13,453 1.12 %

Alegeus Technologies Holding Corp.

Healthcare Services First lien (8)(11) 9.25% (L + 8.25%/Q) 9/5/2018 9/5/2024 13,444 13,401 13,444 1.06 %

Geo Parent Corporation

Business Services First lien (2)(10) 5.40% (L + 5.25%/M) 12/13/2018 12/19/2025 12,967 12,916 12,967 1.08 %

Transcendia Holdings, Inc.

Packaging Second lien (8)(11) 9.00% (L + 8.00%/M) 6/28/2017 5/30/2025 14,500 14,377 13,086 1.04 %

PaySimple, Inc.

2 unchanged sentences

12,921 12,793 12,921 1.02 %

Transcendia Holdings, Inc.

Packaging Second lien (8)(10) 9.00% (L + 8.00%/M) 6/28/2017 5/30/2025 14,500 14,365 12,231 1.02 %

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

1 unchanged sentence

Consolidated Schedule of Investments (Continued)

September 30, 2020

March 31, 2021

(in thousands, except shares)

2 unchanged sentences

Value Percent of Net

Ministry Brands, LLC

Software First lien (2)(11) 5.00% (L + 4.00%/M) 12/7/2016 12/2/2022 $ 2,895 $ 2,890 $ 2,887

Second lien (8)(11) 10.25% (L + 9.25%/M) 12/7/2016 6/2/2023 7,840 7,816 7,840

Second lien (3)(11) 10.25% (L + 9.25%/M) 12/7/2016 6/2/2023 2,160 2,153 2,160

12,895 12,859 12,887 1.02 %

Geo Parent Corporation

Business Services First lien (2) 5.36% (L + 5.25%/M) 12/13/2018 12/19/2025 12,901 12,854 12,868 1.02 %

OEConnection LLC

Business Services Second lien (2)(11) 8.36% (L + 8.25%/M) 9/25/2019 9/25/2027 12,044 11,941 12,164 0.96 %

Software First lien (8)(11) 8.25% (L + 7.25%/S) 1/10/2019 1/10/2025 11,203 11,047 11,203

First lien (3)(11)(12) - Drawn 8.25% (L + 7.25%/S) 1/10/2019 1/10/2025 827 810 827

12,030 11,857 12,030 0.95 %

Castle Management Borrower LLC

Business Services First lien (2)(11) 7.50% (L + 6.50% PIK/Q)* 5/31/2018 2/15/2024 14,261 14,224 11,959 0.95 %

CHA Holdings, Inc.

2 unchanged sentences

11,465 11,383 11,465 0.91 %

Recorded Future, Inc.

Software First lien (8)(11) 7.00% (L + 6.00%/S) 8/26/2019 7/3/2025 6,250 6,226 6,266

First lien (8)(11) 7.00% (L + 6.00%/Q) 3/26/2021 7/3/2025 4,800 4,769 4,812

11,050 10,995 11,078 0.88 %

Alert Holding Company, Inc.

Appriss Holdings, Inc.

Business Services First lien (8)(10) 5.75% (L + 5.50%/M) 5/24/2019 5/29/2026 10,971 10,891 10,971

First lien (3)(10)(11) - Drawn 5.65% (L + 5.50%/M) 5/24/2019 5/30/2025 460 455 460

11,431 11,346 11,431 0.95 %

Software First lien (8)(10) 8.25% (L + 7.25%/S) 1/10/2019 1/10/2025 11,203 11,030 11,371 0.95 %

Castle Management Borrower LLC

Business Services First lien (2)(10) 7.50% (L + 6.50% PIK/Q)* 5/31/2018 2/15/2024 13,731 13,689 11,109 0.93 %

Business Services First lien (8)(11) 5.70% (L + 5.50%/Q) 5/24/2019 5/29/2026 10,915 10,842 11,024 0.87 %

Business Products Second lien (8)(11) 7.36% (L + 7.25%/M) 2/23/2018 3/8/2026 10,788 10,760 10,788 0.85 %

3 unchanged sentences

Business Services Subordinated (3)(11) — 5/3/2013 — 14,500 14,500 10,354 0.82 %

Quartz Holding Company

Software Second lien (3)(10) 8.15% (L + 8.00%/M) 4/2/2019 4/2/2027 10,000 9,827 9,993 0.83 %

Stats Intermediate Holdings, LLC**

Business Services First lien (2) 5.40% (L + 5.25%/M) 5/22/2019 7/10/2026 9,925 9,819 9,801 0.82 %

Teneo Holdings, LLC

Business Services First lien (2) 6.25% (L + 5.25%/M) 7/15/2019 7/11/2025 9,900 9,736 9,578 0.80 %

VT Topco, Inc.

Business Services Second lien (4)(11) 7.11% (L + 7.00%/M) 8/14/2018 7/31/2026 10,000 9,981 10,000 0.79 %

Affordable Care Holding Corp.

Healthcare Services First lien (2)(10) 5.75% (L + 4.75%/Q) 3/18/2019 10/24/2022 9,820 9,702 9,303 0.78 %

AgKnowledge Holdings Company, Inc.

Business Services First lien (4)(10) 5.75% (L + 4.75%/S) 11/30/2018 7/21/2023 9,284 9,255 9,284 0.78 %

Software Second lien (4)(10) 10.00% (L + 9.00%/Q) 11/22/2016 11/17/2023 6,780 6,753 6,780

Second lien (4)(10) 10.00% (L + 9.00%/Q) 12/3/2019 11/17/2023 600 596 600

7,380 7,349 7,380 0.62 %

AG Parent Holdings, LLC

Healthcare Services First lien (2) 5.15% (L + 5.00%/M) 7/30/2019 7/31/2026 6,940 6,910 6,836 0.57 %

Quartz Holding Company

Software Second lien (3)(11) 8.11% (L + 8.00%/M) 4/2/2019 4/2/2027 10,000 9,838 10,000 0.79 %

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

1 unchanged sentence

Consolidated Schedule of Investments (Continued)

September 30, 2020

March 31, 2021

(in thousands, except shares)

2 unchanged sentences

Value Percent of Net

Recorded Future, Inc.

Software First lien (8)(10) 7.25% (L + 6.25%/S) 8/26/2019 7/3/2025 $ 6,250 $ 6,224 $ 6,252

First lien (3)(10)(11) - Drawn 7.25% (L + 6.25%/S) 8/26/2019 7/3/2025 500 498 500

6,750 6,722 6,752 0.56 %

Stats Intermediate Holdings, LLC**

Business Services First lien (2) 5.45% (L + 5.25%/Q) 5/22/2019 7/10/2026 $ 9,875 $ 9,777 $ 9,875 0.78 %

Affordable Care Holding Corp.

Healthcare Services First lien (2) 5.75% (L + 4.75%/Q) 3/18/2019 10/24/2022 9,768 9,678 9,622 0.76 %

AgKnowledge Holdings Company, Inc.

Business Services First lien (2)(11) 5.75% (L + 4.75%/S) 11/30/2018 7/21/2023 9,237 9,212 9,237 0.73 %

AG Parent Holdings, LLC

Healthcare Services First lien (2) 5.11% (L + 5.00%/M) 7/30/2019 7/31/2026 6,905 6,877 6,879 0.54 %

CP VI Bella Midco, LLC

1 unchanged sentence

DealerSocket, Inc.

Software First lien (2)(10) 5.75% (L + 4.75%/S) 4/16/2018 4/26/2023 6,560 6,533 6,357 0.53 %

Software First lien (2)(11) 5.75% (L + 4.75%/M) 4/16/2018 4/26/2023 6,526 6,504 6,526 0.52 %

Restaurant Technologies, Inc.

Business Services Second lien (4) 6.61% (L + 6.50%/M) 9/24/2018 10/1/2026 6,722 6,709 6,487 0.51 %

DG Investment Intermediate Holdings 2, Inc.

(aka Convergint Technologies Holdings, LLC)

Business Services Second lien (3) 7.50% (L + 6.75%/M) 1/29/2018 2/2/2026 6,732 6,708 6,228 0.52 %

Diligent Corporation

Software First lien (3)(10) 7.25% (L + 6.25%/S) 12/19/2018 8/4/2025 5,962 5,926 6,042 0.50 %

Healthcare Services Second lien (3)(11) 11.00% (L + 10.00% PIK/Q)* 10/3/2016 3/28/2024 6,067 6,029 4,792 0.38 %

16 unchanged sentences

Total Funded Debt Investments $ 2,206,579 $ 2,185,691 $ 2,162,778 171.27 %

Equity - Hong Kong

Bach Special Limited (Bach Preference Limited)**

Education Preferred shares (3)(11)(22) — 9/1/2017 — 87,654 $ 8,687 $ 9,028 0.71 %

Total Shares - Hong Kong $ 8,687 $ 9,028 0.71 %

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

1 unchanged sentence

Consolidated Schedule of Investments (Continued)

September 30, 2020

March 31, 2021

(in thousands, except shares)

2 unchanged sentences

Value Percent of Net

Equity - Hong Kong

Bach Special Limited (Bach Preference Limited)**

Education Preferred shares (3)(10)(22) — 9/1/2017 — 82,414 $ 8,162 $ 8,489 0.71 %

Total Shares - Hong Kong $ 8,162 $ 8,489 0.71 %

Equity - United States

5 unchanged sentences

13,169 13,321 1.05 %

Alert Holding Company, Inc.

Alert Intermediate Holdings I, Inc.

Business Services Preferred shares (3)(11) — 5/31/2019 — 6,111 7,386 7,478 0.59 %

Tenawa Resource Holdings LLC (15)

Specialty Chemicals & Materials Preferred shares (6)(11) — 10/30/2017 — 1,623,385 1,623 2,067

Preferred shares (6)(11) — 11/24/2020 — 44,668 45 46

Ordinary shares (6)(11) — 5/12/2014 — 5,290,997 5,291 755

6,959 2,868 0.23 %

Alert Holding Company, Inc.

Alert Intermediate Holdings I, Inc.

Business Services Preferred shares (3)(10) — 5/31/2019 — 6,111 7,017 7,109 0.59 %

Ancora Acquisition LLC

5 unchanged sentences

Ordinary shares (3) — 1/5/2015 — 1,688,976 56 —

AAC Lender Holdings, LLC (26)

Education Ordinary shares (3)(11) — 3/16/2021 — 758 — — — %

Total Shares - United States $ 81,856 $ 79,785 6.32 %

8 unchanged sentences

Consolidated Schedule of Investments (Continued)

September 30, 2020

March 31, 2021

(in thousands, except shares)

2 unchanged sentences

Value Percent of Net

Unfunded Debt Investments - Canada

Wolfpack IP Co.**

Software First lien (3)(10)(11) - Undrawn — 6/14/2019 6/13/2025 $ 909 $ (9) $ — — %

Total Unfunded Debt Investments - Canada $ 909 $ (9) $ — — %

Unfunded Debt Investments - United States

MRI Software LLC

Software First lien (2)(11)(12) - Undrawn — 3/24/2021 3/24/2022 $ 9,684 $ — $ 50

First lien (3)(11)(12) - Undrawn — 1/31/2020 2/10/2022 821 — 4

First lien (3)(11)(12) - Undrawn — 1/31/2020 2/10/2026 1,902 (10) —

12,407 (10) 54 0.00 %

AAC Lender Holdings, LLC (26)

American Achievement Corporation (aka AAC Holding Corp.)

Education First lien (3)(11)(12) - Undrawn — 1/25/2021 9/30/2026 1,600 — — — %

CoolSys, Inc.

Industrial Services First lien (3)(12) - Undrawn — 11/20/2019 11/19/2021 1,400 — — — %

MRI Software LLC

Software First lien (3)(10)(11) - Undrawn — 1/31/2020 2/10/2022 1,141 — 3

First lien (3)(10)(11) - Undrawn — 1/31/2020 2/10/2026 2,002 (10) —

3,143 (10) 3 0.00 %

YLG Holdings, Inc.

Associations, Inc.

Business Services First lien (2)(11)(12) - Undrawn — 7/30/2018 7/30/2021 152 (1) — — %

First lien (3)(10)(11) - Undrawn — 11/1/2019 10/31/2025 3,968 (20) —

4,436 (20) 2 0.00 %

Kele Holdco, Inc.

Distribution & Logistics First lien (3)(11)(12) - Undrawn — 2/20/2020 2/20/2026 293 (1) — — %

AgKnowledge Holdings Company, Inc.

Business Services First lien (3)(11)(12) - Undrawn — 11/30/2018 7/21/2023 526 (3) — — %

Recorded Future, Inc.

Software First lien (3)(11)(12) - Undrawn — 8/26/2019 7/3/2025 750 (4) — — %

First lien (3)(10)(11) - Undrawn — 8/26/2019 7/3/2025 250 (1) —

750 (4) — — %

DealerSocket, Inc.

Software First lien (3)(11)(12) - Undrawn — 4/16/2018 4/26/2023 560 (4) — — %

Coyote Buyer, LLC

Specialty Chemicals & Materials First lien (3)(11)(12) - Undrawn — 3/13/2020 2/6/2025 1,013 (5) — — %

Definitive Healthcare Holdings, LLC

Healthcare Information Technology First lien (3)(11)(12) - Undrawn — 8/7/2019 7/16/2024 1,848 (9) —

Associations, Inc.

Business Services First lien (2)(10)(11) - Undrawn — 7/30/2018 7/30/2021 153 (1) — — %

AgKnowledge Holdings Company, Inc.

First lien (3)(11)(12) - Undrawn — 8/7/2019 7/16/2021 6,061 — —

7,909 (9) — — %

Alert Holding Company, Inc.

Appriss Holdings, Inc.

Business Services First lien (3)(11)(12) - Undrawn — 5/24/2019 5/30/2025 930 (9) — — %

2 unchanged sentences

Consolidated Schedule of Investments (Continued)

September 30, 2020

March 31, 2021

(in thousands, except shares)

2 unchanged sentences

Value Percent of Net

Alert Holding Company, Inc.

Appriss Holdings, Inc.

Business Services First lien (3)(10)(11) - Undrawn — 5/24/2019 5/30/2025 $ 470 $ (5) $ — — %

Kele Holdco, Inc.

Distribution & Logistics First lien (3)(10)(11) - Undrawn — 2/20/2020 2/20/2026 1,799 (9) — — %

Software First lien (3)(10)(11) - Undrawn — 12/31/2018 12/31/2024 933 (9) — — %

Xactly Corporation

Software First lien (3)(11)(12) - Undrawn — 7/31/2017 7/29/2022 $ 992 $ (10) $ — — %

GS Acquisitionco, Inc.

Trader Interactive, LLC

Business Services First lien (3)(11)(12) - Undrawn — 6/15/2017 6/15/2023 1,562 (12) — — %

Software First lien (3)(11)(12) - Undrawn — 5/9/2019 5/2/2025 1,179 (12) — — %

3 unchanged sentences

1,632 (12) — — %

Trader Interactive, LLC

Business Services First lien (3)(10)(11) - Undrawn — 6/15/2017 6/15/2023 1,673 (13) — — %

Instructure, Inc.

Software First lien (3)(11)(12) - Undrawn — 3/24/2020 3/24/2026 2,036 (13) — — %

Integro Parent Inc.

Business Services First lien (3)(11)(12) - Undrawn — 6/8/2018 4/30/2022 2,805 (14) — — %

Integral Ad Science, Inc.

Software First lien (3)(11)(12) - Undrawn — 7/19/2018 7/19/2023 1,807 (18) — — %

Diligent Corporation

Software First lien (3)(11)(12) - Undrawn — 3/30/2021 8/4/2025 3,624 (18) — — %

Finalsite Holdings, Inc.

Software First lien (3)(11)(12) - Undrawn — 9/25/2018 9/25/2024 2,521 (19) — — %

GS Acquisitionco, Inc.

Software First lien (3)(11)(12) - Undrawn — 8/7/2019 5/24/2024 3,047 (19) — — %

YLG Holdings, Inc.

Business Services First lien (3)(11)(12) - Undrawn — 11/1/2019 10/31/2025 3,968 (20) — — %

Bluefin Holding, LLC

Software First lien (3)(11)(12) - Undrawn — 9/6/2019 9/6/2024 1,515 (23) — — %

ConnectWise, LLC

Software First lien (3)(11)(12) - Undrawn — 11/26/2019 2/28/2025 3,982 (25) — — %

Integro Parent Inc.

GC Waves Holdings, Inc.**

Business Services First lien (3)(11)(12) - Undrawn — 10/31/2019 10/31/2025 3,951 (30) — — %

Software First lien (3)(10)(11) - Undrawn — 1/10/2019 1/10/2025 2,066 (41) — — %

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

1 unchanged sentence

Consolidated Schedule of Investments (Continued)

September 30, 2020

March 31, 2021

(in thousands, except shares)

2 unchanged sentences

Value Percent of Net

DCA Investment Holding, LLC

Healthcare Services First lien (3)(10)(11) - Undrawn — 7/2/2015 7/2/2021 $ 44 $ — $ (3) (0.00) %

Ministry Brands, LLC

Software First lien (3)(10)(11) - Undrawn — 12/7/2016 12/2/2022 425 (2) (4) (0.00) %

Coyote Buyer, LLC

Specialty Chemicals & Materials First lien (3)(10)(11) - Undrawn — 3/13/2020 2/6/2025 1,013 (5) (5) (0.00) %

Instructure, Inc.

Salient CRGT Inc.

Federal Services First lien (3)(11)(12) - Undrawn — 6/26/2018 11/29/2021 $ 6,125 $ (490) $ — — %

Software First lien (3)(11)(12) - Undrawn — 1/10/2019 1/10/2025 1,240 (25) — — %

DealerSocket, Inc.

Ministry Brands, LLC

Software First lien (3)(11)(12) - Undrawn — 12/7/2016 12/2/2022 1,000 (5) (3) (0.00) %

ConnectWise, LLC

DCA Investment Holding, LLC

Healthcare Services First lien (3)(12) - Undrawn — 3/12/2021 3/10/2023 4,924 — (37) (0.00) %

Granicus, Inc.

Software First lien (3)(11)(12) - Undrawn — 1/27/2021 1/30/2023 6,035 — (45)

TDG Group Holding Company

Consumer Services First lien (2)(10)(11) - Undrawn — 5/22/2018 5/31/2024 5,044 (25) (36) (0.00) %

Salient CRGT Inc.

Federal Services First lien (3)(10)(11) - Undrawn — 6/26/2018 11/29/2021 6,125 (490) (88) (0.01) %

GC Waves Holdings, Inc.**

Business Services First lien (3)(10)(11) - Undrawn — 10/31/2019 10/31/2025 3,951 (30) (49)

First lien (3)(11)(12) - Undrawn — 1/27/2021 1/29/2027 2,414 (18) (18)

8,449 (18) (63) (0.00) %

NMC Crimson Holdings, Inc.

Healthcare Services First lien (3)(12) - Undrawn — 3/1/2021 3/1/2023 10,664 — (160) (0.02) %

Total Unfunded Debt Investments - United States $ 94,563 $ (829) $ (209) (0.02) %

1 unchanged sentence

Total Non-Controlled/Non-Affiliated Investments $ 2,275,442 $ 2,252,144 178.34 %

Non-Controlled/Affiliated Investments (29)

Funded Debt Investments - United States

TVG-Edmentum Holdings, LLC (17)

Edmentum Ultimate Holdings, LLC

Education Subordinated (3)(11) 11.00% (L + 10.00%/Q) 12/11/2020 12/11/2026 $ 15,000 $ 14,856 $ 14,850 1.18 %

Sierra Hamilton Holdings Corporation

Energy Second lien (3)(11) 15.00%/Q 9/12/2019 9/12/2023 727 717 654 0.05 %

Permian Holdco 3, Inc.

Permian Trust

Energy First lien (10)(11) 10.00% PIK/Q* 3/30/2021 — 247 225 —

First lien (3)(11) 11.00% (L + 10.00% PIK/M)* 7/23/2020 — 3,255 — —

3,502 225 — — %

Total Funded Debt Investments - United States $ 19,229 $ 15,798 $ 15,504 1.23 %

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

1 unchanged sentence

Consolidated Schedule of Investments (Continued)

September 30, 2020

March 31, 2021

(in thousands, except shares)

2 unchanged sentences

Value Percent of Net

Non-Controlled/Affiliated Investments (28)

Funded Debt Investments - United States

Permian Holdco 1, Inc.

Permian Holdco 2, Inc.

Permian Holdco 3, Inc.

Energy First lien (3)(10) 14.75% (P + 6.50% + 5.00% PIK/M)* 6/14/2018 6/30/2022 $ 10,902 $ 10,902 $ 10,539

First lien (3)(10) 11.00% (L + 10.00% PIK/M)* 7/23/2020 10/23/2020 2,295 2,295 2,295

First lien (3)(10)(11) - Drawn 8.75% (P + 5.50%/M) 6/14/2018 6/30/2022 17,700 17,700 15,311

Subordinated (3)(10) 18.00% PIK/Q (26)* 12/26/2018 6/30/2022 2,417 2,417 —

Subordinated (3)(10) 14.00% PIK/Q (26)* 10/31/2016 10/15/2021 1,708 1,708 —

Subordinated (3)(10) 14.00% PIK/Q (26)* 10/31/2016 10/15/2021 1,025 1,025 —

36,047 36,047 28,145 2.35 %

Sierra Hamilton Holdings Corporation

Energy Second lien (3)(10) 15.00% PIK/Q* 9/12/2019 9/12/2023 907 891 816 0.07 %

Total Funded Debt Investments - United States $ 36,954 $ 36,938 $ 28,961 2.42 %

Equity - United States

NMFC Senior Loan Program I LLC**

Investment Fund Membership interest (3)(10) — 6/13/2014 — — $ 23,000 $ 23,000 1.92 %

TVG-Edmentum Holdings, LLC (17)

Education Preferred shares (3)(11) — 12/11/2020 — 37,793 $ 38,952 $ 51,696

Ordinary shares (3)(11) — 12/11/2020 — 36,750 37,426 50,270

76,378 101,966 8.07 %

Sierra Hamilton Holdings Corporation

2 unchanged sentences

12,783 4,000 0.32 %

Permian Holdco 1, Inc.

Energy Preferred shares (3)(10)(17)(26) — 10/31/2016 — 1,366,452 5,714 —

Ordinary shares (3)(10) — 10/31/2016 — 1,366,452 1,350 —

Total Shares - United States $ 89,161 $ 105,966 8.39 %

Total Funded Investments $ 79,785 $ 56,080 4.68 %

Unfunded Debt Investments - United States

Permian Holdco 3, Inc.

Energy First lien (3)(10)(11) - Undrawn — 6/14/2018 6/30/2022 $ 2,300 $ — $ (311) (0.02) %

Total Unfunded Debt Investments - United States $ 2,300 $ — $ (311) (0.02) %

Total Non-Controlled/Affiliated Investments $ 104,959 $ 121,470 9.62 %

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

New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

September 30, 2020

(in thousands, except shares)

Portfolio Company, Location and Industry (1) Type of Investment Interest Rate (12) Acquisition Date Maturity / Expiration Date Principal

or Shares Cost Fair

Value Percent of Net

Controlled Investments (30)

Funded Debt Investments - United Kingdom

Edmentum Ultimate Holdings, LLC (16)

EducationCity Limited**

Education First lien (3)(10)(11) - Drawn 10.00%/S 1/24/2020 12/9/2021 $ 3,000 $ 3,000 $ 3,000 0.25 %

Total Funded Debt Investments - United Kingdom $ 3,000 $ 3,000 $ 3,000 0.25 %

Funded Debt Investments - United States

New LT Smile Holdings, LLC (25)

Benevis Holding Corp.

Healthcare Services First lien (2)(10) 7.32% (L + 6.32%/Q)(26) 3/15/2018 3/15/2024 $ 62,572 $ 62,572 $ 57,484

First lien (8)(10) 7.32% (L + 6.32%/Q)(26) 3/15/2018 3/15/2024 15,352 15,352 14,104

First lien (3)(10) 7.32% (L + 6.32%/Q)(26) 3/29/2019 3/15/2024 7,586 7,586 6,970

First lien (3)(10) 11.00% (L + 10.00%/Q) 8/6/2020 11/5/2020 3,457 3,457 3,457

88,967 88,967 82,015 6.85 %

Edmentum Ultimate Holdings, LLC (16)

Edmentum, Inc.

(fka Plato, Inc.) (Archipelago Learning, Inc.)

Education First lien (2)(10) 9.50% (L + 4.50% + 4.00% PIK/Q)* 8/6/2018 6/9/2021 10,285 9,824 10,285

First lien (3)(10)(11) - Drawn 10.00%/S 1/24/2020 12/9/2021 5,000 5,000 5,000

Second lien (3)(10) 7.00% PIK/Q* 2/23/2018 12/9/2021 12,650 12,387 12,650

Second lien (3)(10)(11) - Drawn 5.00% PIK/Q* 6/9/2015 12/9/2021 8,170 8,170 8,170

Second lien (3)(10)(11) - Drawn 5.00% PIK/Q* 4/15/2020 12/9/2021 7,731 7,731 7,731

Subordinated (3)(10) 8.50% PIK/Q* 6/9/2015 12/9/2021 5,678 5,677 5,678

Subordinated (2)(10) 10.00% PIK/Q* 6/9/2015 12/9/2021 22,074 22,074 22,074

Subordinated (3)(10) 10.00% PIK/Q* 6/9/2015 12/9/2021 5,430 5,430 5,430

New Benevis Topco, LLC (25)

New Benevis Holdco, Inc.

Healthcare Services First lien (2)(11) 10.50% (L + 2.50% + 7.00% PIK/Q)* 10/6/2020 4/7/2025 $ 31,422 $ 31,422 $ 31,422

First lien (8)(11) 10.50% (L + 2.50% + 7.00% PIK/Q)* 10/6/2020 4/7/2025 7,710 7,710 7,710

First lien (3)(11) 10.50% (L + 2.50% + 7.00% PIK/Q)* 10/6/2020 4/7/2025 3,786 3,786 3,786

Subordinated (3)(11) 12.00% PIK/M* 10/6/2020 10/6/2025 15,113 12,447 12,091

58,031 55,365 55,009 4.36 %

4 unchanged sentences

First lien (3)(11) 8.50% (L + 5.50% + 2.00% PIK/S)* 6/29/2018 8/20/2024 1,338 1,157 1,283

Second lien (3)(11) 15.00% PIK/Q* 12/16/2020 2/20/2025 8,910 8,910 8,910

34,584 33,474 33,523 2.65 %

NHME Holdings Corp.

National HME, Inc.

Healthcare Services Second lien (3)(11) 12.00% PIK/Q* 11/27/2018 5/27/2024 19,202 16,464 13,921

Second lien (3)(11) 12.00% PIK/Q* 11/27/2018 5/27/2024 10,611 9,949 9,285

29,813 26,413 23,206 1.84 %

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

1 unchanged sentence

Consolidated Schedule of Investments (Continued)

September 30, 2020

March 31, 2021

(in thousands, except shares)

2 unchanged sentences

Value Percent of Net

NHME Holdings Corp.

National HME, Inc.

Healthcare Services Second lien (3)(10) 12.00% PIK/Q* 11/27/2018 5/27/2024 $ 18,088 $ 15,033 $ 13,114

Second lien (3)(10) 12.00% PIK/Q* 11/27/2018 5/27/2024 9,996 9,251 8,746

New Permian Holdco, Inc.

New Permian Holdco, L.L.C.

Energy First lien (3)(11) 18.00% PIK/M* 10/30/2020 12/31/2024 $ 15,921 $ 15,921 $ 15,921

First lien (3)(11)(12) - Drawn 10.00% (L + 9.00% PIK/M)* 10/30/2020 12/31/2024 4,372 4,372 4,372

20,293 20,293 20,293 1.61 %

Total Funded Debt Investments - United States $ 142,721 $ 135,545 $ 132,031 10.46 %

Total Funded Debt Investments $ 222,989 $ 217,654 $ 207,086 17.30 %

Equity - Canada

5 unchanged sentences

Investment Fund Membership interest (3)(11) — 5/4/2018 — — $ 130,000 $ 130,000 10.29 %

NM NL Holdings, L.P.**

Net Lease Membership interest (7)(11) — 6/20/2018 — — 88,151 101,500 8.04 %

NMFC Senior Loan Program II LLC**

Investment Fund Membership interest (3)(11) — 5/3/2016 — — 79,400 79,400 6.29 %

NM NL Holdings, L.P.**

New Benevis Topco, LLC (25)

Healthcare Services Ordinary shares (2)(11) — 10/6/2020 — 269,027 27,154 30,366

Ordinary shares (8)(11) — 10/6/2020 — 66,007 6,662 7,451

Ordinary shares (3)(11) — 10/6/2020 — 60,068 6,105 6,780

39,921 44,597 3.53 %

Net Lease Membership interest (7)(11) — 2/1/2018 — — 14,750 29,463 2.33 %

NMFC Senior Loan Program I LLC**

Investment Fund Membership interest (3)(11) — 6/13/2014 — — 23,000 23,000 1.82 %

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

New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

March 31, 2021

(in thousands, except shares)

Portfolio Company, Location and Industry (1) Type of Investment Interest Rate (13) Acquisition Date Maturity / Expiration Date Principal

or Shares Cost Fair

Value Percent of Net

UniTek Global Services, Inc.

8 unchanged sentences

Net Lease Membership interest (7)(11) — 10/6/2017 — — 12,538 14,896 1.18 %

Net Lease Membership interest (7)(10) — 10/6/2017 — — 12,538 12,677 1.06 %

Net Lease Membership interest (7)(10) — 11/18/2016 — — 5,152 6,980 0.58 %

New Permian Holdco, Inc.

Energy Ordinary shares (3)(11) — 10/30/2020 — 100 11,155 11,000 0.87 %

NM APP US LLC

Net Lease Membership interest (7)(11) — 9/13/2016 — — 5,080 7,525 0.60 %

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

New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

September 30, 2020

(in thousands, except shares)

Portfolio Company, Location and Industry (1) Type of Investment Interest Rate (12) Acquisition Date Maturity / Expiration Date Principal

or Shares Cost Fair

Value Percent of Net

Net Lease Membership interest (7)(11) — 11/18/2016 — — 5,152 7,194 0.57 %

Edmentum Ultimate Holdings, LLC (16)

Education Ordinary shares (3)(10) — 6/9/2015 — 123,968 11 2,431

Ordinary shares (2)(10) — 6/9/2015 — 107,143 9 2,101

20 4,532 0.38 %

Net Lease Membership interest (7)(11) — 9/30/2019 — — 6,272 6,866 0.54 %

NHME Holdings Corp.

1 unchanged sentence

Net Lease Membership interest (7)(11) — 8/12/2016 — — 2,043 3,861 0.31 %

Net Lease Membership interest (7)(10) — 11/15/2016 — — 8,227 940 0.08 %

NM GP Holdco, LLC**

Net Lease Membership interest (7)(11) — 6/20/2018 — — 1,010 1,135 0.09 %

New LT Smile Holdings, LLC(25)

Healthcare Services Ordinary shares (3)(10) — 6/5/2020 — 68 — —

Ordinary shares (8)(10) — 6/5/2020 — 136 — —

Ordinary shares (2)(10) — 6/5/2020 — 556 — —

Net Lease Membership interest (7)(11) — 11/15/2016 — — 8,870 717 0.06 %

Total Shares - United States $ 505,016 $ 486,805 38.55 %

1 unchanged sentence

Warrants - United States

Edmentum Ultimate Holdings, LLC (16)

Education Warrants (3)(10) — 2/23/2018 5/5/2026 1,141,846 $ 769 $ 22,390 1.87 %

UniTek Global Services, Inc.

Business Services Warrants (3)(11) — 12/16/2020 2/20/2025 8,523 $ — $ 12,674 1.00 %

NHME Holdings Corp.

2 unchanged sentences

Total Funded Investments $ 648,906 $ 644,998 51.08 %

Unfunded Debt Investments - United States

New LT Smile Holdings, LLC (25)

Benevis Holding Corp.

Healthcare Services First lien (3)(10)(11) - Undrawn — 8/5/2020 11/5/2020 $ 10,371 $ — $ — — %

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

1 unchanged sentence

Consolidated Schedule of Investments (Continued)

September 30, 2020

March 31, 2021

(in thousands, except shares)

2 unchanged sentences

Value Percent of Net

Edmentum Ultimate Holdings, LLC (16)

Edmentum, Inc.

(fka Plato, Inc.) (Archipelago Learning, Inc.)

Education Second lien (3)(10)(11) - Undrawn — 4/15/2020 12/9/2021 $ 2,000 $ — $ — — %

Unfunded Debt Investments - United States

New Permian Holdco, Inc.

New Permian Holdco, L.L.C.

Energy First lien (3)(11)(12) - Undrawn — 10/30/2020 12/31/2024 $ 5,740 $ — $ — — %

Total Unfunded Debt Investments - United States $ 5,740 $ — $ — — %

3 unchanged sentences

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 Collateral Manager, New Mountain Finance Holdings, L.L.C.

(“NMF Holdings”) as the Borrower, Wells Fargo Bank, National Association as the Administrative Agent, and Collateral Custodian.

(2) Investment is pledged as collateral for the Holdings Credit Facility, a revolving credit facility among the Company, as the Collateral Manager, New Mountain Finance Holdings, L.L.C.

("NMF Holdings") as the Borrower and Wells Fargo Bank, National Association as the Administrative Agent and Collateral Custodian.

Borrowings , for details.

8 unchanged sentences

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

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

(11) The fair value of the Company's investment is determined using unobservable inputs that are significant to the overall fair value measurement.

4 unchanged sentences

A majority of the variable rate debt investments bear interest at a rate that may be determined by reference to the London Interbank Offered Rate (L), the Prime Rate (P) and the alternative base rate (Base) and which resets daily (D), weekly (W), monthly (M), quarterly (Q), semi-annually (S) or annually (A).

For each investment the current interest rate provided reflects the rate in effect as of September 30, 2020.

For each investment the current interest rate provided reflects the rate in effect as of March 31, 2021.

(14) The Company holds investments in Education Management Corporation and one related entity of Education Management Corporation.

1 unchanged sentence

(15) The Company holds investments in two related entities of Tenawa Resource Holdings LLC.

The Company holds 4.77% of the common units in QID NGL LLC (which at closing represented 98.1% of the ownership in the common units in Tenawa Resource Holdings LLC), class A preferred units in QID NGL LLC and a first lien investment in Tenawa Resource Management LLC, a wholly-owned subsidiary of Tenawa Resource Holdings LLC.

The Company holds 4.77% of the common units in QID NGL LLC (which at closing represented 98.1% of the ownership in the common units in Tenawa Resource Holdings LLC), class A and class B preferred units in QID NGL LLC and a first lien investment in Tenawa Resource Management LLC, a wholly-owned subsidiary of Tenawa Resource Holdings LLC.

(16) The Company holds investments in two wholly-owned subsidiaries of Alert Holding Company, Inc.

2 unchanged sentences

The preferred equity is entitled to receive preferential dividends at a rate of L + 10.0% per annum.

(16) The Company holds investments in Edmentum Ultimate Holdings, LLC and its related entities.

The Company holds subordinated notes, ordinary equity, and warrants in Edmentum Ultimate Holdings, LLC, holds a first lien promissory note in EducationCity Limited and holds a first lien term loan, first lien promissory note, second lien revolvers and a second lien term loan in Edmentum, Inc.

and Archipelago Learning, Inc., which are wholly-owned subsidiaries of Edmentum Ultimate Holdings, LLC.

(17) The Company holds preferred equity in Permian Holdco 1, Inc.

that is entitled to receive cumulative preferential dividends at a rate of 12.0% per annum payable in additional shares.

(18) The Company holds preferred equity in UniTek Global Services, Inc.

that is entitled to receive cumulative preferential dividends at a rate of 13.5% per annum payable in additional shares.

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

The preferred shares are entitled to receive cumulative preferential dividends at a rate of 10.0% per annum.

The ordinary shares are entitled to receive cumulative preferential dividends at a rate of 12.0% per annum.

(18) The Company holds preferred equity in UniTek Global Services, Inc.

that is entitled to receive cumulative preferential dividends at a rate of 13.5% per annum payable in additional shares.

(20) The Company holds preferred equity in UniTek Global Services, Inc.

that is entitled to received cumulative preferential dividends at a rate of 20.0% per annum payable in additional shares.

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

1 unchanged sentence

Consolidated Schedule of Investments (Continued)

September 30, 2020

March 31, 2021

(in thousands, except shares)

(19) The Company holds preferred equity in UniTek Global Services, Inc.

that is entitled to receive cumulative preferential dividends at a rate of 19.0% per annum payable in additional shares.

(20) The Company holds preferred equity in UniTek Global Services, Inc.

that is entitled to received cumulative preferential dividends at a rate of 20.0% per annum payable in additional shares.

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

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

(23) The Company holds preferred equity in Avatar Topco, Inc., and holds a second lien term loan investment in EAB Global, Inc., a wholly-owned subsidiary of Avatar Topco, Inc.

(23) The Company holds preferred equity in Avatar Topco, Inc.

and holds a second lien term loan investment in EAB Global, Inc., a wholly-owned subsidiary of Avatar Topco, Inc.

The preferred equity is entitled to receive cumulative preferential dividends at a rate of L + 11.00% per annum.

(24) The Company holds preferred equity in Symplr Intermediate Holdings, Inc.

and holds a first lien term loan investment in Symplr Software Inc, Inc.

(fka Caliper Software, Inc.), a wholly-owned subsidiary of Symplr Software Intermediate Holdings, Inc.

The preferred equity is entitled to receive preferential dividends at a rate of L + 10.50% per annum.

(25) The Company holds common equity in New LT Smile Holdings, LLC.

and holds first lien term loans in Benevis Holding Corp., a wholly-owned subsidiary of New LT Smile Holdings, LLC.

(24) The Company holds preferred equity in Symplr Software Intermediate Holdings, Inc.

that is entitled to receive cumulative preferential dividends at a rate of L + 10.50% per annum.

(25) 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 a first lien term loan, first lien revolver and subordinated notes in American Achievement Corporation, a partially-owned subsidiary of AAC Lender Holdings, LLC.

(27) Investment or a portion of the investment is on non-accrual status.

Investments , for details.

(27) The Company holds one security purchased under a collateralized agreement to resell on its Consolidated Statement of Assets and Liabilities with a cost basis of $30,000 and a fair value of $21,422 as of September 30, 2020.

(28) The Company holds one security purchased under a collateralized agreement to resell on its Consolidated Statement of Assets and Liabilities with a cost basis of $30,000 and a fair value of $21,422 as of March 31, 2021.

Summary of Significant Accounting Policies , for details.

(29) Denotes investments in which the Company is an “Affiliated Person”, as defined in the Investment Company Act of 1940, as amended (the "1940 Act"), due to owning or holding the power to vote 5.0% or more of the outstanding voting securities of the investment but not controlling the company.

Fair value as of September 30, 2020 and December 31, 2019, along with transactions during the nine months ended September 30, 2020 in which the issuer was a non-controlled/affiliated investment, is as follows:

Fair value as of March 31, 2021 and December 31, 2020 along with transactions during the three months ended March 31, 2021 in which the issuer was a non-controlled/affiliated investment is as follows:

Portfolio Company Fair Value at December 31, 2020 Gross

(Losses) Net Change In

(Depreciation) Fair Value at September 30, 2020 Interest

(Depreciation) Fair Value at March 31, 2021 Interest

Income Dividend

NMFC Senior Loan Program I LLC $ 23,000 $ — $ — $ — $ — $ 23,000 $ — $ 2,096 $ 781

Permian Holdco 1, Inc.

1 unchanged sentence

/ Permian Holdco 3, Inc.

40,621 (1,172) (1,350) — (10,265) 27,834 548 (3,418) 195

/ Permian Trust $ — $ 225 $ (12,213) $ (12,213) $ 11,988 $ — $ — $ — $ —

Sierra Hamilton Holdings Corporation 4,776 1 (106) 1 (17) 4,654 46 — 8

TVG-Edmentum Holdings, LLC / Edmentum Ultimate Holdings, LLC 98,236 1,509 — — 17,071 116,816 417 1,505 94

Total Non-Controlled/Affiliated Investments $ 103,012 $ 1,735 $ (12,319) $ (12,212) $ 29,042 $ 121,470 $ 463 $ 1,505 $ 102

4 unchanged sentences

Consolidated Schedule of Investments (Continued)

September 30, 2020

March 31, 2021

(in thousands, except shares)

(30) Denotes investments in which the Company is in “Control”, as defined in the 1940 Act, due to owning or holding the power to vote more than 25.0% of the outstanding voting securities of the investment.

Fair value as of September 30, 2020 and December 31, 2019, along with transactions during the nine months ended September 30, 2020 in which the issuer was a controlled investment, is as follows:

Fair value as of March 31, 2021 and December 31, 2020, along with transactions during the three months ended March 31, 2021 in which the issuer was a controlled investment, is as follows:

Portfolio Company Fair Value at December 31, 2020 Gross

(Losses) Net Change In

(Depreciation) Fair Value at September 30, 2020 Interest

(Depreciation) Fair Value at March 31, 2021 Interest

Income Dividend

Edmentum Ultimate Holdings, LLC/Edmentum Inc.

Edmentum Inc.

$ — $ — $ — $ 1,557 $ — $ — $ — $ — $ 1,200

1 unchanged sentence

27,530 1,070 — — (394) 28,206 1,070 — 125

New LT Smile Holdings, LLC / Benevis Holdings Corp.

New Benevis Topco, LLC / New Benevis Holdco, Inc.

98,442 1,279 — — (115) 99,606 1,649 — 375

New Permian Holdco, Inc.

/ New Permian Holdco, L.L.C.

29,336 1,957 — — — 31,293 791 — 230

NM APP CANADA CORP 12,302 — — — 186 12,488 — 252 —

9 unchanged sentences

NM YI LLC 6,852 — — — 14 6,866 — 285 —

NMFC Senior Loan Program I LLC 23,000 — — — — 23,000 — 575 —

NMFC Senior Loan Program II LLC 79,400 — — — — 79,400 — 1,985 —

5 unchanged sentences

(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.

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

* All or a portion of interest contains PIK interest.

1 unchanged sentence

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, 2020, 17.1% of the Company’s total assets are represented by investments at fair value that are considered non-qualifying assets.

As of March 31, 2021, 16.9% 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.

1 unchanged sentence

Consolidated Schedule of Investments (Continued)

September 30, 2020

March 31, 2021

Investment Type Percent of Total

5 unchanged sentences

Total investments 100.00 %

September 30, 2020

March 31, 2021

Industry Type Percent of Total

4 unchanged sentences

Education 8.60 %

Investment Fund (includes investments in joint ventures) 7.68 %

Investment Funds (includes investments in joint ventures) 7.70 %

Net Lease 6.15 %

Federal Services 2.16 %

Healthcare Information Technology 2.71 %

Consumer Services 2.64 %

Specialty Chemicals & Materials 2.07 %

Distribution & Logistics 2.02 %

Specialty Chemicals & Materials 1.91 %

Healthcare Information Technology 1.60 %

Industrial Services 1.21 %

3 unchanged sentences

Total investments 100.00 %

September 30, 2020

March 31, 2021

Interest Rate Type Percent of Total

18 unchanged sentences

36,112 35,869 36,112 2.92 %

Wolfpack IP Co.**

Software First lien (2)(9) 8.29% (L + 6.50%/M) 6/14/2019 6/13/2025 9,091 9,007 9,000 0.70 %

Total Funded Debt Investments - Canada $ 36,112 $ 35,869 $ 36,112 2.92 %

1 unchanged sentence

GEMS Menasa (Cayman) Limited**

Education First lien (8) 6.91% (L + 5.00%/Q) 7/30/2019 7/31/2026 $ 33,405 $ 33,240 $ 33,488 2.61 %

Education First lien (8) 6.00% (L + 5.00%/S) 7/30/2019 7/31/2026 $ 15,678 $ 15,614 $ 15,658 1.27 %

Total Funded Debt Investments - United Arab Emirates $ 15,678 $ 15,614 $ 15,658 1.27 %

7 unchanged sentences

/ Aston US Finco, LLC**

Software Second lien (8)(9) 10.26% (L + 8.25%/Q) 10/8/2019 10/8/2027 34,459 34,187 34,201 2.66 %

Software Second lien (8)(10) 8.40% (L + 8.25%/M) 10/8/2019 10/8/2027 34,459 34,213 34,459 2.79 %

Total Funded Debt Investments - United Kingdom $ 78,312 $ 77,885 $ 78,312 6.33 %

Funded Debt Investments - United States

Benevis Holding Corp.

Healthcare Services First lien (2)(9) 8.25% (L + 6.32%/Q) 3/15/2018 3/15/2024 $ 62,731 $ 62,731 $ 62,323

First lien (8)(9) 8.25% (L + 6.32%/Q) 3/15/2018 3/15/2024 15,391 15,391 15,291

First lien (3)(9) 8.25% (L + 6.32%/Q) 3/29/2019 3/15/2024 7,743 7,743 7,693

GS Acquisitionco, Inc.

Software First lien (2)(10) 6.75% (L + 5.75%/S) 8/7/2019 5/24/2024 $ 26,639 $ 26,517 $ 26,639

First lien (2)(10) 6.75% (L + 5.75%/S) 8/7/2019 5/24/2024 25,950 25,818 25,950

First lien (5)(10) 6.75% (L + 5.75%/S) 8/7/2019 5/24/2024 22,193 22,091 22,193

First lien (2)(10) 6.75% (L + 5.75%/S) 8/7/2019 5/24/2024 12,649 12,578 12,649

87,431 87,004 87,431 7.07 %

1 unchanged sentence

Healthcare Services First lien (2)(10) 6.50% (L + 5.50%/M) 9/17/2018 8/16/2024 49,857 49,528 48,844

First lien (3)(9)(10) - Drawn 7.30% (L + 5.50%/M) 9/17/2018 8/16/2024 28,139 28,009 28,139

78,507 77,965 78,507 6.11 %

Kronos Incorporated

Software Second lien (2) 10.16% (L + 8.25%/Q) 10/26/2012 11/1/2024 49,210 48,955 50,563

Second lien (8) 10.16% (L + 8.25%/Q) 10/26/2012 11/1/2024 11,147 11,147 11,453

First lien (3)(10) 6.50% (L + 5.50%/M) 9/17/2018 8/16/2024 27,857 27,623 27,291

77,714 77,151 76,135 6.15 %

3 unchanged sentences

First lien (2)(10)(11) - Drawn 8.00% (L + 4.00% + 3.00% PIK/Q)* 7/30/2018 7/30/2024 10,419 10,371 10,419

First lien (2)(10)(11) - Drawn 7.00% (L + 6.00%/Q) 7/30/2018 7/30/2024 2,033 2,020 2,033

63,656 63,394 63,656 5.14 %

8 unchanged sentences

or Shares Cost Fair Value Percent of

Nomad Buyer, Inc.

Healthcare Services First lien (2) 6.74% (L + 5.00%/M) 8/3/2018 8/1/2025 $ 56,439 $ 54,867 $ 56,298 4.39 %

GS Acquisitionco, Inc.

Software First lien (2)(9) 7.55% (L + 5.75%/M) 8/7/2019 5/24/2024 26,894 26,738 26,725

First lien (5)(9) 7.55% (L + 5.75%/M) 8/7/2019 5/24/2024 22,406 22,276 22,266

First lien (3)(9)(10) - Drawn 7.55% (L + 5.75%/M) 8/7/2019 5/25/2024 3,720 3,698 3,697

ConnectWise, LLC

Software First lien (2)(10) 6.25% (L + 5.25%/Q) 11/26/2019 2/28/2025 $ 55,054 $ 54,772 $ 55,054

First lien (3)(10)(11) - Drawn 6.25% (L + 5.25%/M) 11/26/2019 2/28/2025 1,062 1,055 1,062

56,116 55,827 56,116 4.54 %

Software First lien (8)(9) 8.29% (L + 6.50%/M) 9/12/2018 9/12/2024 46,636 46,229 46,636

First lien (8)(9) 8.29% (L + 6.50%/M) 6/14/2019 9/12/2024 8,667 8,587 8,667

Software First lien (8)(10) 7.50% (L + 6.50%/S) 9/12/2018 9/12/2024 41,636 41,340 41,794

First lien (8)(10) 7.50% (L + 6.50%/S) 6/14/2019 9/12/2024 8,667 8,602 8,700

First lien (3)(10)(11) - Drawn 7.50% (L + 6.50%/Q) 9/12/2018 9/12/2024 2,915 2,886 2,915

53,218 52,828 53,409 4.32 %

ConnectWise, LLC

Software First lien (2)(9) 7.94% (L + 6.00%/Q) 11/26/2019 2/28/2025 55,613 55,270 55,265 4.31 %

CentralSquare Technologies, LLC

Software Second lien (3) 9.30% (L + 7.50%/M) 8/15/2018 8/31/2026 47,838 47,297 45,087

Second lien (8) 9.30% (L + 7.50%/M) 8/15/2018 8/31/2026 7,500 7,415 7,069

55,338 54,712 52,156 4.06 %

Dealer Tire, LLC

Distribution & Logistics First lien (2) 7.30% (L + 5.50%/M) 12/4/2018 12/12/2025 51,386 50,251 51,577 4.02 %

Salient CRGT Inc.

Federal Services First lien (2) 8.29% (L + 6.50%/M) 1/6/2015 2/28/2022 39,312 39,049 37,445

First lien (8) 8.29% (L + 6.50%/M) 6/6/2019 2/28/2022 13,434 12,987 12,795

Software Second lien (3) 7.75% (L + 7.50%/Q) 8/15/2018 8/31/2026 47,838 47,361 46,164

Second lien (8) 7.75% (L + 7.50%/Q) 8/15/2018 8/31/2026 7,500 7,425 7,237

55,338 54,786 53,401 4.32 %

NM GRC Holdco, LLC

Business Services First lien (2)(9) 7.94% (L + 6.00%/Q) 2/9/2018 2/9/2024 38,346 38,206 38,346

DCA Investment Holding, LLC

Healthcare Services First lien (8)(10) 6.25% (L + 5.25%/Q) 4/16/2019 7/2/2021 20,316 20,243 19,977

First lien (2)(10) 6.25% (L + 5.25%/Q) 7/2/2015 7/2/2021 16,916 16,900 16,634

First lien (8)(10) 6.25% (L + 5.25%/Q) 12/20/2017 7/2/2021 8,801 8,782 8,654

First lien (2)(10) 6.25% (L + 5.25%/Q) 12/20/2017 7/2/2021 4,142 4,135 4,073

First lien (3)(10)(11) - Drawn 6.25% (L + 5.25%/Q) 7/2/2015 7/2/2021 2,056 2,036 2,022

52,231 52,096 51,360 4.15 %

Salient CRGT Inc.

Federal Services First lien (2)(10) 7.50% (L + 6.50%/S) 1/6/2015 2/28/2022 37,348 37,209 37,348

First lien (8)(10) 7.50% (L + 6.50%/S) 6/6/2019 2/28/2022 12,762 12,528 12,762

50,110 49,737 50,110 4.05 %

Frontline Technologies Group Holdings, LLC

Education First lien (4)(9) 7.55% (L + 5.75%/M) 9/18/2017 9/18/2023 22,162 22,050 22,162

First lien (2)(9) 7.55% (L + 5.75%/M) 9/18/2017 9/18/2023 18,677 18,619 18,677

First lien (2)(9) 7.55% (L + 5.75%/M) 9/18/2017 9/18/2023 7,710 7,658 7,710

Software First lien (4)(10) 6.75% (L + 5.75%/Q) 9/18/2017 9/18/2023 21,940 21,856 21,940

First lien (2)(10) 6.75% (L + 5.75%/Q) 9/18/2017 9/18/2023 18,490 18,447 18,490

First lien (2)(10) 6.75% (L + 5.75%/Q) 9/18/2017 9/18/2023 7,632 7,594 7,632

48,062 47,897 48,062 3.88 %

Integro Parent Inc.

Business Services First lien (2)(9) 7.54% (L + 5.75%/M) 10/9/2015 10/31/2022 35,024 34,892 35,024

Second lien (8)(9) 11.04% (L + 9.25%/M) 10/9/2015 10/30/2023 10,000 9,941 10,000

NM GRC Holdco, LLC

Business Services First lien (2)(10) 8.50% (L + 6.00% + 1.50% PIK/Q)* 2/9/2018 2/9/2024 38,368 38,258 36,929

First lien (2)(10) 8.50% (L + 6.00% + 1.50% PIK/Q)* 2/9/2018 2/9/2024 10,664 10,631 10,264

49,032 48,889 47,193 3.82 %

Brave Parent Holdings, Inc.

Software Second lien (5) 9.43% (L + 7.50%/Q) 4/17/2018 4/17/2026 22,500 22,404 21,825

Second lien (2) 9.43% (L + 7.50%/Q) 4/17/2018 4/17/2026 16,624 16,480 16,125

Second lien (8) 9.43% (L + 7.50%/Q) 4/17/2018 4/17/2026 6,000 5,948 5,820

Software Second lien (5)(10) 7.65% (L + 7.50%/M) 4/17/2018 4/17/2026 22,500 22,417 22,500

Second lien (2)(10) 7.65% (L + 7.50%/M) 4/17/2018 4/17/2026 16,624 16,498 16,624

Second lien (8)(10) 7.65% (L + 7.50%/M) 4/17/2018 4/17/2026 6,000 5,955 6,000

45,124 44,870 45,124 3.65 %

Quest Software US Holdings Inc.

Software Second lien (2) 10.18% (L + 8.25%/Q) 5/17/2018 5/18/2026 43,697 43,320 42,851 3.35 %

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

7 unchanged sentences

or Shares Cost Fair Value Percent of

Symplr Software Intermediate Holdings, Inc.

Symplr Software, Inc.

(fka Caliper Software, Inc.)

Healthcare Information Technology First lien (2)(9) 7.94% (L + 6.00%/Q) 11/30/2018 11/28/2025 $ 25,561 $ 25,387 $ 25,561

First lien (4)(9) 7.94% (L + 6.00%/Q) 11/30/2018 11/28/2025 14,850 14,752 14,850

Integro Parent Inc.

Business Services First lien (2)(10) 6.75% (L + 5.75%/M) 10/9/2015 10/31/2022 $ 34,490 $ 34,405 $ 34,490

Second lien (8)(10) 10.25% (L + 9.25%/M) 10/9/2015 10/30/2023 10,000 9,955 10,000

44,490 44,360 44,490 3.60 %

Quest Software US Holdings Inc.

Software Second lien (2)(10) 8.46% (L + 8.25%/Q) 5/17/2018 5/18/2026 43,697 43,367 43,697 3.53 %

Tenawa Resource Holdings LLC (14)

Tenawa Resource Management LLC

Energy First lien (3)(9) 10.50% (Base + 8.00%/Q) 5/12/2014 10/30/2024 39,000 38,950 39,000 3.04 %

KAMC Holdings, Inc

Business Services Second lien (2)(9) 9.91% (L + 8.00%/Q) 8/14/2019 8/13/2027 18,750 18,614 18,609

Second lien (8)(9) 9.91% (L + 8.00%/Q) 8/14/2019 8/13/2027 18,750 18,614 18,609

37,500 37,228 37,218 2.90 %

Specialty Chemicals & Materials First lien (3)(10) 10.50% (Base + 8.00%/Q) 5/12/2014 10/30/2024 38,600 38,559 38,600 3.12 %

Trader Interactive, LLC

1 unchanged sentence

First lien (8)(10) 7.25% (L + 6.25%/M) 6/15/2017 6/17/2024 4,899 4,880 4,899

First lien (3)(10)(11) - Drawn 7.25% (L + 6.25%/M) 6/15/2017 6/15/2023 502 498 502

37,006 36,860 37,006 2.99 %

Peraton Holding Corp.

(fka MHVC Acquisition Corp.)

Federal Services First lien (2) 7.05% (L + 5.25%/M) 4/25/2017 4/29/2024 36,907 36,781 36,745 2.86 %

Software First lien (8)(9) 8.96% (L + 7.25%/M) 1/10/2019 1/10/2025 34,076 33,473 33,394 2.60 %

Definitive Healthcare Holdings, LLC

Healthcare Information Technology First lien (8)(9) 8.40% (L + 5.50% + 1.00% PIK/Q)* 8/7/2019 7/16/2026 33,402 33,244 33,234 2.59 %

Finalsite Holdings, Inc.

Software First lien (4)(9) 6.93% (L + 5.00%/Q) 9/28/2018 9/25/2024 22,219 22,081 22,219

CoolSys, Inc.

Industrial Services First lien (5) 7.00% (L + 6.00%/Q) 11/20/2019 11/20/2026 22,275 22,177 22,275

First lien (2) 7.00% (L + 6.00%/Q) 11/20/2019 11/20/2026 10,296 10,251 10,296

33,193 32,987 33,193 2.59 %

TDG Group Holding Company

Consumer Services First lien (2)(9) 7.44% (L + 5.50%/Q) 5/22/2018 5/31/2024 24,860 24,763 24,860

First lien (3) 7.00% (L + 6.00%/Q) 11/20/2019 11/20/2026 4,173 4,153 4,173

36,744 36,581 36,744 2.97 %

KAMC Holdings, Inc

Business Services Second lien (2)(10) 8.22% (L + 8.00%/Q) 8/14/2019 8/13/2027 18,750 18,627 18,300

Second lien (8)(10) 8.22% (L + 8.00%/Q) 8/14/2019 8/13/2027 18,750 18,627 18,300

37,500 37,254 36,600 2.96 %

Affinity Dental Management, Inc.

Healthcare Services First lien (2)(10) 7.00% (L + 6.00%/Q) 9/15/2017 9/15/2023 26,222 26,182 24,397

First lien (4)(10) 7.00% (L + 6.00%/Q) 9/17/2019 9/15/2023 10,592 10,592 9,854

First lien (3)(10)(11) - Drawn 7.00% (L + 6.00%/Q) 9/15/2017 3/15/2023 1,738 1,720 1,617

38,552 38,494 35,868 2.90 %

CoolSys, Inc.

Industrial Services First lien (5) 7.80% (L + 6.00%/M) 11/20/2019 11/20/2026 22,500 22,388 22,388

First lien (2) 7.80% (L + 6.00%/M) 11/20/2019 11/20/2026 10,400 10,348 10,348

GC Waves Holdings, Inc.**

Business Services First lien (5)(10) 6.75% (L + 5.75%/Q) 10/31/2019 10/31/2025 22,331 22,191 22,331

First lien (2)(10) 6.75% (L + 5.75%/Q) 10/31/2019 10/31/2025 3,645 3,622 3,645

First lien (3)(10) 6.75% (L + 5.75%/Q) 10/31/2019 10/31/2025 9,835 9,742 9,835

35,811 35,555 35,811 2.89 %

Ansira Holdings, Inc.

Business Services First lien (8) 7.55% (L + 5.75%/M) 12/19/2016 12/20/2022 28,455 28,378 27,032

First lien (3)(10) - Drawn 7.51% (L + 5.75%/M) 12/19/2016 12/20/2022 4,743 4,731 4,506

Definitive Healthcare Holdings, LLC

Healthcare Information Technology First lien (8)(10) 6.50% (L + 5.50%/Q) 8/7/2019 7/16/2026 33,615 33,477 33,615

First lien (3)(10)(11) - Drawn 6.50% (L + 5.50%/Q) 8/7/2019 7/16/2026 1,327 1,321 1,327

34,942 34,798 34,942 2.82 %

8 unchanged sentences

or Shares Cost Fair Value Percent of

DCA Investment Holding, LLC

Healthcare Services First lien (2)(9) 7.19% (L + 5.25%/Q) 7/2/2015 7/2/2021 $ 17,095 $ 17,046 $ 17,095

First lien (3)(9) 7.19% (L + 5.25%/Q) 12/20/2017 7/2/2021 8,890 8,834 8,890

First lien (2)(9) 7.19% (L + 5.25%/Q) 12/20/2017 7/2/2021 4,184 4,163 4,184

First lien (3)(9)(10) - Drawn 9.00% (P + 4.25%/Q) 7/2/2015 7/2/2021 608 602 608

TDG Group Holding Company

Consumer Services First lien (2)(10) 5.40% (L + 5.25%/M) 5/22/2018 5/31/2024 $ 24,607 $ 24,532 $ 24,607

First lien (8)(10) 5.40% (L + 5.25%/M) 5/22/2018 5/31/2024 4,900 4,884 4,900

First lien (2)(10) 5.40% (L + 5.25%/M) 5/22/2018 5/31/2024 3,287 3,277 3,287

First lien (2)(10)(11) - Drawn 5.40% (L + 5.25%/M) 5/22/2018 5/31/2024 1,891 1,882 1,891

34,685 34,575 34,685 2.80 %

Integral Ad Science, Inc.

Software First lien (8)(9) 9.05% (L + 6.00% + 1.25% PIK/M)* 7/19/2018 7/19/2024 26,843 26,616 26,843

First lien (3)(9) 9.05% (L + 6.00% + 1.25% PIK/M)* 8/27/2019 7/19/2024 3,507 3,474 3,507

Software First lien (8)(10) 8.00% (L + 4.00% + 3.00% PIK/S)* 5/9/2019 5/2/2025 28,225 28,014 28,508

First lien (3)(10) 8.00% (L + 4.00% + 3.00% PIK/S)* 5/9/2019 5/2/2025 3,315 3,284 3,348

First lien (3)(10)(11) - Drawn 7.50% (L + 6.50%/S) 5/9/2019 5/2/2025 1,133 1,121 1,133

32,673 32,419 32,989 2.67 %

Conservice, LLC

Business Services First lien (2)(9) 7.05% (L + 5.25%/M) 1/3/2019 11/29/2024 25,311 25,202 25,184

First lien (3)(9)(10) - Drawn 7.05% (L + 5.25%/M) 1/3/2019 11/29/2024 4,418 4,398 4,396

Finalsite Holdings, Inc.

Software First lien (4)(10) 6.00% (L + 5.00%/Q) 9/28/2018 9/25/2024 21,994 21,883 21,994

First lien (2)(10) 6.00% (L + 5.00%/Q) 9/28/2018 9/25/2024 10,863 10,809 10,863

32,857 32,692 32,857 2.66 %

Kaseya Traverse Inc.

Integral Ad Science, Inc.

Software First lien (8)(10) 8.25% (L + 6.00% + 1.25% PIK/S)* 7/19/2018 7/19/2024 27,127 26,943 27,127

First lien (3)(9)(10) - Drawn 8.45% (L + 6.50%/Q) 5/9/2019 5/2/2025 1,321 1,308 1,308

First lien (3)(9)(10) - Drawn 8.69% (L + 5.50% + 1.00% PIK/S)* 5/9/2019 5/2/2025 430 426 426

First lien (3)(10) 8.25% (L + 6.00% + 1.25% PIK/S)* 8/27/2019 7/19/2024 3,544 3,517 3,544

30,671 30,460 30,671 2.48 %

Clarkson Eyecare, LLC

Healthcare Services First lien (2) 8.05% (L + 6.25%/M) 8/21/2019 4/2/2021 17,300 17,149 17,300

First lien (2) 8.05% (L + 6.25%/M) 9/11/2019 4/2/2021 11,533 11,433 11,533

Ansira Holdings, Inc.

Business Services First lien (8)(10) 7.50% (L + 6.50% PIK/S)* 12/19/2016 12/20/2024 29,511 29,451 24,146

First lien (3)(10) 7.50% (L + 6.50% PIK/S)* 12/19/2016 12/20/2024 7,452 7,440 6,097

36,963 36,891 30,243 2.44 %

MRI Software LLC

Software First lien (5)(10) 6.50% (L + 5.50%/Q) 1/31/2020 2/10/2026 22,329 22,232 22,358

First lien (3)(10) 6.50% (L + 5.50%/Q) 1/31/2020 2/10/2026 4,654 4,632 4,660

First lien (2)(10) 6.50% (L + 5.50%/Q) 1/31/2020 2/10/2026 1,615 1,608 1,617

28,598 28,472 28,635 2.31 %

Keystone Acquisition Corp.

2 unchanged sentences

28,731 28,614 27,399 2.22 %

Sovos Brands Intermediate, Inc.

Food & Beverage First lien (2) 6.80% (L + 5.00%/M) 11/16/2018 11/20/2025 27,957 27,834 27,957 2.18 %

Affinity Dental Management, Inc.

Healthcare Services First lien (4)(9) 8.07% (L + 6.00%/S) 9/17/2019 9/15/2023 10,945 10,945 10,945

First lien (2)(9) 8.01% (L + 6.00%/S) 9/15/2017 9/15/2023 11,316 11,288 11,316

First lien (3)(9) 8.00% (L + 6.00%/S) 9/15/2017 9/15/2023 5,224 5,194 5,224

27,485 27,427 27,485 2.14 %

Confluent Health, LLC

Healthcare Services First lien (2) 5.15% (L + 5.00%/M) 6/21/2019 6/24/2026 27,088 26,976 26,783 2.17 %

TMK Hawk Parent, Corp.

Distribution & Logistics First lien (2) 5.30% (L + 3.50%/M) 6/24/2019 8/28/2024 16,908 14,483 13,865

First lien (8) 5.30% (L + 3.50%/M) 10/23/2019 8/28/2024 16,308 13,388 13,373

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

Software Second lien (5) 9.00% (L + 8.00%/Q) 11/14/2019 11/19/2027 22,500 22,391 22,275

Second lien (2) 9.00% (L + 8.00%/Q) 11/14/2019 11/19/2027 4,208 4,170 4,166

26,708 26,561 26,441 2.14 %

Instructure, Inc.

Software First lien (8)(10) 8.00% (L + 7.00%/Q) 3/24/2020 3/24/2026 24,090 23,955 23,940 1.93 %

Software Second lien (4)(10) 10.00% (L + 9.00%/S) 6/27/2019 6/28/2027 22,500 22,353 22,725 1.84 %

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

7 unchanged sentences

or Shares Cost Fair Value Percent of

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

Software Second lien (5) 9.80% (L + 8.00%/M) 11/14/2019 11/19/2027 $ 22,500 $ 22,380 $ 22,388

Second lien (2) 9.80% (L + 8.00%/M) 11/14/2019 11/19/2027 4,208 4,166 4,187

26,708 26,546 26,575 2.07 %

GC Waves Holdings, Inc.**

Business Services First lien (5)(9) 7.55% (L + 5.75%/M) 10/31/2019 10/31/2025 22,500 22,335 22,331

First lien (2)(9) 7.55% (L + 5.75%/M) 10/31/2019 10/31/2025 3,673 3,646 3,645

26,173 25,981 25,976 2.02 %

Spring Education Group, Inc (fka SSH Group Holdings, Inc.)

Education Second lien (2) 10.19% (L + 8.25%/Q) 7/26/2018 7/30/2026 24,533 24,476 24,488 1.91 %

AAC Holding Corp.

Education First lien (2)(9) 9.95% (L + 8.25%/M) 9/30/2015 9/30/2022 24,956 24,866 23,110 1.80 %

Software Second lien (4) 10.80% (L + 9.00%/M) 6/27/2019 6/28/2027 22,500 22,338 22,612 1.76 %

Astra Acquisition Corp.

Software First lien (5) 6.50% (L + 5.50%/M) 2/26/2020 3/1/2027 $ 22,331 $ 22,179 $ 22,555 1.82 %

Software Second lien (4) 8.75% (L + 8.00%/S) 12/14/2020 12/15/2028 22,500 22,331 22,331 1.80 %

Convey Health Solutions, Inc.

Healthcare Services First lien (4)(9) 6.94% (L + 5.25%/M) 9/9/2019 9/4/2026 22,444 22,200 22,191 1.73 %

Avatar Topco, Inc.

EAB Global, Inc.

Education Second lien (3) 9.49% (L + 7.50%/S) 11/17/2017 11/17/2025 13,950 13,782 13,950

Healthcare Services First lien (4)(10) 6.25% (L + 5.25%/Q) 9/9/2019 9/4/2026 22,219 22,008 22,219 1.80 %

Cardinal Parent, Inc.

Software First lien (4) 5.25% (L + 4.50%/S) 10/30/2020 11/12/2027 12,188 12,097 12,066

Second lien (4)(10) 8.50% (L + 7.75%/S) 11/12/2020 11/13/2028 9,767 9,670 9,962

4 unchanged sentences

21,849 21,785 21,849 1.77 %

National Mentor Holdings, Inc.

(aka Civitas Solutions, Inc.)

Healthcare Services Second lien (2) 10.30% (L + 8.50%/M) 2/5/2019 3/8/2027 21,051 20,609 20,999 1.64 %

Avatar Topco, Inc.

EAB Global, Inc.

Education Second lien (3)(10) 8.50% (L + 7.50%/S) 11/17/2017 11/17/2025 13,950 13,805 13,950

Second lien (8)(10) 8.50% (L + 7.50%/S) 11/17/2017 11/17/2025 7,500 7,422 7,500

21,450 21,227 21,450 1.73 %

MED Parentco, LP

Healthcare Services Second lien (8)(10) 8.40% (L + 8.25%/M) 8/2/2019 8/30/2027 20,857 20,718 21,066 1.70 %

YLG Holdings, Inc.

Business Services First lien (5)(10) 7.25% (L + 6.25%/S) 11/1/2019 10/31/2025 18,229 18,152 18,271

First lien (5)(10) 7.25% (L + 6.25%/S) 11/1/2019 10/31/2025 2,374 2,363 2,379

20,603 20,515 20,650 1.67 %

TMK Hawk Parent, Corp.

Distribution & Logistics First lien (2)(10) 3.65% (L + 3.50%/M) 6/24/2019 8/28/2024 16,735 14,786 10,468

First lien (8)(10) 3.65% (L + 3.50%/M) 10/23/2019 8/28/2024 16,141 13,778 10,096

32,876 28,564 20,564 1.66 %

Institutional Shareholder Services, Inc.

Business Services Second lien (3)(10) 8.75% (L + 8.50%/Q) 3/5/2019 3/5/2027 20,372 20,117 20,372 1.65 %

Spring Education Group, Inc (fka SSH Group Holdings, Inc.)

Education Second lien (2) 8.50% (L + 8.25%/Q) 7/26/2018 7/30/2026 21,959 21,914 20,202 1.63 %

AAC Holding Corp.

Education First lien (2)(10) 9.25% (L + 8.25% PIK/M)* 9/30/2015 9/30/2022 26,343 26,284 19,597 1.58 %

DiversiTech Holdings, Inc.

3 unchanged sentences

Xactly Corporation

Software First lien (4)(9) 9.05% (L + 7.25%/M) 7/31/2017 7/29/2022 19,047 18,925 19,047 1.48 %

FR Arsenal Holdings II Corp.

Business Services First lien (2)(9) 9.19% (L + 7.25%/Q) 9/29/2016 9/8/2022 18,355 18,249 18,355 1.43 %

YLG Holdings, Inc.

Business Services First lien (5) 7.66% (L + 5.75%/Q) 11/1/2019 10/31/2025 18,413 18,323 18,321 1.43 %

Geo Parent Corporation

Business Services First lien (2) 7.05% (L + 5.25%/M) 12/13/2018 12/19/2025 18,364 18,282 18,318 1.43 %

Bluefin Holding, LLC

Software Second lien (8)(9) 9.64% (L + 7.75%/Q) 9/6/2019 9/6/2027 18,000 18,000 18,000 1.40 %

Software First lien (4)(10) 8.25% (L + 7.25%/S) 7/31/2017 7/29/2022 19,047 18,970 19,047 1.54 %

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

7 unchanged sentences

or Shares Cost Fair Value Percent of

Peraton Holding Corp.

(fka MHVC Acquisition Corp.)

Federal Services First lien (2) 6.25% (L + 5.25%/Q) 4/25/2017 4/29/2024 $ 18,575 $ 18,525 $ 18,621 1.50 %

Bluefin Holding, LLC

Software Second lien (8)(10) 7.90% (L + 7.75%/M) 9/6/2019 9/6/2027 18,000 18,000 18,000 1.46 %

Kele Holdco, Inc.

Distribution & Logistics First lien (5)(10) 7.00% (L + 6.00%/M) 2/20/2020 2/20/2026 16,111 16,040 16,292

First lien (3)(10)(11) - Drawn 7.00% (L + 6.00%/M) 2/20/2020 2/20/2026 1,619 1,611 1,619

17,730 17,651 17,911 1.45 %

Bullhorn, Inc.

Software First lien (2)(10) 6.75% (L + 5.75%/Q) 9/24/2019 9/30/2026 17,002 16,896 17,002

First lien (3)(9)(10) - Drawn 7.46% (L + 5.50%/Q) 9/24/2019 10/1/2025 284 282 282

First lien (3)(10) 6.75% (L + 5.75%/Q) 9/24/2019 9/30/2026 353 350 353

First lien (3)(10) 6.75% (L + 5.75%/Q) 9/24/2019 9/30/2026 281 279 281

17,636 17,525 17,636 1.43 %

The Kleinfelder Group, Inc.

Business Services First lien (4)(9) 6.37% (L + 4.75%/W) 12/18/2018 11/29/2024 17,325 17,251 17,325 1.35 %

TIBCO Software Inc.

Software Subordinated (3) 11.38%/S 11/24/2014 12/1/2021 15,000 14,844 15,554 1.21 %

Business Services First lien (4)(10) 6.25% (L + 5.25%/Q) 12/18/2018 11/29/2024 17,150 17,090 17,150 1.39 %

Coyote Buyer, LLC

Specialty Chemicals & Materials First lien (5)(10) 7.00% (L + 6.00%/Q) 3/13/2020 2/6/2026 14,079 14,016 14,079

First lien (5)(10) 9.00% (L + 8.00%/Q) 10/15/2020 8/6/2026 2,533 2,508 2,558

16,612 16,524 16,637 1.35 %

Hill International, Inc.**

Business Services First lien (2)(9) 7.55% (L + 5.75%/M) 6/21/2017 6/21/2023 15,405 15,356 15,405 1.20 %

Business Services First lien (2)(10) 6.75% (L + 5.75%/Q) 6/21/2017 6/21/2023 15,247 15,212 15,247 1.23 %

CFS Management, LLC

Healthcare Services First lien (2)(10) 6.50% (L + 5.50%/S) 8/6/2019 7/1/2024 11,615 11,571 11,615

First lien (3)(10) 6.50% (L + 5.50%/S) 8/6/2019 7/1/2024 3,459 3,443 3,459

15,074 15,014 15,074 1.22 %

Bleriot US Bidco Inc.

Federal Services Second lien (2)(10) 8.75% (L + 8.50%/Q) 10/24/2019 10/29/2027 15,000 14,865 15,011 1.21 %

Netsmart Inc.

/ Netsmart Technologies, Inc.

Healthcare Information Technology Second lien (2) 9.30% (L + 7.50%/M) 4/18/2016 10/19/2023 15,000 14,774 14,925 1.16 %

Pathway Vet Alliance LLC

Consumer Services First lien (4)(9)(10) - Drawn 6.30% (L + 4.50%/M) 11/14/2019 12/20/2024 3,670 3,652 3,652

First lien (3)(9)(10) - Drawn 6.30% (L + 4.50%/M) 11/14/2019 12/20/2024 1,223 1,217 1,217

Second lien (4)(9)(10) - Drawn 10.30% (L + 8.50%/M) 11/14/2019 12/19/2025 7,547 7,490 7,490

Second lien (3)(9)(10) - Drawn 10.30% (L + 8.50%/M) 11/14/2019 12/19/2025 2,516 2,497 2,497

14,956 14,856 14,856 1.16 %

Diligent Corporation

Software First lien (2)(9) 7.56% (L + 5.50%/S) 10/30/2019 4/14/2022 6,842 6,777 6,842

First lien (2)(9) 7.56% (L + 5.50%/S) 10/30/2019 4/14/2022 140 139 140

First lien (3)(9)(10) - Drawn 7.54% (L + 5.50%/S) 12/19/2018 4/14/2022 7,431 7,391 7,431

FR Arsenal Holdings II Corp.

Business Services First lien (2)(10) 8.50% (L + 7.50%/Q) 9/29/2016 9/8/2022 15,344 15,286 14,932 1.21 %

BackOffice Associates Holdings, LLC

Business Services First lien (2)(10) 13.50% (L + 9.50% + 3.00% PIK/Q)* 8/25/2017 8/25/2023 13,218 13,162 13,218

First lien (3)(10)(11) - Drawn 13.50% (L + 9.50% + 3.00% PIK/Q)* 8/25/2017 8/25/2023 921 913 921

14,139 14,075 14,139 1.14 %

1 unchanged sentence

Healthcare Services First lien (8)(10) 9.25% (L + 8.25%/Q) 9/5/2018 9/5/2024 13,444 13,398 13,444 1.09 %

JAMF Holdings, Inc.

Software First lien (8)(9) 8.91% (L + 7.00%/Q) 11/13/2017 11/11/2022 8,757 8,702 8,757

First lien (2)(9) 8.91% (L + 7.00%/Q) 11/8/2019 11/11/2022 4,582 4,549 4,582

13,339 13,251 13,339 1.04 %

BackOffice Associates Holdings, LLC

Business Services First lien (2)(9) 12.70% (L + 7.50% + 3.00% PIK/S)* 8/25/2017 8/25/2023 13,047 12,973 12,425

First lien (3)(9)(10) - Drawn 12.68% (L + 7.50% + 3.00% PIK/Q)* 8/25/2017 8/25/2023 894 886 851

Transcendia Holdings, Inc.

Packaging Second lien (8)(10) 9.00% (L + 8.00%/M) 6/28/2017 5/30/2025 14,500 14,371 13,069 1.06 %

PaySimple, Inc.

Software First lien (2)(10) 5.65% (L + 5.50%/M) 8/19/2019 8/23/2025 9,758 9,679 9,758

First lien (2)(10) 5.65% (L + 5.50%/M) 8/19/2019 8/23/2025 3,195 3,140 3,195

12,953 12,819 12,953 1.05 %

Castle Management Borrower LLC

Business Services First lien (2)(9) 8.16% (L + 6.25%/Q) 5/31/2018 2/15/2024 13,217 13,166 13,217 1.03 %

Geo Parent Corporation

Business Services First lien (2)(10) 5.40% (L + 5.25%/M) 12/13/2018 12/19/2025 12,934 12,885 12,934 1.04 %

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

8 unchanged sentences

Ministry Brands, LLC

Software First lien (2)(9) 5.85% (L + 4.00%/M) 12/7/2016 12/2/2022 $ 2,932 $ 2,924 $ 2,932

Second lien (8)(9) 11.08% (L + 9.25%/M) 12/7/2016 6/2/2023 7,840 7,804 7,840

Second lien (3)(9) 11.08% (L + 9.25%/M) 12/7/2016 6/2/2023 2,160 2,150 2,160

First lien (3)(9)(10) - Drawn 6.95% (L + 5.00%/Q) 12/7/2016 12/2/2022 200 199 200

Software First lien (2)(10) 5.00% (L + 4.00%/Q) 12/7/2016 12/2/2022 $ 2,902 $ 2,897 $ 2,888

Second lien (8)(10) 10.25% (L + 9.25%/Q) 12/7/2016 6/2/2023 7,840 7,813 7,840

Second lien (3)(10) 10.25% (L + 9.25%/Q) 12/7/2016 6/2/2023 2,160 2,153 2,160

12,902 12,863 12,888 1.04 %

Transcendia Holdings, Inc.

Packaging Second lien (8)(9) 9.80% (L + 8.00%/M) 6/28/2017 5/30/2025 14,500 14,348 12,476 0.97 %

OEConnection LLC

Business Services Second lien (2)(10) 8.40% (L + 8.25%/M) 9/25/2019 9/25/2027 12,044 11,937 12,044 0.97 %

CFS Management, LLC

Healthcare Services First lien (2)(9) 7.95% (L + 5.75%/S) 8/6/2019 7/1/2024 11,733 11,678 11,674 0.91 %

CHA Holdings, Inc.

2 unchanged sentences

11,464 11,378 11,464 0.93 %

Castle Management Borrower LLC

Business Services First lien (2)(10) 7.50% (L + 6.50% PIK/Q)* 5/31/2018 2/15/2024 13,993 13,953 11,320 0.92 %

Software First lien (8)(10) 8.25% (L + 7.25%/S) 1/10/2019 1/10/2025 11,203 11,038 11,287 0.91 %

Alert Holding Company, Inc.

1 unchanged sentence

Business Services First lien (8)(10) 5.50% (L + 5.25%/Q) 5/24/2019 5/29/2026 10,943 10,866 10,947 0.89 %

PaySimple, Inc.

Software First lien (2) 7.30% (L + 5.50%/M) 8/19/2019 8/25/2025 9,857 9,763 9,808

First lien (3)(10) - Drawn 7.31% (L + 5.50%/M) 8/19/2019 8/25/2025 934 916 930

10,791 10,679 10,738 0.84 %

Business Products Second lien (8)(10) 7.40% (L + 7.25%/M) 2/23/2018 3/8/2026 10,788 10,759 10,788 0.87 %

NorthStar Financial Services Group, LLC

Software Second lien (5) 9.30% (L + 7.50%/M) 5/23/2018 5/25/2026 10,607 10,585 10,501 0.82 %

PPVA Black Elk (Equity) LLC

Business Services Subordinated (3)(9) — 5/3/2013 — 14,500 14,500 10,354 0.81 %

Masergy Holdings, Inc.

Business Services Second lien (2)(10) 8.50% (L + 7.50%/Q) 12/14/2016 12/16/2024 10,500 10,465 10,500 0.85 %

PPVA Black Elk (Equity) LLC

Business Services Subordinated (3)(10) — 5/3/2013 — 14,500 14,500 10,354 0.84 %

VT Topco, Inc.

Business Services Second lien (4) 8.94% (L + 7.00%/Q) 8/14/2018 7/31/2026 10,000 9,978 10,025 0.78 %

Business Services Second lien (4)(10) 7.15% (L + 7.00%/M) 8/14/2018 7/31/2026 10,000 9,981 10,000 0.81 %

Quartz Holding Company

Software Second lien (3)(10) 8.15% (L + 8.00%/M) 4/2/2019 4/2/2027 10,000 9,832 10,000 0.81 %

AG Parent Holdings, LLC

Healthcare Services First lien (2) 6.91% (L + 5.00%/Q) 7/30/2019 7/31/2026 10,000 9,952 9,925 0.77 %

Stats Intermediate Holdings, LLC**

Business Services First lien (2) 7.30% (L + 5.25%/S) 5/22/2019 7/10/2026 10,000 9,881 9,775 0.76 %

Business Services First lien (2) 5.47% (L + 5.25%/Q) 5/22/2019 7/10/2026 9,900 9,798 9,875 0.80 %

Affordable Care Holding Corp.

Healthcare Services First lien (2) 6.59% (L + 4.75%/M) 3/18/2019 10/24/2022 9,897 9,738 9,649 0.75 %

Teneo Holdings, LLC

Business Services First lien (2) 6.99% (L + 5.25%/M) 7/15/2019 7/11/2025 9,975 9,788 9,476 0.74 %

Healthcare Services First lien (2)(10) 5.75% (L + 4.75%/Q) 3/18/2019 10/24/2022 9,794 9,690 9,671 0.78 %

AgKnowledge Holdings Company, Inc.

Business Services First lien (4) 6.55% (L + 4.75%/M) 11/30/2018 7/21/2023 9,355 9,318 9,332 0.73 %

Business Services First lien (2)(10) 5.75% (L + 4.75%/S) 11/30/2018 7/21/2023 9,261 9,233 9,261 0.75 %

AG Parent Holdings, LLC

Healthcare Services First lien (2) 5.15% (L + 5.00%/M) 7/30/2019 7/31/2026 6,923 6,894 6,853 0.55 %

Recorded Future, Inc.

Software First lien (8)(10) 7.25% (L + 6.25%/Q) 8/26/2019 7/3/2025 6,250 6,225 6,275

First lien (3)(10)(11) - Drawn 7.25% (L + 6.25%/Q) 8/26/2019 7/3/2025 500 498 500

6,750 6,723 6,775 0.55 %

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

7 unchanged sentences

or Shares Cost Fair Value Percent of

Software First lien (8)(9) 8.55% (L + 6.75%/M) 12/31/2018 12/31/2024 $ 9,067 $ 8,988 $ 9,067 0.71 %

WD Wolverine Holdings, LLC

Healthcare Services First lien (2) 7.30% (L + 5.50%/M) 2/22/2017 8/16/2022 9,014 8,859 9,014 0.70 %

Amerijet Holdings, Inc.

Distribution & Logistics First lien (4)(9) 9.80% (L + 8.00%/M) 7/15/2016 7/15/2021 7,674 7,653 7,674

First lien (4)(9) 9.80% (L + 8.00%/M) 7/15/2016 7/15/2021 1,279 1,276 1,279

8,953 8,929 8,953 0.70 %

Software Second lien (4)(9) 10.95% (L + 9.00%/Q) 11/22/2016 11/17/2023 6,980 6,946 6,980

Second lien (4)(9) 10.84% (L + 9.00%/M) 12/3/2019 11/17/2023 600 596 600

First lien (3)(9)(10) - Drawn 6.80% (L + 5.00%/M) 11/22/2016 11/17/2022 670 665 670

8,250 8,207 8,250 0.64 %

DealerSocket, Inc.

Software First lien (2) 6.66% (L + 4.75%/Q) 4/16/2018 4/26/2023 6,610 6,576 6,544

First lien (3)(10) - Drawn 7.05% (L + 5.25%/M) 4/16/2018 4/26/2023 168 167 166

6,778 6,743 6,710 0.52 %

Restaurant Technologies, Inc.

Business Services Second lien (4) 8.30% (L + 6.50%/M) 9/24/2018 10/1/2026 6,722 6,707 6,705 0.52 %

CP VI Bella Midco, LLC

Healthcare Services Second lien (3) 6.90% (L + 6.75%/M) 1/25/2018 12/29/2025 $ 6,732 $ 6,709 $ 6,660 0.54 %

DealerSocket, Inc.

Software First lien (2)(10) 5.75% (L + 4.75%/S) 4/16/2018 4/26/2023 6,543 6,518 6,543 0.53 %

DG Investment Intermediate Holdings 2, Inc.

1 unchanged sentence

Business Services Second lien (3) 7.50% (L + 6.75%/M) 1/29/2018 2/2/2026 6,732 6,709 6,530 0.53 %

Recorded Future, Inc.

Software First lien (8)(9) 8.55% (L + 6.75%/M) 8/26/2019 7/3/2025 6,250 6,220 6,219 0.48 %

Solera LLC / Solera Finance, Inc.

Software Subordinated (3) 10.50%/S 2/29/2016 3/1/2024 5,000 4,844 5,316 0.41 %

Healthcare Services Second lien (3)(9) 11.92% (L + 10.00%/S) 10/3/2016 3/28/2024 5,264 5,215 4,213 0.33 %

Restaurant Technologies, Inc.

Business Services Second lien (4) 6.65% (L + 6.50%/M) 9/24/2018 10/1/2026 6,722 6,709 6,420 0.52 %

Diligent Corporation

Software First lien (3)(10) 7.25% (L + 6.25%/S) 12/19/2018 8/4/2025 5,947 5,912 6,057 0.49 %

Software First lien (8)(10) 7.75% (L + 6.75%/S) 11/20/2020 12/31/2024 4,545 4,514 4,580 0.37 %

Healthcare Services Second lien (3)(10) 11.00% (L + 10.00% PIK/Q)* 10/3/2016 3/28/2024 5,904 5,864 4,469 0.36 %

Teneo Holdings, LLC

Business Services First lien (2) 6.25% (L + 5.25%/M) 7/15/2019 7/11/2025 3,012 2,980 2,994 0.24 %

Sphera Solutions, Inc.

Software First lien (2)(10) 8.75% (L + 7.75%/Q) 9/10/2019 6/14/2023 2,464 2,450 2,487 0.20 %

First American Payment Systems, L.P.

Business Services First lien (2) 6.81% (L + 4.75%/Q) 1/3/2017 1/5/2024 2,034 2,021 2,020 0.16 %

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

New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

December 31, 2019

(in thousands, except shares)

Portfolio Company, Location and Industry(1) Type of

Investment Interest Rate (11) Acquisition Date Maturity/Expiration

Date Principal

or Shares Cost Fair Value Percent of

Education Management Corporation (13)

Education Management II LLC

Education First lien (2) 10.25% (P + 5.50%/Q)(24) 1/5/2015 7/2/2020 $ 208 $ 202 $ 2

First lien (3) 10.25% (P + 5.50%/Q)(24) 1/5/2015 7/2/2020 117 114 1

First lien (2) 14.00% (P + 8.50%/M)(24) 1/5/2015 7/2/2020 300 292 —

First lien (3) 14.00% (P + 8.50%/M)(24) 1/5/2015 7/2/2020 169 165 —

Education First lien (2) 13.00% (L + 7.50%/M)(26) 1/5/2015 7/2/2020 300 292 —

First lien (3) 13.00% (L + 7.50%/M)(26) 1/5/2015 7/2/2020 169 165 —

First lien (2) 9.75% (L + 6.50%/Q)(26) 1/5/2015 7/2/2020 206 201 —

First lien (3) 9.75% (L + 6.50%/Q)(26) 1/5/2015 7/2/2020 116 113 —

First lien (2) 11.75% (P + 8.50%/M)(26) 1/5/2015 7/2/2020 140 116 —

11 unchanged sentences

Total Shares - Hong Kong $ 8,420 $ 8,754 0.71 %

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

New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

December 31, 2020

(in thousands, except shares)

Portfolio Company, Location and Industry(1) Type of

Investment Interest Rate (12) Acquisition Date Maturity/Expiration

Date Principal

or Shares Cost Fair Value Percent of

Equity - United States

5 unchanged sentences

12,821 12,973 1.05 %

Tenawa Resource Holdings LLC (13)

QID NGL LLC Ordinary shares (6)(9) — 5/12/2014 — 5,290,997 5,291 8,445

Energy Preferred shares (6)(9) — 10/30/2017 — 1,623,385 1,623 2,727

6,914 11,172 0.87 %

Alert Holding Company, Inc.

1 unchanged sentence

Business Services Preferred shares (3)(10) — 5/31/2019 — 6,111 7,199 7,290 0.59 %

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

New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

December 31, 2019

(in thousands, except shares)

Portfolio Company, Location and Industry(1) Type of

Investment Interest Rate (11) Acquisition Date Maturity/Expiration

Date Principal

or Shares Cost Fair Value Percent of

Tenawa Resource Holdings LLC (14)

Specialty Chemicals & Materials Preferred shares (6)(10) — 10/30/2017 — 1,623,385 1,623 1,988

Preferred shares (6)(10) — 11/24/2020 — 44,668 45 45

Ordinary shares (6)(10) — 5/12/2014 — 5,290,997 5,291 4,381

6,959 6,414 0.52 %

Ancora Acquisition LLC

Education Preferred shares (9)(10) — 8/12/2013 — 372 83 158 0.01 %

Education Management Corporation (13)

10 unchanged sentences

Total Funded Investments $ 2,282,049 $ 2,249,631 181.88 %

Unfunded Debt Investments - Canada

Wolfpack IP Co.**

Software First lien (3)(9)(10) - Undrawn — 6/14/2019 6/13/2025 $ 909 $ (9) $ (9) (0.00) %

Total Unfunded Debt Investments - Canada $ 909 $ (9) $ (9) (0.00) %

Unfunded Debt Investments - United States

NM GRC Holdco, LLC

Business Services First lien (2)(9)(10) - Undrawn — 2/9/2018 2/9/2020 $ 771 $ (2) $ — — %

Ministry Brands, LLC

Software First lien (3)(9)(10) - Undrawn — 12/7/2016 12/2/2022 800 (4) — — %

Software First lien (3)(9)(10) - Undrawn — 12/31/2018 12/31/2024 933 (9) — — %

Xactly Corporation

Software First lien (3)(9)(10) - Undrawn — 7/31/2017 7/29/2022 992 (10) — — %

Software First lien (3)(9)(10) - Undrawn — 11/22/2016 11/17/2022 1,330 (10) — — %

JAMF Holdings, Inc.

Recorded Future, Inc.

Software First lien (3)(10)(11) - Undrawn — 8/26/2019 1/3/2021 $ 500 $ (3) $ 2

Trader Interactive, LLC

Business Services First lien (3)(9)(10) - Undrawn — 6/15/2017 6/15/2023 1,673 (13) — — %

First lien (3)(10)(11) - Undrawn — 8/26/2019 7/3/2025 250 (1) —

750 (4) 2 — %

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

7 unchanged sentences

or Shares Cost Fair Value Percent of

DCA Investment Holding, LLC

Healthcare Services First lien (3)(9)(10) - Undrawn — 4/16/2019 4/16/2021 $ 20,426 $ — $ —

First lien (3)(9)(10) - Undrawn — 7/2/2015 7/2/2021 1,492 (15) —

21,918 (15) — — %

Affinity Dental Management, Inc.

Healthcare Services First lien (3)(9)(10) - Undrawn — 9/15/2017 3/15/2023 1,738 (17) — — %

Integral Ad Science, Inc.

Software First lien (3)(9)(10) - Undrawn — 7/19/2018 7/19/2023 1,807 (18) — — %

Finalsite Holdings, Inc.

Software First lien (3)(9)(10) - Undrawn — 9/25/2018 9/25/2024 2,521 (19) — — %

TDG Group Holding Company

Consumer Services First lien (3)(9)(10) - Undrawn — 5/22/2018 5/31/2024 5,044 (25) — — %

MRI Software LLC

Software First lien (3)(10)(11) - Undrawn — 1/31/2020 2/10/2022 $ 821 $ — $ 1

Associations, Inc.

Business Services First lien (3)(9)(10) - Undrawn — 7/30/2018 7/30/2021 3,161 (20) —

First lien (3)(10)(11) - Undrawn — 1/31/2020 2/10/2026 2,002 (10) —

2,823 (10) 1 — %

Integro Parent Inc.

CoolSys, Inc.

Industrial Services First lien (3)(11) - Undrawn — 11/20/2019 11/19/2021 1,400 — — — %

Kele Holdco, Inc.

Distribution & Logistics First lien (3)(10)(11) - Undrawn — 2/20/2020 2/20/2026 180 (1) — — %

Associations, Inc.

Business Services First lien (2)(10)(11) - Undrawn — 7/30/2018 7/30/2021 152 (1) — — %

Diligent Corporation

Software First lien (3)(9)(10) - Undrawn — 12/19/2018 12/19/2020 5,977 (37) — — %

PhyNet Dermatology LLC

Healthcare Services First lien (3)(9)(10) - Undrawn — 9/17/2018 8/16/2020 17,077 (85) — — %

AgKnowledge Holdings Company, Inc.

2 unchanged sentences

Software First lien (3)(10)(11) - Undrawn — 4/16/2018 4/26/2023 560 (4) — — %

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

New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

December 31, 2019

(in thousands, except shares)

Portfolio Company, Location and Industry(1) Type of

Investment Interest Rate (11) Acquisition Date Maturity/Expiration

Date Principal

or Shares Cost Fair Value Percent of

Recorded Future, Inc.

Software First lien (3)(9)(10) - Undrawn — 8/26/2019 1/3/2021 $ 500 $ (3) $ (3)

Coyote Buyer, LLC

Specialty Chemicals & Materials First lien (3)(10)(11) - Undrawn — 3/13/2020 2/6/2025 1,013 (5) — — %

Trader Interactive, LLC

Business Services First lien (3)(10)(11) - Undrawn — 6/15/2017 6/15/2023 1,171 (9) — — %

Definitive Healthcare Holdings, LLC

Healthcare Information Technology First lien (3)(10)(11) - Undrawn — 8/7/2019 7/16/2024 1,848 (9) —

First lien (3)(10)(11) - Undrawn — 8/7/2019 7/16/2021 6,061 — —

7,909 (9) — — %

PaySimple, Inc.

Software First lien (3)(10) - Undrawn — 8/19/2019 8/24/2020 2,289 — (11) (0.00) %

Alert Holding Company, Inc.

1 unchanged sentence

Business Services First lien (3)(10)(11) - Undrawn — 5/24/2019 5/30/2025 930 (9) — — %

Bullhorn, Inc.

Software First lien (3)(9)(10) - Undrawn — 9/24/2019 10/1/2021 1,135 (9) (9)

First lien (3)(9)(10) - Undrawn — 9/24/2019 10/1/2025 852 (6) (6)

1,987 (15) (15) (0.00) %

Bluefin Holding, LLC

Software First lien (3)(10) - Undrawn — 9/6/2019 9/6/2024 1,515 (23) (15) (0.00) %

CFS Management, LLC

Healthcare Services First lien (3)(9)(10) - Undrawn — 8/6/2019 7/1/2024 3,468 (17) (17) (0.00) %

Conservice, LLC

Business Services First lien (3)(9)(10) - Undrawn — 1/3/2019 11/29/2024 1,360 (7) (7)

First lien (3)(9)(10) - Undrawn — 1/3/2019 6/30/2020 2,283 — (11)

3,643 (7) (18) (0.00) %

ConnectWise, LLC

Xactly Corporation

Software First lien (3)(10)(11) - Undrawn — 7/31/2017 7/29/2022 992 (10) — — %

CoolSys, Inc.

Industrial Services First lien (3)(10) - Undrawn — 11/20/2019 11/19/2021 5,600 — (28) (0.00) %

YLG Holdings, Inc.

Business Services First lien (5)(10) - Undrawn — 11/1/2019 4/30/2021 2,381 — (12)

First lien (3)(10) - Undrawn — 11/1/2019 10/31/2025 3,968 (20) (20)

6,349 (20) (32) (0.00) %

Kaseya Traverse Inc.

Software First lien (3)(10)(11) - Undrawn — 5/9/2019 5/2/2025 1,179 (12) — — %

First lien (3)(9)(10) - Undrawn — 5/9/2019 5/2/2025 991 (10) (10)

3,864 (10) (39) (0.00) %

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

7 unchanged sentences

or Shares Cost Fair Value Percent of

Bullhorn, Inc.

Software First lien (3)(10)(11) - Undrawn — 9/24/2019 10/1/2021 $ 781 $ (6) $ —

Definitive Healthcare Holdings, LLC

Healthcare Information Technology First lien (3)(9)(10) - Undrawn — 8/7/2019 7/16/2021 7,391 — (37)

First lien (3)(10)(11) - Undrawn — 9/24/2019 9/30/2026 852 (6) —

1,633 (12) — — %

Pathway Vet Alliance LLC

Software First lien (3)(10)(11) - Undrawn — 12/31/2018 12/31/2024 1,388 (13) — — %

TDG Group Holding Company

Consumer Services First lien (2)(10)(11) - Undrawn — 5/22/2018 5/31/2024 3,152 (16) — — %

First lien (3)(9)(10) - Undrawn — 11/14/2019 10/11/2021 1,274 — (6)

Second lien (4)(9)(10) - Undrawn — 11/14/2019 10/11/2021 7,453 — (56)

Second lien (3)(9)(10) - Undrawn — 11/14/2019 10/11/2021 2,484 — (19)

15,032 — (100) (0.01) %

Integral Ad Science, Inc.

Software First lien (3)(10)(11) - Undrawn — 7/19/2018 7/19/2023 1,807 (18) — — %

Finalsite Holdings, Inc.

Software First lien (3)(10)(11) - Undrawn — 9/25/2018 9/25/2024 2,521 (19) — — %

YLG Holdings, Inc.

Business Services First lien (3)(10)(11) - Undrawn — 11/1/2019 10/31/2025 3,968 (20) — — %

ConnectWise, LLC

Software First lien (3)(10)(11) - Undrawn — 11/26/2019 2/28/2025 3,186 (20) — — %

Bluefin Holding, LLC

Software First lien (3)(10)(11) - Undrawn — 9/6/2019 9/6/2024 1,515 (23) — — %

GC Waves Holdings, Inc.**

Business Services First lien (3)(10)(11) - Undrawn — 10/31/2019 10/31/2025 3,951 (30) — — %

First lien (3)(9)(10) - Undrawn — 10/31/2019 10/31/2025 3,951 (30) (30)

13,828 (30) (104) (0.01) %

Ansira Holdings, Inc.

Integro Parent Inc.

Business Services First lien (3)(10)(11) - Undrawn — 6/8/2018 4/30/2022 6,743 (34) — — %

1 unchanged sentence

Software First lien (3)(10)(11) - Undrawn — 8/7/2019 5/24/2024 5,485 (34) — — %

First lien (3)(9)(10) - Undrawn — 8/7/2019 5/25/2024 1,975 (12) (12)

37,078 (12) (231) (0.02) %

Software First lien (3)(10)(11) - Undrawn — 1/10/2019 1/10/2025 2,066 (41) — — %

Salient CRGT Inc.

Federal Services First lien (3)(10)(11) - Undrawn — 6/26/2018 11/29/2021 6,125 (490) — — %

Total Unfunded Debt Investments - United States $ 200,385 $ (1,099) $ (1,163) (0.09) %

Total Unfunded Debt Investments $ 201,294 $ (1,108) $ (1,172) (0.09) %

Total Non-Controlled/Non-Affiliated Investments $ 2,619,408 $ 2,613,801 203.65 %

DCA Investment Holding, LLC

Healthcare Services First lien (3)(10)(11) - Undrawn — 7/2/2015 7/2/2021 44 — (1) (0.00) %

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

7 unchanged sentences

or Shares Cost Fair Value Percent of

Ministry Brands, LLC

Software First lien (3)(10)(11) - Undrawn — 12/7/2016 12/2/2022 $ 1,000 $ (5) $ (5) (0.00) %

Instructure, Inc.

Software First lien (3)(10)(11) - Undrawn — 3/24/2020 3/24/2026 2,036 (13) (13) (0.00) %

Total Unfunded Debt Investments - United States $ 66,205 $ (865) $ (16) (0.00) %

Total Unfunded Debt Investments $ 66,205 $ (865) $ (16) (0.00) %

Total Non-Controlled/Non-Affiliated Investments $ 2,281,184 $ 2,249,615 181.88 %

Non-Controlled/Affiliated Investments(28)

Funded Debt Investments - United States

TVG-Edmentum Holdings, LLC (16)

Edmentum Ultimate Holdings, LLC

Education Subordinated (3)(10) 11.00% (L + 10.00%/M) 12/11/2020 12/11/2026 $ 15,000 $ 14,851 $ 14,850 1.20 %

Sierra Hamilton Holdings Corporation

Energy Second lien (3)(10) 15.00%/Q 9/12/2019 9/12/2023 835 821 751 0.06 %

Permian Holdco 1, Inc.

1 unchanged sentence

Permian Holdco 3, Inc.

Energy First lien (3)(9) 14.28% (L + 7.50% + 5.00% PIK/Q)* 6/14/2018 6/30/2022 $ 10,523 $ 10,523 $ 10,523

First lien (3)(9)(10) - Drawn 8.24% (L + 6.50%/M) 6/14/2018 6/30/2022 17,750 17,750 17,750

Energy First lien (3)(10) 11.00% (L + 10.00% PIK/M)(26)* 7/23/2020 2/15/2021 2,562 — —

Subordinated (3)(10) 18.00% PIK/Q (26)* 12/26/2018 6/30/2022 2,417 2,417 —

2 unchanged sentences

7,712 5,150 — — %

Sierra Hamilton Holdings Corporation

Energy Second lien (3)(9) 15.00% PIK/Q* 9/12/2019 9/12/2023 1,442 1,410 1,406 0.11 %

Total Funded Debt Investments - United States $ 23,547 $ 20,822 $ 15,601 1.26 %

Equity - United States

NMFC Senior Loan Program I LLC**

Investment Fund Membership interest (3)(9) — 6/13/2014 — — $ 23,000 $ 23,000 1.80 %

Sierra Hamilton Holdings Corporation

Energy Ordinary shares (2)(9) — 7/31/2017 — 25,000,000 11,501 7,648

TVG-Edmentum Holdings, LLC (16)

Education Preferred shares (3)(10) — 12/11/2020 — 37,793 $ 38,002 $ 42,276

Ordinary shares (3)(10) — 12/11/2020 — 36,750 36,872 41,110

74,874 83,386 6.74 %

Permian Holdco 1, Inc.

Energy Preferred shares (3)(9)(16)(24) — 10/31/2016 — 1,987,848 9,131 6,013

Sierra Hamilton Holdings Corporation

Energy Ordinary shares (2)(10) — 7/31/2017 — 25,000,000 11,501 3,622

Ordinary shares (3)(10) — 7/31/2017 — 2,786,000 1,282 403

12,783 4,025 0.33 %

Total Shares - United States $ 46,263 $ 37,713 2.94 %

Total Funded Investments $ 82,825 $ 73,527 5.73 %

Unfunded Debt Investments - United States

Permian Holdco 3, Inc.

Energy First lien (3)(9)(10) - Undrawn — 6/14/2018 6/30/2022 $ 2,250 $ — $ — — %

Total Unfunded Debt Investments - United States $ 2,250 $ — $ — — %

Total Non-Controlled/Affiliated Investments $ 82,825 $ 73,527 5.73 %

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

7 unchanged sentences

or Shares Cost Fair Value Percent of

Permian Holdco 1, Inc.

Energy Preferred shares (3)(10)(17)(26) — 10/31/2016 — 1,366,452 $ 5,714 $ —

Ordinary shares (3)(10) — 10/31/2016 — 1,366,452 1,350 —

Total Shares - United States $ 94,721 $ 87,411 7.07 %

Total Non-Controlled/Affiliated Investments $ 115,543 $ 103,012 8.33 %

Controlled Investments(29)

Funded Debt Investments - United States

Edmentum Ultimate Holdings, LLC (15)

Edmentum, Inc.

(fka Plato, Inc.) (Archipelago Learning, Inc.)

Education First lien (2) 10.43% (L + 4.50% + 4.00% PIK/Q)* 8/6/2018 6/9/2021 $ 10,112 $ 9,173 $ 10,112

New Benevis Topco, LLC (25)

New Benevis Holdco, Inc.

Healthcare Services First lien (2)(10) 10.50% (L + 2.50% + 7.00% PIK/Q)* 10/6/2020 4/7/2025 $ 30,882 $ 30,882 $ 30,882

First lien (8)(10) 10.50% (L + 2.50% + 7.00% PIK/Q)* 10/6/2020 4/7/2025 7,577 7,577 7,577

First lien (3)(10) 10.50% (L + 2.50% + 7.00% PIK/Q)* 10/6/2020 4/7/2025 3,720 3,720 3,720

Subordinated (3)(10) 12.00% PIK/M* 10/6/2020 10/6/2025 14,669 11,906 11,735

56,848 54,085 53,914 4.37 %

UniTek Global Services, Inc.

Business Services First lien (2)(10) 8.50% (L + 5.50% + 2.00% PIK/S)* 6/29/2018 8/20/2024 12,512 12,512 11,969

First lien (3)(10) 8.50% (L + 5.50% + 2.00% PIK/S)* 3/16/2020 8/20/2024 9,274 8,315 8,872

First lien (2)(10) 8.50% (L + 5.50% + 2.00% PIK/S)* 6/29/2018 8/20/2024 2,502 2,502 2,394

First lien (3)(10) 8.50% (L + 5.50% + 2.00% PIK/S)* 6/29/2018 8/20/2024 1,334 1,143 1,276

Second lien (3)(10) 15.00% PIK/Q* 12/16/2020 2/20/2025 11,045 11,045 11,045

Second lien (3)(9)(10) - Drawn 5.00% PIK/Q* 6/9/2015 12/9/2021 7,586 7,586 7,586

Subordinated (3)(9) 8.50% PIK/Q* 6/9/2015 12/9/2021 5,326 5,324 5,326

Subordinated (2)(9) 10.00% PIK/Q* 6/9/2015 12/9/2021 20,476 20,476 19,333

Subordinated (3)(9) 10.00% PIK/Q* 6/9/2015 12/9/2021 5,037 5,037 4,756

36,667 35,517 35,556 2.87 %

4 unchanged sentences

28,945 25,344 22,530 1.82 %

UniTek Global Services, Inc.

Business Services First lien (2)(9) 8.41% (L + 5.50% + 1.00% PIK/Q)* 6/29/2018 8/20/2024 12,448 12,448 11,068

First lien (2)(9) 8.41% (L + 5.50% + 1.00% PIK/Q)* 6/29/2018 8/20/2024 2,490 2,490 2,214

New Permian Holdco, Inc.

New Permian Holdco, L.L.C.

Energy First lien (3)(10) 18.00% PIK/M* 10/30/2020 12/31/2024 15,236 15,236 15,236

First lien (3)(10)(11) - Drawn 10.00% (L + 9.00% PIK/M)* 10/30/2020 12/31/2024 3,100 3,100 3,100

18,336 18,336 18,336 1.48 %

Total Funded Debt Investments - United States $ 140,796 $ 133,282 $ 130,336 10.54 %

Equity - Canada

NM APP Canada Corp.**

Net Lease Membership interest (7)(9) — 9/13/2016 — — $ 7,345 $ 10,774 0.84 %

Total Shares - Canada $ 7,345 $ 10,774 0.84 %

Equity - United States

NMFC Senior Loan Program III LLC**

Investment Fund Membership interest (3)(9) — 5/4/2018 — — $ 100,000 $ 100,000 7.80 %

NMFC Senior Loan Program II LLC**

Investment Fund Membership interest (3)(9) — 5/3/2016 — — 79,400 79,400 6.20 %

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

7 unchanged sentences

or Shares Cost Fair Value Percent of

Equity - Canada

NM APP Canada Corp.**

Net Lease Membership interest (7)(10) — 9/13/2016 — — $ 7,345 $ 12,302 0.99 %

Total Shares - Canada $ 7,345 $ 12,302 0.99 %

Equity - United States

NMFC Senior Loan Program III LLC**

Investment Fund Membership interest (3)(10) — 5/4/2018 — — $ 120,000 $ 120,000 9.70 %

NMFC Senior Loan Program II LLC**

Investment Fund Membership interest (3)(10) — 5/3/2016 — — 79,400 79,400 6.42 %

NM NL Holdings, L.P.**

Net Lease Membership interest (7)(10) — 6/20/2018 — — 54,447 67,132 5.43 %

New Benevis Topco, LLC (25)

Healthcare Services Ordinary shares (2)(10) — 10/6/2020 — 269,027 27,154 30,319

Ordinary shares (8)(10) — 10/6/2020 — 66,007 6,662 7,439

Ordinary shares (3)(10) — 10/6/2020 — 60,068 6,105 6,770

39,921 44,528 3.60 %

Net Lease Membership interest (7)(10) — 2/1/2018 — — 14,750 29,130 2.36 %

NMFC Senior Loan Program I LLC**

Investment Fund Membership interest (3)(10) — 6/13/2014 — — 23,000 23,000 1.86 %

UniTek Global Services, Inc.

7 unchanged sentences

72,393 20,894 1.69 %

NM NL Holdings, L.P.**

Net Lease Membership interest (7)(10) — 10/6/2017 — — 12,538 14,885 1.20 %

Net Lease Membership interest (7)(9) — 2/1/2018 — — 14,750 23,800 1.85 %

Net Lease Membership interest (7)(9) — 10/6/2017 — — 12,538 12,723 0.99 %

New Permian Holdco, Inc.

Energy Ordinary shares (3)(10) — 10/30/2020 — — 11,155 11,000 0.89 %

NM APP US LLC

1 unchanged sentence

Net Lease Membership interest (7)(10) — 11/18/2016 — — 5,152 7,084 0.57 %

Net Lease Membership interest (7)(9) — 11/18/2016 — — 5,152 6,016 0.46 %

NHME Holdings Corp.(20)

Healthcare Services Ordinary shares (3)(9) — 11/27/2018 — 640,000 4,000 4,000 0.31 %

Net Lease Membership interest (7)(9) — 8/12/2016 — — 2,043 3,700 0.29 %

Edmentum Ultimate Holdings, LLC (15)

Education Ordinary shares (3)(9) — 6/9/2015 — 123,968 11 1,806

Ordinary shares (2)(9) — 6/9/2015 — 107,143 9 1,561

20 3,367 0.26 %

Net Lease Membership interest (7)(9) — 11/15/2016 — — 7,510 2,379 0.19 %

NM GP Holdco, LLC**

Net Lease Membership interest (7)(9) — 6/20/2018 — — 452 487 0.04 %

Total Shares - United States $ 344,748 $ 352,172 27.44 %

Total Shares $ 352,093 $ 362,946 28.28 %

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

7 unchanged sentences

or Shares Cost Fair Value Percent of

Net Lease Membership interest (7)(10) — 9/30/2019 — — $ 6,272 $ 6,852 0.55 %

NHME Holdings Corp.

Healthcare Services Ordinary shares (3)(10) — 11/27/2018 — 640,000 4,000 4,000 0.32 %

Net Lease Membership interest (7)(10) — 8/12/2016 — — 2,043 3,830 0.31 %

Net Lease Membership interest (7)(10) — 11/15/2016 — — 8,581 1,501 0.12 %

NM GP Holdco, LLC**

Net Lease Membership interest (7)(10) — 6/20/2018 — — 583 703 0.06 %

Total Shares - United States $ 459,315 $ 441,349 35.68 %

Total Shares $ 466,660 $ 453,651 36.67 %

Warrants - United States

Edmentum Ultimate Holdings, LLC(15)

Education Warrants (3)(9) — 2/23/2018 5/5/2026 1,141,846 $ 769 $ 16,633 1.29 %

UniTek Global Services, Inc.

Business Services Warrants(3)(10) — 12/16/2020 2/20/2025 10,976 $ — $ 15,888 1.29 %

NHME Holdings Corp.

3 unchanged sentences

Unfunded Debt Investments - United States

Edmentum Ultimate Holdings, LLC (15)

Edmentum, Inc.

(fka Plato, Inc.) (Archipelago Learning, Inc.)

Education Second lien (3)(9)(10) - Undrawn — 6/9/2015 12/9/2021 $ 298 $ — $ — — %

New Permian Holdco, Inc.

New Permian Holdco, L.L.C.

Energy First lien (3)(10)(11) - Undrawn — 10/30/2020 12/31/2024 $ 6,921 $ — $ — — %

Total Unfunded Debt Investments - United States $ 6,921 $ — $ — — %

14 unchanged sentences

Borrowings , for details.

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

New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

December 31, 2020

(in thousands, except shares)

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

(10) The fair value of the Company's investment is determined using unobservable inputs that are significant to the overall fair value measurement.

8 unchanged sentences

(14) The Company holds investments in two related entities of Tenawa Resource Holdings LLC.

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

New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

December 31, 2019

(in thousands, except shares)

(15) The Company holds investments in two wholly-owned subsidiaries of Alert Holding Company, Inc.

2 unchanged sentences

The preferred equity is entitled to receive preferential dividends at a rate of L + 10.0% per annum.

(15) The Company holds investments in Edmentum Ultimate Holdings, LLC and its related entities.

The Company holds subordinated notes, ordinary equity and warrants in Edmentum Ultimate Holdings, LLC and holds a first lien term loan, second lien revolver and a second lien term loan in Edmentum, Inc.

and Archipelago Learning, Inc., which are wholly-owned subsidiaries of Edmentum Ultimate Holdings, LLC.

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

The preferred shares are entitled to receive cumulative preferential dividends at a rate of 10.0% per annum.

The ordinary shares are entitled to receive cumulative preferential dividends at a rate of 12.0% per annum.

(17) The Company holds preferred equity in Permian Holdco 1, Inc.

12 unchanged sentences

(24) The Company holds preferred equity in Symplr Software Intermediate Holdings, Inc.

and holds a first lien term loan investment in Symplr Software, Inc.

(fka Caliper Software, Inc.), a wholly-owned subsidiary of Symplr Software Intermediate Holdings, Inc.

The preferred equity is entitled to receive cumulative preferential dividends at a rate of L + 10.50% per annum.

that is entitled to receive cumulative preferential dividends at a rate of L + 10.50% per annum.

(26) Investment or a portion of the investment is on non-accrual status.

2 unchanged sentences

Summary of Significant Accounting Policies , for details.

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

New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

December 31, 2020

(in thousands, except shares)

(28) 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.

5 unchanged sentences

Income Dividend

NMFC Senior Loan Program I LLC $ 23,000 $ — $ — $ — $ — $ 23,000 $ — $ 3,073 $ 1,142

NMFC Senior Loan Program I LLC (C) $ 23,000 $ — $ (23,000) $ — $ — $ — $ — $ 2,611 $ 898

Permian Holdco 1, Inc.

3 unchanged sentences

Sierra Hamilton Holdings Corporation 9,906 178 (766) 13 (4,542) 4,776 329 — 35

TVG-Edmentum Holdings, LLC/Edmentum Ultimate Holdings, LLC — 89,726 — — 8,510 98,236 98 333 171

Total Non-Controlled/Affiliated Investments $ 73,527 $ 89,805 $ (57,087) $ (3,497) $ (3,233) $ 103,012 $ 959 $ (474) $ 1,282

1 unchanged sentence

(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.

(29) Denotes investments in which the Company is in “Control”, as defined in the 1940 Act, due to owning or holding the power to vote more than 25.0% of the outstanding voting securities of the investment.

Fair value as of December 31, 2020 and December 31, 2019 along with transactions during the year ended December 31, 2020 in which the issuer was a controlled investment, is as follows:

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

New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

December 31, 2019

(in thousands, except shares)

Portfolio Company Fair Value at December 31, 2019 Gross

6 unchanged sentences

24,979 4,011 — — (1,460) 27,530 4,011 — 1,000

NM APP Canada, Corp.

New Benevis Topco, LLC / New Benevis Holdco, Inc.

— 94,007 — — 4,435 98,442 1,559 — 803

New LT Smile Holdings, LLC / Benevis Holdings Corp (C) — 69,886 (91,831) (9,739) 21,945 — 1,434 — 415

New Permian Holdco, Inc.

/ New Permian Holdco, L.L.C.

— 29,491 — — (155) 29,336 513 — 7

NM APP CANADA CORP 10,774 — — — 1,528 12,302 — 973 —

NM APP US LLC 6,834 — — — 576 7,410 — 636 —

8 unchanged sentences

NM YI LLC 6,339 — — — 513 6,852 — 684 —

NMFC Senior Loan Program I LLC (D) — 23,000 — — — 23,000 — 142 —

NMFC Senior Loan Program II LLC 79,400 — — — — 79,400 — 8,708 —

4 unchanged sentences

(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.

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

New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

December 31, 2020

(in thousands, except shares)

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

* All or a portion of interest contains PIK interest.

23 unchanged sentences

Net Lease 5.11 %

Distribution & Logistics 3.38 %

Federal Services 2.84 %

Energy 3.19 %

Healthcare Information Technology 3.17 %

Consumer Services 2.66 %

Specialty Chemicals & Materials 2.09 %

Distribution & Logistics 1.96 %

Healthcare Information Technology 1.62 %

Industrial Services 1.24 %

Food & Beverage 0.89 %

Energy 1.15 %

Packaging 0.44 %

8 unchanged sentences

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

Table o f Contents

Notes to the Consolidated Financial Statements of

New Mountain Finance Corporation

September 30, 2020

March 31, 2021

(in thousands, except share data)

4 unchanged sentences

NMFC is also registered as an investment adviser under the Investment Advisers Act of 1940, as amended (the “Advisers Act”).

Since NMFC’s IPO, and through September 30, 2020, NMFC raised approximately $893,183 in net proceeds from additional offerings of its common stock.

Since NMFC’s IPO, and through March 31, 2021, NMFC raised approximately $893,183 in net proceeds from additional offerings of its common stock.

New Mountain Finance Advisers BDC, L.L.C.

20 unchanged sentences

("NMF Ancora"), NMF QID Holdings, Inc.

("NMF QID") and NMF YP Holdings Inc.

("NMF YP"), which serve as tax blocker corporations by holding equity or equity-like investments in portfolio companies organized as limited liability companies (or other forms of pass-through entities);

("NMF QID"), NMF YP Holdings Inc.

("NMF YP") and NMF Permian Holdings LLC ("NMF Permian"), which serve as tax blocker corporations by holding equity or equity-like investments in portfolio companies organized as limited liability companies (or other forms of pass-through entities);

the Company consolidates its tax blocker corporations for accounting purposes but the tax blocker corporations are not consolidated for U.S.

11 unchanged sentences

(i) sustainable secular growth drivers, (ii) high barriers to competitive entry, (iii) high free cash flow after

Table o f Contents

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

2 unchanged sentences

The Company’s portfolio may be concentrated in a limited number of industries.

As of September 30, 2020, the Company’s top five industry concentrations were software, business services, healthcare services, education and investment funds (which includes the Company's investments in its joint ventures).

As of March 31, 2021, the Company’s top five industry concentrations were software, business services, healthcare services, education and investment funds (which includes the Company's investments in its joint ventures).

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 of America ("GAAP").

Basis of accounting —The Company’s consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the U.S.

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

NMFC 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 and NMF YP and its majority-owned consolidated subsidiary:

NMF Holdings, NMFDB, NMF Servicing, SBIC I, SBIC I GP, SBIC II, SBIC II GP, NMF Ancora, NMF QID, NMF YP and NMF Permian and its majority-owned consolidated subsidiary:

For majority-owned consolidated subsidiaries, the third-party equity interest is referred to as non-controlling interest.

22 unchanged sentences

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

Table o f Contents

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.

17 unchanged sentences

NMNLC was formed to acquire commercial real estate properties that are subject to "triple net" leases.

NMNLC's investments are disclosed on the Company's Consolidated Schedule of Investments as of September 30, 2020.

NMNLC's investments are disclosed on the Company's Consolidated Schedule of Investments as of March 31, 2021.

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.

Below is certain summarized property information for NMNLC as of September 30, 2020:

Table o f Contents

Below is certain summarized property information for NMNLC as of March 31, 2021:

Lease Total Fair Value as of

Portfolio Company Tenant Expiration Date Location Square Feet September 30, 2020

Portfolio Company Tenant Expiration Date Location Square Feet March 31, 2021

NM NL Holdings LP / NM GP Holdco LLC Various Various Various Various $ 102,635

5 unchanged sentences

9/30/2031 Canada 436 12,488

NM DRVT LLC FMH Conveyors, LLC 10/31/2031 AR 195 6,980

NM APP US LLC Plasman Corp, LLC / A-Brite LP 9/30/2033 AL / OH 261 7,525

NM DRVT LLC FMH Conveyors, LLC 10/31/2031 AR 195 7,194

NM YI, LLC Young Innovations, Inc.

6 unchanged sentences

Interest on collateralized agreements is accrued and recognized over the life of the transaction and included in interest income.

As of September 30, 2020 and December 31, 2019, the Company held one collateralized agreement to resell with a cost basis of $30,000 and $30,000, respectively, and a fair value of $21,422 and $21,422, respectively.

As of March 31, 2021 and December 31, 2020, the Company held one collateralized agreement to resell with a cost basis of $30,000 and $30,000, respectively, and a fair value of $21,422 and $21,422, respectively.

The collateralized agreement to resell is on non-accrual.

11 unchanged sentences

These securities have original maturities of three months or less.

The Company did not hold any cash equivalents as of September 30, 2020 and December 31, 2019.

The Company did not hold any cash equivalents as of March 31, 2021 and December 31, 2020.

Revenue recognition

8 unchanged sentences

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, 2020, the Company recognized PIK and non-cash interest from investments of $5,008 and $11,726, respectively, and PIK and non-cash dividends from investments of $3,850 and $9,196, respectively.

For the three and nine months ended September 30, 2019, the Company recognized PIK and non-cash interest from investments of $3,745 and $9,875, respectively, and PIK and non-cash dividends from investments of $4,821 and $13,629, respectively.

For the three months ended March 31, 2021 and March 31, 2020, the Company recognized PIK and non-cash interest from investments of $5,838 and $3,490, respectively, and PIK and non-cash dividends from investments of $5,187 and $1,544, 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.

Table o f Contents

Non-accrual income:

37 unchanged sentences

federal income tax purposes.

For the three and nine months ended September 30, 2020, the Company recognized a total income tax benefit of approximately $134 and $662, respectively, for the Company’s consolidated subsidiaries.

For the three and nine months ended September 30, 2020, the Company recorded current income tax expense of approximately $123 and $116, respectively, and deferred income tax benefit of approximately $257 and $778, respectively.

For the three and nine months ended September 30, 2019, the Company recognized a total income tax benefit of approximately $281 and $108, respectively, for the Company’s

consolidated subsidiaries.

For the three and nine months ended September 30, 2019, the Company recorded current income tax expense of approximately $0 and $13, respectively, and deferred income tax benefit of approximately $281 and $121, respectively.

As of September 30, 2020 and December 31, 2019, the Company had $134 and $912, respectively, of deferred tax liabilities primarily relating to deferred taxes attributable to certain differences between the computation of income for U.S.

For the three months ended March 31, 2021 and March 31, 2020, the Company recognized a total income tax (provision) benefit of approximately $(116) and $898, respectively, for the Company’s consolidated subsidiaries.

For the three months ended March 31, 2021 and March 31, 2020, the Company recorded current income tax expense of approximately $1 and $0, respectively, and deferred income tax (provision) benefit of approximately ($115) and $898, respectively.

As of March 31, 2021 and December 31, 2020, the Company had ($14) and $101, respectively, of deferred tax (liabilities) assets 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.

Table o f Contents

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 ("ASC 740") through December 31, 2020.

1 unchanged sentence

federal, state, and local tax authorities.

Distributions —Distributions to common stockholders of the Company are recorded on the record date as set by the Company's board of directors.

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 ) 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.

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.

1 unchanged sentence

If the price at which newly issued shares are to be credited to stockholders’ accounts is equal to or greater than 110.0% of the last determined net asset value of the shares, the Company will use only newly issued shares to implement its dividend reinvestment plan.

Under such circumstances, the number of shares to be issued to a stockholder is determined by dividing the total dollar amount of the distribution payable to such stockholder by the market price per share of the Company’s common stock on the Nasdaq Global Select Market LLC (the “NASDAQ”) on the distribution payment date.

Under such circumstances, the number of shares to be issued to a stockholder is determined by dividing the total dollar amount of the distribution payable to such stockholder by the market price per share of the Company’s common stock on the NASDAQ Global Select Market (the “NASDAQ”) on the distribution payment date.

Market price per share on that date will be the closing price for such shares on the NASDAQ or, if no sale is reported for such day, the average of their electronically reported bid and ask prices.

6 unchanged sentences

On December 31, 2020, the Company's board of directors extended the Company's Repurchase Program and the Company expects the Repurchase Program to be in place until the earlier of December 31, 2021 or until $50,000 of its outstanding shares of common stock have been repurchased.

During the three and nine months ended September 30, 2020 and September 30, 2019, the Company did not repurchase any shares of the Company's common stock.

During the three months ended March 31, 2021 and March 31, 2020, the Company did not repurchase any shares of the Company's common stock.

The Company previously repurchased $2,948 of its common stock under the Repurchase Program.

6 unchanged sentences

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.

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.

1 unchanged sentence

Such fluctuations are included with “Net change in unrealized appreciation (depreciation)” and “Net realized gains (losses)” in the Company’s Consolidated Statements of Operations.

Table o f Contents

Investments denominated in foreign currencies may be negatively affected by movements in the rate of exchange between the U.S.

4 unchanged sentences

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

At September 30, 2020, the Company’s investments consisted of the following:

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

Investment Cost and Fair Value by Type

11 unchanged sentences

Education 241,716 259,503

Investment Fund (includes investments in joint ventures) 222,400 222,400

Investment Funds (includes investments in joint ventures) 232,400 232,400

Net Lease 151,211 185,645

Federal Services 64,193 65,223

Healthcare Information Technology 77,819 78,398

Consumer Services 76,408 76,458

Specialty Chemicals & Materials 59,614 60,013

Distribution & Logistics 65,630 61,032

Specialty Chemicals & Materials 61,901 57,747

Healthcare Information Technology 47,878 48,176

Industrial Services 36,494 36,652

3 unchanged sentences

Total investments $ 3,029,307 $ 3,018,612

Table o f Contents

At December 31, 2020, the Company’s investments consisted of the following:

14 unchanged sentences

Net Lease 116,791 150,829

Distribution & Logistics 106,403 106,878

Federal Services 82,637 83,742

Energy 105,689 100,699

Healthcare Information Technology 99,581 100,050

Consumer Services 78,231 78,538

Specialty Chemicals & Materials 62,037 61,651

Distribution & Logistics 65,589 57,878

Healthcare Information Technology 47,610 47,915

Industrial Services 36,581 36,744

Food & Beverage 27,834 27,957

Energy 55,309 34,112

Packaging 14,371 13,069

1 unchanged sentence

Total investments $ 2,997,669 $ 2,953,502

During the second quarter of 2020, the Company placed a portion of its first lien positions in Benevis Holding Corp.

on non-accrual status due to its ongoing restructuring, which included the filing for Chapter 11 bankruptcy protection in the U.S.

Bankruptcy Court for the Southern District of Texas on August 3, 2020.

As of September 30, 2020, the Company's investments in Benevis Holding Corp., which were placed on non-accrual status, had an aggregate cost basis of $42,755, an aggregate fair value of $39,279, and total unearned interest income of $800 and $1,615 for the three and nine months then ended.

During the second quarter of 2020, the Company placed its subordinated position in Permian Holdco 3, Inc.

on non-accrual status.

The Company's subordinated positions in Permian Holdco 2, Inc.

and preferred shares in Permian Holdco 1, Inc.

remain on non-accrual status due to its ongoing restructuring, which included the filing for Chapter 11 bankruptcy protection in the U.S.

Bankruptcy Court for the District of Delaware on July 19, 2020.

As of September 30, 2020, the Company's investments in Permian Holdco 1, Inc., Permian Holdco 2, Inc.

and Permian Holdco 3, Inc., which were placed on non-accrual status, had an aggregate cost basis of $10,864 and an aggregate fair value of $0.

During the three months ended March 31, 2020, the Company reversed $3,418 of previously recorded PIK dividends related to its investment in Permian Holdco 1, Inc.

as the Company believes these PIK dividends will ultimately not be collectible.

During the three months ended June 30, 2020, the Company reversed $1,998 of previously recorded PIK interest related to its investments in Permian Holdco 2, Inc.

and Permian Holdco 3, Inc.

as the Company believes this PIK interest will ultimately not be collectible.

During the first quarter of 2020, the Company placed its junior preferred shares in UniTek Global Services, Inc.

on non-accrual status.

As of September 30, 2020, the Company's investments in UniTek Global Services, Inc., which were placed on non-accrual status, had an aggregate cost basis of $34,393, an aggregate fair value of $3,560 and total unearned dividend income of $1,306 and $2,569 for the three and nine months then ended.

("UniTek") on non-accrual status.

As of March 31, 2021, the Company's junior preferred shares in UniTek had an aggregate cost basis of $34,393, an aggregate fair value of $0 and total unearned dividend income of $1,396 for the three months then ended.

During the fourth quarter of 2020, the Company placed an aggregate principal amount of $9,668 of its investment in the senior preferred shares of UniTek on non-accrual status.

As of March 31, 2021, the Company's senior preferred shares in UniTek, which were placed on non-accrual status, had an aggregate cost basis of $9,668, an aggregate fair value of approximately $3,976 and total unearned dividend income of approximately $452 for the three months then ended.

During the first quarter of 2018, the Company placed its first lien positions in Education Management II LLC ("EDMC") on non-accrual status as EDMC announced its intention to wind down and liquidate the business.

As of September 30, 2020, the Company's investment in EDMC, which was placed on non-accrual status, represented an aggregate cost basis of $958, an aggregate fair value of $0 and total unearned interest income of $0 and $43 for the three and nine months then ended.

As of September 30, 2020, the Company had unfunded commitments on revolving credit facilities and bridge facilities of $64,512 and $0, respectively.

As of September 30, 2020, the Company had unfunded commitments in the form of delayed draws or other future funding commitments of $29,315.

The unfunded commitments on revolving credit facilities and delayed draws are disclosed on the Company’s Consolidated Schedule of Investments as of September 30, 2020.

As of March 31, 2021, the Company's investment in EDMC, which was placed on non-accrual status, represented an aggregate cost basis of $957, an aggregate fair value of $0 and total unearned interest income of $0 for the three months then ended.

As of March 31, 2021, the Company had unfunded commitments on revolving credit facilities and bridge facilities of $59,782 and $0, respectively.

As of March 31, 2021, the Company had unfunded commitments in the form of delayed draws or other future funding commitments of $40,521.

The unfunded commitments on revolving credit facilities and delayed draws are disclosed on the Company’s Consolidated Schedule of Investments as of March 31, 2021.

As of December 31, 2020, the Company had unfunded commitments on revolving credit facilities and bridge facilities of $63,411 and $0, respectively.

1 unchanged sentence

The unfunded commitments on revolving credit facilities and delayed draws are disclosed on the Company’s Consolidated Schedule of Investments as of December 31, 2020.

Table o f Contents

PPVA Black Elk (Equity) LLC

12 unchanged sentences

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, 2020 and December 31, 2019, the SPP Agreement has a cost basis of $14,500 and $14,500, respectively, and a fair value of $10,354 and $10,354, respectively, which is reflective of the higher inherent risk in this transaction.

As of March 31, 2021 and December 31, 2020, the SPP Agreement has a cost basis of $14,500 and $14,500, respectively, and a fair value of $10,354 and $10,354, respectively, which is reflective of the higher inherent risk in this transaction.

NMFC Senior Loan Program I LLC

1 unchanged sentence

SLP I is a portfolio company held by the Company.

SLP I is structured as a private investment fund, in which all of the investors are "qualified purchasers", as such term is defined in Section 2(a)(51) of the 1940 Act.

SLP I was structured as a private investment fund, in which all of the investors were "qualified purchasers", as such term is defined in Section 2(a)(51) of the 1940 Act.

Transfer of interests in SLP I are subject to restrictions and, as a result, interests are not readily marketable.

1 unchanged sentence

The term may be extended pursuant to certain terms of the SLP I Agreement.

SLP I's re-investment period ended on August 31, 2020.

SLP I invests in senior secured loans issued by companies within the Company’s core industry verticals.

These investments are typically broadly syndicated first lien loans.

SLP I is capitalized with $93,000 of capital commitments and debt from a revolving credit facility and is managed by the Company.

The Company’s capital commitment is $23,000, representing less than 25.0% ownership, with third party investors representing the remaining capital commitments.

As of September 30, 2020, SLP I had total investments with an aggregate fair value of approximately $292,851, debt outstanding of $220,067 and capital that had been called and funded of $93,000.

SLP I's re-investment period ended on August 31, 2020.

As of this date, SLP I ceased new investment activity and any principal repayments from investments were used to repay SLP I's revolving credit facility.

Due to the expiration of the investment period, a member of SLP I expressed an interest to withdraw from SLP I.

Effective December 11, 2020, this member, with the consent of the other members of SLP I pursuant to the Withdrawal and Distribution Agreement dated as of December 11, 2020, fully withdrew as a member of SLP I through an in-kind distribution.

Immediately following the effectiveness of the withdrawal, the remaining members of SLP I entered into the First Amended and Restated Limited Liability Company Agreement (the “Restated SLP I Agreement”), which among other matters, removed the Company as the managing member of SLP I and made other changes to its governance and management.

Under the Restated SLP I Agreement, SLP I is managed and all investment decisions are made by a board of members, which has equal representation from all members of SLP I.

No revisions were made to the term of SLP I or the reinvestment period end date.

As of March 31, 2021, SLP I had total investments with an aggregate fair value of approximately $125,861, debt outstanding of $88,567 and capital that had been called and funded of $43,000.

As of December 31, 2020, SLP I had total investments with an aggregate fair value of approximately $124,659, debt outstanding of $188,867 and capital that had been called and funded of $43,000.

The Company’s investment in SLP I is disclosed on the Company’s Consolidated Schedule of Investments as of September 30, 2020 and December 31, 2019.

The Company, as an investment adviser registered under the Advisers Act, acts as the collateral manager to SLP I and is entitled to receive a management fee for its investment management services provided to SLP I.

As a result, SLP I is classified as an affiliate of the Company.

No management fee is charged on the Company's investment in SLP I in connection with the administrative services provided to SLP I.

For the three and nine months ended September 30, 2020, the Company earned approximately $254 and $781, respectively, in management fees related to SLP I, which is included in other income.

For the three and nine months ended September 30, 2019, the Company earned approximately $291 and $865, respectively, in management fees related to SLP I, which is included in other income.

As of September 30, 2020 and December 31, 2019, approximately $513 and $277, respectively, of management fees related to SLP I was included in receivable from affiliates.

For the three and nine months ended September 30, 2020, the Company earned approximately $687 and $2,096, respectively, of dividend income related to SLP I, which is included in dividend income.

For the three and nine months ended September 30, 2019, the Company earned approximately $788 and $2,326, respectively, of dividend income related to SLP I, which is included in dividend income.

As of September 30, 2020 and December 31, 2019, approximately $772 and $747, respectively, of dividend income related to SLP I was included in interest and dividend receivable.

The Company’s investment in SLP I is disclosed on the Company’s Consolidated Schedule of Investments as of March 31, 2021 and December 31, 2020.

Table o f Contents

Below is a summary of SLP I's portfolio, along with a listing of the individual investments in SLP I's portfolio as of March 31, 2021 and December 31, 2020.

March 31, 2021 December 31, 2020

First lien investments (1) $ 127,366 $ 127,660

Weighted average interest rate on first lien investments (2) 4.74 % 4.85 %

Number of portfolio companies in SLP I 34 34

Largest portfolio company investment (1) $ 7,778 $ 7,797

Total of five largest portfolio company investments (1) $ 34,847 $ 34,918

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

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

Table o f Contents

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

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

Funded Investments - First lien

Access CIG, LLC Business Services 3.87% (L + 3.75%) 2/27/2025 $ 3,669 $ 3,692 $ 3,648

Advisor Group Holdings, Inc.

Consumer Services 4.61% (L + 4.50%) 7/31/2026 6,849 6,794 6,852

Affordable Care Holding Corp.

Healthcare Services 5.75% (L + 4.75%) 10/24/2022 6,596 6,565 6,497

ASG Technologies Group, Inc.

Software 4.50% (L + 3.50%) 7/31/2024 651 649 643

Education 5.00% (L + 4.00%) 12/1/2023 5,980 5,965 5,920

Bearcat Buyer, Inc.

Healthcare Services 5.25% (L + 4.25%) 7/9/2026 130 130 130

Bearcat Buyer, Inc.

Healthcare Services 5.25% (L + 4.25%) 7/9/2026 629 627 629

Bracket Intermediate Holding Corp.

Healthcare Services 4.49% (L + 4.25%) 9/5/2025 4,508 4,493 4,502

Certara Holdco, Inc.

Healthcare Information Technology 3.70% (L + 3.50%) 8/15/2024 5,125 5,121 5,125

CHA Holdings, Inc.

Business Services 5.50% (L + 4.50%) 4/10/2025 451 451 421

Software 3.90% (L + 3.75%) 11/29/2024 6,727 6,716 6,574

Dealer Tire, LLC Distribution & Logistics 4.36% (L + 4.25%) 12/12/2025 3,424 3,417 3,434

Drilling Info Holdings, Inc.

Business Services 4.36% (L + 4.25%) 7/30/2025 6,088 6,070 5,996

Emerald 2 Limited Business Services 3.61% (L + 3.50%) 7/10/2026 447 447 445

eResearchTechnology, Inc.

Healthcare Services 5.50% (L + 4.50%) 2/4/2027 1,342 1,331 1,345

Fastlane Parent Company, Inc.

Distribution & Logistics 4.61% (L + 4.50%) 2/4/2026 1,359 1,339 1,359

Greenway Health, LLC Software 4.75% (L + 3.75%) 2/16/2024 6,675 6,660 6,383

Heartland Dental, LLC Healthcare Services 3.61% (L + 3.50%) 4/30/2025 3,600 3,589 3,549

Help/Systems Holdings, Inc.

Software 5.75% (L + 4.75%) 11/19/2026 137 137 138

LSCS Holdings, Inc.

Healthcare Services 4.51% (L + 4.25%) 3/17/2025 1,368 1,364 1,355

LSCS Holdings, Inc.

Healthcare Services 4.51% (L + 4.25%) 3/17/2025 5,301 5,285 5,248

Market Track, LLC Business Services 5.25% (L + 4.25%) 6/5/2024 779 781 779

Medical Solutions Holdings, Inc.

Healthcare Services 5.50% (L + 4.50%) 6/14/2024 2,243 2,240 2,247

Ministry Brands, LLC Software 5.00% (L + 4.00%) 12/2/2022 4,863 4,856 4,850

National Intergovernmental Purchasing Alliance Company Business Services 3.95% (L + 3.75%) 5/23/2025 1,349 1,350 1,346

Pelican Products, Inc.

Business Products 4.50% (L + 3.50%) 5/1/2025 2,248 2,244 2,227

Premise Health Holding Corp.

Healthcare Services 3.70% (L + 3.50%) 7/10/2025 627 624 624

Project Accelerate Parent, LLC Business Services 5.25% (L + 4.25%) 1/2/2025 4,164 4,149 4,015

PSC Industrial Holdings Corp.

Industrial Services 4.75% (L + 3.75%) 10/11/2024 3,896 3,875 3,815

Salient CRGT Inc.

Federal Services 7.50% (L + 6.50%) 2/28/2022 6,731 6,717 6,731

Sierra Enterprises, LLC Food & Beverage 5.00% (L + 4.00%) 11/11/2024 4,249 4,233 4,195

Wirepath LLC Distribution & Logistics 4.20% (L + 4.00%) 8/5/2024 6,762 6,762 6,661

WP CityMD Bidco LLC Healthcare Services 4.50% (L + 3.75%) 8/13/2026 6,133 6,083 6,132

Wrench Group LLC Consumer Services 4.20% (L + 4.00%) 4/30/2026 2,734 2,712 2,734

YI, LLC Healthcare Services 5.00% (L + 4.00%) 11/7/2024 7,778 7,771 7,564

Zelis Cost Management Buyer, Inc.

Healthcare Information Technology 3.62% (L + 3.50%) 9/30/2026 1,754 1,739 1,748

Total Funded Investments $ 127,366 $ 126,978 $ 125,861

(1) All interest is payable in cash unless otherwise indicated.

A majority of the variable rate debt investments bear interest at a rate that may be determined by reference to the LIBOR (L), the Prime Rate (P) and the alternative base rate (Base).

For each investment, the current interest rate provided reflects the rate in effect as of March 31, 2021.

(2) Represents the fair value in accordance with Accounting Standards Codification Topic 820, Fair Value Measurement and Disclosures ("ASC 820").

The Company's board of directors does not determine the fair value of the investments held by SLP I.

Table o f Contents

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

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

Funded Investments - First lien

Access CIG, LLC Business Services 3.98% (L + 3.75%) 2/27/2025 $ 3,678 $ 3,701 $ 3,649

Advisor Group Holdings, Inc.

Consumer Services 5.15% (L + 5.00%) 7/31/2026 6,866 6,809 6,836

Affordable Care Holding Corp.

Healthcare Services 5.75% (L + 4.75%) 10/24/2022 6,614 6,578 6,531

ASG Technologies Group, Inc.

Software 4.50% (L + 3.50%) 7/31/2024 653 651 636

Education 5.00% (L + 4.00%) 12/1/2023 5,980 5,964 5,980

Bearcat Buyer, Inc.

Healthcare Services 5.25% (L + 4.25%) 7/9/2026 131 130 131

Bearcat Buyer, Inc.

Healthcare Services 5.25% (L + 4.25%) 7/9/2026 631 628 631

Bracket Intermediate Holding Corp.

Healthcare Services 4.48% (L + 4.25%) 9/5/2025 4,520 4,504 4,474

Certara Holdco, Inc.

Healthcare Information Technology 3.75% (L + 3.50%) 8/15/2024 5,138 5,134 5,145

CHA Holdings, Inc.

Business Services 5.50% (L + 4.50%) 4/10/2025 452 452 423

Software 3.90% (L + 3.75%) 11/29/2024 6,745 6,732 6,479

Dealer Tire, LLC Distribution & Logistics 4.40% (L + 4.25%) 12/12/2025 3,433 3,426 3,419

Drilling Info Holdings, Inc.

Business Services 4.40% (L + 4.25%) 7/30/2025 6,103 6,084 5,925

Emerald 2 Limited Business Services 3.50% (L + 3.25%) 7/10/2026 449 448 445

eResearchTechnology, Inc.

Healthcare Services 5.50% (L + 4.50%) 2/4/2027 1,345 1,333 1,336

Fastlane Parent Company, Inc.

Distribution & Logistics 4.65% (L + 4.50%) 2/4/2026 1,363 1,342 1,355

Greenway Health, LLC Software 4.75% (L + 3.75%) 2/16/2024 6,693 6,677 6,141

Heartland Dental, LLC Healthcare Services 3.65% (L + 3.50%) 4/30/2025 3,609 3,597 3,524

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

Software 5.75% (L + 4.75%) 11/19/2026 138 137 138

LSCS Holdings, Inc.

Healthcare Services 4.51% (L + 4.25%) 3/17/2025 1,372 1,367 1,344

LSCS Holdings, Inc.

Healthcare Services 4.51% (L + 4.25%) 3/17/2025 5,314 5,297 5,208

Market Track, LLC Business Services 5.25% (L + 4.25%) 6/5/2024 781 783 767

Medical Solutions Holdings, Inc.

Healthcare Services 5.50% (L + 4.50%) 6/14/2024 2,249 2,245 2,237

Ministry Brands, LLC Software 5.00% (L + 4.00%) 12/2/2022 4,876 4,868 4,852

National Intergovernmental Purchasing Alliance Company Business Services 4.00% (L + 3.75%) 5/23/2025 1,352 1,354 1,346

Pelican Products, Inc.

Business Products 4.50% (L + 3.50%) 5/1/2025 2,254 2,250 2,217

Premise Health Holding Corp.

Healthcare Services 3.75% (L + 3.50%) 7/10/2025 628 626 614

Project Accelerate Parent, LLC Business Services 5.25% (L + 4.25%) 1/2/2025 4,175 4,159 3,799

PSC Industrial Holdings Corp.

Industrial Services 4.75% (L + 3.75%) 10/11/2024 3,906 3,883 3,799

Salient CRGT Inc.

Federal Services 7.50% (L + 6.50%) 2/28/2022 6,731 6,713 6,731

Sierra Enterprises, LLC Food & Beverage 5.00% (L + 4.00%) 11/11/2024 4,260 4,243 4,192

Wirepath LLC Distribution & Logistics 4.25% (L + 4.00%) 8/5/2024 6,779 6,779 6,542

WP CityMD Bidco LLC Healthcare Services 5.50% (L + 4.50%) 8/13/2026 6,148 6,096 6,162

Wrench Group LLC Consumer Services 4.25% (L + 4.00%) 4/30/2026 2,739 2,716 2,712

YI, LLC Healthcare Services 5.00% (L + 4.00%) 11/7/2024 7,797 7,792 7,174

Zelis Cost Management Buyer, Inc.

Healthcare Information Technology 4.90% (L + 4.75%) 9/30/2026 1,758 1,743 1,765

Total Funded Investments $ 127,660 $ 127,241 $ 124,659

(1) All interest is payable in cash unless otherwise indicated.

A majority of the variable rate debt investments bear interest at a rate that may be determined by reference to the LIBOR (L), the Prime Rate (P) and the alternative base rate (Base).

For each investment, the current interest rate provided reflects the rate in effect as of December 31, 2020.

(2) Represents the fair value in accordance with ASC 820.

The Company's board of directors does not determine the fair value of the investments held by SLP I.

Table o f Contents

Below is certain summarized financial information for SLP I as of March 31, 2021 and December 31, 2020 and for the three months ended March 31, 2021 and March 31, 2020:

Selected Balance Sheet Information:

March 31, 2021 December 31, 2020

Investments at fair value (cost of $126,978 and $127,241, respectively) $ 125,861 $ 124,659

Receivable from in-kind distributions — 100,404

Receivable from unsettled securities sold — 1,662

Cash and other assets 6,308 6,461

Total assets $ 132,169 $ 233,186

Credit facility $ 88,567 $ 188,867

Deferred financing costs (233) (296)

Distribution payable 1,075 2,538

Other liabilities 689 1,364

Total liabilities 90,098 192,473

Members' capital $ 42,071 $ 40,713

Total liabilities and members' capital $ 132,169 $ 233,186

Selected Statement of Operations Three Months Ended

March 31, 2021 March 31, 2020

Interest income $ 1,966 $ 5,122

Other income 11 39

Total investment income 1,977 5,161

Interest and other financing expenses 471 1,954

Other expenses 539 398

Total expenses 1,010 2,352

expenses waived and reimbursed — (56)

Net expenses 1,010 2,296

Net investment income 967 2,865

Net realized gains on investments 1 45

Net change in unrealized appreciation (depreciation) of investments 1,465 (39,060)

Net increase (decrease) in members' capital $ 2,433 $ (36,150)

Table o f Contents

Pursuant to the Restated SLP I Agreement, the Company is no longer entitled to, and SLP I no longer pays management fees for investment management services provided to SLP I.

For the three months ended March 31, 2021 and March 31, 2020, the Company earned approximately $0 and $267, respectively, in management fees related to SLP I, which is included in other income.

As of March 31, 2021 and December 31, 2020, approximately $0 and $117, respectively, of management fees related to SLP I was included in receivable from affiliates.

For the three months ended March 31, 2021 and March 31, 2020, the Company earned approximately $575 and $720, respectively, of dividend income related to SLP I, which is included in dividend income.

As of March 31, 2021 and December 31, 2020, approximately $575 and $657, respectively, of dividend income related to SLP I was included in interest and dividend receivable.

The Company has determined that SLP I 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, Accounting Standards Codification Topic 810, Consolidation ("ASC 810"), concludes that in an investment fund where all members have equal decision making authority, it is not appropriate for one member to consolidate since neither has control.

Accordingly, the Company does not consolidate SLP I.

NMFC Senior Loan Program II LLC

8 unchanged sentences

Any decision by SLP II to call down on capital commitments requires approval by the board of managers of SLP II.

As of September 30, 2020, the Company and SkyKnight have committed and contributed $79,400 and $20,600, respectively, of equity to SLP II.

The Company’s investment in SLP II is disclosed on the Company’s Consolidated Schedule of Investments as of September 30, 2020 and December 31, 2019.

As of March 31, 2021, the Company and SkyKnight have committed and contributed $79,400 and $20,600, respectively, of equity to SLP II.

The Company’s investment in SLP II is disclosed on the Company’s Consolidated Schedule of Investments as of March 31, 2021 and December 31, 2020.

On April 12, 2016, SLP II entered into its revolving credit facility with Wells Fargo Bank, National Association, which matures on April 12, 2022 and bears interest at a rate of the London Interbank Offered Rate ("LIBOR") plus 1.60% per annum.

As of September 30, 2020 and December 31, 2019, SLP II had total investments with an aggregate fair value of approximately $286,413 and $339,985, respectively, and debt outstanding under its credit facility of $204,470 and $246,870, respectively.

As of September 30, 2020 and December 31, 2019, none of SLP II's investments were on non-accrual.

Additionally, as of September 30, 2020 and December 31, 2019, SLP II had unfunded commitments in the form of delayed draws of $194 and $3,155, respectively.

Below is a summary of SLP II's portfolio, along with a listing of the individual investments in SLP II's portfolio as of September 30, 2020 and December 31, 2019:

September 30, 2020 December 31, 2019

As of March 31, 2021 and December 31, 2020, SLP II had total investments with an aggregate fair value of approximately $250,917 and $271,149, respectively, and debt outstanding under its credit facility of $160,670 and $183,970, respectively.

As of March 31, 2021 and December 31, 2020, none of SLP II's investments were on non-accrual.

Below is a summary of SLP II's portfolio, along with a listing of the individual investments in SLP II's portfolio as of March 31, 2021 and December 31, 2020:

March 31, 2021 December 31, 2020

First lien investments (1) $ 255,235 $ 279,678

5 unchanged sentences

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

The following table is a listing of the individual investments in SLP II's portfolio as of September 30, 2020:

Table o f Contents

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

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

10 unchanged sentences

Federal Services 4.20% (L + 4.00%) 10/30/2026 9,900 9,817 9,888

Bleriot US Bidco Inc.

Federal Services 4.97% (L + 4.75%) 10/30/2026 8,605 8,528 8,546

Brave Parent Holdings, Inc.

5 unchanged sentences

Business Services 5.50% (L + 4.50%) 4/10/2025 10,561 10,531 9,874

CommerceHub, Inc.

Software 3.65% (L + 3.50%) 5/21/2025 2,444 2,435 2,389

Dealer Tire, LLC Distribution & Logistics 4.36% (L + 4.25%) 12/12/2025 7,406 7,391 7,428

1 unchanged sentence

Business Services 4.36% (L + 4.25%) 7/30/2025 14,571 14,528 14,352

Edgewood Partners Holdings LLC Business Services 5.25% (L + 4.25%) 9/6/2024 7,375 7,320 7,117

Edgewood Partners Holdings LLC (EPIC) Business Services 5.25% (L + 4.25%) 9/6/2024 7,337 7,289 7,264

eResearchTechnology, Inc.

5 unchanged sentences

Software 5.75% (L + 4.75%) 11/19/2026 4,400 4,363 4,432

Institutional Shareholder Services Inc.

Business Services 4.72% (L + 4.50%) 3/5/2026 13,790 13,678 13,376

Keystone Acquisition Corp.

10 unchanged sentences

Ministry Brands, LLC Software 5.00% (L + 4.00%) 12/2/2022 12,003 11,983 11,969

Peraton Corp.

(fka MHVC Acquisition Corp.) Federal Services 6.25% (L + 5.25%) 4/29/2024 10,159 10,130 10,083

Premise Health Holding Corp.

13 unchanged sentences

Healthcare Information Technology 3.62% (L + 3.50%) 9/30/2026 4,078 4,044 4,065

Software 6.00% (L + 5.00%) 11/17/2022 16,844 16,810 16,844

Software 6.00% (L + 5.00%) 11/17/2022 478 474 478

Total Funded Investments $ 255,235 $ 254,344 $ 250,917

Unfunded Investments - First lien:

Bearcat Buyer, Inc.

Healthcare Services — 7/9/2021 $ 194 $ (1) $ —

Total Unfunded Investments $ 194 $ (1) $ —

Total Investments $ 300,199 $ 298,810 $ 286,413

(1) All interest is payable in cash unless otherwise indicated.

A majority of the variable rate debt investments bear interest at a rate that may be determined by reference to the LIBOR (L), the Prime Rate (P) and the alternative base rate (Base).

For each investment, the current interest rate provided reflects the rate in effect as of September 30, 2020.

(2) Represents the fair value in accordance with Accounting Standards Codification Topic 820, Fair Value Measurement and Disclosures (“ASC 820”).

For each investment, the current interest rate provided reflects the rate in effect as of March 31, 2021.

(2) Represents the fair value in accordance with ASC 820.

The Company's board of directors does not determine the fair value of the investments held by SLP II.

Table o f Contents

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

11 unchanged sentences

Federal Services 5.00% (L + 4.75%) 10/31/2026 1,341 1,329 1,341

Bleriot US Bidco Inc.

Federal Services 5.00% (L + 4.75%) 10/30/2026 8,584 8,509 8,584

Brave Parent Holdings, Inc.

5 unchanged sentences

Business Services 5.50% (L + 4.50%) 4/10/2025 10,588 10,556 9,900

CommerceHub, Inc.

Software 5.30% (L + 3.50%) 5/21/2025 2,463 2,453 2,432

Dealer Tire, LLC Distribution & Logistics 4.40% (L + 4.25%) 12/12/2025 7,425 7,409 7,394

Drilling Info Holdings, Inc.

Business Services 4.40% (L + 4.25%) 7/30/2025 14,608 14,563 14,182

Edgewood Partners Holdings LLC Business Services 6.05% (L + 4.25%) 9/6/2024 7,432 7,367 7,413

Explorer Holdings, Inc.

Edgewood Partners Holdings LLC (EPIC) Business Services 5.25% (L + 4.25%) 9/6/2024 7,356 7,304 7,301

eResearchTechnology, Inc.

Healthcare Services 5.50% (L + 4.50%) 2/4/2027 3,129 3,101 3,106

2 unchanged sentences

Greenway Health, LLC Software 4.75% (L + 3.75%) 2/16/2024 14,475 14,439 13,281

Help/Systems Holdings, Inc.

Software 6.55% (L + 4.75%) 11/19/2026 4,444 4,400 4,428

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

Software 5.75% (L + 4.75%) 11/19/2026 4,411 4,373 4,411

8 unchanged sentences

Market Track, LLC Business Services 5.25% (L + 4.25%) 6/5/2024 11,580 11,549 11,376

MediaOcean, LLC Software 5.80% (L + 4.00%) 8/18/2025 7,392 7,372 7,410

Medical Solutions Holdings, Inc.

3 unchanged sentences

Ministry Brands, LLC Software 5.00% (L + 4.00%) 12/2/2022 12,034 12,011 11,975

NorthStar Financial Services Group, LLC Software 5.30% (L + 3.50%) 5/25/2025 5,885 5,861 5,789

Peraton Corp.

9 unchanged sentences

Federal Services 7.50% (L + 6.50%) 2/28/2022 12,478 12,445 12,478

Spring Education Group, Inc.

(fka SSH Group Holdings, Inc.) Education 6.19% (L + 4.25%) 7/30/2025 716 715 721

Wirepath LLC Distribution & Logistics 4.25% (L + 4.00%) 8/5/2024 14,663 14,663 14,149

3 unchanged sentences

Zelis Cost Management Buyer, Inc.

Healthcare I.T.

6.55% (L + 4.75%) 9/30/2026 10,363 10,261 10,427

Software 6.93% (L + 5.00%) 11/17/2022 16,975 16,930 16,975

Software 6.84% (L + 5.00%) 11/17/2022 481 477 481

Healthcare Information Technology 4.90% (L + 4.75%) 9/30/2026 4,088 4,053 4,105

Total Funded Investments $ 279,678 $ 278,595 $ 271,149

Unfunded Investments - First lien

Bearcat Buyer, Inc.

Healthcare Services — 7/9/2021 $ 194 $ (1) $ (1)

Bleriot US Bidco Inc.

Federal Services — 10/31/2020 1,351 (14) 15

Premise Health Holding Corp.

Healthcare Services — 7/10/2020 110 — —

Wrench Group LLC Consumer Services — 4/30/2021 1,500 — 4

Total Unfunded Investments $ 3,155 $ (15) $ 18

Total Investments $ 351,160 $ 346,321 $ 339,985

(1) All interest is payable in cash unless otherwise indicated.

3 unchanged sentences

The Company's board of directors does not determine the fair value of the investments held by SLP II.

Below is certain summarized financial information for SLP II as of September 30, 2020 and December 31, 2019 and for the three and nine months ended September 30, 2020 and September 30, 2019:

Table o f Contents

Below is certain summarized financial information for SLP II as of March 31, 2021 and December 31, 2020 and for the three months ended March 31, 2021 and March 31, 2020:

Selected Balance Sheet Information:

September 30, 2020 December 31, 2019

March 31, 2021 December 31, 2020

Investments at fair value (cost of $254,344 and $278,595, respectively) $ 250,917 $ 271,149

4 unchanged sentences

Distribution payable 2,500 2,500

Payable for unsettled securities purchased — 3,113

Other liabilities 904 1,058

2 unchanged sentences

Total liabilities and members' capital $ 260,641 $ 279,908

Selected Statement of Operations Three Months Ended Nine Months Ended

September 30, 2020 September 30, 2019 September 30, 2020 September 30, 2019

Selected Statement of Operations Three Months Ended

March 31, 2021 March 31, 2020

Interest income $ 3,534 $ 5,447

4 unchanged sentences

Total expenses 1,087 2,277

expenses waived and reimbursed — — — (20)

Net expenses 1,288 2,874 5,056 8,872

Net investment income 2,447 3,223

Net realized gains (losses) on investments 3 116 (803) 377

Net realized gains on investments 2 56

Net change in unrealized appreciation (depreciation) of investments 4,019 (34,801)

Net increase in members' capital $ 9,877 $ 915 $ 2,303 $ 8,864

For the three and nine months ended September 30, 2020, the Company earned approximately $2,025 and $6,723, respectively, of dividend income related to SLP II, which is included in dividend income.

For the three and nine months ended September 30, 2019, the Company earned approximately $2,581 and $8,536, respectively, of dividend income related to SLP II, which is included in dividend income.

As of September 30, 2020 and December 31, 2019, approximately $2,025 and $2,581, respectively, of dividend income related to SLP II was included in interest and dividend receivable.

Net increase (decrease) in members' capital $ 6,468 $ (31,522)

For the three months ended March 31, 2021 and March 31, 2020, the Company earned approximately $1,985 and $2,581, respectively, of dividend income related to SLP II, which is included in dividend income.

As of March 31, 2021 and December 31, 2020, approximately $1,985 and $1,985, respectively, of dividend income related to SLP II was included in interest and dividend receivable.

The Company has determined that SLP II 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, Accounting Standards Codification Topic 810, Consolidation ("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.

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 II.

Table o f Contents

NMFC Senior Loan Program III LLC

SLP III was formed as a Delaware limited liability company and commenced operations on April 25, 2018.

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").

6 unchanged sentences

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, 2020, the Company and SkyKnight II have committed and contributed $120,000 and $30,000, 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, 2020 and December 31, 2019.

As of March 31, 2021, the Company and SkyKnight II have committed $140,000 and $35,000, respectively, of equity to SLP III.

As of March 31, 2021, he Company and SkyKnight II have contributed $130,000 and $32,500, 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 March 31, 2021 and December 31, 2020.

On May 2, 2018, SLP III entered into its revolving credit facility with Citibank, N.A., which matures on May 2, 2023 and bears interest at a rate of LIBOR plus 1.70% per annum.

Effective February 13, 2020, SLP III's revolving credit facility has a maximum borrowing capacity of $450,000.

As of September 30, 2020 and December 31, 2019, SLP III had total investments with an aggregate fair value of approximately $526,230 and $475,198, respectively, and debt outstanding under its credit facility of $395,200 and $355,400, respectively.

As of September 30, 2020 and December 31, 2019, none of SLP III's investments were on non-accrual.

Additionally, as of September 30, 2020 and December 31, 2019, SLP III had unfunded commitments in the form of delayed draws of $8,775 and $10,608, 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, 2020 and December 31, 2019:

September 30, 2020 December 31, 2019

Effective November 23, 2020, SLP III's revolving credit facility has a maximum borrowing capacity of $525,000.

As of March 31, 2021 and December 31, 2020, SLP III had total investments with an aggregate fair value of approximately $666,648 and $609,961, respectively, and debt outstanding under its credit facility of $474,200 and $424,200, respectively.

As of March 31, 2021 and December 31, 2020, none of SLP III's investments were on non-accrual.

Additionally, as of March 31, 2021 and December 31, 2020, SLP III had unfunded commitments in the form of delayed draws of $15,093 and $7,838, 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 March 31, 2021 and December 31, 2020:

March 31, 2021 December 31, 2020

First lien investments (1) $ 686,095 $ 626,985

5 unchanged sentences

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

The following table is a listing of the individual investments in SLP III's portfolio as of September 30, 2020:

Table o f Contents

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

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

6 unchanged sentences

AG Parent Holdings, LLC Healthcare Services 5.11% (L + 5.00%) 7/31/2026 12,344 12,294 12,297

Ascensus Specialties LLC Business Services 4.91% (L + 4.75%) 9/24/2026 9,925 9,881 9,578

Ascensus Specialties LLC Specialty Chemicals & Materials 4.87% (L + 4.75%) 9/24/2026 9,875 9,835 9,986

Aston FinCo S.a.r.l.

4 unchanged sentences

Distribution & Logistics 4.11% (L + 4.00%) 6/11/2026 10,842 10,756 10,801

BCPE Empire Holdings, Inc.

Distribution & Logistics 4.15% (L + 4.00%) 6/11/2026 1,430 1,421 1,401

Bearcat Buyer, Inc.

4 unchanged sentences

Federal Services 4.20% (L + 4.00%) 10/31/2026 4,950 4,907 4,944

Bleriot US Bidco Inc.

Federal Services 4.97% (L + 4.75%) 10/31/2026 672 666 668

Bluefin Holding, LLC Software 4.11% (L + 4.00%) 9/4/2026 9,875 9,755 9,875

3 unchanged sentences

Software 4.11% (L + 4.00%) 4/18/2025 11,188 11,163 11,197

Cano Health, LLC Healthcare Services 5.50% (L + 4.75%) 11/23/2027 6,291 6,231 6,298

Cardinal Parent, Inc.

Software 5.25% (L + 4.50%) 11/12/2027 7,037 6,935 7,077

CentralSquare Technologies, LLC Software 3.95% (L + 3.75%) 8/29/2025 14,662 14,638 14,069

Certara Holdco, Inc.

Healthcare I.T.

3.72% (L + 3.50%) 8/15/2024 1,249 1,252 1,236

Healthcare Information Technology 3.70% (L + 3.50%) 8/15/2024 1,242 1,245 1,242

CHA Holdings, Inc.

2 unchanged sentences

Software 4.75% (L + 4.00%) 12/29/2027 5,819 5,790 5,833

Confluent Health, LLC Healthcare Services 5.11% (L + 5.00%) 6/24/2026 4,387 4,345 4,387

Covenant Surgical Partners, Inc.

4 unchanged sentences

Dentalcorp Health Services ULC (fka Dentalcorp Perfect Smile ULC) Healthcare Services 4.75% (L + 3.75%) 6/6/2025 16,842 16,797 16,737

DG Investment Intermediate Holdings 2, Inc.

Business Services 4.50% (L + 3.75%) 3/31/2028 6,201 6,170 6,174

DG Investment Intermediate Holdings 2, Inc.

Business Services 4.50% (L + 3.75%) 3/31/2028 500 500 498

Dispatch Acquisition Holdings, LLC Industrial Services 5.00% (L + 4.25%) 3/25/2028 4,179 4,137 4,171

Drilling Info Holdings, Inc.

4 unchanged sentences

EyeCare Partners, LLC Healthcare Services 3.86% (L + 3.75%) 2/18/2027 14,872 14,855 14,737

Fastlane Parent Company, Inc.

Distribution & Logistics 4.65% (L + 4.50%) 2/4/2026 3,448 3,392 3,328

Frontline Technologies Intermediate Holdings, LLC Software 6.75% (L + 5.75%) 9/18/2023 6,497 6,497 6,497

Greenway Health, LLC Software 4.75% (L + 3.75%) 2/16/2024 14,482 14,488 13,849

2 unchanged sentences

Software 5.75% (L + 4.75%) 11/19/2026 18,394 18,231 18,526

Higginbotham Insurance Agency, Inc.

Financial Services 6.50% (L + 5.75%) 11/25/2026 7,187 7,136 7,331

Software 4.50% (L + 3.75%) 3/2/2028 16,085 16,070 16,004

Institutional Shareholder Services Inc.

Business Services 4.72% (L + 4.50%) 3/5/2026 985 977 955

Kestra Advisor Services Holdings A, Inc.

Business Services 4.36% (L + 4.25%) 6/3/2026 12,150 12,083 12,120

LI Group Holdings, Inc.

Software 4.50% (L + 3.75%) 3/11/2028 4,655 4,643 4,672

LSCS Holdings, Inc.

2 unchanged sentences

Healthcare Services 4.51% (L + 4.25%) 3/17/2025 676 673 670

Maravai Intermediate Holdings, LLC Specialty Chemicals & Materials 5.25% (L + 4.25%) 10/19/2027 4,114 4,075 4,132

Market Track, LLC Business Services 5.25% (L + 4.25%) 6/5/2024 6,129 6,062 6,129

4 unchanged sentences

National Intergovernmental Purchasing Alliance Company Business Services 3.95% (L + 3.75%) 5/23/2025 8,679 8,676 8,657

National Mentor Holdings, Inc.

(aka Civitas Solutions, Inc.) Healthcare Services 4.40% (L + 4.25%) 3/9/2026 8,901 8,901 8,823

National Mentor Holdings, Inc.

(aka Civitas Solutions, Inc.) Healthcare Services 4.40% (L + 4.25%) 3/9/2026 406 406 403

Navex Topco, Inc.

Software 3.36% (L + 3.25%) 9/5/2025 18,162 18,038 18,048

Navicure, Inc.

Healthcare Services 4.75% (L + 4.00%) 10/22/2026 4,118 4,107 4,035

Netsmart Technologies, Inc.

Healthcare I.T.

6.00% (P + 2.75%) 4/19/2023 10,250 10,250 10,250

Newport Group Holdings II, Inc.

Business Services 3.70% (L + 3.50%) 9/12/2025 4,875 4,859 4,851

Table o f Contents

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

Orion Advisor Solutions, Inc.

4 unchanged sentences

Business Products 4.50% (L + 3.50%) 5/1/2025 4,863 4,855 4,817

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

Peraton Corp.

(fka MHVC Acquisition Corp.) Federal Services 6.25% (L + 5.25%) 4/29/2024 15,312 15,262 15,197

Federal Services 4.50% (L + 3.75%) 2/1/2028 4,529 4,507 4,531

PetVet Care Centers, LLC (fka Pearl Intermediate Parent LLC) Consumer Services 4.25% (L + 3.50%) 2/14/2025 4,506 4,506 4,502

Planview Parent, Inc.

Software 4.75% (L + 4.00%) 12/17/2027 7,979 7,901 7,994

Premise Health Holding Corp.

1 unchanged sentence

Project Accelerate Parent, LLC Business Services 5.25% (L + 4.25%) 1/2/2025 9,798 9,763 9,447

Project Boost Purchaser, LLC Business Services 5.00% (L + 4.25%) 6/1/2026 1,990 1,971 1,991

Project Ruby Ultimate Parent Corp.

(Mediware) Healthcare I.T.

4.00% (L + 3.25%) 3/10/2028 14,000 13,930 13,959

Quest Software US Holdings Inc.

Software 4.46% (L + 4.25%) 5/16/2025 14,662 14,616 14,678

Ryan Specialty Group, LLC Business Services 4.00% (L + 3.25%) 9/1/2027 3,500 3,448 3,483

RealPage, Inc.

Business Services 3.75% (L + 3.25%) 4/24/2028 14,000 13,965 13,950

Sierra Enterprises, LLC Food & Beverage 5.00% (L + 4.00%) 11/11/2024 2,425 2,423 2,395

Sovos Brands Intermediate, Inc.

Food & Beverage 4.98% (L + 4.75%) 11/20/2025 3,582 3,573 3,600

Spring Education Group, Inc.

(fka SSH Group Holdings, Inc.) Education 4.45% (L + 4.25%) 7/30/2025 12,152 12,131 11,632

Storable, Inc Software 3.75% (L + 3.25%) 2/26/2028 3,862 3,852 3,833

Symplr Software, Inc.(fka Caliper Software, Inc.) Healthcare I.T.

5.25% (L + 4.50%) 12/22/2027 16,000 15,854 16,072

Syndigo LLC Software 5.25% (L + 4.50%) 12/15/2027 15,000 14,891 14,888

TIBCO Software Inc.

Software 3.86% (L + 3.75%) 6/30/2026 7,635 7,618 7,568

Unitek Acquisition, Inc.

Business Services 7.50% (L + 5.50% + 1.00% PIK) 8/20/2024 3,325 2,700 2,975

Unitek Acquisition, Inc.

Business Services 7.50% (L + 5.50% + 1.00% PIK) 8/20/2024 665 540 595

Unified Women’s Healthcare, LP Healthcare Services 5.00% (L + 4.25%) 12/20/2027 9,975 9,900 10,008

Waystar Technologies, Inc.

Healthcare Services 4.11% (L + 4.00%) 10/22/2026 4,097 4,088 4,107

Wirepath LLC Distribution & Logistics 4.20% (L + 4.00%) 8/5/2024 17,083 17,083 16,827

5 unchanged sentences

Unfunded Investments - First lien

BCPE Empire Holdings, Inc.

Distribution & Logistics — 6/11/2021 369 (4) (7)

Bearcat Buyer, Inc.

Healthcare Services — 7/9/2021 2,792 (14) —

Cano Health, LLC Healthcare Services — 11/23/2021 $ 2,300 $ (23) $ 2

Covenant Surgical Partners, Inc.

Healthcare Services — 7/1/2021 2,000 (20) (43)

EyeCare Partners, LLC Healthcare Services — 2/18/2022 2,838 — (153)

MED ParentCo, LP Healthcare Services — 8/27/2021 776 (8) (36)

DG Investment Intermediate Holdings 2, Inc.

Business Services — 3/31/2023 799 — (3)

Higginbotham Insurance Agency, Inc.

Financial Services — 11/25/2022 2,023 (15) 40

Peraton Corp.

Federal Services — 2/1/2028 7,971 (40) 3

Total Unfunded Investments $ 15,093 $ (98) $ (1)

2 unchanged sentences

A majority of the variable rate debt investments bear interest at a rate that may be determined by reference to the LIBOR (L), the Prime Rate (P) and the alternative base rate (Base).

For each investment, the current interest rate provided reflects the rate in effect as of September 30, 2020.

For each investment, the current interest rate provided reflects the rate in effect as of March 31, 2021.

(2) Represents the fair value in accordance with ASC 820.

The Company's board of directors does not determine the fair value of the investments held by SLP III.

Table o f Contents

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

7 unchanged sentences

AG Parent Holdings, LLC Healthcare Services 5.15% (L + 5.00%) 7/31/2026 12,375 12,323 12,251

Ascensus Specialties LLC Specialty Chemicals & Materials 4.90% (L + 4.75%) 9/24/2026 9,900 9,858 9,931

Aston FinCo S.a.r.l.

/ Aston US Finco, LLC Software 4.40% (L + 4.25%) 10/9/2026 5,955 5,904 5,900

Ascensus Specialties LLC Business Services 6.44% (L + 4.75%) 9/24/2026 10,000 9,951 9,975

BCPE Empire Holdings, Inc.

Distribution & Logistics 5.80% (L + 4.00%) 6/11/2026 9,167 9,080 9,224

Astra Acquisition Corp.

Software 6.50% (L + 5.50%) 3/1/2027 11,490 11,412 11,605

BCPE Empire Holdings, Inc.

6 unchanged sentences

Federal Services 5.00% (L + 4.75%) 10/31/2026 4,292 4,254 4,292

Bleriot US Bidco Inc.

Federal Services 5.00% (L + 4.75%) 10/31/2026 671 665 671

Bluefin Holding, LLC Software 4.15% (L + 4.00%) 9/4/2026 9,900 9,775 9,900

3 unchanged sentences

Software 4.15% (L + 4.00%) 4/18/2025 11,217 11,190 11,147

Cano Health, LLC Healthcare Services 5.50% (L + 4.75%) 11/23/2027 6,308 6,244 6,244

Cardinal Parent, Inc.

Software 5.25% (L + 4.50%) 11/12/2027 7,038 6,932 6,967

CentralSquare Technologies, LLC Software 4.00% (L + 3.75%) 8/29/2025 14,700 14,674 13,745

6 unchanged sentences

Software 4.75% (L + 4.00%) 12/29/2027 5,833 5,804 5,833

Confluent Health, LLC Healthcare Services 5.15% (L + 5.00%) 6/24/2026 4,398 4,354 4,348

Covenant Surgical Partners, Inc.

2 unchanged sentences

Business Services 3.65% (L + 3.50%) 8/8/2025 14,663 14,611 14,498

Dealer Tire, LLC Distribution & Logistics 4.40% (L + 4.25%) 12/12/2025 9,900 9,879 9,859

Dentalcorp Health Services ULC (fka Dentalcorp Perfect Smile ULC) Healthcare Services 4.75% (L + 3.75%) 6/6/2025 14,636 14,611 14,421

2 unchanged sentences

Edgewood Partners Holdings LLC Business Services 5.25% (L + 4.25%) 9/6/2024 7,356 7,304 7,301

Explorer Holdings, Inc.

eResearchTechnology, Inc.

Healthcare Services 5.50% (L + 4.50%) 2/4/2027 3,911 3,876 3,883

EyeCare Partners, LLC Healthcare Services 3.90% (L + 3.75%) 2/18/2027 12,071 12,057 11,796

EyeCare Partners, LLC Healthcare Services 3.90% (L + 3.75%) 2/18/2027 2,838 2,834 2,773

Fastlane Parent Company, Inc.

Distribution & Logistics 4.65% (L + 4.50%) 2/4/2026 3,439 3,386 3,419

Frontline Technologies Intermediate Holdings, LLC Software 6.75% (L + 5.75%) 9/18/2023 6,513 6,513 6,513

Greenway Health, LLC Software 4.75% (L + 3.75%) 2/16/2024 14,520 14,527 13,322

Heartland Dental, LLC Healthcare Services 3.65% (L + 3.50%) 4/30/2025 18,540 18,478 18,104

Help/Systems Holdings, Inc.

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

Software 5.75% (L + 4.75%) 11/19/2026 18,440 18,270 18,440

Higginbotham Insurance Agency, Inc.

Financial Services 6.50% (L + 5.75%) 11/25/2026 7,187 7,134 7,331

Software 5.00% (L + 4.00%) 6/28/2024 9,435 9,406 9,435

7 unchanged sentences

Healthcare Services 4.51% (L + 4.25%) 3/17/2025 678 674 665

Maravai Intermediate Holdings, LLC Specialty Chemicals & Materials 5.25% (L + 4.25%) 10/19/2027 4,125 4,085 4,148

Market Track, LLC Business Services 5.25% (L + 4.25%) 6/5/2024 4,729 4,725 4,645

Mavis Tire Express Services Corp.

Retail 5.00% (L + 4.00%) 3/20/2025 4,828 4,733 4,846

MED ParentCo, LP Healthcare Services 4.40% (L + 4.25%) 8/31/2026 10,272 10,191 10,148

3 unchanged sentences

National Intergovernmental Purchasing Alliance Company Business Services 4.00% (L + 3.75%) 5/23/2025 8,701 8,698 8,658

National Mentor Holdings, Inc.

(aka Civitas Solutions, Inc.) Healthcare Services 4.43% (L + 4.25%) 3/9/2026 8,887 8,887 8,897

Table o f Contents

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

National Mentor Holdings, Inc.

(aka Civitas Solutions, Inc.) Healthcare Services 4.51% (L + 4.25%) 3/9/2026 $ 398 $ 398 $ 398

Navex Topco, Inc.

Software 3.40% (L + 3.25%) 9/5/2025 18,208 18,079 17,929

Netsmart Technologies, Inc.

Healthcare I.T.

5.55% (L + 3.75%) 4/19/2023 10,330 10,330 10,308

Navicure, Inc.

Healthcare Services 4.75% (L + 4.00%) 10/22/2026 4,107 4,097 4,110

Newport Group Holdings II, Inc.

Business Services 3.75% (L + 3.50%) 9/12/2025 4,888 4,870 4,851

NorthStar Financial Services Group, LLC Software 5.30% (L + 3.50%) 5/25/2025 11,770 11,723 11,579

Orion Advisor Solutions, Inc.

Business Services 5.00% (L + 4.00%) 9/24/2027 5,237 5,186 5,260

Outcomes Group Holdings, Inc.

4 unchanged sentences

(fka MHVC Acquisition Corp.) Federal Services 6.25% (L + 5.25%) 4/29/2024 15,272 15,225 15,310

Planview Parent, Inc.

Software 4.75% (L + 4.00%) 12/17/2027 6,484 6,419 6,496

Premise Health Holding Corp.

1 unchanged sentence

Project Accelerate Parent, LLC Business Services 5.25% (L + 4.25%) 1/2/2025 9,822 9,786 8,939

Project Boost Purchaser, LLC Business Services 5.00% (L + 4.25%) 6/1/2026 1,995 1,975 2,002

Quest Software US Holdings Inc.

Software 4.46% (L + 4.25%) 5/16/2025 14,700 14,650 14,480

Ryan Specialty Group, LLC Business Services 4.00% (L + 3.25%) 9/1/2027 3,491 3,441 3,491

Sierra Enterprises, LLC Food & Beverage 5.00% (L + 4.00%) 11/11/2024 2,431 2,429 2,393

Sovos Brands Intermediate, Inc.

Food & Beverage 4.96% (L + 4.75%) 11/20/2025 3,591 3,582 3,609

Spring Education Group, Inc.

(fka SSH Group Holdings, Inc.) Education 4.50% (L + 4.25%) 7/30/2025 12,183 12,161 11,665

Symplr Software, Inc.(fka Caliper Software, Inc.) Healthcare I.T.

5.25% (L + 4.50%) 12/22/2027 10,000 9,850 9,913

Syndigo LLC Software 5.25% (L + 4.50%) 12/15/2027 15,000 14,888 14,888

TIBCO Software Inc.

Software 3.90% (L + 3.75%) 6/30/2026 7,654 7,637 7,572

Unified Women’s Healthcare, LP Healthcare Services 5.00% (L + 4.25%) 12/20/2027 10,000 9,923 9,975

Wirepath LLC Distribution & Logistics 4.25% (L + 4.00%) 8/5/2024 17,127 17,127 16,527

WP CityMD Bidco LLC Healthcare Services 5.50% (L + 4.50%) 8/13/2026 19,868 19,701 19,914

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

VT Topco, Inc.

Business Services 3.65% (L + 3.50%) 8/1/2025 2,795 2,795 2,763

YI, LLC Healthcare Services 5.00% (L + 4.00%) 11/7/2024 9,691 9,685 8,915

1 unchanged sentence

Unfunded Investments - First lien

BCPE Empire Holdings, Inc.

Distribution & Logistics — 6/11/2021 $ 1,580 $ (16) $ 10

Bearcat Buyer, Inc.

Healthcare Services — 7/9/2021 2,792 (14) (14)

Bleriot US Bidco Inc.

Federal Services — 10/31/2020 676 (7) 8

Cano Health, LLC Healthcare Services — 11/23/2021 $ 2,300 $ (23) $ (23)

Covenant Surgical Partners, Inc.

Healthcare Services — 7/1/2021 2,000 (20) (40)

Heartland Dental, LLC Healthcare Services — 4/30/2020 413 — (2)

MED ParentCo, LP Healthcare Services — 8/27/2021 2,044 (20) 5

Premise Health Holding Corp.

Healthcare Services — 7/10/2020 1,103 (3) (3)

Higginbotham Insurance Agency, Inc.

Financial Services — 11/25/2022 2,023 (15) 40

Planview Parent, Inc.

Software — 3/31/2021 1,515 — 3

Total Unfunded Investments $ 7,838 $ (58) $ (20)

5 unchanged sentences

The Company's board of directors does not determine the fair value of the investments held by SLP III.

Below is certain summarized financial information for SLP III as of September 30, 2020 and December 31, 2019 and for the three and nine months ended September 30, 2020 and September 30, 2019:

Table o f Contents

Below is certain summarized financial information for SLP III as of March 31, 2021 and December 31, 2020 and for the three months ended March 31, 2021 and March 31, 2020:

Selected Balance Sheet Information:

September 30, 2020 December 31, 2019

March 31, 2021 December 31, 2020

Investments at fair value (cost of $667,794 and $615,916) $ 666,648 $ 609,961

11 unchanged sentences

Selected Statement of Operations Information:

Three Months Ended Nine Months Ended

September 30, 2020 September 30, 2019 September 30, 2020 September 30, 2019

Three Months Ended

March 31, 2021 March 31, 2020

Interest income $ 7,371 $ 7,407

4 unchanged sentences

Total expenses 2,755 3,853

expenses waived and reimbursed — — — (22)

Net expenses 2,766 3,936 10,164 10,958

Net investment income 4,719 3,735

Net realized (losses) gains on investments (82) 100 (78) 170

Net realized gains (losses) on investments 212 (2)

Net change in unrealized appreciation (depreciation) of investments 4,809 (63,348)

Net increase in members' capital $ 18,492 $ 1,754 $ 525 $ 11,165

For the three and nine months ended September 30, 2020, the Company earned approximately $3,200 and $8,824, respectively, of dividend income related to SLP III, which is included in dividend income.

For the three and nine months ended September 30, 2019, the Company earned approximately $2,680 and $7,600, respectively, of dividend income related to SLP III, which is included in dividend income.

As of September 30, 2020 and December 31, 2019, approximately $3,200 and $2,920, respectively, of dividend income related to SLP III was included in interest and dividend receivable.

Net increase (decrease) in members' capital $ 9,740 $ (59,615)

For the three months ended March 31, 2021 and March 31, 2020, the Company earned approximately $4,527 and $2,874, respectively, of dividend income related to SLP III, which is included in dividend income.

As of March 31, 2021 and December 31, 2020, approximately $4,527 and $3,040, 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;

4 unchanged sentences

In accordance with Regulation S-X Rule 10-01(b)(1), the Company evaluates its unconsolidated controlled portfolio companies as significant subsidiaries under this rule.

On May 21, 2020, the SEC adopted rule amendments that will impact the requirement of BDCs and registered closed-end funds to disclose the financial statements of certain of its portfolio companies or of a fund that the investment company acquires (the "Final Rules").

The Final Rules adopt a new definition of “significant subsidiary” in Rule 1-02(w)(2) that will be applicable to the Company's determination of whether separate financial statements or summary financial information in such Company’s periodic reports for any portfolio company is required, which will (a) modify the investment test and income test, and (b) eliminate the asset test currently in the definition of “significant subsidiary” in Rule 1-02(w).

The Final Rules will be effective on January 1, 2021, but, as permitted by the Final Rules, the Company elected to early adopt during the quarter ended June 30, 2020.

As of September 30, 2020, the Company did not have any significant unconsolidated subsidiaries under Regulation S-X Rule 10-01(b)(1).

As of March 31, 2021, the Company did not have any significant unconsolidated subsidiaries under Regulation S-X Rule 10-01(b)(1).

Table o f Contents

Investment Risk Factors

11 unchanged sentences

Equity investments may or may not fluctuate in value, resulting in recognized realized gains or losses upon disposition.

The Company's financial condition and portfolio companies may be negatively impacted by the recent outbreak of the novel strain of coronavirus ("COVID-19").

On March 11, 2020, the World Health Organization declared COVID-19 a pandemic, and on March 13, 2020, a national emergency was declared in the U.S.

The ongoing spread of COVID-19 has had, and will continue to have, a material adverse impact on the U.S.

and global economy as commercial activity and public perception have been negatively impacted by the outbreak.

The ultimate extent to which the COVID-19 crisis will impact our financial condition and portfolio companies will depend on future developments affecting not only us, but also the entire U.S.

and global economy, which are inherently uncertain, including, among others, new information that may emerge concerning the severity and rate of spread of the disease.

The Company’s operating results and portfolio companies may be negatively impacted by the COVID-19 pandemic.

While several countries, as well as certain states, counties and cities in the United States, have relaxed initial public health restrictions with the view to partially or fully reopening their economies, many cities have since experienced a surge in the reported number of cases, hospitalizations and deaths related to the COVID-19 pandemic.

These surges have led to the re-introduction of such restrictions and business shutdowns in certain states in the United States and globally and could continue to lead to the re-introduction of such restrictions elsewhere.

Health advisors warn that recurring COVID-19 outbreaks will continue if reopening is pursued too soon or in the wrong manner, which may lead to the re-introduction or continuation of certain public health restrictions (such as instituting quarantines, prohibitions on travel and the closure of offices, businesses, schools, retail stores and other public venues).

Additionally, travelers from the United States are restricted from visiting many countries including countries in Europe, Asia, Africa and South America.

These continued travel restrictions may prolong the global economic downturn.

In addition, although the Federal Food and Drug Administration authorized vaccines beginning in December 2020 and a significant portion of the U.S.

population have been vaccinated, and it remains unclear how quickly the vaccines will continue to be distributed nationwide and globally, or when “herd immunity” will be achieved and the restrictions that were imposed to slow the spread of the virus will be lifted entirely.

Any delay in distributing the vaccines could lead people to continue to self-isolate and not participate in the economy at pre-pandemic levels for a prolonged period of time.

Even after the COVID-19 pandemic subsides, the U.S.

economy and most other major global economies may continue to experience a recession, and we anticipate our business and operations could be materially adversely affected by a prolonged recession in the United States and other major markets.

This outbreak is having, and any future outbreaks could have, an adverse impact on the markets and the economy in general, which could have a material adverse impact on, among other things, the ability of lenders to originate loans, the volume and type of loans originated, and the volume and type of amendments and waivers granted to borrowers and remedial actions taken in the event of a borrower default, each of which could negatively impact the amount and quality of loans available for investment by the Company and returns to the Company, among other things.

As of the date of this quarterly report on Form 10-Q, it is impossible to determine the scope of this outbreak, or any future outbreaks, how long any such outbreak, market disruption or uncertainties may last, the effect any governmental actions will have or the full potential impact on the Company and our portfolio companies.

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

These potential impacts, while uncertain, could adversely affect our and our portfolio companies’ operating results.

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.

2 unchanged sentences

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.

The type of investments which would generally be included in Level I

Table o f Contents

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.

13 unchanged sentences

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, 2020:

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

Total Level I Level II Level III

11 unchanged sentences

Total investments $ 2,953,502 $ — $ 215,645 $ 2,737,857

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

Table o f Contents

The following table summarizes the changes in fair value of Level III portfolio investments for the three months ended March 31, 2021, as well as the portion of appreciation (depreciation) included in income attributable to unrealized appreciation (depreciation) related to those assets and liabilities still held by the Company at March 31, 2021:

Total First Lien Second Lien Subordinated Equity and

Fair value, June 30, 2020 $ 2,702,692 $ 1,533,018 $ 665,894 $ 41,362 $ 462,418

Fair value, December 31, 2020 $ 2,737,857 $ 1,483,367 $ 570,033 $ 36,939 $ 647,518

Total gains or losses included in earnings:

Net realized gains on investments 233 220 13 — —

Net realized (losses) gains on investments (12,070) 142 2 (5,150) (7,064)

Net change in unrealized appreciation 34,754 7,803 3,442 5,061 18,448

Purchases, including capitalized PIK and revolver fundings 221,870 125,397 46,422 445 49,606

56,439 39,901 1,471 806 14,261

Proceeds from sales and paydowns of investments (184,933) (111,415) (73,518) — —

1 unchanged sentence

Transfers out of Level III(1) (190,349) (32,226) (158,123) — —

Fair Value, September 30, 2020 $ 2,635,223 $ 1,495,037 $ 595,535 $ 43,536 $ 501,115

Unrealized appreciation for the period relating to those Level III assets that were still held by the Company at the end of the period:

Fair Value, March 31, 2021 $ 2,640,571 $ 1,499,850 $ 394,918 $ 37,295 $ 708,508

Unrealized appreciation (depreciation) for the period relating to those Level III assets that were still held by the Company at the end of the period:

$ 21,562 $ 7,027 $ 3,240 $ (89) $ 11,384

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

The following table summarizes the changes in fair value of Level III portfolio investments for the three months ended September 30, 2019, as well as the portion of appreciation (depreciation) included in income attributable to unrealized appreciation (depreciation) related to those assets and liabilities still held by the Company at September 30, 2019:

(1) As of March 31, 2021, portfolio investments were transferred into Level III from Level II and out of Level III into Level II at fair value as of the beginning of the period in which the reclassification occurred.

The following table summarizes the changes in fair value of Level III portfolio investments for the three months ended March 31, 2020, as well as the portion of appreciation (depreciation) included in income attributable to unrealized appreciation (depreciation) related to those assets and liabilities still held by the Company at March 31, 2020:

Total First Lien Second Lien Subordinated Equity and

Fair value, June 30, 2019 $ 2,028,442 $ 1,198,153 $ 330,396 $ 43,585 $ 456,308

Total gains or losses included in earnings:

Net realized gains on investments 15 15 — — —

Net change in unrealized (depreciation) appreciation (3,165) 2,540 (4,108) 950 (2,547)

Purchases, including capitalized PIK and revolver fundings 410,626 271,086 91,898 980 46,662

Proceeds from sales and paydowns of investments (94,158) (54,648) (39,510) — —

Transfers into Level III (1) 175,725 51,662 124,063 — —

Transfers out of Level III (1) (135,378) (17,181) (118,197) — —

Fair Value, September 30, 2019 $ 2,382,107 $ 1,451,627 $ 384,542 $ 45,515 $ 500,423

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:

$ (3,317) $ 2,540 $ (4,260) $ 950 $ (2,547)

(1) As of September 30, 2019, portfolio investments were transferred into Level III from Level II and out of Level III into Level II at fair value as of the beginning of the period in which the reclassification occurred.

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

Total First Lien Second Lien Subordinated Equity and other

Fair value, December 31, 2019 $ 2,506,741 $ 1,538,423 $ 419,391 $ 45,904 $ 503,023

6 unchanged sentences

Transfers out of Level III(1) (14,924) — (14,924) — —

Fair Value, September 30, 2020 $ 2,635,223 $ 1,495,037 $ 595,535 $ 43,536 $ 501,115

Fair Value, March 31, 2020 $ 2,868,149 $ 1,739,055 $ 629,198 $ 42,052 $ 457,844

Unrealized depreciation for the period relating to those Level III assets that were still held by the Company at the end of the period:

$ (181,745) $ (86,312) $ (31,994) $ (4,888) $ (58,551)

The following table summarizes the changes in fair value of Level III portfolio investments for the nine months ended September 30, 2019, as well as the portion of appreciation (depreciation) included in income attributable to unrealized appreciation (depreciation) related to those assets and liabilities still held by the Company at September 30, 2019:

Total First Lien Second Lien Subordinated Equity and other

Fair value, December 31, 2018 $ 1,775,071 $ 987,528 $ 306,815 $ 40,087 $ 440,641

Total gains or losses included in earnings:

Net realized gains on investments 202 81 121 — —

Net change in unrealized appreciation (depreciation) 3,897 4,067 (202) 2,234 (2,202)

Purchases, including capitalized PIK and revolver fundings 720,433 504,983 150,272 3,194 61,984

Proceeds from sales and paydowns of investments (174,984) (83,747) (91,237) — —

Transfers into Level III (1) 202,728 90,606 112,122 — —

Transfers out of Level III (1) (145,240) (51,891) (93,349) — —

Fair Value, September 30, 2019 $ 2,382,107 $ 1,451,627 $ 384,542 $ 45,515 $ 500,423

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:

$ 3,220 $ 4,069 $ (881) $ 2,234 $ (2,202)

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, 2020 and September 30, 2019.

(1) As of March 31, 2020, 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 months ended March 31, 2021 and March 31, 2020.

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.

3 unchanged sentences

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.

Table o f Contents

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.

11 unchanged sentences

For equity investments or in cases where the Market Based Approach implies a lack of enterprise value coverage for the debt investment, the Company may additionally employ a discounted cash flow analysis based on the free cash flows of the portfolio company to assess the total enterprise value.

After enterprise value coverage is demonstrated for the Company’s debt

investments through the method(s) above, the Income Based Approach (as described below) may be employed to estimate the fair value of the investment.

After enterprise value coverage is demonstrated for the Company’s debt investments through the method(s) above, the Income Based Approach (as described below) may be employed to estimate the fair value of the investment.

Market Based Approach:

4 unchanged sentences

Significant increases or decreases in the EBITDA 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, 2020 and December 31, 2019, the Company used the relevant EBITDA multiple ranges set forth in the table below to determine the enterprise value of its portfolio companies.

In applying the market based approach as of March 31, 2021 and December 31, 2020, the Company used the relevant EBITDA 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.

6 unchanged sentences

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, 2020 and December 31, 2019, 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, 2020 were as follows:

Type Fair Value as of September 30, 2020 Approach Unobservable Input Low High Weighted

In applying the income based approach as of March 31, 2021 and December 31, 2020, the Company used the discount ranges set forth in the table below to value investments in its portfolio companies.

Table o f Contents

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

Type Fair Value as of March 31, 2021 Approach Unobservable Input Low High Weighted

First lien $ 1,356,548 Market & income approach EBITDA multiple 5.0x 35.0x 14.8x

11 unchanged sentences

Discount rate 5.8 % 35.2 % 11.2 %

700 Black Scholes analysis Expected life in years 5.5 5.5 5.5

Volatility 52.3 % 52.3 % 52.3 %

Discount rate 0.7 % 0.7 % 0.7 %

158 Other N/A(1) N/A N/A N/A

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

Table o f Contents

The unobservable inputs used in the fair value measurement of the Company's Level III investments as of December 31, 2020 were as follows:

5 unchanged sentences

Second lien 474,956 Market & income approach EBITDA multiple 6.5x 32.0x 14.9x

Revenue multiple 0.1x 1.3x 0.7x

Discount rate 6.9 % 22.6 % 9.5 %

52,374 Market quote Broker quote N/A N/A N/A

42,703 Other N/A(1) N/A N/A N/A

Subordinated 36,939 Market & income approach EBITDA multiple 8.0x 13.5x 10.0x

1 unchanged sentence

Equity and other 647,360 Market & income approach(2) EBITDA multiple 5.0x 19.5x 11.9x

Revenue multiple 0.1x 1.3x 0.7x

Discount rate 5.8 % 40.9 % 11.6 %

898 Black Scholes analysis Expected life in years 6.3 6.3 6.3

Volatility 23.4 % 23.4 % 23.4 %

Discount rate 1.8 % 1.8 % 1.8 %

Based on a comparison to similar BDC credit facilities, the terms and conditions of the Holdings Credit Facility, the NMFC Credit Facility and the DB Credit Facility (as defined in Note 7.

Borrowings ) are representative of market.

The carrying values of the Holdings Credit Facility, NMFC Credit Facility and DB Credit Facility approximate fair value as of September 30, 2020, as the facilities are continually monitored and examined by both the borrower and the lender and are considered Level III.

The carrying value of the SBA-guaranteed debentures, the 2016 Unsecured Notes, the 2017A Unsecured Notes, the 2018A Unsecured Notes, the 2018B Unsecured Notes and the 2019A Unsecured Notes (as defined in Note 7.

Borrowings ) approximate fair value as of September 30, 2020 based on a comparison of market interest rates for the Company’s borrowings and similar entities and are considered Level III.

The fair value of the 2018 Convertible Notes and the 5.75% Unsecured Notes (as defined in Note 7.

Borrowings ) as of September 30, 2020 was $202,266 and $51,688, respectively, which was based on quoted prices and considered Level II.

158 Other N/A(1) N/A N/A N/A

(2) Since December 31, 2019, there were changes in valuation techniques within Level III that did not have a material impact on the valuation of these investments.

Certain investments that were previously valued using Black Scholes analysis are now valued based on Market & income approach as these methods are better indicators of the fair value measurement.

Based on a comparison to similar BDC credit facilities, the terms and conditions of the Holdings Credit Facility, the NMFC Credit Facility and the DB Credit Facility are representative of market.

The carrying values of the Holdings Credit Facility, NMFC Credit Facility and DB Credit Facility approximate fair value as of March 31, 2021, as the facilities are continually monitored and examined by both the borrower and the lender and are considered Level III.

Borrowings, for details.

The carrying value of the collateralized agreement approximates fair value as of September 30, 2020 and is considered Level III.

The carrying value of the SBA-guaranteed debentures, the 2017A Unsecured Notes, the 2018A Unsecured Notes, the 2018B Unsecured Notes, the 2019A Unsecured Notes and the 2021A Unsecured Notes approximate fair value as of March 31, 2021 based on a comparison of market interest rates for the Company’s borrowings and similar entities and are considered Level III.

The fair value of the 2018 Convertible Notes as of March 31, 2021 was $210,819 which was based on quoted prices and considered Level II.

Borrowings , for details.

The carrying value of the collateralized agreement approximates fair value as of March 31, 2021 and is considered Level III.

The fair value of other financial assets and liabilities approximates their carrying value based on the short-term nature of these items.

Fair value risk factors —The Company seeks investment opportunities that offer the possibility of attaining substantial capital appreciation.

Certain events particular to each industry in which the Company’s portfolio companies conduct their operations, as well as general economic, political and public health conditions (including the COVID-19 outbreak), 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.

Certain events particular to each industry in which the Company’s portfolio companies conduct their operations, as well as general economic, political and public health conditions (including the COVID-19 pandemic), may have a significant negative impact on the operations and profitability of the Company’s investments and/or on the fair value of the Company’s investments.

The Company’s investments are subject to the risk of non-payment of scheduled interest or principal, resulting in a reduction in income to the Company and their corresponding fair valuations.

2 unchanged sentences

Furthermore, the ability to liquidate investments and realize value is subject to uncertainties.

The Company entered into an investment advisory and management agreement (the “Investment Management Agreement”) with the Investment Adviser which was most recently re-approved by the Company's board of directors on February 6, 2020.

Our board of directors held such meeting by virtual means in reliance on relief provided

Table o f Contents

Securities and Exchange Commission (the "SEC") in response to the COVID-19 pandemic.

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.

Pursuant to the Investment Management Agreement, the base management fee is calculated at an annual rate of 1.75% of the Company’s gross assets, which equals the Company’s total assets on the Consolidated Statements of Assets and

Liabilities, less (i) the borrowings under the New Mountain Finance SPV Funding, L.L.C.

Loan and Security Agreement, as amended and restated, dated October 27, 2010 (the "SLF Credit Facility") and (ii) cash and cash equivalents.

4 unchanged sentences

The SLF Credit Facility had historically consisted of primarily lower yielding assets at higher advance rates.

As part of an amendment to the Company’s existing credit facilities with Wells Fargo Bank, National Association, the SLF Credit Facility merged with the NMF Holdings Loan and Security Agreement, as amended and restated, dated May 19, 2011, and formed the Holdings Credit Facility on December 18, 2014 (as defined in Note 7.

Borrowings ).

Borrowings for details.

The amendment merged the credit facilities and combined the amount of borrowings previously available.

Post credit facility merger and to be consistent with the methodology since the IPO, the Investment Adviser will continue to waive management fees on the leverage associated with those assets held under revolving credit facilities that share the same underlying yield characteristics with investments leveraged under the legacy SLF Credit Facility, which as of September 30, 2020 and September 30, 2019 was approximately $634,090 and $777,563, respectively.

Post credit facility merger and to be consistent with the methodology since the IPO, the Investment Adviser continued to waive management fees on the leverage associated with those assets held under revolving credit facilities that share the same underlying yield characteristics with investments leveraged under the legacy SLF Credit Facility.

Effective as of and for the quarter ended March 31, 2021 through the quarter ending December 31, 2022, the Investment Adviser has entered into a fee waiver agreement pursuant to which the Investment Adviser will waive base management fees in order to reach a target base management fee of 1.25% on gross assets (the “Reduced Base Management Fee”) as opposed to the Company’s current base management fee of 1.75% on gross assets less the borrowings under the SLF Credit Facility and less cash and cash equivalents (the “Base Management Fee”).

If, for any quarterly period during the term of the fee waiver agreement, the Reduced Base Management Fee would be greater than the Base Management Fee calculated under the terms of the Investment Management Agreement, the Investment Adviser shall only be entitled to the lesser of those two amounts.

The Investment Adviser cannot recoup management fees that the Investment Adviser has previously waived.

For the three and nine months ended September 30, 2020, management fees waived were approximately $2,841 and $9,567, respectively.

For the three and nine months ended September 30, 2019, management fees waived were approximately $3,141 and $8,497, respectively.

For the three months ended March 31, 2021 and March 31, 2020, management fees waived were approximately $3,637 and $3,543, respectively.

The incentive fee consists of two parts.

The first part is calculated and payable quarterly in arrears and equals 20.0% of the Company’s “Pre-Incentive Fee Net Investment Income” for the immediately preceding quarter, subject to a “preferred return”, or “hurdle”, and a “catch-up” feature.

“Pre-Incentive Fee Net Investment Income” means interest income, dividend income and any other income (including any other fees (other than fees for providing managerial assistance), such as commitment, origination, structuring, upfront, diligence and consulting fees or other fees that the Company receives from portfolio companies) accrued during the calendar quarter, minus the Company’s operating expenses for the quarter (including the base management fee, expenses payable under an administration agreement, as amended and restated (the “Administration Agreement”), with the Administrator, and any interest expense and distributions paid on any issued and outstanding preferred stock (of which there are none as of September 30, 2020), 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.

5 unchanged sentences

• 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”.

This portion of the Company’s Pre-

Table o f Contents

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.

For the three and nine months ended September 30, 2020, incentive fees waived were approximately $500 and $500, respectively.

For the three and nine months ended September 30, 2019, no incentive fees were waived.

The Investment Adviser cannot recoup incentive fees that the Investment Adviser has previously waived.

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.

1 unchanged sentence

Actual amounts paid to the Investment Adviser are consistent with the Investment Management Agreement and are based only on actual realized capital gains computed net of all realized capital losses and unrealized capital depreciation on a cumulative basis from inception through the end of each calendar year as if the entire portfolio was sold at fair value.

The following table summarizes the management fees and incentive fees incurred by the Company for the three and nine months ended September 30, 2020 and September 30, 2019.

Three Months Ended Nine Months Ended

September 30, 2020 September 30, 2019 September 30, 2020 September 30, 2019

The following table summarizes the management fees and incentive fees incurred by the Company for the three months ended March 31, 2021 and March 31, 2020:

Three Months Ended

March 31, 2021 March 31, 2020

Management fee $ 13,420 $ 13,858

2 unchanged sentences

Incentive fee, excluding accrued capital gains incentive fees $ 7,248 $ 7,826

incentive fee waiver (500) — (500) —

Total incentive fee 6,635 7,792 21,357 21,642

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

(1) As of September 30, 2020 and September 30, 2019, 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.

(1) As of March 31, 2021 and March 31, 2020, 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 Administrator maintains, or oversees the maintenance of, the Company’s consolidated financial records, prepares reports filed with the United States Securities and Exchange Commission (the "SEC"), generally monitors the payment of the Company’s expenses and oversees the performance of administrative and professional services rendered by others.

The Administrator 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 will reimburse 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.

3 unchanged sentences

The Administrator cannot recoup any expenses that the Administrator has previously waived.

For the three and nine months ended September 30, 2020, approximately $613 and $2,005, respectively, of indirect administrative expenses were included in administrative expenses of which $589 and $924, respectively, were waived by the Administrator.

For the three and nine months ended September 30, 2019, approximately $599 and $1,993, respectively, of indirect administrative expenses were included in administrative expenses of which $0 and $335, respectively, were waived by the Administrator.

As of September 30, 2020 and December 31, 2019, approximately $426 and $602, respectively, of indirect administrative expenses were included in payable to affiliates.

For the three and nine months ended September 30, 2020, the reimbursement to the Administrator represented approximately 0.00% and 0.04%, respectively, of the Company's gross assets.

For the three and nine months ended September 30, 2019, the reimbursement to the Administrator represented approximately 0.02% and 0.05%, respectively, of the Company's gross assets.

For the three months ended March 31, 2021 and March 31, 2020, approximately $754 and $655, respectively, of indirect administrative expenses were included in administrative expenses of which $0 and $0, respectively, were waived by the Administrator.

As of March 31, 2021 and December 31, 2020, approximately $1,491 and $738, respectively, of indirect administrative expenses were included in payable to affiliates.

For the three months ended March 31, 2021 and March 31, 2020, the reimbursement to the Administrator represented approximately 0.02% and 0.02%, respectively, of the Company's gross assets.

The Company, the Investment Adviser and the Administrator have also entered into a Trademark License Agreement, as amended, with New Mountain Capital, pursuant to which New Mountain Capital has agreed to grant the Company, the Investment Adviser and the Administrator a non-exclusive, royalty-free license to use the “New Mountain” and the “New

Table o f Contents

Mountain Finance” names.

23 unchanged sentences

Borrowings for discussion of the Unsecured Management Company Revolver (defined below).

As permitted by the Small Business Credit Availability Act (the “SBCA”) 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, as amended by the SBCA, which resulted in the reduction from 200.0% to 150.0% of the minimum asset coverage ratio applicable to the Company as of June 9, 2018 (which means the Company can borrow $2 for every $1 of its equity).

Table o f Contents

On June 8, 2018 the Company's shareholders approved the application of the modified asset coverage requirements set forth in Section 61(a) of the 1940 Act, which resulted in the reduction from 200.0% to 150.0% of the minimum asset coverage ratio applicable to the Company as of June 9, 2018 (which means the Company can borrow $2 for every $1 of its equity).

As a result of the Company's exemptive relief received on November 5, 2014, the Company is permitted to exclude its SBA-guaranteed debentures from the 150.0% asset coverage ratio that the Company is required to maintain under the 1940 Act.

The agreements governing the NMFC Credit Facility, the 2018 Convertible Notes and 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, 2020, the Company’s asset coverage ratio was 178.7%.

Holdings Credit Facility —On December 18, 2014, the Company entered into the Second Amended and Restated Loan and Security Agreement among the Company, as the Collateral Manager, NMF Holdings, as the Borrower, Wells Fargo Securities, LLC, as the Administrative Agent and Wells Fargo Bank, National Association, as the Lender and Collateral Custodian (as amended from time to time, the "Holdings Credit Facility").

The agreements governing the NMFC Credit Facility, the 2018 Convertible Notes and the Unsecured Notes 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 March 31, 2021, the Company’s asset coverage ratio was 184.6%.

Holdings Credit Facility —On October 24, 2017, the Company entered into the Third Amended and Restated Loan and Security Agreement among the Company, as the Collateral Manager, NMF Holdings, as the Borrower, Wells Fargo Securities, LLC, as the Administrative Agent and Wells Fargo Bank, National Association, as the Lender and Collateral Custodian (as amended from time to time, the "Holdings Credit Facility").

As of the most recent amendment on September 30, 2020, the maturity date of the Holdings Credit Facility is September 30, 2023, 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, 2020, the maximum amount of revolving borrowings available under the Holdings Credit Facility is $745,000.

As of March 31, 2021, the maximum amount of revolving borrowings available under the Holdings Credit Facility is $745,000.

Under the Holdings Credit Facility, NMF Holdings is permitted to borrow up to 25.0%, 45.0%, 67.5% or 70.0% of the purchase price of pledged assets, subject to approval by Wells Fargo Bank, National Association.

4 unchanged sentences

The covenants are generally not tied to mark to market fluctuations in the prices of NMF Holdings investments, but rather to the performance of the underlying portfolio companies.

As of the most recent amendment on September 30, 2020, the Holdings Credit Facility bears interest at a rate of LIBOR plus 2.00% per annum for Broadly Syndicated Loans (as defined in the Fourth Amendment to the Loan and Security Agreement) and LIBOR plus 2.50% per annum for all other investments.

As of the most recent amendment on September 30, 2020, the Holdings Credit Facility bears interest at a rate of LIBOR plus 2.00% per annum for Broadly Syndicated Loans (as defined in the Third Amended and Restated Loan and Security Agreement) and LIBOR plus 2.50% per annum for all other investments.

Previously the Holdings Credit Facility bore interest at a rate of LIBOR plus 1.75% per annum for Broadly Syndicated Loans (as defined in the Second Amendment to the Loan and Security Agreement) and LIBOR plus 2.25% per annum for all other investments.

The Holdings Credit Facility also charges a non-usage fee, based on the unused facility amount multiplied by the Non-Usage Fee Rate (as defined in the Fourth Amendment to the Loan and Security Agreement).

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, 2020 and September 30, 2019.

Three Months Ended Nine Months Ended

September 30, 2020 September 30, 2019 September 30, 2020 September 30, 2019

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

The following table summarizes the interest expense, non-usage fees and amortization of financing costs incurred on the Holdings Credit Facility for the three months ended March 31, 2021 and March 31, 2020:

Three Months Ended

March 31, 2021 March 31, 2020

Interest expense $ 2,714 $ 5,421

4 unchanged sentences

Average debt outstanding $ 450,163 $ 629,542

As of September 30, 2020 and December 31, 2019, the outstanding balance on the Holdings Credit Facility was $459,163 and $661,563, respectively, and NMF Holdings was in compliance with the applicable covenants in the Holdings Credit Facility on such dates.

As of March 31, 2021 and December 31, 2020, the outstanding balance on the Holdings Credit Facility was $450,163 and $450,163, respectively, and NMF Holdings was in compliance with the applicable covenants in the Holdings Credit Facility on such dates.

NMFC Credit Facility —The Senior Secured Revolving Credit Agreement, (as amended from time to time, and together with the related guarantee and security agreement, the "NMFC Credit Facility"), dated June 4, 2014, among the Company, as the Borrower, Goldman Sachs Bank USA, as the Administrative Agent and Collateral Agent, and Goldman Sachs Bank USA, Morgan Stanley Bank, N.A., Stifel Bank & Trust and MUFG Union Bank, N.A., as Lenders, 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.

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.

The maturity date of the NMFC Credit Facility is June 4, 2022.

As of September 30, 2020, the maximum amount of revolving borrowings available under the NMFC Credit Facility was $188,500.

Table o f Contents

As of March 31, 2021, the maximum amount of revolving borrowings available under the NMFC Credit Facility was $188,500.

The Company is permitted to borrow at various advance rates depending on the type of portfolio investment, as outlined in the Senior Secured Revolving Credit Agreement.

2 unchanged sentences

The NMFC Credit Facility generally bears interest at a rate of LIBOR plus 2.50% per annum or the prime rate plus 1.50% per annum, and charges a commitment fee, based on the unused facility amount multiplied by 0.375% per annum (as defined in the Senior Secured Revolving Credit Agreement).

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, 2020 and September 30, 2019.

Three Months Ended Nine Months Ended

September 30, 2020 September 30, 2019 September 30, 2020 September 30, 2019

The following table summarizes the interest expense, non-usage fees and amortization of financing costs incurred on the NMFC Credit Facility for the three months ended March 31, 2021 and March 31, 2020:

Three Months Ended

March 31, 2021 March 31, 2020

Interest expense $ 685 $ 1,940

4 unchanged sentences

Average debt outstanding $ 104,456 $ 188,500

As of September 30, 2020 and December 31, 2019, the outstanding balance on the NMFC Credit Facility was $150,500 and $188,500, respectively, and NMFC was in compliance with the applicable covenants in the NMFC Credit Facility on such dates.

As of March 31, 2021 and December 31, 2020, the outstanding balance on the NMFC Credit Facility was $107,000 and $165,500, respectively, and NMFC was in compliance with the applicable covenants in the NMFC Credit Facility on such dates.

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

3 unchanged sentences

On May 4, 2020, the Company entered into an Amended and Restated Uncommitted Revolving Loan Agreement with NMF Investments III, L.L.C., which increased the maximum amounts of revolving borrowings available thereunder from $30,000 to $50,000.

As of September 30, 2020, the maximum amount of revolving borrowings available under the Unsecured Management Company Revolver was $50,000 and no borrowings were outstanding.

For the three and nine months ended September 30, 2020, amortization of financing costs were $2 and $5, respectively.

As of March 31, 2021, the maximum amount of revolving borrowings available under the Unsecured Management Company Revolver was $50,000 and no borrowings were outstanding.

For the three months ended March 31, 2021 and March 31, 2020, amortization of financing costs were $3 and $0, respectively.

DB Credit Facility —The Loan Financing and Servicing Agreement (the "DB Credit Facility") 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, is structured as a secured revolving credit facility and the maturity date is December 14, 2023.

As of September 30, 2020, the maximum amount of revolving borrowings available under the DB Credit Facility was $280,000.

Bank National Association, as collateral agent and collateral custodian, is structured as a secured revolving credit facility and the maturity date is March 25, 2026.

As of March 31, 2021, the maximum amount of revolving borrowings available under the DB Credit Facility was $280,000.

The Company is permitted to borrow at various advance rates depending on the type of portfolio investment, as outlined in the Loan Financing and Servicing Agreement.

4 unchanged sentences

The advances under the DB Credit Facility accrue interest at a per annum rate equal to the Applicable Margin plus the lender's Cost of Funds Rate.

Prior to June 28, 2019, the "Applicable Margin" was equal to 2.85% during the Revolving Period

and then increases by 0.20% during an Event of Default.

Effective June 28, 2019, the Applicable Margin is equal to 2.60% during the Revolving Period and then increases by 0.20% during an Event of Default.

The "Cost of Funds Rate" for a conduit lender is the lower of its commercial paper rate and the Base Rate plus 0.50%, and for any other lender is the Base Rate.

Prior to March 25, 2021, the Applicable Margin was equal to 2.60% during the Revolving Period and then increases by 0.20% during an Event of Default.

Effective March 25, 2021, the Applicable Margin is equal to 2.35% during the Revolving Period and then increases by 0.20% during an Event of Default.

The "Cost of Funds Rate" for a conduit

Table o f Contents

lender is the lower of its commercial paper rate and the Base Rate plus 0.50%, and for any other lender is the Base Rate.

The "Base Rate" is the three-months LIBOR Rate but may become an alternative base rate based on Deutsche Bank's base lending rate if certain LIBOR disruption events occur.

The Company is also charged a non-usage fee, based on the unused facility amount multiplied by the Undrawn Fee Rate (as defined in the Loan Financing and Servicing Agreement) and a facility agent fee of 0.25% per annum on the total facility amount.The following table summarizes the interest expense, non-usage fees and amortization of financing costs incurred on the DB Credit Facility for the three and nine months ended September 30, 2020 and September 30, 2019.

Three Months Ended Nine Months Ended

September 30, 2020 September 30, 2019 September 30, 2020 September 30, 2019

The following table summarizes the interest expense, non-usage fees and amortization of financing costs incurred on the DB Credit Facility for the three months ended March 31, 2021 and March 31, 2020:

Three Months Ended

March 31, 2021 March 31, 2020

Interest expense(1) $ 1,659 $ 2,641

5 unchanged sentences

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

As of September 30, 2020 and December 31, 2019, the outstanding balance on the DB Credit Facility was $242,000 and $230,000, respectively, and NMFDB was in compliance with the applicable covenants in the DB Credit Facility on such dates.

NMNLC Credit Facility —The Revolving Credit Agreement (together with the related guarantee and security agreement, the “NMNLC Credit Facility”), dated September 21, 2018, among NMNLC, as the Borrower, and KeyBank National Association, as the Administrative Agent and Lender, was structured as a senior secured revolving credit facility and matured on September 23, 2020.

As of March 31, 2021 and December 31, 2020, the outstanding balance on the DB Credit Facility was $201,000 and $244,000, respectively, and NMFDB was in compliance with the applicable covenants in the DB Credit Facility on such dates.

NMNLC Credit Facilities —The Revolving Credit Agreement (together with the related guarantee and security agreement, the “NMNLC Credit Facility”), dated September 21, 2018, by and between NMNLC, as the Borrower, and KeyBank National Association, as the Administrative Agent and Lender, was structured as a senior secured revolving credit facility and matured on September 23, 2020.

The NMNLC Credit Facility was guaranteed by the Company and proceeds from the NMNLC Credit Facility were able to be used for funding of additional acquisition properties.

The NMNLC Credit Facility bore interest at a rate of LIBOR plus 2.50% per annum or the prime rate plus 1.50% per annum, and charged a commitment fee, based on the unused facility amount multiplied by 0.15% per annum (as defined in the Revolving Credit Agreement).

For the three and nine months ended September 30, 2020, interest expense, non-usage fees and amortization of financing costs were $0 and $0, $10 and $33 and $0 and $11, respectively.

For the three and nine months ended September 30, 2019, interest expense, non-usage fees and amortization of financing costs were $1 and $1, $11 and $34 and $28 and $84, respectively.

The NMNLC Credit Facility matured on September 23, 2020.

As of December 31, 2019, the outstanding balance on the NMNLC Credit Facility was $0 and NMNLC was in compliance with the applicable covenants in the NMNLC Credit Facility on such date.

Convertible Notes

2014 Convertible Notes —On June 3, 2014, the Company closed a private offering of $115,000 aggregate principal amount of unsecured convertible notes (the “2014 Convertible Notes”), pursuant to an indenture, dated June 3, 2014 (the “2014 Indenture”).

The 2014 Convertible Notes were issued in a private placement only to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended (the "Securities Act").

As of June 3, 2015, the restrictions under Rule 144A under the Securities Act were removed, allowing the 2014 Convertible Notes to be eligible and freely tradable without restrictions for resale pursuant to Rule 144(b)(1) under the Securities Act.

On September 30, 2016, the Company closed a public offering of an additional $40,250 aggregate principal amount of the 2014 Convertible Notes.

These additional 2014 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 2014 Convertible Notes that the Company issued on June 3, 2014.

The 2014 Convertible Notes bore interest at an annual rate of 5.0%, payable semi-annually in arrears on June 15 and December 15 of each year, which commenced on December 15, 2014.

On June 15, 2019, the Company's $155,250 aggregate principal amount of 2014 Convertible Notes matured and the Company repaid the outstanding principal and accrued but unpaid interest in cash.

For the three months ended March 31, 2020, interest expense, non-usage fees and amortization of financing costs were $0, $11 and $11, respectively.

The Credit Agreement (together with the related guarantee and security agreement, "the NMNLC Credit Facility II"), dated February 26, 2021, by and between NMNLC, as the Borrower, and City National Bank, as the Lender, is structured as a senior secured revolving credit facility and matures on February 25, 2022.

The NMNLC Credit Facility II is guaranteed by the Company and proceeds from the NMNLC Credit Facility II are able to be used for funding of additional acquisition properties.

As of March 31, 2021, the maximum amount of revolving borrowings available under the NMNLC Credit Facility II is $10,000.

The NMNLC Credit Facility II bears interest at a rate of LIBOR plus 2.75% per annum, and charges a commitment fee, based on the unused facility amount multiplied by 0.05% per annum (as defined in the Credit Agreement).

For the three months ended March 31, 2021, interest expense, non-usage fees and amortization of financing costs were $0, $0 and $8, respectively.

As of March 31, 2021, the outstanding balance on the NMNLC Credit Facility II was $0 and NMNLC was in compliance with the applicable covenants in the NMNLC Credit Facility II on such date.

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

3 unchanged sentences

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

The 2018 Convertible Notes will mature on August 15, 2023 unless earlier converted, repurchased or redeemed pursuant to the terms of the 2018A Indenture.

The 2018 Convertible Notes will mature on August 15,

Table o f Contents

2023 unless earlier converted, repurchased or redeemed pursuant to the terms of the 2018A Indenture.

The Company may not redeem the 2018 Convertible Notes prior to May 15, 2023.

6 unchanged sentences

These covenants are subject to limitations and exceptions that are described in the 2018A Indenture.

The following table summarizes certain key terms related to the convertible features of the Company’s 2018 Convertible Notes as of September 30, 2020.

The following table summarizes certain key terms related to the convertible features of the Company’s 2018 Convertible Notes as of March 31, 2021:

2018 Convertible Notes

2 unchanged sentences

Initial conversion price $ 15.18

Conversion premium at September 30, 2020 10.0 %

Conversion rate at September 30, 2020(1)(2) 65.8762

Conversion price at September 30, 2020(2)(3) $ 15.18

Conversion premium at March 31, 2021 10.0 %

Conversion rate at March 31, 2021(1)(2) 65.8762

Conversion price at March 31, 2021(2)(3) $ 15.18

Last conversion price calculation date August 20, 2020

1 unchanged sentence

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

(3) The conversion price in effect at September 30, 2020 was calculated on the last anniversary of the issuance and will be calculated again on the next anniversary, unless the exercise price shall have changed by more than 1.0% before the anniversary.

(3) The conversion price in effect at March 31, 2021 was calculated on the last anniversary of the issuance and will be calculated again on the next anniversary, unless the exercise price shall have changed by more than 1.0% before the anniversary.

The conversion rate will be subject to adjustment upon certain events, such as stock splits and combinations, mergers, spin-offs, increases in dividends in excess of $0.34 per share per quarter and certain changes in control.

8 unchanged sentences

Earnings Per Share , the issuance is considered part of the if-converted method for calculation of diluted earnings per share.

The following table summarizes the interest expense, amortization of financing costs and amortization of premium incurred on the Convertible Notes for the three and nine months ended September 30, 2020 and September 30, 2019.

Three Months Ended Nine Months Ended

September 30, 2020 September 30, 2019 September 30, 2020 September 30, 2019

Table o f Contents

The following table summarizes the interest expense, amortization of financing costs and amortization of premium incurred on the 2018 Convertible Notes for the three months ended March 31, 2021 and March 31, 2020:

Three Months Ended

March 31, 2021 March 31, 2020

Interest expense $ 2,893 $ 2,893

4 unchanged sentences

Average debt outstanding $ 201,250 $ 201,250

As of September 30, 2020 and December 31, 2019, the outstanding balance on the Convertible Notes was $201,250 and $201,250, respectively, and NMFC was in compliance with the terms of the 2018A Indenture on such date.

Unsecured Notes

On May 6, 2016, the Company issued $50,000 in aggregate principal amount of five-year unsecured notes that mature on May 15, 2021 (the “2016 Unsecured Notes”), pursuant to a note purchase agreement, dated May 4, 2016, to an institutional investor in a private placement.

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

Unsecured Notes —On May 6, 2016, the Company issued $50,000 in aggregate principal amount of five-year unsecured notes (the “2016 Unsecured Notes”), pursuant to a note purchase agreement, dated May 4, 2016, to an institutional investor in a private placement.

On September 30, 2016, the Company entered into an amended and restated note purchase agreement (the "NPA") and issued an additional $40,000 in aggregate principal amount of 2016 Unsecured Notes to institutional investors in a private placement.

On February 16, 2021, the Company repaid all $90,000 in aggregate principal amount of the issued and outstanding 2016 Unsecured Notes.

On June 30, 2017, the Company issued $55,000 in aggregate principal amount of five-year unsecured notes that mature on July 15, 2022 (the "2017A Unsecured Notes"), pursuant to the NPA and a supplement to the NPA.

2 unchanged sentences

On April 30, 2019, the Company issued $116,500 in aggregate principal amount of five year unsecured notes that mature on April 30, 2024 (the "2019A Unsecured Notes") pursuant to the NPA and a fourth supplement to the NPA.

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 NPA provides for future issuances of unsecured notes in separate series or tranches.

The 2016 Unsecured Notes bear interest at an annual rate of 5.313%, payable semi-annually on May 15 and November 15 of each year, which commenced on November 15, 2016.

The 2016 Unsecured Notes bore interest at an annual rate of 5.313%, payable semi-annually on May 15 and November 15 of each year, which commenced on November 15, 2016.

The 2017A Unsecured Notes bear interest at an annual rate of 4.760%, payable semi-annually on January 15 and July 15 of each year, which commenced on January 15, 2018.

2 unchanged sentences

The 2019A Unsecured Notes bear interest at an annual rate of 5.494%, payable semi-annually on April 15 and October 15 of each year, commencing on October 15, 2019.

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

These interest rates are subject to increase in the event that:

2 unchanged sentences

In addition, the Company is obligated to offer to prepay the underlying unsecured notes at par if the Investment Adviser, or an affiliate thereof, ceases to be the Company’s investment adviser or if certain change in control events occur with respect to the Investment Adviser.

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

breach of covenant, cross-default under other indebtedness of the Company or certain significant subsidiaries, certain judgments and orders, and certain events of bankruptcy.

The Third Supplement includes additional financial covenants related to asset coverage as well as other terms.

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

Table o f Contents

Notes, 2017A Unsecured Notes, 2018A Unsecured Notes, 2018B Unsecured Notes, 2019A Unsecured Notes and the 2021A Unsecured Notes, the "Unsecured Notes") pursuant to an indenture, dated August 20, 2018, as supplemented by a second supplemental indenture thereto, dated September 25, 2018 (together, the "2018B Indenture").

On October 17, 2018, in connection with the registered public offering, the Company issued an additional $1,750 aggregate principal amount of the 5.75% Unsecured Notes pursuant to the exercise of an overallotment option by the underwriters of the 5.75% Unsecured Notes.

The 5.75% Unsecured Notes bear interest at an annual rate of 5.75%, payable quarterly on January 1, April 1, July 1 and October 1 of each year, which commenced on January 1, 2019.

The 5.75% Unsecured Notes will mature on October 1, 2023 unless earlier redeemed.

The 5.75% Unsecured Notes were listed on the NYSE and traded under the trading symbol “NMFX” until September 13, 2020.

On September 14, 2020, the 5.75% Unsecured Notes began trading on the NASDAQ under the ticker symbol "NMFCL".

The Company may redeem the 5.75% Unsecured Notes, in whole or in part, at any time, or from time to time, at its option on or after October 1, 2020, upon not less than 30 days nor more than 60 days written notice by mail prior to the date fixed for redemption thereof, at a redemption price of 100% of the outstanding principal amount thereof plus accrued and unpaid interest payments otherwise payable for the then-current quarterly interest period accrued to but not including the date fixed for redemption.

No sinking fund is provided for the 5.75% Unsecured Notes and holders of the 5.75% Unsecured Notes have no option to have their 5.75% Unsecured Notes repaid prior to the stated maturity date.

The 2018B Indenture contains certain covenants, including covenants requiring the Company to (i) comply with the asset coverage requirements set forth in Section 18(a)(1)(A) of the 1940 Act as modified by Section 61(a) of the 1940 Act as may be applicable to the Company from time to time or any successor provisions, whether or not the Company continues to be subject to such provisions of the 1940 Act, but giving effect, in either case, to any exemptive relief granted to the Company by the SEC and (ii) provide certain financial information to the holders of the 5.75% Unsecured Notes and the trustee if the Company ceases to be subject to the reporting requirements of the Exchange Act.

The 2018B Indenture also includes additional financial covenants related to asset coverage.

These covenants are subject to limitations and exceptions that are described in the 2018B Indenture.

The 2018B Indenture provides for customary events of default and further provides that the trustee or the holders of 25% in aggregate principal amount of the outstanding 5.75% Unsecured Notes may declare such 5.75% Unsecured Notes immediately due and payable upon the occurrence of any event of default after expiration of any applicable grace period.

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

The 5.75% Unsecured Notes bore interest at an annual rate of 5.75%, payable quarterly on January 1, April 1, July 1 and October 1 of each year, which commenced on January 1, 2019.

The 5.75% Unsecured Notes were listed on the New York Stock Exchange and traded under the trading symbol “NMFX” until September 13, 2020.

On September 14, 2020, the 5.75% Unsecured Notes began trading on the NASDAQ under the ticker symbol "NMFCL", until redeemed on March 8, 2021.

The Unsecured Notes are unsecured obligations and rank senior in right of payment to the Company’s existing and future indebtedness, if any, that is expressly subordinated in right of payment to the Unsecured Notes;

2 unchanged sentences

and structurally junior to all existing and future indebtedness (including trade payables) incurred by the Company’s subsidiaries and financing vehicles.

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, 2020 and September 30, 2019.

Three Months Ended Nine Months Ended

September 30, 2020 September 30, 2019 September 30, 2020 September 30, 2019(1)

The following table summarizes the interest expense and amortization of financing costs incurred on the Unsecured Notes for the three months ended March 31, 2021 and March 31, 2020:

Three Months Ended

March 31, 2021 March 31, 2020

Interest expense $ 6,527 $ 5,960

3 unchanged sentences

Average debt outstanding $ 532,228 $ 453,250

(1) For the nine months ended September 30, 2019, amounts reported include interest and amortization of financing costs related to the 2019A Unsecured Notes for the period from April 30, 2019 (issuance date of the 2019A Unsecured Notes) to September 30, 2019.

As of September 30, 2020 and December 31, 2019, the outstanding balance on the Unsecured Notes was $453,250 and $453,250, respectively, and the Company was in compliance with the terms of the NPA and the 2018B Indenture as of such dates, as applicable.

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

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

7 unchanged sentences

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, 2020 and December 31, 2019, 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, 2020 and December 31, 2019, SBIC II had regulatory capital of $75,000 and $64,500, respectively, and $150,000 and $75,000, respectively, of SBA-guaranteed debentures outstanding.

As of March 31, 2021 and December 31, 2020, 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 March 31, 2021 and December 31, 2020, 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.

The following table summarizes the Company’s SBA-guaranteed debentures as of September 30, 2020.

Table o f Contents

The following table summarizes the Company’s SBA-guaranteed debentures as of March 31, 2021:

Issuance Date Maturity Date Debenture Amount Interest Rate SBA Annual Charge

18 unchanged sentences

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, 2020 and September 30, 2019.

Three Months Ended Nine Months Ended

September 30, 2020 September 30, 2019 September 30, 2020 September 30, 2019

The following table summarizes the interest expense and amortization of financing costs incurred on the SBA-guaranteed debentures for the three months ended March 31, 2021 and March 31, 2020:

Three Months Ended

March 31, 2021 March 31, 2020

Interest expense $ 1,998 $ 1,823

6 unchanged sentences

SBICs are subject to an annual periodic examination by an SBA examiner to determine the SBIC’s compliance with the relevant SBA regulations and an annual financial audit of its financial statements that are prepared on a basis of accounting other than GAAP (such as ASC 820) by an independent auditor.

As of September 30, 2020 and December 31, 2019, SBIC I and SBIC II were in compliance with SBA regulatory requirements.

As of March 31, 2021 and December 31, 2020, SBIC I and SBIC II were in compliance with SBA regulatory requirements.

Table o f Contents

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.

8 unchanged sentences

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 as a RIC, among other things, the Company is required to timely distribute to its stockholders at least 90.0% of investment company taxable income, as defined by the Code, for each year.

In order to continue to qualify and be subject to tax as a RIC, among other things, the Company is required to timely distribute to its stockholders at least 90.0% of its investment company taxable income, as defined by the Code, for each year.

The Company, among other things, intends to make and will continue to make the requisite distributions to its stockholders, which will generally relieve the Company from U.S.

1 unchanged sentence

Additionally, as a BDC, the Company must not acquire any assets other than “qualifying assets” specified in the 1940 Act unless, at the time the acquisition is made, at least 70.0% of its total assets are qualifying assets (with certain limited exceptions).

In addition, the Company must offer to make available to all eligible portfolio companies managerial assistance.

In addition, the Company must offer to make available to all "eligible portfolio companies" (as defined in the 1940 Act) managerial assistance.

Commitments and Contingencies

1 unchanged sentence

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, 2020, the Company had unfunded commitments on revolving credit facilities of $64,512, no outstanding bridge financing commitments and other future funding commitments of $29,315.

As of March 31, 2021, the Company had unfunded commitments on revolving credit facilities of $59,782, no outstanding bridge financing commitments and other future funding commitments of $40,521.

As of December 31, 2020, the Company had unfunded commitments on revolving credit facilities of $63,411, no outstanding bridge financing commitments and other future funding commitments of $9,715.

The unfunded commitments on revolving credit facilities and delayed draws are disclosed on the Company’s Consolidated Schedule of Investments.

The Company also had revolving borrowings available under the Holdings Credit Facility, the DB Credit Facility, the NMFC Credit Facility and the Unsecured Management Company Revolver as of September 30, 2020 and revolver borrowings available under the Holdings Credit Facility, the DB Credit Facility and the NMNLC Credit Facility as of December 31, 2019.

The unfunded commitments on revolving credit facilities and delayed draws are disclosed on the Company’s Consolidated Schedules of Investments.

The Company also had revolving borrowings available under the Holdings Credit Facility, the DB Credit Facility, the NMFC Credit Facility, the Unsecured Management Company Revolver and the NMNLC Credit Facility II as of March 31, 2021 and revolver borrowings available under the Holdings Credit Facility, the DB Credit Facility, the NMFC Credit Facility and the Unsecured Management Company Revolver as of December 31, 2020.

Borrowings , for details.

The Company may from time to time enter into financing commitment letters.

As of September 30, 2020 and December 31, 2019, the Company had commitment letters to purchase investments in the aggregate par amount of $0 and $34,248, respectively, which could require funding in the future.

As of March 31, 2021 and December 31, 2020, the Company had commitment letters to purchase investments in the aggregate par amount of $0 and $44,918, respectively, which could require funding in the future.

As of March 31, 2021, the Company had unfunded commitments related to an equity investment in SLP III of $10,000, which may be funded at the Company's discretion.

COVID-19 Developments

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

As of the nine months ended September 30, 2020 and subsequent to September 30, 2020, COVID-19 has had a significant impact on the U.S.

economy and the Company.

The Company has experienced a significant reduction in its net asset value as of September 30, 2020 as compared to its net asset value as of December 31, 2019, due to an increase in unrealized depreciation of its investment portfolio resulting from decreases in fair value of investments.

The net asset value of the Company experienced a significant reduction from the period of March 31, 2020 through December 31, 2020 as compared to its net asset value as of December 31, 2019, due to an increase in unrealized depreciation of its investment portfolio resulting from decreases in fair value of investments.

These decreases were attributable to the impact of the COVID-19 pandemic on the markets.

The extent of the continued impact of the COVID-19 pandemic on the financial performance of our current and future investments will depend on future developments, including the duration and spread of the outbreak and related advisories and restrictions and the impact of COVID-19 on the financial markets and the overall economy, all of which are highly uncertain and cannot be predicted.

To the extent the Company’s portfolio companies continue to be adversely impacted by the effects of the COVID-19 pandemic, the Company may experience a material adverse impact on the its future net investment income, the fair value of its portfolio investments, its financial condition and the results of operations and financial condition of its portfolio companies.

The table below illustrates the effect of certain transactions on the net asset accounts of the Company during the nine months ended September 30, 2020:

As of March 31, 2021, the net asset value of the Company has experienced a recovery from that of March 31, 2020.

The extent of the impact of the COVID-19 pandemic on the financial performance of our current and future investments will depend on future developments, including the duration and spread of the outbreak, how quickly vaccines will continue to be distributed nationwide and globally, whether a "herd immunitey" will be achieved, whether the restrictions that were imposed to slow the spread of the virus will be lifted entirely and the impact of the COVID-19 pandemic on the financial markets and the overall economy, all of which are highly uncertain and cannot be predicted.

To the extent the Company’s portfolio companies are adversely impacted by the effects of the COVID-19 pandemic, the Company may experience a material

Table o f Contents

adverse impact on the its future net investment income, the fair value of its portfolio investments, its financial condition and the results of operations and financial condition of its portfolio companies.

The table below illustrates the effect of certain transactions on the net asset accounts of the Company during the three months ended March 31, 2021:

Accumulated Overdistributed Earnings

1 unchanged sentence

Excess Accumulated

Net Investment Accumulated Net Realized

Appreciation Total Net Assets Non-

Net Investment Accumulated Net Realized Net

(Depreciation) Total Net Assets Non-

Interest in Total

Shares Par Amount of Par Income Gains (Depreciation) of NMFC NMNLC Net Assets

Shares Par Amount of Par Income Losses Appreciation of NMFC NMNLC Net Assets

Net assets at December 31, 2020 96,827,342 $ 968 $ 1,269,671 $ 105,981 $ (88,250) $ (66,495) $ 1,221,875 $ 15,014 $ 1,236,889

3 unchanged sentences

Net assets at March 31, 2021 96,827,342 $ 968 $ 1,269,671 $ 105,601 $ (98,746) $ (33,177) $ 1,244,317 $ 18,481 $ 1,262,798

Distributions declared — — — (29,048) — — (29,048) (258) (29,306)

Net increase (decrease) in net assets resulting from operations — — — 27,327 (3,756) 52,910 76,481 251 76,732

Net assets at June 30, 2020 96,827,342 $ 968 $ 1,287,853 $ 87,996 $ (89,090) $ (162,104) $ 1,125,623 $ 11,243 $ 1,136,866

Distributions declared — — — (29,049) — — (29,049) (245) (29,294)

Net increase (decrease) in net assets resulting from operations — — — 28,779 47 59,364 88,190 1,398 89,588

Net assets at September 30, 2020 96,827,342 $ 968 $ 1,287,853 $ 87,726 $ (89,043) $ (102,740) $ 1,184,764 $ 12,396 $ 1,197,160

The table below illustrates the effect of certain transactions on the net asset accounts of the Company during the nine months ended September 30, 2019:

The table below illustrates the effect of certain transactions on the net asset accounts of the Company during the three months ended March 31, 2020:

Accumulated Overdistributed Earnings

Common Stock Paid in

Capital in Accumulated

Net Investment Accumulated Net Realized Net

Appreciation Total

Shares Par Amount Excess of Par Income (Losses) Gains (Depreciation) Net Assets

Capital in Excess Accumulated

Net Investment Accumulated Net Realized

Unrealized 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, 2019 96,827,342 $ 968 $ 1,287,853 $ 91,333 $ (85,448) $ (11,238) $ 1,283,468 $ — $ 1,283,468

Issuances of common stock 4,413,058 44 60,617 — — — 60,661

Deferred offering costs — — (229) — — — (229)

Distributions declared — — — (32,921) — — (32,921) — (32,921)

Net increase in net assets resulting from operations — — — 27,450 46 16,424 43,920

Net assets at March 31, 2019 80,519,430 $ 805 $ 1,096,017 $ 62,083 $ (86,292) $ 10,666 $ 1,083,279

Issuances of common stock 90,872 1 1,269 — — — 1,270

Distributions declared — — — (27,377) — — (27,377)

Net increase (decrease) in net assets resulting from operations — — — 27,948 52 (4,255) 23,745

Net assets at June 30, 2019 80,610,302 $ 806 $ 1,097,286 $ 62,654 $ (86,240) $ 6,411 $ 1,080,917

Issuances of common stock 6,958,393 70 94,910 — — — 94,980

Deferred offering costs — — (315) — — — (315)

Distributions declared — — — (29,753) — — (29,753)

Purchase of non-controlling interest in NMNLC — — — — — — — 11,315 11,315

Net increase (decrease) in net assets resulting from operations — — — 31,305 114 (203,776) (172,357) (65) (172,422)

Net assets at September 30, 2019 87,568,695 $ 876 $ 1,191,881 $ 64,071 $ (85,885) $ (1,664) $ 1,169,279

Net assets at March 31, 2020 96,827,342 $ 968 $ 1,287,853 $ 89,717 $ (85,334) $ (215,014) $ 1,078,190 $ 11,250 $ 1,089,440

Table o f Contents

Earnings Per Share

The following information sets forth the computation of basic and diluted net increase (decrease) in the Company’s net assets per share resulting from operations for the three and nine months ended September 30, 2020 and September 30, 2019:

Three Months Ended Nine Months Ended

September 30, 2020 September 30, 2019 September 30, 2020 September 30, 2019

The following information sets forth the computation of basic and diluted net increase (decrease) in the Company’s net assets per share resulting from operations for the three months ended March 31, 2021 and March 31, 2020:

Three Months Ended

March 31, 2021 March 31, 2020

Earnings (loss) per share—basic

16 unchanged sentences

(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 nine months ended September 30, 2020 there was anti-dilution.

For the three months ended September 30, 2020 and the three and nine months ended September 30, 2019, there was no anti-dilution.

For the three months ended March 31, 2020, there was anti-dilution.

Table o f Contents

Financial Highlights

The following information sets forth the Company's financial highlights for the nine months ended September 30, 2020 and September 30, 2019.

Nine Months Ended

September 30, 2020 September 30, 2019

The following information sets forth the Company's financial highlights for the three months ended March 31, 2021 and March 31, 2020:

Three Months Ended

March 31, 2021 March 31, 2020

Per share data(1):

1 unchanged sentence

Net investment income 0.30 0.32

Net realized and unrealized (losses) gains(2) (0.98) 0.09

Total net (decrease) increase (0.08) 1.15

Net realized and unrealized gains (losses) 0.23 (2.10)

Total net increase (decrease) 0.53 (1.78)

Distributions declared to stockholders from net investment income (0.30) (0.34)

Net asset value, September 30, 2020 and September 30, 2019, respectively $ 12.24 $ 13.35

Per share market value, September 30, 2020 and September 30, 2019, respectively $ 9.56 $ 13.63

Net asset value, March 31, 2021 and March 31, 2020, respectively $ 12.85 $ 11.14

Per share market value, March 31, 2021 and March 31, 2020, respectively $ 12.40 $ 6.80

Total return based on market value(2) 11.74 % (48.02) %

7 unchanged sentences

Total expenses, net of waivers/reimbursements 12.85 % 13.43 %

Average debt outstanding—Holdings Credit Facility $ 551,059 $ 581,881

Average debt outstanding—Unsecured Notes $ 532,228 $ 453,250

Average debt outstanding—Convertible Notes 201,250 245,481

Average debt outstanding—Holdings Credit Facility 450,163 629,542

Average debt outstanding—SBA-guaranteed debentures 300,000 243,099

Average debt outstanding—NMFC Credit Facility 154,974 99,405

Average debt outstanding—DB Credit Facility 218,556 235,055

Average debt outstanding—NMNLC Credit Facility — 39

Average debt outstanding—Convertible Notes 201,250 201,250

Average debt outstanding—NMFC Credit Facility 104,456 188,500

Asset coverage ratio(4) 184.58 % 164.08 %

1 unchanged sentence

(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, 2020 and September 30, 2019 were $0.00 and $0.03, respectively.

(2) Total return is calculated assuming a purchase of common stock at the opening of the first day of the year and a sale on the closing of the last business day of the period.

Dividends and distributions, if any, are assumed for purposes of this calculation, to be reinvested at prices obtained under the Company’s dividend reinvestment plan.

Total return does not reflect sales load.

(3) Total return is calculated assuming a purchase at net asset value on the opening of the first day of the year and a sale at net asset value on the last day of the period.

Dividends and distributions, if any, are assumed for purposes of this calculation, to be reinvested at the net asset value on the last day of the respective quarter.

Total return does not reflect sales load.

(4) 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.

Table o f Contents

Recent Accounting Standards Updates

In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform.

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.

1 unchanged sentence

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, 2020.

The Company did not utilize the optional expedients and exceptions provided by ASU 2020-04 during the quarter ended March 31, 2021.

In August 2020, the FASB issued ASU 2020-06, Accounting for Convertible Instruments and Contracts in an Entity's Own Equity, which simplifies the accounting for convertible instruments by removing the separation models for (1) convertible debt with a cash conversion feature and (2) convertible instruments with a beneficial conversion feature.

3 unchanged sentences

The Company is in the process of evaluating the impact that this guidance will have on its consolidated financial statements.

Rule 2a-5 under the 1940 Act was recently adopted by the SEC and establishes requirements for determining fair value in good faith for purposes of the 1940 Act.

The Company is evaluating the impact of adopting Rule 2a-5 on the consolidated financial statements and intends to comply with the new rule’s requirements on or before the compliance date in September 2022.

Subsequent Events

On October 28, 2020, the Company’s board of directors declared a fourth quarter 2020 distribution of $0.30 per share payable on December 30, 2020 to holders of record as of December 16, 2020.

On April 20, 2021, the Company entered into the Fifth Amendment to Loan and Security Agreement (the “Fifth Amendment”), which amended the Holdings Credit Facility.

Pursuant to the Fifth Amendment, the revolving period was extended from September 30, 2021 to April 20, 2024.

The Holdings Credit Facility continues to mature two years after the end of the revolving period.

With the extension of the revolving period, the Holdings Credit Facility will now mature on April 20, 2026.

As of the date of the Fifth Amendment, the aggregate commitments of the lenders to the Holding Credit Facility equaled $730,000.

The Fifth Amendment made a number of other modifications, including, but not limited to, the following.

The applicable spread used to determine the per annum interest rate payable under the Holdings Credit Facility was modified to be the higher of (a) 1.85% (reduced from 2.25%) and (b) the pro rata portion of the facility secured by assets that are First Lien Loans that are also Broadly Syndicated Loans (as each such term is defined under the Holdings Credit Facility) multiplied by 1.60% (reduced from 2.00%), plus the pro rata portion of the facility secured by assets that are not First Lien Loans that are Broadly Syndicated Loans multiplied by 2.10% (reduced from 2.50%).

The Fifth Amendment also modified the applicable spread that would be effective during an Event of Default or a Curable BDC Asset Coverage Event (as each such term is defined under the Holdings Credit Facility) by reducing such applicable spread from 3.75% to 3.25%.

On May 5, 2021, NMFC and SkyKnight Income Alpha, LLC ("SkyKnight Alpha") entered into a limited liability company agreement to establish a joint venture, NMFC Senior Loan Program IV LLC ("SLP IV").

NMFC and SkyKnight Alpha have transferred and contributed 100% of their membership interest in SLP I and SLP II to SLP IV, pursuant to contribution agreements.

The purpose of the joint venture is to invest primarily in senior secured loans issued by portfolio companies within our core industry verticals.

All investment decisions must be unanimously approved by the investment committee of SLP IV, which has equal representations from NMFC and SkyKnight Alpha.

On May 5, 2021, SLP IV entered into a $370,000 revolving credit facility with Wells Fargo Bank, National Association which matures on May 5, 2026 and bears interest at a rate of LIBOR plus 1.60% per annum.

On May 4, 2021, the Company and the Investment Adviser entered into a Fee Waiver Agreement (the “Fee Wavier Agreement”).

Pursuant to the Fee Waiver Agreement, the Investment Adviser agreed to voluntarily reduce the base management fees payable to the Investment Adviser by the Company under the Investment Management Agreement.

Effective as of and for the quarter ended March 31, 2021 through the quarter ending December 31, 2022, the Investment Adviser agreed to waive a portion of the base management fee payable under the Investment Management Agreement such that the base management fee payable would not exceed 1.25% of the Company’s gross assets (the “Reduced Base Management Fee”).

If, for any quarterly period during the term of the Fee Wavier Agreement, the Reduced Base Management Fee would be greater than the base management fee calculated under the terms of the Investment Management Agreement, the Investment Adviser shall only be entitled to the lesser of those two amounts.

Table o f Contents

On April 30, 2021, the Company’s board of directors declared a second quarter 2021 distribution of $0.30 per share payable on June 30, 2021 to holders of record as of June 16, 2021.

Table o f Contents

Deloitte & Touche LLP

5 unchanged sentences

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, 2020, and the related consolidated statements of operations and changes in net assets for the three-month and nine-month periods ended September 30, 2020 and 2019, and cash flows for the nine-month periods ended September 30, 2020 and 2019, and the related notes (collectively referred to as the "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 March 31, 2021, and the related consolidated statements of operations, changes in net assets, and cash flows for the three-month periods ended March 31, 2021 and 2020, 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.

11 unchanged sentences

/s/ DELOITTE & TOUCHE LLP

November 4, 2020

Table o f Contents

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-Q

Item 1. Financial Statements