What changed in this filing

/stocks — the workspaceLOADING

Item 1. Financial Statements

2021-11-03 compared with 2021-08-04 · 694 added, 545 removed, 3077 unchanged (29% of the section changed)

3 unchanged sentences

(in thousands, except shares and per share data)

June 30, 2021 December 31, 2020

September 30, 2021 December 31, 2020

Investments at fair value

14 unchanged sentences

SBA-guaranteed debentures 300,000 300,000

DB Credit Facility 223,500 244,000

Convertible Notes 201,443 201,520

DB Credit Facility 167,800 244,000

NMFC Credit Facility 149,977 165,500

NMNLC Credit Facility II 5,845 —

Deferred financing costs (net of accumulated amortization of $38,985 and $33,325, respectively) (21,337) (16,839)

Net borrowings 1,808,491 1,797,594

Interest payable 17,250 15,587

Payable for unsettled securities purchased 24,658 26,842

Management fee payable 9,988 10,419

Interest payable 9,528 15,587

Incentive fee payable 7,661 7,354

18 unchanged sentences

(in thousands, except shares and per share data)

Three Months Ended Six Months Ended

June 30, 2021 June 30, 2020 June 30, 2021 June 30, 2020

Three Months Ended Nine Months Ended

September 30, 2021 September 30, 2020 September 30, 2021 September 30, 2020

Investment income

2 unchanged sentences

PIK interest income 1,903 2,547 6,501 6,464

Dividend income 867 — 867 —

Non-cash dividend income 1,956 2,274 7,324 6,898

20 unchanged sentences

Total expenses 41,589 40,286 125,092 128,517

management fee waived (See Note 5) (3,804) (3,183) (7,441) (6,726)

management and incentive fees waived (See Note 5) (3,752) (3,341) (11,193) (10,067)

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

1 unchanged sentence

Net investment income before income taxes 30,637 29,165 88,844 88,046

Income tax expense (benefit) 22 (7) 23 (7)

Income tax (benefit) expense (8) 123 15 116

Net investment income 30,645 29,042 88,829 87,930

4 unchanged sentences

New Mountain Net Lease Corporation — — — 812

Net change in unrealized appreciation (depreciation):

Net change in unrealized (depreciation) appreciation:

Non-controlled/non-affiliated investments (19,951) 21,410 (22,601) (67,407)

2 unchanged sentences

New Mountain Net Lease Corporation — — — (812)

(Provision) benefit for taxes — (377) (115) 521

Net realized and unrealized gains (losses) 49,988 49,149 72,849 (154,578)

Foreign currency (13) — (13) —

Benefit (provision) for taxes 1 257 (114) 778

Net realized and unrealized (losses) gains (7,740) 60,546 65,109 (94,032)

Net increase (decrease) in net assets resulting from operations 22,905 89,588 153,938 (6,102)

12 unchanged sentences

(in thousands, except shares and per share data)

Three Months Ended Six Months Ended

June 30, 2021 June 30, 2020 June 30, 2021 June 30, 2020

Three Months Ended Nine Months Ended

September 30, 2021 September 30, 2020 September 30, 2021 September 30, 2020

Increase (decrease) in net assets resulting from operations:

1 unchanged sentence

Net realized gains (losses) on investments and New Mountain Net Lease Corporation ("NMNLC") 23,008 47 12,692 (3,595)

Net change in unrealized appreciation (depreciation) of investments and NMNLC 49,808 53,282 83,280 (151,457)

(Provision) benefit for taxes — (377) (115) 521

Net change in unrealized (depreciation) appreciation of investments, NMNLC and foreign currency (30,749) 60,242 52,531 (91,215)

Benefit (provision) for taxes 1 257 (114) 778

Net increase (decrease) in net assets resulting from operations 22,905 89,588 153,938 (6,102)

5 unchanged sentences

Total net decrease in net assets resulting from capital transactions (29,072) (29,049) (86,119) (91,018)

Net increase (decrease) in net assets 47,813 47,433 70,255 (157,845)

Net (decrease) increase in net assets (7,225) 59,141 63,030 (98,704)

New Mountain Finance Corporation net assets at the beginning of the period 1,292,130 1,125,623 1,221,875 1,283,468

9 unchanged sentences

(in thousands)

Six Months Ended

June 30, 2021 June 30, 2020

Nine Months Ended

September 30, 2021 September 30, 2020

Cash flows from operating activities

1 unchanged sentence

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

Net realized losses on investments and New Mountain Net Lease Corporation ("NMNLC") 10,316 3,642

Net realized (gains) losses on investments and New Mountain Net Lease Corporation ("NMNLC") (12,692) 3,595

Net change in unrealized (appreciation) depreciation of investments and NMNLC (52,544) 91,215

Net change in unrealized depreciation on translation of assets and liabilities in foreign currencies 13 —

Amortization of purchase discount

32 unchanged sentences

Contributions (distributions) related to non-controlling interest in NMNLC 250 (503)

Net cash flows (used in) provided by operating activities (9,347) 283,877

Net cash flows provided by operating activities 84,690 269,618

Cash flows from financing activities

10 unchanged sentences

Repayment of DB Credit Facility (153,700) (55,000)

Proceeds from NMNLC Credit Facility II 9,025 —

Repayment of NMNLC Credit Facility II (3,180) —

Deferred financing costs paid (10,144) (4,907)

Net cash flows used in by financing activities (80,405) (249,528)

Net (decrease) increase in cash and cash equivalents (51,157) 7,589

Net increase in cash and cash equivalents 4,285 20,090

Effect of foreign exchange rate changes on cash and cash equivalents 106 —

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

10 unchanged sentences

Consolidated Schedule of Investments

June 30, 2021

September 30, 2021

(in thousands, except shares)

3 unchanged sentences

Non-Controlled/Non-Affiliated Investments

Funded Debt Investments - Jersey

Tennessee Bidco Limited **

Business Services First lien (3)(12)(35) 7.33% (Sonia + 7.00%/D) 8/6/2021 8/3/2028 £ 12,879 $ 17,600 $ 17,093

First lien (3)(12) 7.15% (L + 7.00%/S) 8/6/2021 8/3/2028 $ 10,184 10,033 10,032

27,633 27,125 2.08 %

Total Funded Debt Investments - Jersey $ 27,633 $ 27,125 2.08 %

Funded Debt Investments - United Arab Emirates

9 unchanged sentences

GS Acquisitionco, Inc.

Software First lien (2)(11) 6.75% (L + 5.75%/Q) 8/7/2019 5/24/2024 $ 26,502 $ 26,396 $ 26,502

Software First lien (2)(12) 6.75% (L + 5.75%/S) 8/7/2019 5/22/2026 $ 26,436 $ 26,338 $ 26,436

First lien (2)(12) 6.75% (L + 5.75%/S) 8/7/2019 5/22/2026 25,754 25,650 25,754

First lien (5)(11) 6.75% (L + 5.75%/Q) 8/7/2019 5/24/2024 22,081 21,992 22,081

First lien (5)(12) 6.75% (L + 5.75%/S) 8/7/2019 5/22/2026 22,024 21,943 22,024

First lien (3)(11)(12) - Drawn 6.75% (L + 5.75%/S) 8/7/2019 5/24/2024 2,560 2,544 2,560

89,549 89,163 89,549 6.83 %

Associations, Inc.

Business Services First lien (2) 8.00% (L + 7.00%/Q) 7/30/2018 7/30/2024 53,359 53,185 53,359

First lien (8) 8.00% (L + 7.00%/Q) 7/30/2018 7/30/2024 5,354 5,337 5,354

First lien (2)(12) - Drawn 8.00% (L + 7.00%/Q) 7/30/2018 7/30/2024 10,580 10,538 10,580

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

First lien (2)(12) 6.75% (L + 5.75%/S) 8/7/2019 5/22/2026 12,554 12,498 12,554

First lien (2)(12) 6.75% (L + 5.75%/S) 8/13/2021 5/22/2026 3,395 3,387 3,395

89,816 90,163 6.91 %

3 unchanged sentences

68,301 68,695 5.26 %

ConnectWise, LLC

Software First lien (2)(11) 6.25% (L + 5.25%/M) 11/26/2019 2/28/2025 54,773 54,524 54,773

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

Software First lien (8)(12) 7.50% (L + 6.50%/S) 9/12/2018 9/12/2024 41,636 41,394 41,636

First lien (8)(12) 7.50% (L + 6.50%/S) 6/14/2019 9/12/2024 8,667 8,614 8,667

First lien (3)(12)(13) - Drawn 7.50% (L + 6.50%/S) 9/12/2018 9/12/2024 2,915 2,886 2,915

52,894 53,218 4.08 %

2 unchanged sentences

Consolidated Schedule of Investments (Continued)

June 30, 2021

September 30, 2021

(in thousands, except shares)

2 unchanged sentences

Value Percent of Net

Software First lien (8)(11) 7.50% (L + 6.50%/S) 9/12/2018 9/12/2024 $ 41,636 $ 41,376 $ 41,822

First lien (8)(11) 7.50% (L + 6.50%/S) 6/14/2019 9/12/2024 8,667 8,610 8,706

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 52,872 53,443 4.07 %

CentralSquare Technologies, LLC

Software Second lien (3) 7.65% (L + 7.50%/Q) 8/15/2018 8/31/2026 47,838 47,395 46,044

Second lien (8) 7.65% (L + 7.50%/Q) 8/15/2018 8/31/2026 7,500 7,431 7,219

55,338 54,826 53,263 4.06 %

Frontline Technologies Group Holdings, LLC

9 unchanged sentences

50,737 50,855 3.90 %

Salient CRGT Inc.

Federal Services First lien (2) 7.50% (L + 6.50%/S) 1/6/2015 2/28/2022 36,786 36,707 36,511

First lien (8) 7.50% (L + 6.50%/S) 6/6/2019 2/28/2022 12,571 12,437 12,476

CentralSquare Technologies, LLC

Software Second lien (3) 7.63% (L + 7.50%/Q) 8/15/2018 8/31/2026 47,838 47,413 43,652

Second lien (8) 7.63% (L + 7.50%/Q) 8/15/2018 8/31/2026 7,500 7,433 6,844

54,846 50,496 3.87 %

10 unchanged sentences

Software Second lien (2) 8.38% (L + 8.25%/Q) 5/17/2018 5/18/2026 43,697 43,404 43,675 3.35 %

CoolSys, Inc.

Industrial Services First lien (5) 7.00% (L + 6.00%/M) 11/20/2019 11/20/2026 22,219 22,128 22,163

First lien (2) 7.00% (L + 6.00%/M) 11/20/2019 11/20/2026 15,270 15,203 15,232

First lien (3) 7.00% (L + 6.00%/M) 11/20/2019 11/20/2026 4,163 4,144 4,152

Software First lien (8)(12) 8.00% (L + 4.00% + 3.00% PIK/Q)* 5/9/2019 5/2/2025 28,872 28,693 28,872

First lien (8)(12) 8.00% (L + 4.00% + 3.00% PIK/M)* 9/8/2021 5/2/2025 7,780 7,713 7,780

First lien (3)(12) 8.00% (L + 4.00% + 3.00% PIK/Q)* 5/9/2019 5/2/2025 3,379 3,352 3,379

39,758 40,031 3.07 %

Affinity Dental Management, Inc.

Healthcare Services First lien (2)(12) 7.00% (L + 6.00%/S) 9/15/2017 9/15/2023 26,017 25,990 26,017

First lien (4)(12) 7.00% (L + 6.00%/S) 9/17/2019 9/15/2023 10,509 10,509 10,509

First lien (3)(12)(13) - Drawn 7.00% (L + 6.00%/S) 9/15/2017 3/15/2023 1,738 1,721 1,738

38,220 38,264 2.93 %

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

1 unchanged sentence

Consolidated Schedule of Investments (Continued)

June 30, 2021

September 30, 2021

(in thousands, except shares)

2 unchanged sentences

Value Percent of Net

Affinity Dental Management, Inc.

Healthcare Services First lien (2)(11) 7.00% (L + 6.00%/S) 9/15/2017 9/15/2023 $ 26,084 $ 26,053 $ 26,084

First lien (4)(11) 7.00% (L + 6.00%/S) 9/17/2019 9/15/2023 10,537 10,537 10,537

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

38,359 38,310 38,359 2.93 %

Trader Interactive, LLC

Business Services First lien (2)(11) 7.00% (L + 6.00%/M) 6/15/2017 6/17/2024 31,442 31,335 31,442

First lien (8)(11) 7.00% (L + 6.00%/M) 6/15/2017 6/17/2024 4,873 4,857 4,873

Deca Dental Holdings LLC

Healthcare Services First lien (2)(12) 6.50% (L + 5.75%/Q) 8/26/2021 8/28/2028 $ 38,340 $ 37,961 $ 37,956 2.91 %

Associations, Inc.

Business Services First lien (2)(12) 7.50% (L + 4.00% + 2.50% PIK/Q)* 7/2/2021 7/2/2027 30,000 29,854 29,850

First lien (3)(12) 7.50% (L + 4.00% + 2.50% PIK/Q)* 7/2/2021 7/2/2027 5,154 5,129 5,128

First lien (3)(12)(13) - Drawn 7.50% (L + 4.00% + 2.50% PIK/Q)* 7/2/2021 7/2/2027 618 615 615

35,598 35,593 2.73 %

2 unchanged sentences

First lien (2)(12) 6.25% (L + 5.50%/Q) 8/13/2021 8/13/2026 13,379 13,278 13,379

First lien (2)(11) 6.75% (L + 5.75%/Q) 10/31/2019 10/31/2025 3,627 3,607 3,647

35,320 35,542 2.72 %

3 unchanged sentences

37,276 33,654 2.58 %

Definitive Healthcare Holdings, LLC

Healthcare Information Technology First lien (8)(11) 6.25% (L + 5.25%/Q) 8/7/2019 7/16/2026 33,449 33,322 33,449

First lien (3)(11)(12) - Drawn 6.25% (L + 5.25%/Q) 8/7/2019 7/16/2026 1,320 1,315 1,320

34,769 34,637 34,769 2.65 %

Finalsite Holdings, Inc.

Diamond Parent Holdings Corp.

Diligent Corporation

Software First lien (2)(12) 6.75% (L + 5.75%/Q) 3/30/2021 8/4/2025 17,807 17,728 17,718

First lien (2)(12) 6.75% (L + 5.75%/Q) 3/4/2021 8/4/2025 9,930 9,886 9,880

First lien (3)(11)(12) - Drawn 8.75% (P + 5.50%/Q) 9/25/2018 9/25/2024 756 750 756

First lien (3)(12) 7.25% (L + 6.25%/Q) 12/19/2018 8/4/2025 5,902 5,873 5,980

33,487 33,578 2.57 %

Diligent Corporation

EAB Global, Inc.

Education Second lien (2)(12) 7.00% (L + 6.50%/M) 8/16/2021 8/16/2029 33,452 32,957 32,951 2.53 %

Finalsite Holdings, Inc.

Software First lien (4)(12) 7.50% (L + 6.50%/Q) 9/28/2018 9/25/2024 21,256 21,169 21,469

First lien (2)(12) 7.50% (L + 6.50%/Q) 9/28/2018 9/25/2024 10,499 10,456 10,604

First lien (3)(11) 7.25% (L + 6.25%/Q) 12/19/2018 8/4/2025 5,917 5,886 6,003

31,625 32,073 2.46 %

Ansira Holdings, Inc.

Business Services First lien (8)(12) 7.50% (L + 6.50% PIK/S)* 12/19/2016 12/20/2024 31,195 31,146 25,325

First lien (3)(12) 7.50% (L + 6.50% PIK/S)* 12/19/2016 12/20/2024 7,883 7,873 6,399

39,019 31,724 2.43 %

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

1 unchanged sentence

Consolidated Schedule of Investments (Continued)

June 30, 2021

September 30, 2021

(in thousands, except shares)

2 unchanged sentences

Value Percent of Net

Software First lien (8)(11) 8.00% (L + 4.00% + 3.00% PIK/Q)* 5/9/2019 5/2/2025 $ 28,655 $ 28,465 $ 28,655

First lien (3)(11) 8.00% (L + 4.00% + 3.00% PIK/Q)* 5/9/2019 5/2/2025 3,354 3,325 3,354

Granicus, Inc.

Software First lien (4)(12) 7.25% (L + 6.25%/Q) 1/27/2021 1/29/2027 $ 15,561 $ 15,454 $ 15,444

First lien (3)(12) 7.25% (L + 6.25%/Q) 1/27/2021 1/29/2027 6,019 5,976 5,974

First lien (2)(12) 7.25% (L + 6.25%/Q) 1/27/2021 1/29/2027 5,937 5,896 5,892

First lien (3)(12)(13) - Drawn 7.00% (L + 6.00%/Q) 4/23/2021 1/29/2027 2,778 2,751 2,751

30,077 30,061 2.30 %

Tenawa Resource Holdings LLC (15)

Tenawa Resource Management LLC

Specialty Chemicals & Materials First lien (3)(11) 10.50% (Base + 8.00%/Q) 5/12/2014 10/30/2024 38,500 38,463 32,101 2.45 %

Ansira Holdings, Inc.

Business Services First lien (8)(11) 7.50% (L + 6.50% PIK/S)* 12/19/2016 12/20/2024 30,609 30,556 25,105

First lien (3)(11) 7.50% (L + 6.50% PIK/S)* 12/19/2016 12/20/2024 7,735 7,723 6,344

38,344 38,279 31,449 2.40 %

Integral Ad Science, Inc.

IG Investments Holdings, LLC

Business Services First lien (2) 6.75% (L + 6.00%/Q) 9/22/2021 9/22/2028 29,502 29,208 29,207 2.24 %

MRI Software LLC

Software First lien (5)(12) 6.50% (L + 5.50%/S) 1/31/2020 2/10/2026 22,160 22,076 22,160

First lien (2)(12) 6.50% (L + 5.50%/S) 1/31/2020 2/10/2026 6,221 6,196 6,221

30,772 30,588 30,772 2.35 %

MRI Software LLC

Software First lien (5)(11) 6.50% (L + 5.50%/Q) 1/31/2020 2/10/2026 22,217 22,128 22,332

First lien (2)(11) 6.50% (L + 5.50%/Q) 1/31/2020 2/10/2026 6,237 6,211 6,269

First lien (3)(12) 6.50% (L + 5.50%/S) 1/31/2020 2/10/2026 320 318 320

28,590 28,701 2.20 %

3 unchanged sentences

28,449 28,108 2.15 %

Confluent Health, LLC

Healthcare Services First lien (2) 5.10% (L + 5.00%/M) 6/21/2019 6/24/2026 26,950 26,848 27,186 2.07 %

Foundational Education Group, Inc.

Education Second lien (5)(12) 7.00% (L + 6.50%/S) 8/19/2021 8/31/2029 22,500 22,388 22,388

Second lien (2)(12) 7.00% (L + 6.50%/S) 8/19/2021 8/31/2029 5,009 4,984 4,984

27,372 27,372 2.10 %

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

2 unchanged sentences

26,573 27,042 2.07 %

New Trojan Parent, Inc.

Healthcare Services Second lien (2) 7.75% (L + 7.25%/M) 1/22/2021 1/5/2029 26,762 26,633 26,694 2.04 %

Granicus, Inc.

Software First lien (4)(11) 7.25% (L + 6.25%/M) 1/27/2021 1/29/2027 15,600 15,489 15,483

First lien (3)(11) 7.25% (L + 6.25%/M) 1/27/2021 1/29/2027 4,972 4,935 4,935

First lien (2)(11) 7.25% (L + 6.25%/M) 1/27/2021 1/29/2027 5,952 5,909 5,907

Confluent Health, LLC

Healthcare Services First lien (2) 5.08% (L + 5.00%/M) 6/21/2019 6/24/2026 26,881 26,784 26,948 2.07 %

Tenawa Resource Holdings LLC (16)

Tenawa Resource Management LLC

Specialty Chemicals & Materials First lien (3)(12) 10.50% (Base + 8.00%/Q)(33) 5/12/2014 10/30/2024 38,500 38,465 24,166

First lien (3)(12) 10.50% (Base + 8.00%/Q)(33) 7/6/2021 10/30/2024 4,400 4,400 2,762

42,865 26,928 2.06 %

New Trojan Parent, Inc.

Healthcare Services Second lien (2) 7.75% (L + 7.25%/Q) 1/22/2021 1/5/2029 26,762 26,637 26,829 2.06 %

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

1 unchanged sentence

Consolidated Schedule of Investments (Continued)

June 30, 2021

September 30, 2021

(in thousands, except shares)

2 unchanged sentences

Value Percent of Net

RealPage, Inc.

Business Services Second lien (2) 7.25% (L + 6.50%/Q) 2/18/2021 4/23/2029 $ 25,000 $ 24,815 $ 25,875 1.97 %

Software Second lien (4) 7.50% (L + 6.75%/S) 6/27/2019 3/2/2029 22,500 22,197 22,613

Second lien (3) 7.50% (L + 6.75%/S) 4/29/2021 3/2/2029 3,000 2,985 3,015

VT Topco, Inc.

Business Services Second lien (2)(12) 7.50% (L + 6.75%/M) 7/30/2021 7/31/2026 $ 16,183 $ 16,124 $ 16,124

Second lien (4)(12) 6.83% (L + 6.75%/M) 8/14/2018 7/31/2026 10,000 9,983 10,000

26,107 26,124 2.00 %

CRCI Longhorn Holdings, Inc.

Business Services Second lien (3)(12) 7.34% (L + 7.25%/M) 8/2/2018 8/10/2026 18,266 18,219 18,266

Second lien (8)(12) 7.34% (L + 7.25%/M) 8/2/2018 8/10/2026 7,500 7,481 7,500

25,700 25,766 1.97 %

Software Second lien (4) 7.50% (L + 6.75%/M) 6/27/2019 3/2/2029 22,500 22,204 22,613

Second lien (3) 7.50% (L + 6.75%/M) 4/29/2021 3/2/2029 3,000 2,986 3,015

25,190 25,628 1.96 %

RealPage, Inc.

Business Services Second lien (2) 7.25% (L + 6.50%/M) 2/18/2021 4/23/2029 25,000 24,820 25,614 1.96 %

TMK Hawk Parent, Corp.

2 unchanged sentences

29,138 25,526 1.96 %

Galway Borrower LLC

Financial Services First lien (2) 6.00% (L + 5.25%/Q) 9/30/2021 9/29/2028 24,340 24,096 24,096 1.85 %

NMC Crimson Holdings, Inc.

Healthcare Services First lien (8)(11) 6.75% (L + 6.00%/Q) 3/1/2021 3/1/2028 19,259 18,981 18,970

First lien (2)(11) 6.75% (L + 6.00%/Q) 3/2/2021 3/1/2028 4,913 4,842 4,839

Healthcare Services First lien (8)(12) 6.75% (L + 6.00%/S) 3/1/2021 3/1/2028 19,259 18,989 19,028

First lien (2)(12) 6.75% (L + 6.00%/S) 3/2/2021 3/1/2028 4,913 4,844 4,854

23,833 23,882 1.83 %

Instructure, Inc.

Software First lien (8)(11) 6.50% (L + 5.50%/M) 3/24/2020 3/24/2026 22,610 22,494 22,728 1.73 %

Software Second lien (4) 8.75% (L + 8.00%/S) 12/14/2020 12/15/2028 22,500 22,343 22,528 1.73 %

1 unchanged sentence

Software First lien (5)(12) 5.50% (L + 4.75%/M) 2/26/2020 3/1/2027 22,220 22,084 22,220 1.70 %

ACI Parent Inc.

ACI Group Holdings, Inc.

Healthcare Services First lien (2)(12) 6.25% (L + 5.50%/Q) 8/2/2021 8/2/2028 22,362 22,142 22,138 1.70 %

Cardinal Parent, Inc.

2 unchanged sentences

21,722 22,074 1.69 %

CRCI Longhorn Holdings, Inc.

Business Services Second lien (3)(11) 7.33% (L + 7.25%/M) 8/2/2018 8/10/2026 14,349 14,310 14,349

Second lien (8)(11) 7.33% (L + 7.25%/M) 8/2/2018 8/10/2026 7,500 7,480 7,500

21,849 21,790 21,849 1.67 %

Avatar Topco, Inc.

EAB Global, Inc.

Education Second lien (3)(11) 8.50% (L + 7.50%/Q) 11/17/2017 11/17/2025 13,950 13,817 13,950

Second lien (8)(11) 8.50% (L + 7.50%/Q) 11/17/2017 11/17/2025 7,500 7,429 7,500

21,450 21,246 21,450 1.64 %

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

Education Second lien (2) 8.38% (L + 8.25%/Q) 7/26/2018 7/30/2026 21,959 21,919 21,667 1.66 %

MED Parentco, LP

Healthcare Services Second lien (8) 8.35% (L + 8.25%/M) 8/2/2019 8/30/2027 20,857 20,726 20,857 1.59 %

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

1 unchanged sentence

Consolidated Schedule of Investments (Continued)

June 30, 2021

September 30, 2021

(in thousands, except shares)

2 unchanged sentences

Value Percent of Net

MED Parentco, LP

Healthcare Services Second lien (8) 8.33% (L + 8.25%/M) 8/2/2019 8/30/2027 $ 20,857 $ 20,730 $ 21,014 1.61 %

DCA Investment Holding, LLC

Healthcare Services First lien (2) 7.00% (L + 6.25%/Q) 3/12/2021 3/12/2027 19,928 19,790 19,853

First lien (3)(13) - Drawn 7.00% (L + 6.25%/Q) 3/12/2021 3/12/2027 962 955 959

20,745 20,812 1.59 %

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 20,264 20,465 1.57 %

YLG Holdings, Inc.

2 unchanged sentences

20,372 20,448 1.57 %

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 20,263 20,414 1.56 %

DCA Investment Holding, LLC

Healthcare Services First lien (2) 7.00% (L + 6.25%/S) 3/12/2021 3/12/2027 19,978 19,834 19,903 1.52 %

DiversiTech Holdings, Inc.

6 unchanged sentences

Software First lien (4)(12) 8.25% (L + 7.25%/S) 7/31/2017 7/31/2023 19,047 18,999 19,047 1.46 %

Infogain Corporation

Software First lien (2)(12) 6.75% (L + 5.75%/Q) 7/30/2021 7/28/2028 19,137 18,997 18,994 1.46 %

Bluefin Holding, LLC

Software Second lien (8)(12) 7.83% (L + 7.75%/M) 9/6/2019 9/3/2027 18,000 18,000 18,000

AAC Lender Holdings, LLC (27)

American Achievement Corporation (aka AAC Holding Corp.)

Education First lien (2)(11) 7.25% (L + 5.75% PIK + 0.50%/M)* 9/30/2015 9/30/2026 27,030 26,975 17,340

First lien (3)(11) 15.00% (L + 13.50% PIK + 0.50%/M)* 6/10/2021 9/30/2026 1,515 1,515 376

Subordinated (3)(11) 2.00% (L + 1.00% PIK/Q)* 3/16/2021 9/30/2026 5,234 5 —

First lien (3)(12)(13) - Drawn 4.38% (L + 4.25%/Q) 9/6/2019 9/6/2024 909 895 909

18,895 18,909 1.45 %

3 unchanged sentences

First lien (3)(12) 6.75% (L + 5.75%/Q) 9/24/2019 9/30/2026 350 348 350

17,547 17,445 17,547 1.34 %

Kele Holdco, Inc.

Distribution & Logistics First lien (5)(11) 7.00% (L + 6.00%/M) 2/20/2020 2/20/2026 16,030 15,965 16,191

First lien (3)(11)(12) - Drawn 7.00% (L + 6.00%/M) 2/20/2020 2/20/2026 1,214 1,208 1,214

First lien (3)(12) 6.75% (L + 5.75%/Q) 9/24/2019 9/30/2026 279 277 279

18,180 18,283 1.40 %

The Kleinfelder Group, Inc.

Business Services First lien (4)(11) 6.25% (L + 5.25%/Q) 12/18/2018 11/29/2024 17,063 17,010 17,063 1.30 %

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

1 unchanged sentence

Consolidated Schedule of Investments (Continued)

June 30, 2021

September 30, 2021

(in thousands, except shares)

2 unchanged sentences

Value Percent of Net

AAC Lender Holdings, LLC (28)

American Achievement Corporation (aka AAC Holding Corp.)

Education First lien (2)(12) 7.25% (L + 5.75% PIK + 0.50%/M)(33)* 9/30/2015 9/30/2026 $ 27,343 $ 27,290 $ 17,218

First lien (3)(12) 15.00% (L + 13.50% PIK + 0.50%/M)(33)* 6/10/2021 9/30/2026 1,527 1,527 370

Subordinated (3)(12) 2.00% (L + 1.00% PIK/Q)(33)* 3/16/2021 9/30/2026 5,230 — —

28,817 17,588 1.35 %

Kele Holdco, Inc.

Distribution & Logistics First lien (5)(12) 7.00% (L + 6.00%/M) 2/20/2020 2/20/2026 15,990 15,928 15,990

First lien (3)(12)(13) - Drawn 7.00% (L + 6.00%/M) 2/20/2020 2/20/2026 967 962 967

16,890 16,957 1.30 %

The Kleinfelder Group, Inc.

Business Services First lien (4)(12) 6.25% (L + 5.25%/Q) 12/18/2018 11/29/2024 16,751 16,703 16,751 1.28 %

Coyote Buyer, LLC

Specialty Chemicals & Materials First lien (5)(11) 7.00% (L + 6.00%/Q) 3/13/2020 2/6/2026 $ 14,008 $ 13,951 $ 14,008

Specialty Chemicals & Materials First lien (5)(12) 7.00% (L + 6.00%/S) 3/13/2020 2/6/2026 13,972 13,918 13,972

First lien (5)(12) 9.00% (L + 8.00%/S) 10/15/2020 8/6/2026 2,514 2,492 2,514

16,410 16,486 1.26 %

Mamba Purchaser, Inc.

Healthcare Services Second lien (3) 7.00% (L + 6.50%/M) 9/29/2021 10/14/2029 16,291 16,185 16,185 1.24 %

Instructure, Inc.

Software First lien (8)(12) 6.50% (L + 5.50%/M) 3/24/2020 3/24/2026 15,252 15,177 15,252 1.17 %

Trinity Air Consultants Holdings Corporation

Business Services First lien (2) 6.00% (L + 5.25%/Q) 6/30/2021 6/29/2027 15,382 15,229 15,228 1.16 %

Business Services First lien (2)(12) 6.00% (L + 5.25%/M) 6/30/2021 6/29/2027 15,382 15,232 15,229 1.17 %

Hill International, Inc.

Business Services First lien (2)(12) 6.75% (L + 5.75%/M) 6/21/2017 6/21/2023 15,129 15,103 15,129 1.16 %

Bleriot US Bidco Inc.

Federal Services Second lien (2) 8.65% (L + 8.50%/Q) 10/24/2019 10/29/2027 15,000 14,873 15,094 1.15 %

CFS Management, LLC

6 unchanged sentences

Healthcare Services First lien (8)(12) 9.25% (L + 8.25%/S) 9/5/2018 9/5/2024 13,444 13,406 13,444 1.03 %

Transcendia Holdings, Inc.

Packaging Second lien (8)(11) 9.00% (L + 8.00%/M) 6/28/2017 5/30/2025 14,500 14,383 13,321 1.02 %

PaySimple, Inc.

Software First lien (2)(11) 5.61% (L + 5.50%/M) 8/19/2019 8/23/2025 9,709 9,638 9,709

First lien (2)(11) 5.61% (L + 5.50%/M) 8/19/2019 8/23/2025 3,179 3,129 3,179

12,888 12,767 12,888 0.98 %

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

New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

September 30, 2021

(in thousands, except shares)

Portfolio Company, Location and Industry (1) Type of Investment Interest Rate (14) Acquisition Date Maturity / Expiration Date Principal

or Shares (36) Cost Fair

Value Percent of Net

Community Brands ParentCo, LLC (f.k.a Ministry Brands, LLC)

3 unchanged sentences

12,852 12,880 0.99 %

Geo Parent Corporation

Business Services First lien (2) 5.35% (L + 5.25%/M) 12/13/2018 12/19/2025 12,868 12,824 12,868 0.98 %

Castle Management Borrower LLC

Business Services First lien (2)(12) 3.19% (L + 2.19%/Q) 5/31/2018 2/15/2025 14,590 14,559 12,843 0.98 %

Geo Parent Corporation

Business Services First lien (2) 5.33% (L + 5.25%/M) 12/13/2018 12/19/2025 12,835 12,793 12,771 0.98 %

Transcendia Holdings, Inc.

Packaging Second lien (8)(12) 9.00% (L + 8.00%/M) 6/28/2017 5/30/2025 14,500 14,389 12,634 0.97 %

Calabrio, Inc.

2 unchanged sentences

Business Services Second lien (2)(12) 8.33% (L + 8.25%/M) 9/25/2019 9/25/2027 12,044 11,947 12,044 0.92 %

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

New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

June 30, 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

Software First lien (8)(12) 8.25% (L + 7.25%/S) 1/10/2019 1/10/2025 11,203 11,065 11,203

5 unchanged sentences

11,388 11,504 0.88 %

USRP Holdings, Inc.

Federal Services First lien (2)(12) 6.25% (L + 5.50%/Q) 7/22/2021 7/23/2027 11,454 11,342 11,340 0.87 %

Alert Holding Company, Inc.

7 unchanged sentences

10,973 11,022 0.84 %

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

New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

September 30, 2021

(in thousands, except shares)

Portfolio Company, Location and Industry (1) Type of Investment Interest Rate (14) Acquisition Date Maturity / Expiration Date Principal

or Shares (36) Cost Fair

Value Percent of Net

Business Products Second lien (8)(12) 7.33% (L + 7.25%/M) 2/23/2018 3/8/2026 $ 10,788 $ 10,762 $ 10,788 0.83 %

Masergy Holdings, Inc.

Business Services Second lien (2) 8.50% (L + 7.50%/Q) 12/14/2016 12/16/2024 10,500 10,469 10,461 0.80 %

Business Services Second lien (2) 8.50% (L + 7.50%/M) 12/14/2016 12/16/2024 10,500 10,471 10,448 0.80 %

PPVA Black Elk (Equity) LLC

Business Services Subordinated (3)(12) — 5/3/2013 — 14,500 14,500 10,354 0.79 %

VT Topco, Inc.

Business Services Second lien (4)(11) 6.85% (L + 6.75%/M) 8/14/2018 7/31/2026 10,000 9,982 10,000 0.76 %

Quartz Holding Company

Software Second lien (3)(12) 8.09% (L + 8.00%/M) 4/2/2019 4/2/2027 10,000 9,848 10,000 0.77 %

Stats Intermediate Holdings, LLC**

Business Services First lien (2) 5.41% (L + 5.25%/Q) 5/22/2019 7/10/2026 9,850 9,756 9,899 0.76 %

Affordable Care Holding Corp.

Healthcare Services First lien (2)(11) 5.75% (L + 4.75%/Q) 3/18/2019 10/24/2022 9,742 9,667 9,742 0.74 %

AgKnowledge Holdings Company, Inc.

Business Services First lien (2)(12) 5.75% (L + 4.75%/S) 11/30/2018 7/21/2023 9,182 9,163 9,182 0.70 %

Specialtycare, Inc.

Healthcare Services First lien (2) 6.75% (L + 5.75%/M) 6/18/2021 6/18/2028 7,224 7,116 7,115

CG Group Holdings, LLC

Specialty Chemicals & Materials First lien (2)(12) 6.25% (L + 5.25%/M) 7/19/2021 7/19/2027 8,302 8,211 8,209

First lien (3)(12)(13) - Drawn 6.25% (L + 5.25%/M) 7/19/2021 7/19/2026 453 448 448

8,659 8,657 0.66 %

Cloudera, Inc.**

Software Second lien (2)(12) 6.50% (L + 6.00%/M) 8/10/2021 10/8/2029 8,494 8,472 8,472 0.65 %

Specialtycare, Inc.

Healthcare Services First lien (2)(12) 6.75% (L + 5.75%/Q) 6/18/2021 6/18/2028 7,224 7,119 7,115 0.55 %

Restaurant Technologies, Inc.

Business Services Second lien (4) 6.58% (L + 6.50%/M) 9/24/2018 10/1/2026 6,722 6,710 6,718 0.51 %

Appriss Health Holdings, Inc.

Appriss Health, LLC

Business Services First lien (8)(12) 8.25% (L + 7.25%/Q) 5/6/2021 5/6/2027 6,250 6,191 6,223 0.48 %

Healthcare Services Second lien (3)(12) 11.00% (L + 10.00% PIK/Q)* 10/3/2016 3/28/2024 6,410 6,379 5,935 0.45 %

Stats Intermediate Holdings, LLC**

Business Services First lien (2) 5.37% (L + 5.25%/Q) 5/22/2019 7/10/2026 5,835 5,796 5,835 0.45 %

Safety Borrower Holdings LLC

Information Services First lien (2) 6.75% (L + 5.75%/S) 9/1/2021 9/1/2027 5,756 5,728 5,728 0.44 %

Sun Acquirer Corp.

Consumer Services First lien (2) 6.50% (L + 5.75%/Q) 9/8/2021 9/8/2028 4,025 3,990 3,990

First lien (3)(13) - Drawn 6.50% (L + 5.75%/Q) 9/8/2021 9/8/2028 419 416 416

4,406 4,406 0.34 %

Wealth Enhancement Group, LLC**

Business Services First lien (3)(12)(13) - Drawn 6.75% (L + 5.75%/Q) 8/13/2021 10/4/2027 827 825 825 0.06 %

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

1 unchanged sentence

Consolidated Schedule of Investments (Continued)

June 30, 2021

September 30, 2021

(in thousands, except shares)

2 unchanged sentences

Value Percent of Net

AG Parent Holdings, LLC

Healthcare Services First lien (2) 5.10% (L + 5.00%/M) 7/30/2019 7/31/2026 $ 6,888 $ 6,861 $ 6,862 0.52 %

Restaurant Technologies, Inc.

Business Services Second lien (4) 6.60% (L + 6.50%/M) 9/24/2018 10/1/2026 6,722 6,710 6,701 0.51 %

Appriss Health Holdings, Inc.

Appriss Health, LLC

Business Services First lien (8)(11) 8.25% (L + 7.25%/Q) 5/6/2021 5/6/2027 6,250 6,189 6,188 0.47 %

Healthcare Services Second lien (3)(11) 11.00% (L + 10.00% PIK/Q)* 10/3/2016 3/28/2024 6,235 6,201 5,778 0.44 %

Sphera Solutions, Inc.

Software First lien (2)(11) 8.75% (L + 7.75%/Q) 9/10/2019 6/14/2023 2,451 2,440 2,476 0.19 %

Education Management Corporation (15)

8 unchanged sentences

First lien (3) 11.75% (P + 8.50%/M)(33) 1/5/2015 7/2/2020 2 2 —

1,016 957 — — %

PPVA Fund, L.P.

7 unchanged sentences

Equity - United States

Avatar Topco, Inc.(24)

Education Preferred shares (3)(11) — 11/17/2017 — 35,750 $ 55,437 $ 57,639 4.40 %

Dealer Tire Holdings, LLC (25)

Distribution & Logistics Preferred shares (3) — 9/13/2021 — 56,271 $ 55,835 $ 56,243 4.31 %

Symplr Software Intermediate Holdings, Inc.

Healthcare Information Technology Preferred shares (4)(12) — 11/30/2018 — 7,500 10,329 10,441

Preferred shares (3)(12) — 11/30/2018 — 2,586 3,561 3,600

13,890 14,041 1.08 %

ACI Parent Inc.

Healthcare Services Preferred shares (3)(12) — 8/2/2021 — 12,500 12,617 12,614 0.97 %

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

1 unchanged sentence

Consolidated Schedule of Investments (Continued)

June 30, 2021

September 30, 2021

(in thousands, except shares)

2 unchanged sentences

Value Percent of Net

Symplr Software Intermediate Holdings, Inc.

Healthcare Information Technology Preferred shares (4)(11) — 11/30/2018 — 7,500 $ 10,058 $ 10,171

Preferred shares (3)(11) — 11/30/2018 — 2,586 3,468 3,506

13,526 13,677 1.04 %

Project Essential Super Parent, Inc.(28)

Software Preferred shares (3)(11) — 4/20/2021 — 10,000 10,054 10,051 0.76 %

Diamond Parent Holdings Corp.

Diligent Preferred Issuer, Inc.

Software Preferred shares (3)(12) — 4/6/2021 — 10,000 $ 10,385 $ 10,379 0.80 %

Project Essential Super Parent, Inc.(29)

Software Preferred shares (3)(12) — 4/20/2021 — 10,000 10,323 10,314 0.79 %

Alert Holding Company, Inc.

1 unchanged sentence

Business Services Preferred shares (3) — 5/31/2019 — 6,111 7,786 7,878 0.60 %

HB Wealth Management, LLC (32)**

Financial Services Preferred shares (11) — 9/30/2021 — 48,303 4,830 4,830 0.37 %

Appriss Health Holdings, Inc.

7 unchanged sentences

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

Ordinary shares (6)(12) — 7/6/2021 — 20 — —

Education Management Corporation (15)

7 unchanged sentences

Total Shares $ 134,812 $ 128,264 9.83 %

Total Funded Investments $ 2,261,593 $ 2,207,530 169.17 %

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

1 unchanged sentence

Consolidated Schedule of Investments (Continued)

June 30, 2021

September 30, 2021

(in thousands, except shares)

2 unchanged sentences

Value Percent of Net

Warrants - United States

ASP LCG Holdings, Inc.

Education Warrants (3)(11) — 5/5/2014 5/5/2026 622 $ 37 $ 685 0.05 %

Total Warrants - United States $ 37 $ 685 0.05 %

Total Funded Investments $ 2,295,762 $ 2,261,024 172.45 %

Unfunded Debt Investments - Jersey

Tennessee Bidco Limited (35)**

Business Services First lien (3)(12)(13) - Undrawn — 8/6/2021 7/9/2023 £ 16,100 $ — $ (335) (0.03) %

Total Unfunded Debt Investments - Jersey $ — $ (335) (0.03) %

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 2,002 (10) —

12,507 (10) 54 0.00 %

AAC Lender Holdings, LLC (28)

1 unchanged sentence

Education First lien (3)(12)(13) - Undrawn — 1/25/2021 9/30/2026 $ 2,652 $ — $ — — %

Associations, Inc.

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

AgKnowledge Holdings Company, Inc.

Business Services First lien (3)(12)(13) - Undrawn — 11/30/2018 7/21/2023 526 (3) — — %

Kele Holdco, Inc.

Distribution & Logistics First lien (3)(11)(12) - Undrawn — 2/20/2020 2/20/2026 585 (3) — — %

Recorded Future, Inc.

Software First lien (3)(12)(13) - Undrawn — 8/26/2019 7/3/2025 750 (4) — — %

Kele Holdco, Inc.

Distribution & Logistics First lien (3)(12)(13) - Undrawn — 2/20/2020 2/20/2026 832 (4) — — %

Community Brands ParentCo, LLC (f.k.a Ministry Brands, LLC)

2 unchanged sentences

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

Bullhorn, Inc.

Software First lien (3)(12)(13) - Undrawn — 9/24/2019 9/30/2026 852 (6) — — %

Alert Holding Company, Inc.

1 unchanged sentence

Business Services First lien (3)(13) - Undrawn — 5/24/2019 5/30/2025 700 (7) — — %

Bluefin Holding, LLC

Software First lien (3)(12)(13) - Undrawn — 9/6/2019 9/6/2024 606 (9) — — %

Xactly Corporation

Software First lien (3)(12)(13) - Undrawn — 7/31/2017 7/31/2023 992 (10) — — %

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

1 unchanged sentence

Consolidated Schedule of Investments (Continued)

June 30, 2021

September 30, 2021

(in thousands, except shares)

2 unchanged sentences

Value Percent of Net

Definitive Healthcare Holdings, LLC

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

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

7,909 (9) — — %

Xactly Corporation

Software First lien (3)(11)(12) - Undrawn — 7/31/2017 7/31/2023 992 (10) — — %

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

Bullhorn, Inc.

MRI Software LLC

Software First lien (2)(12)(13) - Undrawn — 3/24/2021 3/24/2022 $ 9,684 $ — $ —

First lien (3)(12)(13) - Undrawn — 1/31/2020 2/10/2022 500 — —

1,633 (12) — — %

Trader Interactive, LLC

Business Services First lien (3)(11)(12) - 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) — — %

Finalsite Holdings, Inc.

First lien (3)(12)(13) - Undrawn — 1/31/2020 2/10/2026 2,002 (10) —

Calabrio, Inc.

Software First lien (3)(12)(13) - Undrawn — 4/16/2021 4/16/2027 1,487 (11) — — %

Integral Ad Science, Inc.

Instructure, Inc.

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

Diamond Parent Holdings Corp.

Diligent Corporation

Software First lien (3)(12)(13) - Undrawn — 3/30/2021 8/4/2025 3,624 (18) — — %

GS Acquisitionco, Inc.

Finalsite Holdings, Inc.

Software First lien (3)(12)(13) - Undrawn — 9/25/2018 9/25/2024 2,521 (19) — — %

1 unchanged sentence

Business Services First lien (3)(12)(13) - Undrawn — 11/1/2019 10/31/2025 3,968 (20) — — %

Bluefin Holding, LLC

Software First lien (3)(12)(13) - Undrawn — 1/10/2019 1/10/2025 1,240 (25) — — %

GC Waves Holdings, Inc.**

Business Services First lien (2)(12)(13) - Undrawn — 8/13/2021 8/11/2023 10,643 — —

First lien (3)(12)(13) - Undrawn — 10/31/2019 10/31/2025 3,950 (30) —

GS Acquisitionco, Inc.

Software First lien (3)(12)(13) - Undrawn — 8/7/2019 5/22/2026 5,917 (36) — — %

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

1 unchanged sentence

Consolidated Schedule of Investments (Continued)

June 30, 2021

September 30, 2021

(in thousands, except shares)

3 unchanged sentences

Software First lien (3)(12)(13) - Undrawn — 5/9/2019 5/2/2025 $ 2,311 $ (23) $ —

ConnectWise, LLC

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

GC Waves Holdings, Inc.**

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

CoolSys, Inc.

Industrial Services First lien (3)(12) - Undrawn — 11/20/2019 11/19/2021 1,400 — (4) (0.00) %

First lien (3)(12)(13) - Undrawn — 9/8/2021 9/8/2023 3,670 (32) —

Appriss Health Holdings, Inc.

1 unchanged sentence

Business Services First lien (3)(12)(13) - Undrawn — 5/6/2021 5/6/2027 417 (4) (2) (0.00)%

Calabrio, Inc.

Software First lien (3)(11)(12) - Undrawn — 4/16/2021 4/16/2027 1,487 (11) (11) (0.00) %

Specialtycare, Inc.

Healthcare Services First lien (3)(12) - Undrawn — 6/18/2021 6/18/2023 671 — (10)

CG Group Holdings, LLC

Specialty Chemicals & Materials First lien (3)(12)(13) - Undrawn — 7/19/2021 7/19/2026 679 (8) (8) (0.00)%

Safety Borrower Holdings LLC

Information Services First lien (3)(13) - Undrawn — 9/1/2021 9/1/2027 512 (3) (3)

First lien (3)(13) - Undrawn — 9/1/2021 9/1/2022 1,279 — (6)

2 unchanged sentences

Healthcare Services First lien (3)(13) - Undrawn — 3/12/2021 3/10/2023 3,962 — (15) (0.00)%

Salient CRGT Inc.

Specialtycare, Inc.

Healthcare Services First lien (3)(12)(13) - Undrawn — 6/18/2021 6/18/2026 559 (8) (8)

First lien (3)(12)(13) - Undrawn — 6/18/2021 6/18/2023 671 — (10)

(8) (18) (0.00)%

IG Investments Holdings, LLC

Business Services First lien (3)(13) - Undrawn — 9/22/2021 9/22/2027 2,298 (23) (23) (0.00)%

USRP Holdings, Inc.

Federal Services First lien (3)(12)(13) - Undrawn — 7/22/2021 7/23/2027 893 (9) (9)

First lien (3)(12)(13) - Undrawn — 7/22/2021 7/23/2023 1,487 — (15)

(9) (24) (0.00)%

Sun Acquirer Corp.

Consumer Services First lien (3)(13) - Undrawn — 9/8/2021 9/8/2027 559 (5) (5)

First lien (3)(13) - Undrawn — 9/8/2021 9/8/2023 2,544 (10) (22)

(15) (27) (0.00)%

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

New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

September 30, 2021

(in thousands, except shares)

Portfolio Company, Location and Industry (1) Type of Investment Interest Rate (14) Acquisition Date Maturity / Expiration Date Principal

or Shares (36) Cost Fair

Value Percent of Net

Infogain Corporation

Software First lien (3)(12)(13) - Undrawn — 7/30/2021 7/30/2026 $ 3,827 $ (29) $ (29) (0.00)%

Granicus, Inc.

1 unchanged sentence

First lien (3)(12)(13) - Undrawn — 4/23/2021 4/21/2023 1,822 — (18)

(18) (36) (0.00)%

Wealth Enhancement Group, LLC**

Business Services First lien (3)(12)(13) - Undrawn — 8/13/2021 10/4/2027 276 (1) (1)

First lien (3)(12)(13) - Undrawn — 8/13/2021 6/3/2022 17,647 — (44)

(1) (45) (0.00)%

Trinity Air Consultants Holdings Corporation

Business Services First lien (3)(12)(13) - Undrawn — 6/30/2021 6/29/2027 1,501 (15) (15)

First lien (3)(12)(13) - Undrawn — 6/30/2021 6/29/2023 5,252 — (53)

(15) (68) (0.01) %

Galway Borrower LLC

Financial Services First lien (3)(13) - Undrawn — 9/30/2021 9/30/2027 1,865 (19) (19)

First lien (3)(13) - Undrawn — 9/30/2021 9/29/2023 5,595 — (55)

(19) (74) (0.01) %

ACI Parent Inc.

ACI Group Holdings, Inc.

Healthcare Services First lien (3)(12)(13) - Undrawn — 8/2/2021 8/2/2027 2,354 (24) (24)

First lien (3)(12)(13) - Undrawn — 8/2/2021 8/2/2023 8,239 — (82)

(24) (106) (0.01) %

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

1 unchanged sentence

Consolidated Schedule of Investments (Continued)

June 30, 2021

September 30, 2021

(in thousands, except shares)

2 unchanged sentences

Value Percent of Net

Trinity Air Consultants Holdings Corporation

Associations, Inc.

Business Services First lien (3)(12)(13) - Undrawn — 7/2/2021 7/2/2027 $ 3,543 $ (18) $ (18)

First lien (3)(12)(13) - Undrawn — 7/2/2021 7/2/2022 3,505 (18) (18)

First lien (3)(12)(13) - Undrawn — 7/2/2021 1/2/2023 8,590 (43) (43)

First lien (3)(12)(13) - Undrawn — 7/2/2021 7/2/2023 8,590 (43) (43)

(122) (122) (0.01) %

1 unchanged sentence

Healthcare Services First lien (3)(12)(13) - Undrawn — 3/1/2021 3/1/2023 10,664 — (128) (0.01) %

Deca Dental Holdings LLC

Healthcare Services First lien (3)(12)(13) - Undrawn — 8/26/2021 8/26/2027 3,027 (30) (30)

First lien (3)(12)(13) - Undrawn — 8/26/2021 8/28/2023 13,116 — (131)

(30) (161) (0.01) %

Total Unfunded Debt Investments - United States $ (618) $ (895) (0.06) %

5 unchanged sentences

Edmentum Ultimate Holdings, LLC

Education Subordinated (3)(11) 11.00% (L + 10.00%/M) 12/11/2020 12/11/2026 $ 15,000 $ 14,860 $ 15,000 1.15 %

Education Subordinated (3)(12) 13.00% (6.50% + 6.50%/PIK)* 12/11/2020 1/26/2027 $ 15,181 $ 15,046 $ 15,267 1.17 %

Sierra Hamilton Holdings Corporation

4 unchanged sentences

First lien (3)(12) 11.00% (L + 10.00% PIK/M)(33)* 7/23/2020 — 3,409 — —

3,656 — — — %

Total Funded Debt Investments - United States $ 15,051 $ 15,267 1.17 %

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

New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

September 30, 2021

(in thousands, except shares)

Portfolio Company, Location and Industry (1) Type of Investment Interest Rate (14) Acquisition Date Maturity / Expiration Date Principal

or Shares (36) Cost Fair

Value Percent of Net

Equity - United States

TVG-Edmentum Holdings, LLC (19)

Education Preferred shares (3)(11) — 12/11/2020 — 37,793 $ 39,926 $ 70,500

Ordinary shares (3)(11) — 12/11/2020 — 36,750 37,999 68,556

77,925 139,056 10.60 %

Education Ordinary shares (3)(12) — 12/11/2020 — 48,899 $ 51,757 $ 92,338 7.07 %

Sierra Hamilton Holdings Corporation

4 unchanged sentences

Total Non-Controlled/Affiliated Investments $ 79,591 $ 111,605 8.55 %

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

New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

June 30, 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

Controlled Investments (38)

19 unchanged sentences

28,698 24,643 1.89 %

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

New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

September 30, 2021

(in thousands, except shares)

Portfolio Company, Location and Industry (1) Type of Investment Interest Rate (14) Acquisition Date Maturity / Expiration Date Principal

or Shares (36) Cost Fair

Value Percent of Net

New Permian Holdco, Inc.

11 unchanged sentences

Investment Fund Membership interest (3)(12) — 5/4/2018 — — $ 140,000 $ 140,000 10.73 %

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

New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

June 30, 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

NMFC Senior Loan Program IV LLC**

9 unchanged sentences

Net Lease Membership interest (7)(12) — 10/6/2017 — — 12,538 25,352 1.94 %

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

New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

September 30, 2021

(in thousands, except shares)

Portfolio Company, Location and Industry (1) Type of Investment Interest Rate (14) Acquisition Date Maturity / Expiration Date Principal

or Shares (36) Cost Fair

Value Percent of Net

UniTek Global Services, Inc.

13 unchanged sentences

Net Lease Membership interest (7)(12) — 11/18/2016 — — 5,152 7,558 0.58 %

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

New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

June 30, 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

NHME Holdings Corp.

13 unchanged sentences

Total Funded Investments $ 663,216 $ 693,749 53.16 %

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

New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

September 30, 2021

(in thousands, except shares)

Portfolio Company, Location and Industry (1) Type of Investment Interest Rate (14) Acquisition Date Maturity / Expiration Date Principal

or Shares (36) Cost Fair

Value Percent of Net

Unfunded Debt Investments - United States

20 unchanged sentences

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

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

New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

June 30, 2021

(in thousands, except shares)

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

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

3 unchanged sentences

(14) All interest is payable in cash unless otherwise indicated.

A majority of the variable rate debt investments bear interest at a rate that may be determined by reference to the London Interbank Offered Rate (L), the Prime Rate (P) and the alternative base rate (Base) and which resets 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 June 30, 2021.

A majority of the variable rate debt investments bear interest at a rate that may be determined by reference to the London Interbank Offered Rate (L), the Prime Rate (P), the Sterling Overnight Interbank Average Rate (Sonia), 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, 2021.

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

1 unchanged sentence

(16) 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 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.

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 holds common units and a first lien investment in Tenawa Resource Management LLC, a wholly-owned subsidiary of Tenawa Resource Holdings LLC.

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

5 unchanged sentences

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

(18) 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 accompanying notes are an integral part of these consolidated financial statements.

New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

September 30, 2021

(in thousands, except shares)

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

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

7 unchanged sentences

(24) 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.

(24) 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.

(25) The Company holds preferred equity in Dealer Tire Holdings, LLC.

The preferred equity is entitled to receive cumulative preferential dividends at a rate of 7.00% per annum.

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

3 unchanged sentences

(29) The Company holds preferred equity in Project Essential Super Parent, LLC that is entitled to receive cumulative preferential dividends at a rate of L + 9.50% per annum.

(29) The company holds preferred equity in Diligent Preferred Issuer, Inc.

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

(30) The Company holds investments in two wholly-owned subsidiary of Diamond Parent Holdings Corp.

The Company holds three first lien term loans and a first lien revolver in Diligent Corporation and preferred equity in Diligent Preferred Issuer Inc.

The preferred equity in Diligent Preferred Issuer Inc.

is entitled to receive cumulative preferential dividends at a rate 10.50% per annum.

(31) The Company holds investments in ACI Parent Inc.

and a wholly-owned subsidiary of ACI Parent Inc.

The Company holds a first lien term loan, a first lien delayed draw and a first lien revolver in ACI Group Holdings, Inc.

and preferred equity in ACI Parent Inc.

The preferred equity in ACI Parent Inc.

is entitled to receive cumulative preferential dividends at a rate of 11.75% per annum.

(32) The Company holds preferred equity in HB Wealth Management, LLC that is entitled to receive cumulative preferential dividends at a rate of 4.00% per annum.

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

Investments , for details.

(31) 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 June 30, 2021.

(34) 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, 2021.

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)

June 30, 2021

(in thousands, except shares)

(35) Investment is denominated in foreign currency and is translated into U.S.

dollars as of the valuation date.

As of September 30, 2021, the par value U.S.

dollar equivalent of the first lien term loan and the undrawn first lien term loan is $17,354 and $21,693, respectively.

Summary of Significant Accounting Policies , for details.

(36) Par amount is denominated in USD unless otherwise noted, British Pound ("£").

(37) 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 June 30, 2021 and December 31, 2020 along with transactions during the six months ended June 30, 2021 in which the issuer was a non-controlled/affiliated investment is as follows:

Fair value as of September 30, 2021 and December 31, 2020 along with transactions during the nine months ended September 30, 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 June 30, 2021 Interest

(Depreciation) Fair Value at September 30, 2021 Interest

Income Dividend

11 unchanged sentences

Consolidated Schedule of Investments (Continued)

June 30, 2021

September 30, 2021

(in thousands, except shares)

(38) 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 June 30, 2021 and December 31, 2020, along with transactions during the six months ended June 30, 2021 in which the issuer was a controlled investment, is as follows:

Fair value as of September 30, 2021 and December 31, 2020, along with transactions during the nine months ended September 30, 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 June 30, 2021 Interest

(Depreciation) Fair Value at September 30, 2021 Interest

Income Dividend

31 unchanged sentences

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 June 30, 2021, 15.3% of the Company’s total assets are represented by investments at fair value that are considered non-qualifying assets.

As of September 30, 2021, 16.7% 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)

June 30, 2021

September 30, 2021

Investment Type Percent of Total

5 unchanged sentences

Total investments 100.00 %

June 30, 2021

September 30, 2021

Industry Type Percent of Total

3 unchanged sentences

Healthcare Services 17.97 %

Education 9.63 %

Investment Funds (includes investments in joint ventures) 8.38 %

Education 7.55 %

Net Lease 6.87 %

Federal Services 2.07 %

Distribution & Logistics 3.93 %

Specialty Chemicals & Materials 1.73 %

Healthcare Information Technology 1.57 %

Industrial Services 1.34 %

Energy 1.26 %

Financial Services 0.96 %

Healthcare Information Technology 0.47 %

Packaging 0.42 %

Federal Services 0.38 %

Business Products 0.36 %

Information Services 0.19 %

Consumer Services 0.15 %

Total investments 100.00 %

June 30, 2021

September 30, 2021

Interest Rate Type Percent of Total

739 unchanged sentences

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)

(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.

32 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)

(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.

45 unchanged sentences

New Mountain Finance Corporation

June 30, 2021

September 30, 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 June 30, 2021, NMFC raised approximately $893,183 in net proceeds from additional offerings of its common stock.

Since NMFC’s IPO, and through September 30, 2021, NMFC raised approximately $893,183 in net proceeds from additional offerings of its common stock.

New Mountain Finance Advisers BDC, L.L.C.

4 unchanged sentences

New Mountain Capital is a firm with a track record of investing in the middle market.

New Mountain Capital focuses on investing in defensive growth companies across its private equity, public equity and credit investment vehicles.

New Mountain Capital focuses on investing in defensive growth companies across its private equity, credit and net lease investment strategies.

The Investment Adviser manages the Company's day-to-day operations and provides it with investment advisory and management services.

4 unchanged sentences

• New Mountain Finance Holdings, L.L.C.

("NMF Holdings" or the "Predecessor Operating Company") and New Mountain Finance DB, L.L.C.

("NMF Holdings") and New Mountain Finance DB, L.L.C.

("NMFDB"), whose assets are used to secure NMF Holdings’ credit facility and NMFDB’s credit facility, respectively;

7 unchanged sentences

("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);

("NMF YP"), NMF Permian Holdings LLC ("NMF Permian"), NMF HB, Inc.

("NMF HB") and NMF TRM, LLC ("NMF TRM"), 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.

15 unchanged sentences

The Company’s portfolio may be concentrated in a limited number of industries.

As of June 30, 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).

As of September 30, 2021, the Company’s top five industry concentrations were software, business services, healthcare services, investment funds (which includes the Company's investments in its joint ventures) and education.

Summary of Significant Accounting Policies

2 unchanged sentences

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, NMF YP and NMF Permian 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, NMF Permian, NMF HB and NMF TRM and its majority-owned consolidated subsidiary:

For majority-owned consolidated subsidiaries, the third-party equity interest is referred to as non-controlling interest.

41 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 June 30, 2021.

NMNLC's investments are disclosed on the Company's Consolidated Schedule of Investments as of September 30, 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 June 30, 2021:

Below is certain summarized property information for NMNLC as of September 30, 2021:

Lease Total Fair Value as of

Portfolio Company Tenant Expiration Date Location Square Feet June 30, 2021

Portfolio Company Tenant Expiration Date Location Square Feet September 30, 2021

NM NL Holdings LP / NM GP Holdco LLC Various Various Various Various $ 91,662

15 unchanged sentences

Interest on collateralized agreements is accrued and recognized over the life of the transaction and included in interest income.

As of June 30, 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.

As of September 30, 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 June 30, 2021 and December 31, 2020.

The Company did not hold any cash equivalents as of September 30, 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 six months ended June 30, 2021, the Company recognized PIK and non-cash interest from investments of $5,530 and $11,368, respectively, and PIK and non-cash dividends from investments of $5,846 and $11,033, respectively.

For the three and six months ended June 30, 2020, the Company recognized PIK and non-cash interest from investments of $3,228 and $6,718, respectively, and PIK and non-cash dividends from investments of $3,802 and $5,346, respectively.

For the three and nine months ended September 30, 2021, the Company recognized PIK and non-cash interest from investments of $5,699 and $17,067, respectively, and PIK and non-cash dividends from investments of $3,705 and $14,738, respectively.

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.

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.

39 unchanged sentences

federal income tax purposes.

For the three and six months ended June 30, 2021, the Company recognized a total income tax provision of approximately $22 and $138, respectively, for the Company’s consolidated subsidiaries.

For the three and six months ended June 30, 2021, the Company recorded current income tax expense of approximately $22 and $23, respectively, and deferred income tax provision of approximately $0 and $115, respectively.

For the three and six months ended June 30, 2020, the Company recognized a total income tax (provision) benefit of approximately $(370) and $528, respectively, for the Company’s

consolidated subsidiaries.

For the three and six months ended June 30, 2020, the Company recorded current income tax benefit of approximately $7 and $7, respectively, and deferred income tax (provision) benefit of approximately $(377) and $521, respectively.

As of June 30, 2021 and December 31, 2020, the Company had $(13) 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.

For the three and nine months ended September 30, 2021, the Company recognized a total income tax benefit (provision) of approximately $9 and $(129), respectively, for the Company’s consolidated subsidiaries.

For the three and nine months ended September 30, 2021, the Company recorded current income tax (benefit) expense of approximately $(8) and $15, respectively, and deferred income tax benefit (provision) of approximately $1 and $(114), respectively.

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.

As of September 30, 2021 and December 31, 2020, the Company had $(13) 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.

18 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 six months ended June 30, 2021 and June 30, 2020, the Company did not repurchase any shares of the Company's common stock.

During the three and nine months ended September 30, 2021 and September 30, 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.

17 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 June 30, 2021, the Company’s investments consisted of the following:

At September 30, 2021, the Company’s investments consisted of the following:

Investment Cost and Fair Value by Type

10 unchanged sentences

Healthcare Services 535,176 541,244

Education 245,917 297,599

Investment Funds (includes investments in joint ventures) 252,400 252,400

Education 199,138 227,339

Net Lease 134,726 206,917

Federal Services 63,527 64,035

Distribution & Logistics 121,252 118,275

Specialty Chemicals & Materials 74,880 52,063

Healthcare Information Technology 48,154 48,446

Industrial Services 41,475 41,543

Energy 46,764 37,821

Financial Services 28,907 28,852

Healthcare Information Technology 13,890 14,041

Packaging 14,389 12,634

Federal Services 11,333 11,316

Business Products 10,762 10,788

Information Services 5,725 5,719

Consumer Services 4,391 4,379

Total investments $ 3,003,782 $ 3,011,654

25 unchanged sentences

Total investments $ 2,997,669 $ 2,953,502

As of September 30, 2021, the Company's aggregate principal amount of its first lien term loans and subordinated position in American Achievement Corporation ("AAC") was $28,870 and $5,230, respectively, of which $12,464 and $5,230, respectively, were placed on non-accrual status during the quarter.

As of September 30, 2021, the Company's positions in AAC on non-accrual status had an aggregate cost basis of $12,443, an aggregate fair value of $7,257 and total unearned interest income of $319 and $319 for the three and nine months then ended, respectively.

During the third quarter of 2021, the Company placed its second lien position in Sierra Hamilton Holdings Corporation ("Sierra") on non-accrual status.

As of September 30, 2021, the Company's second lien position in Sierra had an aggregate cost basis of $0, an aggregate fair value of $0, and total unearned interest income of $0 and $0 for the three and nine months then ended, respectively.

As of September 30, 2021, the Company's aggregate principal amount of its first lien positions in Tenawa Resource Management LLC ("Tenawa") was $42,900, of which $17,160 was placed on non-accrual status during the quarter.

As of September 30, 2021, the Company's first lien positions in Tenawa on non-accrual status had an aggregate cost basis of $17,146, an aggregate fair value of $10,771 and total unearned interest income of $445 and $445 for the three and nine months then ended, respectively.

During the first quarter of 2020, the Company placed its junior preferred shares in UniTek Global Services, Inc.

("UniTek") on non-accrual status.

As of June 30, 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 $1,442 and $2,838 for the three and six months then ended, respectively.

During the fourth quarter of 2020, the Company placed an aggregate principal amount of $9,898 of its investment in the senior preferred shares of UniTek on non-accrual status.

As of June 30, 2021, the Company's senior preferred shares in UniTek, which were placed on non-accrual status, had an aggregate cost basis of $9,898, an aggregate fair value of approximately $2,370 and total unearned dividend income of approximately $484 and $936 for the three and six months then ended, respectively.

As of September 30, 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 $1,492 and $4,330 for the three and nine months then ended, respectively.

During the third quarter of 2021, the Company placed an aggregate principal amount of $19,795 of its investment in the senior preferred shares of UniTek on non-accrual status.

As of September 30, 2021, the Company's senior preferred shares in UniTek had an aggregate cost basis of $19,795, an aggregate fair value of

approximately $2,647 and total unearned dividend income of approximately $988 and $1,924 for the three and nine months then ended, respectively.

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 June 30, 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 $9 and $9 for the three and six months then ended, respectively.

As of June 30, 2021, the Company had unfunded commitments on revolving credit facilities and bridge facilities of $59,998 and $0, respectively.

As of June 30, 2021, the Company had unfunded commitments in the form of delayed draws or other future funding commitments of $46,072.

The unfunded commitments on revolving credit facilities and delayed draws are disclosed on the Company’s Consolidated Schedule of Investments as of June 30, 2021.

As of September 30, 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 $4 and $13 for the three and nine months then ended, respectively.

As of September 30, 2021, the Company had unfunded commitments on revolving credit facilities and bridge facilities of $68,680 and $0, respectively.

As of September 30, 2021, the Company had unfunded commitments in the form of delayed draws or other future funding commitments of $139,153.

The unfunded commitments on revolving credit facilities and delayed draws are disclosed on the Company’s Consolidated Schedule of Investments as of September 30, 2021.

As of December 31, 2020, the Company had unfunded commitments on revolving credit facilities and bridge facilities of $63,411 and $0, respectively.

15 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 June 30, 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.

As of September 30, 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

7 unchanged sentences

As of May 4, 2021, SLP I had total investments with an aggregate fair value of approximately $119,642, debt outstanding of $79,467 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.

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 December 31, 2020.

74 unchanged sentences

The Company's board of directors does not determine the fair value of the investments held by SLP I.

Below is certain summarized financial information for SLP I as of May 4, 2021 and December 31, 2020 and for the periods from April 1, 2021 through May 4, 2021 and January 1, 2021 through May 4, 2021 and the three and six months ended June 30, 2020:

Below is certain summarized financial information for SLP I as of May 4, 2021 and December 31, 2020 and for the period from January 1, 2021 through May 4, 2021 and the three and nine months ended September 30, 2020:

Selected Balance Sheet Information:

12 unchanged sentences

Total liabilities and members' capital $ 121,921 $ 233,186

Selected Statement of Operations Three Months Ended Six Months Ended

May 4, 2021(1) June 30, 2020 May 4, 2021(2) June 30, 2020

Selected Statement of Operations Three Months Ended Nine Months Ended

September 30, 2020 May 4, 2021(1) September 30, 2020

Interest income $ 4,164 $ 2,555 $ 13,673

7 unchanged sentences

Net investment income 2,619 1,125 8,188

Net realized (losses) gains on investments — (342) 1 (297)

Net change in unrealized (depreciation) appreciation of investments (163) 22,816 1,302 (16,244)

Net (decrease) increase in members' capital $ (5) $ 25,178 $ 2,428 $ (10,972)

(1) Reflects the results of operations for the period from April 1, 2021 through May 4, 2021.

Net realized gains (losses) on investments 4 1 (293)

Net change in unrealized appreciation (depreciation) of investments 8,534 1,302 (7,710)

Net increase in members' capital $ 11,157 $ 2,428 $ 185

(1) Reflects the results of operations for the period from January 1, 2021 through May 4, 2021.

Pursuant to the First Amended and Restated Limited Liability Company Agreement effective December 11, 2020 (the “Restated SLP I Agreement”), the Company was no longer entitled to, and SLP I no longer paid management fees for investment management services provided to SLP I.

For the periods from April 1, 2021 through May 4, 2021 and January 1, 2021 through May 4, 2021, the Company did not earn management fees related to SLP I.

For the three and six months ended June 30, 2020, the Company earned approximately $260 and $527, respectively, in management fees related to SLP I, which is included in other income.

As of May 4, 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 periods from April 1, 2021 through May 4, 2021 and January 1, 2021 through May 4, 2021, the Company earned approximately $166 and $741, respectively, of dividend income related to SLP I, which is included in dividend income.

For the three and six months ended June 30, 2020, the Company earned approximately $689 and $1,409, respectively, of dividend income related to SLP I, which is included in dividend income.

As of May 4, 2021 and December 31, 2020, approximately $166 and $657, respectively, of dividend income related to SLP I was included in interest and dividend receivable.

For the period from January 1, 2021 through May 4, 2021, the Company did not earn management fees related 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.

As of September 30, 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 period from January 1, 2021 through May 4, 2021, the Company earned approximately $741, respectively, of dividend income related to SLP I, which is included in dividend income.

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.

As of September 30, 2021 and December 31, 2020, approximately $0 and $657, respectively, of dividend income related to SLP I was included in interest and dividend receivable.

NMFC Senior Loan Program II LLC

89 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 May 4, 2021 and December 31, 2020 and for the periods from April 1, 2021 through May 4, 2021 and January 1, 2021 through May 4, 2021 and the three and six months ended June 30, 2020:

Below is certain summarized financial information for SLP II as of May 4, 2021 and December 31, 2020 and for the period from January 1, 2021 through May 4, 2021 and the three and nine months ended September 30, 2020:

Selected Balance Sheet Information:

10 unchanged sentences

Total liabilities and members' capital $ 255,981 $ 279,908

Selected Statement of Operations Three Months Ended Six Months Ended

May 4, 2021(1) June 30, 2020 May 4, 2021(2) June 30, 2020

Selected Statement of Operations Three Months Ended Nine Months Ended

September 30, 2020 May 4, 2021(1) September 30, 2020

Interest income $ 4,174 $ 4,744 $ 14,153

6 unchanged sentences

Net realized gains (losses) on investments 3 3 (803)

Net change in unrealized (depreciation) appreciation of investments (422) 21,752 3,597 (13,049)

Net increase (decrease) in members' capital $ 168 $ 23,948 $ 6,636 $ (7,574)

(1) Reflects the results of operations for the period from April 1, 2021 through May 4, 2021.

Net change in unrealized appreciation (depreciation) of investments 6,988 3,597 (6,061)

Net increase in members' capital $ 9,877 $ 6,636 $ 2,303

(1) Reflects the results of operations for the period from January 1, 2021 through May 4, 2021.

For the period from April 1, 2021 through May 4, 2021 and January 1, 2021 through May 4, 2021, the Company earned approximately $425 and $2,410, respectively, of dividend income related to SLP II, which is included in dividend income.

For the three and six months ended June 30, 2020, the Company earned approximately $2,117 and $4,698, respectively, of dividend income related to SLP II, which is included in dividend income.

As of May 4, 2021 and December 31, 2020, approximately $425 and $1,985, respectively, of dividend income related to SLP II was included in interest and dividend receivable.

For the period from January 1, 2021 through May 4, 2021, the Company earned approximately $2,410 of dividend income related to SLP II, which is included in dividend income.

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.

As of September 30, 2021 and December 31, 2020, approximately $0 and $1,985, respectively, of dividend income related to SLP II was included in interest and dividend receivable.

NMFC Senior Loan Program III LLC

8 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 June 30, 2021, the Company and SkyKnight II have committed and contributed $140,000 and $35,000, respectively, of equity to SLP III.

The Company’s investment in SLP III is disclosed on the Company’s Consolidated Schedule of Investments as of June 30, 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.

As of September 30, 2021, the Company and SkyKnight II have committed and contributed $140,000 and $35,000, respectively, of equity to SLP III.

The Company’s investment in SLP III is disclosed on the Company’s Consolidated Schedule of Investments as of September 30, 2021 and December 31, 2020.

On May 2, 2018, SLP III entered into its revolving credit facility with Citibank, N.A., which matures on January 8, 2026.

Effective July 8, 2021, the reinvestment period was extended to July 8, 2024.

As of the most recent amendment on July 8, 2021, during the reinvestment period the credit facility bears interest at a rate of LIBOR plus 1.60% and after the reinvestment period it will bear interest at a rate of LIBOR plus 1.90%.

Prior to July 8, 2021, the credit facility bore interest at a rate of LIBOR plus 1.70%.

Effective November 23, 2020, SLP III's revolving credit facility has a maximum borrowing capacity of $525,000.

As of June 30, 2021 and December 31, 2020, SLP III had total investments with an aggregate fair value of approximately $680,880 and $609,961, respectively, and debt outstanding under its credit facility of $518,200 and $424,200, respectively.

As of June 30, 2021 and December 31, 2020, none of SLP III's investments were on non-accrual.

Additionally, as of June 30, 2021 and December 31, 2020, SLP III had unfunded commitments in the form of delayed draws of $11,046 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 June 30, 2021 and December 31, 2020:

June 30, 2021 December 31, 2020

As of September 30, 2021 and December 31, 2020, SLP III had total investments with an aggregate fair value of approximately $683,289 and $609,961, respectively, and debt outstanding under its credit facility of $505,600 and $424,200, respectively.

As of September 30, 2021 and December 31, 2020, none of SLP III's investments were on non-accrual.

Additionally, as of September 30, 2021 and December 31, 2020, SLP III had unfunded commitments in the form of delayed draws of $10,586 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 September 30, 2021 and December 31, 2020:

September 30, 2021 December 31, 2020

First lien investments (1) $ 696,434 $ 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 June 30, 2021:

The following table is a listing of the individual investments in SLP III's portfolio as of September 30, 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 3.84% (L + 3.75%) 2/27/2025 $ 863 $ 863 $ 859

(aka Aspen Dental) Healthcare Services 4.00% (L + 3.50%) 12/23/2027 $ 2,432 $ 2,419 $ 2,430

33 unchanged sentences

Confluent Health, LLC Healthcare Services 5.08% (L + 5.00%) 6/24/2026 4,364 4,323 4,375

CoolSys, Inc.

Industrial Services 7.00% (L + 6.00%) 11/20/2026 5,000 4,975 4,988

Cornerstone OnDemand, Inc.

Software 4.25% (L + 3.75%) 10/16/2028 4,546 4,523 4,545

Covenant Surgical Partners, Inc.

14 unchanged sentences

Education 4.00% (L + 3.50%) 8/16/2028 4,250 4,229 4,238

Edgewood Partners Holdings LLC Business Services 5.25% (L + 4.25%) 9/6/2024 9,812 9,754 9,763

eResearchTechnology, Inc.

1 unchanged sentence

EyeCare Partners, LLC Healthcare Services 3.88% (L + 3.75%) 2/18/2027 14,797 14,782 14,736

Foundational Education Group, Inc.

Education 4.75% (L + 4.25%) 8/31/2028 9,500 9,405 9,453

Frontline Technologies Intermediate Holdings, LLC Software 6.75% (L + 5.75%) 9/18/2023 6,466 6,465 6,465

7 unchanged sentences

Financial Services 6.25% (L + 5.50%) 11/25/2026 7,151 7,104 7,223

Higginbotham Insurance Agency, Inc.

Financial Services 6.25% (L + 5.50%) 11/25/2026 1,646 1,622 1,663

HighTower Holding, LLC Business Services 4.75% (L + 4.00%) 4/21/2028 3,862 3,825 3,870

Software 4.50% (L + 3.75%) 3/2/2028 16,004 15,990 16,020

IG Investments Holdings, LLC (aka Insight Global) Business Services 4.75% (L + 3.75%) 5/23/2025 7,232 7,196 7,255

Kestra Advisor Services Holdings A, Inc.

6 unchanged sentences

Healthcare Services 4.42% (L + 4.25%) 3/17/2025 673 670 666

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

Mamba Purchaser, Inc.

Healthcare Services 4.25% (L + 3.75%) 10/16/2028 5,773 5,744 5,782

Maravai Intermediate Holdings, LLC Specialty Chemicals & Materials 4.75% (L + 3.75%) 10/19/2027 2,948 2,921 2,960

Market Track, LLC Business Services 6.50% (P + 3.25%) 6/5/2024 $ 6,114 $ 6,052 $ 6,114

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

Maverick Bidco Inc.

6 unchanged sentences

Software 3.34% (L + 3.25%) 9/5/2025 18,068 17,959 17,955

Netsmart, Inc.

Healthcare I.T.

4.75% (L + 4.00%) 10/1/2027 3,990 3,990 4,005

Newport Group Holdings II, Inc.

12 unchanged sentences

Project Accelerate Parent, LLC Business Services 5.25% (L + 4.25%) 1/2/2025 7,429 7,407 7,299

Project Boost Purchaser, LLC Business Services 5.00% (L + 4.25%) 6/1/2026 1,985 1,967 1,988

Project Ruby Ultimate Parent Corp.

(Mediware) Healthcare I.T.

Healthcare I.T.

4.00% (L + 3.25%) 3/10/2028 11,444 11,388 11,436

3 unchanged sentences

Business Services 3.75% (L + 3.25%) 4/24/2028 14,000 13,967 13,970

RLG Holdings, LLC Packaging 5.00% (L + 4.25%) 7/7/2028 4,711 4,688 4,725

RLG Holdings, LLC Packaging 5.00% (L + 4.25%) 7/7/2028 396 395 398

Sierra Enterprises, LLC Food & Beverage 5.00% (L + 4.00%) 11/11/2024 2,412 2,411 2,406

5 unchanged sentences

Software 3.75% (L + 3.25%) 4/17/2028 3,862 3,853 3,856

Symplr Software, Inc.(fka Caliper Software, Inc.) Healthcare I.T.

Symplr Software, Inc.

Healthcare I.T.

5.25% (L + 4.50%) 12/22/2027 15,920 15,784 15,994

2 unchanged sentences

4.75% (L + 4.00%) 5/18/2028 3,408 3,392 3,408

Thermostat Purchaser III, Inc.

Business Services 5.25% (L + 4.50%) 8/31/2028 5,673 5,645 5,659

TIBCO Software Inc.

Software 3.84% (L + 3.75%) 6/30/2026 7,596 7,581 7,579

Trader Interactive, LLC (fka Dominion Web Solutions LLC) Business Services 4.50% (L + 4.00%) 7/28/2028 4,910 4,885 4,916

Unified Women’s Healthcare, LP Healthcare Services 5.00% (L + 4.25%) 12/20/2027 9,975 9,905 10,002

3 unchanged sentences

WP CityMD Bidco LLC Healthcare Services 4.50% (L + 3.75%) 8/13/2026 16,575 16,452 16,647

Valcour Packaging, LLC Packaging 4.25% (L + 3.75%) 10/4/2028 2,872 2,857 2,875

VetCor Professional Practices LLC Consumer Services 4.40% (L + 4.25%) 7/2/2025 809 793 802

VT Topco, Inc.

Business Services 3.33% (L + 3.25%) 8/1/2025 2,773 2,773 2,750

VT Topco, Inc.

Business Services 4.50% (L + 3.75%) 8/1/2025 851 847 851

YI, LLC Healthcare Services 5.00% (L + 4.00%) 11/7/2024 9,615 9,611 9,471

6 unchanged sentences

HighTower Holding, LLC Business Services — 4/21/2022 976 — 2

RLG Holdings, LLC Packaging — 4/21/2022 736 (4) 2

Therapy Brands Holdings LLC Healthcare I.T.

— 5/18/2023 735 — —

Thermostat Purchaser III, Inc.

Business Services — 5/18/2023 1,327 — (3)

VetCor Professional Practices LLC Consumer Services — 5/20/2023 6,191 (62) (54)

VT Topco, Inc.

Business Services — 5/20/2023 149 — —

Total Unfunded Investments $ 10,586 $ (69) $ (49)

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 June 30, 2021.

For each investment, the current interest rate provided reflects the rate in effect as of September 30, 2021.

(2) Represents the fair value in accordance with ASC 820.

141 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 June 30, 2021 and December 31, 2020 and for the three and six months ended June 30, 2021 and June 30, 2020:

Below is certain summarized financial information for SLP III as of September 30, 2021 and December 31, 2020 and for the three and nine months ended September 30, 2021 and September 30, 2020:

Selected Balance Sheet Information:

June 30, 2021 December 31, 2020

September 30, 2021 December 31, 2020

Investments at fair value (cost of $682,805 and $615,916) $ 683,289 $ 609,961

11 unchanged sentences

Selected Statement of Operations Information:

Three Months Ended Six Months Ended

June 30, 2021 June 30, 2020 June 30, 2021 June 30, 2020

Three Months Ended Nine Months Ended

September 30, 2021 September 30, 2020 September 30, 2021 September 30, 2020

Interest income $ 8,080 $ 6,500 $ 23,278 $ 20,836

5 unchanged sentences

Net investment income 5,366 3,809 15,226 10,992

Net realized gains on investments 359 6 571 4

Net realized (losses) gains on investments (83) (82) 488 (78)

Net change in unrealized appreciation (depreciation) of investments 887 14,775 6,439 (10,379)

Net increase (decrease) in members' capital $ 6,243 $ 41,648 $ 15,983 $ (17,967)

For the three and six months ended June 30, 2021, the Company earned approximately $4,485 and $9,012 respectively, of dividend income related to SLP III, which is included in dividend income.

For the three and six months ended June 30, 2020, the Company earned approximately $2,750 and $5,624, respectively, of dividend income related to SLP III, which is included in dividend income.

As of June 30, 2021 and December 31, 2020, approximately $4,485 and $3,040, respectively, of dividend income related to SLP III was included in interest and dividend receivable.

Net increase in members' capital $ 6,170 $ 18,502 $ 22,153 $ 535

For the three and nine months ended September 30, 2021, the Company earned approximately $3,675 and $12,687 respectively, of dividend income related to SLP III, which is included in dividend income.

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.

As of September 30, 2021 and December 31, 2020, approximately $3,675 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;

13 unchanged sentences

SLP IV is capitalized with equity contributions which were transferred and contributed from its members.

As of June 30, 2021, the Company and SkyKnight Alpha have transferred and contributed $112,400 and $30,600, respectively, of their membership interests in SLP I and SLP II to SLP IV.

The Company’s investment in SLP IV is disclosed on the Company’s Consolidated Schedule of Investments as of June 30, 2021.

As of September 30, 2021, the Company and SkyKnight Alpha have transferred and contributed $112,400 and $30,600, respectively, of their membership interests in SLP I and SLP II to SLP IV.

The Company’s investment in SLP IV is disclosed on the Company’s Consolidated Schedule of Investments as of September 30, 2021.

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.

As of June 30, 2021, SLP IV had total investments with an aggregate fair value of approximately $477,299 and debt outstanding under its credit facility of $310,137.

As of June 30, 2021, none of SLP IV’s investments were on non-accrual.

Additionally, as of June 30, 2021, SLP IV had unfunded commitments in the form of delayed draws of $11,470.

Below is a summary of SLP IV's consolidated portfolio, along with a listing of the individual investments in SLP IV's consolidated portfolio as of June 30, 2021:

June 30, 2021

As of September 30, 2021, SLP IV had total investments with an aggregate fair value of approximately $483,160 and debt outstanding under its credit facility of $345,637.

As of September 30, 2021, none of SLP IV’s investments were on non-accrual.

Additionally, as of September 30, 2021, SLP IV had unfunded commitments in the form of delayed draws of $13,487.

Below is a summary of SLP IV's consolidated portfolio, along with a listing of the individual investments in SLP IV's consolidated portfolio as of September 30, 2021:

September 30, 2021

First lien investments (1) $ 499,274

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 IV's consolidated portfolio as of June 30, 2021:

The following table is a listing of the individual investments in SLP IV's consolidated portfolio as of September 30, 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 3.84% (L + 3.75%) 2/27/2025 $ 8,249 $ 8,260 $ 8,209

ADG, LLC Healthcare Services 6.25% (L + 4.75% + 0.50% PIK) 9/28/2023 $ 16,543 $ 16,491 $ 16,543

2 unchanged sentences

Consumer Services 4.58% (L + 4.50%) 7/31/2026 11,727 11,641 11,759

AqGen Island Holdings, Inc Financial Services 4.00% (L + 3.50%) 5/19/2028 6,250 6,219 6,254

Artera Services, LLC Distribution & Logistics 4.50% (L + 3.50%) 3/6/2025 5,342 5,304 5,326

19 unchanged sentences

Business Services 5.50% (L + 4.50%) 4/10/2025 2,009 2,003 2,007

Cornerstone OnDemand, Inc.

Software 4.25% (L + 3.75%) 9/21/2028 3,247 3,231 3,246

Software 3.83% (L + 3.75%) 11/29/2024 6,693 6,683 6,675

Dealer Tire, LLC Distribution & Logistics 4.33% (L + 4.25%) 12/12/2025 10,776 10,756 10,806

3 unchanged sentences

Education 4.00% (L + 3.50%) 8/16/2028 10,000 9,951 9,972

Edgewood Partners Holdings LLC (EPIC) Business Services 5.25% (L + 4.25%) 9/6/2024 9,812 9,754 9,763

Emerald 2 Limited Business Services 3.33% (L + 3.25%) 7/10/2026 445 444 441

1 unchanged sentence

Healthcare Services 5.50% (L + 4.50%) 2/4/2027 4,441 4,405 4,468

Foundational Education Group, Inc.

Education 4.75% (L + 4.25%) 8/31/2028 6,500 6,436 6,468

Greenway Health, LLC Healthcare Information Technology 4.75% (L + 3.75%) 2/16/2024 21,003 20,963 20,222

3 unchanged sentences

Software 4.75% (L + 4.00%) 11/19/2026 9,934 9,900 9,974

Hunter Holdco 3 Limited Healthcare Services 4.75% (L + 4.25%) 8/19/2028 6,250 6,188 6,285

Software 4.50% (L + 3.75%) 3/2/2028 9,342 9,266 9,351

IG Investments Holdings, LLC (aka Insight Global) Business Services 4.75% (L + 3.75%) 5/23/2025 9,975 9,926 10,007

Keystone Acquisition Corp.

4 unchanged sentences

Healthcare Services 4.42% (L + 4.25%) 3/17/2025 12,444 12,424 12,320

Market Track, LLC Business Services 6.50% (P + 3.25%) 6/5/2024 12,297 12,272 12,297

Mamba Purchaser, Inc.

Healthcare Services 4.25% (L + 3.75%) 10/16/2028 4,124 4,103 4,130

Mandolin Technology Intermediate Holdings, Inc.

Software 4.25% (L + 3.75%) 7/31/2028 10,000 9,951 9,975

Maverick Bidco Inc.

2 unchanged sentences

Retail 4.75% (L + 4.00%) 5/4/2028 8,453 8,412 8,483

MediaOcean, LLC Software 4.08% (L + 4.00%) 8/18/2025 3,625 3,616 3,628

Medical Solutions Holdings, Inc.

Healthcare Services 5.50% (L + 4.50%) 6/14/2024 4,978 4,969 4,988

Mercury Borrower, Inc.

Business Services 4.00% (L + 3.50%) 8/2/2028 6,250 6,219 6,245

Ministry Brands, LLC Software 5.00% (L + 4.00%) 12/2/2022 16,778 16,758 16,778

2 unchanged sentences

National Intergovernmental Purchasing Alliance Company Business Services 3.63% (L + 3.50%) 5/23/2025 1,327 1,329 1,320

Netsmart, Inc.

Healthcare Information Technology 4.75% (L + 4.00%) 10/1/2027 6,982 6,982 7,009

Pelican Products, Inc.

4 unchanged sentences

Project Boost Purchaser, LLC Business Services 4.00% (L + 3.50%) 5/30/2026 2,494 2,488 2,494

PSC Industrial Holdings Corp.

Industrial Services 4.75% (L + 3.75%) 10/11/2024 6,899 6,864 6,850

Quest Software US Holdings Inc.

Software 4.38% (L + 4.25%) 5/16/2025 14,587 14,546 14,590

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

RealPage, Inc.

Business Services 3.75% (L + 3.25%) 4/24/2028 $ 5,000 $ 4,982 $ 4,989

Salient CRGT Inc.

Federal Services 7.50% (L + 6.50%) 2/28/2022 18,920 18,891 18,778

RLG Holdings, LLC Packaging 5.00% (L + 4.25%) 7/7/2028 3,634 3,616 3,645

RLG Holdings, LLC Packaging 5.00% (L + 4.25%) 7/7/2028 396 395 399

Sierra Enterprises, LLC Food & Beverage 5.00% (L + 4.00%) 11/11/2024 4,227 4,213 4,216

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Food & Beverage 4.50% (L + 3.75%) 6/8/2028 8,971 8,949 8,993

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

Storable, Inc.

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Therapy Brands Holdings LLC Healthcare Information Technology 4.75% (L + 4.00%) 5/18/2028 4,621 4,599 4,621

Thermostat Purchaser III, Inc.

Business Services 5.25% (L + 4.50%) 8/31/2028 4,052 4,032 4,042

TIBCO Software Inc.

Software 3.84% (L + 3.75%) 6/30/2026 2,985 2,967 2,978

Trader Interactive, LLC (fka Dominion Web Solutions LLC) Business Services 4.50% (L + 4.00%) 7/28/2028 5,303 5,276 5,309

Unified Women’s Healthcare, LP Healthcare Services 5.00% (L + 4.25%) 12/20/2027 7,419 7,383 7,439

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Consumer Services 4.25% (L + 3.50%) 5/12/2028 3,849 3,834 3,850

Valcour Packaging, LLC Packaging 4.25% (L + 3.75%) 10/4/2028 2,051 2,041 2,054

VetCor Professional Practices LLC Consumer Services 4.40% (L + 4.25%) 7/2/2025 1,156 1,132 1,145

VT Topco, Inc.

Business Services 4.50% (L + 3.75%) 8/1/2025 8,511 8,470 8,509

Wirepath LLC Distribution & Logistics 4.08% (L + 4.00%) 8/5/2024 21,277 21,277 21,238

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Unfunded Investments - First lien

RLG Holdings, LLC Packaging — 7/7/2028 $ 736 $ (4) $ 2

Therapy Brands Holdings LLC Healthcare Information Technology — 5/18/2023 1,470 — —

Thermostat Purchaser III, Inc.

Business Services — 8/31/2023 948 — (2)

VetCor Professional Practices LLC Consumer Services — 7/2/2025 8,844 (88) (77)

VT Topco, Inc.

Business Services — 8/4/2023 1,489 — —

Total Unfunded Investments $ 13,487 $ (92) $ (77)

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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 June 30, 2021.

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

Below is certain summarized consolidated financial information for SLP IV as of June 30, 2021 and for the three and six months ended June 30, 2021:

Below is certain summarized consolidated financial information for SLP IV as of September 30, 2021 and for the three and nine months ended September 30, 2021:

Selected Consolidated Balance Sheet Information:

June 30, 2021

September 30, 2021

Investments at fair value (cost of $484,022) $ 483,160

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Selected Consolidated Statement of Operations Information:

Three Months Ended Six Months Ended

June 30, 2021(1) June 30, 2021(1)

Three Months Ended Nine Months Ended

September 30, 2021 September 30, 2021(1)

Interest income $ 5,806 $ 9,034

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Net investment income 4,094 6,193

Net realized gains on investments 224 224

Net realized (losses) gains on investments (85) 139

Net change in unrealized appreciation of investments 2,214 4,265

Net increase in members' capital $ 6,223 $ 10,597

(1) Reflects the results of operations for the period from May 5, 2021 through June 30, 2021.

For the period from May 5, 2021 through June 30, 2021, the Company earned approximately $2,428 of dividend income related to SLP IV, which is included in dividend income.

As of June 30, 2021, approximately $2,428 of dividend income related to SLP IV was included in interest and dividend receivable.

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

For the three months ended September 30, 2021 and the period from May 5, 2021 through September 30, 2021, the Company earned approximately $2,670 and $5,098, respectively, of dividend income related to SLP IV, which is included in dividend income.

As of September 30, 2021, approximately $2,670 of dividend income related to SLP IV was included in interest and dividend receivable.

The Company has determined that SLP IV is an investment company under ASC 946;

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Unconsolidated Significant Subsidiaries

In accordance with Regulation S-X Rule 10-01(b)(1), the Company evaluates its unconsolidated controlled portfolio companies as significant subsidiaries under this rule.

As of June 30, 2021, the Company did not have any significant unconsolidated subsidiaries under Regulation S-X Rule 10-01(b)(1).

In accordance with Regulation S-X Rule 10-01(b)(1), the Company evaluates its unconsolidated controlled portfolio companies to determine if any are as “significant subsidiaries.” This determination is made based upon an analysis performed under Rules 3-09 and 4-08(g) of Regulation S-X, pursuant to which the Company must determine if any of its portfolio companies are considered a “significant subsidiary" as defined by Rule 1-02(w) of Regulation S-X under this rule.

As of September 30, 2021, the Company did not have any portfolio companies that were deemed to be a "significant subsidiary."

Investment Risk Factors

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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 June 30, 2021:

The following table summarizes the levels in the fair value hierarchy that the Company’s portfolio investments fall into as of September 30, 2021:

Total Level I Level II Level III

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

The following table summarizes the changes in fair value of Level III portfolio investments for the three months ended September 30, 2021, as well as the portion of appreciation (depreciation) included in income attributable to unrealized appreciation (depreciation) related to those assets and liabilities still held by the Company at September 30, 2021:

Total First Lien Second Lien Subordinated Equity and

Fair value, March 31, 2021 $ 2,640,571 $ 1,499,850 $ 394,918 $ 37,295 $ 708,508

Fair Value, June 30, 2021 $ 2,582,889 $ 1,443,896 $ 312,771 $ 37,982 $ 788,240

Total gains or losses included in earnings:

Net realized gains on investments 22,904 629 — — 22,275

Net change in unrealized appreciation (depreciation) 50,787 (5,916) (1,160) 219 57,644

Net change in unrealized (depreciation) appreciation (26,009) (10,360) (2,774) 222 (13,097)

Purchases, including capitalized PIK and revolver fundings 481,619 287,564 106,480 659 86,916

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Transfers out of Level III(1) (57,589) (36,673) (20,916) — —

Fair Value, June 30, 2021 $ 2,582,889 $ 1,443,896 $ 312,771 $ 37,982 $ 788,240

Fair Value, September 30, 2021 $ 2,615,308 $ 1,380,876 $ 417,137 $ 38,863 $ 778,432

Unrealized appreciation (depreciation) for the period relating to those Level III assets that were still held by the Company at the end of the period:

$ 8,381 $ (9,395) $ (2,774) $ 222 $ 20,328

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

The following table summarizes the changes in fair value of Level III portfolio investments for the three months ended June 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 June 30, 2020:

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

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:

Total First Lien Second Lien Subordinated Equity and

Fair value, March 31, 2020 $ 2,868,149 $ 1,739,055 $ 629,198 $ 42,052 $ 457,844

Fair Value, June 30, 2020 $ 2,702,692 $ 1,533,018 $ 665,894 $ 41,362 $ 462,418

Total gains or losses included in earnings:

Net realized losses on investments (2,834) (2,834) — — —

Net realized gains on investments 233 220 13 — —

Net change in unrealized appreciation 64,266 27,610 10,852 1,368 24,436

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Transfers out of Level III(1) (152,258) (81,078) (71,180) — —

Fair Value, June 30, 2020 $ 2,702,692 $ 1,533,018 $ 665,894 $ 41,362 $ 462,418

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:

$ 64,284 $ 27,628 $ 10,852 $ 1,368 $ 24,436

(1) As of June 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 six months ended June 30, 2021, as well as the portion of appreciation (depreciation) included in income attributable to unrealized appreciation (depreciation) related to those assets and liabilities still held by the Company at June 30, 2021:

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

Total First Lien Second Lien Subordinated Equity and

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Total gains or losses included in earnings:

Net realized (losses) gains on investments (11,991) 221 2 (5,150) (7,064)

Net change in unrealized appreciation 84,009 1,728 909 5,280 76,092

Net realized gains (losses) on investments 10,912 848 2 (5,150) 15,212

Net change in unrealized appreciation (depreciation) 56,689 (9,663) (2,145) 5,502 62,995

Purchases, including capitalized PIK and revolver fundings 767,313 477,631 129,501 1,572 158,609

Proceeds from sales and paydowns of investments (737,067) (535,475) (95,690) — (105,902)

Transfers into Level III(1) 20,203 — 20,203 — —

Transfers out of Level III(1) (220,396) (35,832) (184,564) — —

Fair Value, June 30, 2021 $ 2,582,889 $ 1,443,896 $ 312,771 $ 37,982 $ 788,240

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, September 30, 2021 $ 2,615,308 $ 1,380,876 $ 417,137 $ 38,863 $ 778,432

Unrealized appreciation (depreciation) for the period relating to those Level III assets that were still held by the Company at the end of the period:

$ 50,567 $ (9,393) $ (2,347) $ 352 $ 61,955

The following table summarizes the changes in fair value of Level III portfolio investments for the six months ended June 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 June 30, 2020:

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

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

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Transfers into Level III(1) 306,981 92,872 214,109 — —

Fair Value, June 30, 2020 $ 2,702,692 $ 1,533,018 $ 665,894 $ 41,362 $ 462,418

Transfers out of Level III(1) (57,885) (51,355) (6,530) — —

Fair Value, September 30, 2020 $ 2,635,223 $ 1,495,037 $ 595,535 $ 43,536 $ 501,115

Unrealized depreciation for the period relating to those Level III assets that were still held by the Company at the end of the period:

$ (64,723) $ (27,061) $ (1,160) $ (2,983) $ (33,519)

(1) As of June 30, 2020, portfolio investments were transferred into Level III from Level II at fair value as of the beginning of the period in which the reclassification occurred.

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 six months ended June 30, 2021 and June 30, 2020.

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, 2021 and September 30, 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.

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Market Based Approach:

The Company may estimate the total enterprise value of each portfolio company by utilizing market value cash flow (EBITDA) multiples of publicly traded comparable companies and comparable transactions.

The Company may estimate the total enterprise value of each portfolio company by utilizing market value cash flow (EBITDA or revenue) multiples of publicly traded comparable companies and comparable transactions.

The Company considers numerous factors when selecting the appropriate companies whose trading multiples are used to value its portfolio companies.

These factors include, but are not limited to, the type of organization, similarity to the business being valued, and relevant risk factors, as well as size, profitability and growth expectations.

The Company may apply an average of various relevant comparable company EBITDA multiples to the portfolio company’s latest twelve month (“LTM”) EBITDA or projected EBITDA to calculate the enterprise value of the portfolio company.

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 June 30, 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 may apply an average of various relevant comparable company EBITDA or revenue multiples to the portfolio company’s latest twelve month (“LTM”) EBITDA or revenue or projected EBITDA or revenue to calculate the enterprise value of the portfolio company.

Significant increases or decreases in the EBITDA or revenue multiples will result in an increase or decrease in enterprise value, which may result in an increase or decrease in the fair value estimate of the investment.

In applying the market based approach as of September 30, 2021 and December 31, 2020, the Company used the relevant EBITDA or revenue multiple ranges set forth in the table below to determine the enterprise value of its portfolio companies.

The Company believes these were reasonable ranges in light of current comparable company trading levels and the specific portfolio companies involved.

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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 June 30, 2021 and December 31, 2020, 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 June 30, 2021 were as follows:

Type Fair Value as of June 30, 2021 Approach Unobservable Input Low High Weighted

In applying the income based approach as of September 30, 2021 and December 31, 2020, 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, 2021 were as follows:

Type Fair Value as of September 30, 2021 Approach Unobservable Input Low High Weighted

First lien $ 1,285,658 Market & income approach EBITDA multiple 5.0x 27.5x 14.0x

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62,542 Market quote Broker quote N/A N/A N/A

16,185 Other N/A(1) N/A N/A N/A

Subordinated 38,863 Market & income approach EBITDA multiple 8.0x 18.0x 11.8x

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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 June 30, 2021, as the facilities are continually monitored and examined by both the borrower and the lender and are considered Level III.

The carrying values of the Holdings Credit Facility, NMFC Credit Facility and DB Credit Facility approximate fair value as of September 30, 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 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 June 30, 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 Convertible Notes as of June 30, 2021 was $215,348 which was based on quoted prices and considered Level II.

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 September 30, 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 Convertible Notes as of September 30, 2021 was $212,610 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 June 30, 2021 and is considered Level III.

The carrying value of the collateralized agreement approximates fair value as of September 30, 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.

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The Investment Adviser cannot recoup management fees that the Investment Adviser has previously waived.

For the three and six months ended June 30, 2021, management fees waived were approximately $3,804 and $7,441, respectively.

For the three and six months ended June 30, 2020, management fees waived were approximately $3,183 and $6,726, respectively.

For the three and nine months ended September 30, 2021, management fees waived were approximately $3,752 and $11,193, respectively.

For the three and nine months ended September 30, 2020, management fees waived were approximately $2,841 and $9,567, 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 June 30, 2021), 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.

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

• 100.0% of the Company’s Pre-Incentive Fee Net Investment Income with respect to that portion of such Pre-Incentive Fee Net Investment Income, if any, that exceeds the hurdle rate but is less than or equal to 2.5% in any calendar quarter (10.0% annualized) is payable to the Investment Adviser.

This portion of the Company’s Pre-

Incentive Fee Net Investment Income (which exceeds the hurdle rate but is less than or equal to 2.5%) is referred to as the “catch-up”.

calendar quarter (10.0% annualized) is payable to the Investment Adviser.

This portion of the Company’s Pre-Incentive Fee Net Investment Income (which exceeds the hurdle rate but is less than or equal to 2.5%) is referred to as the “catch-up”.

The catch-up provision is intended to provide the Investment Adviser with an incentive fee of 20.0% on all of the Company’s Pre-Incentive Fee Net Investment Income as if a hurdle rate did not apply when the Company’s Pre-Incentive Fee Net Investment Income exceeds 2.5% in any calendar quarter.

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

For the three and nine months ended September 30, 2021, no incentive fees were waived.

For the three and nine months ended September 30, 2020, incentive fees waived were $500 and $500, respectively.

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.

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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 six months ended June 30, 2021 and June 30, 2020:

Three Months Ended Six Months Ended

June 30, 2021 June 30, 2020 June 30, 2021 June 30, 2020

The following table summarizes the management fees and incentive fees incurred by the Company for the three and nine months ended September 30, 2021 and September 30, 2020:

Three Months Ended Nine Months Ended

September 30, 2021 September 30, 2020 September 30, 2021 September 30, 2020

Management fee $ 13,740 $ 12,877 $ 40,885 $ 39,869

2 unchanged sentences

Incentive fee, excluding accrued capital gains incentive fees $ 7,661 $ 7,135 $ 22,207 $ 21,857

incentive fee waiver — (500) — (500)

Total incentive fee 7,661 6,635 22,207 21,357

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

(1) As of June 30, 2021 and June 30, 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.

(1) As of September 30, 2021 and September 30, 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.

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The Administrator cannot recoup any expenses that the Administrator has previously waived.

For the three and six months ended June 30, 2021, approximately $667 and $1,421, respectively, of indirect administrative expenses were included in administrative expenses of which $0 and $0, respectively, were waived by the Administrator.

For the three and six months ended June 30, 2020, approximately $737 and $1,392, respectively, of indirect administrative expenses were included in administrative expenses of which $335 and $335, respectively, were waived by the Administrator.

As of June 30, 2021 and December 31, 2020, approximately $667 and $738, respectively, of indirect administrative expenses were included in payable to affiliates.

For the three and six months ended June 30, 2021, the reimbursement to the Administrator represented approximately 0.02% and 0.04%, respectively, of the

Company's gross assets.

For the three and six months ended June 30, 2020, the reimbursement to the Administrator represented approximately 0.01% and 0.04%, respectively, of the Company's gross assets.

For the three and nine months ended September 30, 2021, approximately $616 and

$2,037, respectively, of indirect administrative expenses were included in administrative expenses of which $0 and $0, respectively, were waived by the Administrator.

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.

As of September 30, 2021 and December 31, 2020, approximately $678 and $738, respectively, of indirect administrative expenses were included in payable to affiliates.

For the three and nine months ended September 30, 2021, the reimbursement to the Administrator represented approximately 0.02% and 0.06%, respectively, of the Company's gross assets.

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.

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

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On October 8, 2019, the SEC issued an exemptive order (the “Exemptive Order”), which superseded a prior order issued on December 18, 2017, which permits the Company to co-invest in portfolio companies with certain funds or entities managed by the Investment Adviser or its affiliates in certain negotiated transactions where co-investing would otherwise be prohibited under the 1940 Act, subject to the conditions of the Exemptive Order.

Pursuant to the Exemptive Order, the Company is permitted to co-invest with its affiliates if a “required majority” (as defined in Section 57(o) of the 1940 Act) of the Company's independent directors make certain conclusions in connection with a co-investment transaction, including, but not limited to, that (1) the terms of the potential co-investment transaction, including the consideration to be paid, are reasonable and fair to the Company and its stockholders and do not involve overreaching in respect of the Company or its stockholders on the part of any person concerned, and (2) the potential co-investment transaction is consistent with the interests of the Company's stockholders and is consistent with its then-current investment objective and strategies.

of the Company or its stockholders on the part of any person concerned, and (2) the potential co-investment transaction is consistent with the interests of the Company's stockholders and is consistent with its then-current investment objective and strategies.

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 $107.63 per share, which represented the net asset value per share of NMNLC at the date of purchase, for an aggregate purchase price of approximately $11,315.

Immediately thereafter, NMNLC redeemed

105,030 shares of its common stock held by the Company in exchange for a promissory note with a principal amount of $11,315 and a 7.0% interest rate, which was repaid by NMNLC to the Company on March 31, 2020.

Immediately thereafter, NMNLC redeemed 105,030 shares of its common stock held by the Company in exchange for a promissory note with a principal amount of $11,315 and a 7.0% interest rate, which was repaid by NMNLC to the Company on March 31, 2020.

On March 30, 2020, the Company entered into an unsecured revolving credit facility with NMF Investments III, L.L.C., an affiliate of the Investment Adviser, with a $30,000 maximum amount of revolver borrowings available and a maturity date of December 31, 2022.

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The agreements governing the NMFC Credit Facility, the 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 June 30, 2021, the Company’s asset coverage ratio was 183.9%.

As of September 30, 2021, the Company’s asset coverage ratio was 184.0%.

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 April 20, 2021, the maturity date of the Holdings Credit Facility is April 20, 2026, and the maximum facility amount is the lesser of $800,000 and the actual commitments of the lenders to make advances as of such date.

As of June 30, 2021, the maximum amount of revolving borrowings available under the Holdings Credit Facility is $730,000.

As of September 30, 2021, the maximum amount of revolving borrowings available under the Holdings Credit Facility is $730,000.

Under the Holdings Credit Facility, NMF Holdings is permitted to borrow up to 25.0%, 45.0%, 67.5% or 70.0% of the purchase price of pledged assets, subject to approval by Wells Fargo Bank, National Association.

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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 and six months ended June 30, 2021 and June 30, 2020:

Three Months Ended Six Months Ended

June 30, 2021 June 30, 2020 June 30, 2021 June 30, 2020

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, 2021 and September 30, 2020:

Three Months Ended Nine Months Ended

September 30, 2021 September 30, 2020 September 30, 2021 September 30, 2020

Interest expense $ 2,446 $ 2,704 $ 7,606 $ 11,333

4 unchanged sentences

Average debt outstanding $ 483,131 $ 488,815 $ 467,570 $ 551,059

As of June 30, 2021 and December 31, 2020, the outstanding balance on the Holdings Credit Facility was $505,163 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 Amended and Restated 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, 2021, among the Company, as the Borrower, Goldman Sachs Bank USA, as the Administrative Agent and Collateral Agent, and Goldman Sachs Bank USA, Morgan Stanley Bank, N.A., Stifel Bank & Trust and MUFG Union Bank, N.A., as Lenders, is structured as a senior secured revolving credit facility.

As of September 30, 2021 and December 31, 2020, the outstanding balance on the Holdings Credit Facility was $493,263 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 Amended and Restated Senior Secured Revolving Credit Agreement, (as amended from time to time, and together with the related guarantee and security agreement, the "RCA"), dated June 4, 2021, among the Company, as the Borrower, Goldman Sachs Bank USA, as the Administrative Agent and Collateral Agent, and Goldman Sachs Bank USA, Morgan Stanley Bank, N.A., Stifel Bank & Trust and MUFG Union Bank, N.A., as Lenders (the "NMFC Credit Facility"), is structured as a senior secured revolving credit facility.

The NMFC Credit Facility is guaranteed by certain of the Company's domestic subsidiaries and proceeds from the NMFC Credit Facility may be used for general corporate purposes, including the funding of portfolio investments.

As of the most recent amendment on June 4, 2021, the maturity date of the NMFC Credit Facility is June 4, 2026.

As of June 30, 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.

As of September 30, 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 RCA.

All fees associated with the origination and amending of the NMFC Credit Facility are capitalized on the Company’s Consolidated Statement of Assets and Liabilities and charged against income as other financing expenses over the life of the NMFC Credit Facility.

The NMFC Credit Facility contains certain customary affirmative and negative covenants and events of default, including certain financial covenants related to asset coverage and liquidity and other maintenance covenants.

As of the most recent amendment on June 4, 2021, the NMFC Credit Facility generally bears interest at a rate of LIBOR plus 2.10% per annum or the prime rate plus 1.10% per annum, and charges a commitment fee, based on the unused facility amount multiplied by 0.375% per annum (as defined in the Amended and Restated Senior Secured Revolving Credit Agreement).

Prior to June 4, 2021 the NMFC Credit Facility bore interest at a rate of LIBOR plus 2.50% per annum or the prime rate plus 1.50% per annum, and charged a commitment fee, based on the unused facility amount multiplied by 0.375% per annum (as defined in the 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 six months ended June 30, 2021 and June 30, 2020:

Three Months Ended Six Months Ended

June 30, 2021 June 30, 2020 June 30, 2021 June 30, 2020

Prior to June 4, 2021, the NMFC Credit Facility bore interest at a rate of LIBOR plus 2.50% per annum or the prime rate plus 1.50% per annum, and charged a commitment fee, based on the unused facility amount multiplied by 0.375% per annum (as defined in the RCA).

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, 2021 and September 30, 2020:

Three Months Ended Nine Months Ended

September 30, 2021 September 30, 2020 September 30, 2021 September 30, 2020

Interest expense $ 655 $ 899 $ 2,262 $ 3,960

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Average debt outstanding $ 117,146 $ 131,804 $ 122,537 $ 154,974

As of June 30, 2021 and December 31, 2020, the outstanding balance on the NMFC Credit Facility was $98,000 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.

As of September 30, 2021 and December 31, 2020, the outstanding balance on the NMFC Credit Facility was $149,977 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, dated March 30, 2020, by and between the Company, as the Borrower, and NMF Investments III, L.L.C., as Lender, an affiliate of the Investment Adviser (the "Unsecured Management Company Revolver"), is structured as a discretionary unsecured revolving credit facility.

The proceeds from the Unsecured Management Company Revolver may be used for general corporate purposes, including the funding of portfolio investments.

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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 June 30, 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 and six months ended June 30, 2021, amortization of financing costs were $3 and $6, respectively.

For the three and six months ended June 30, 2020, amortization of financing costs were $3 and $3, 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 March 25, 2026.

As of June 30, 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.

As of September 30, 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 and nine months ended September 30, 2021, amortization of financing costs were $2 and $8, respectively.

For the three and nine months ended September 30, 2020, amortization of financing costs were $2 and $5, respectively.

DB Credit Facility —The Loan Financing and Servicing Agreement (the "LFSA") dated December 14, 2018 and as amended from time to time, among NMFDB as the borrower, Deutsche Bank AG, New York Branch ("Deutsche Bank") as the facility agent, Lender and other agent from time to time party thereto and U.S.

Bank National Association, as collateral agent and collateral custodian (the "DB Credit Facility"), is structured as a secured revolving credit facility and the maturity date is March 25, 2026.

As of September 30, 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 LFSA.

The DB Credit Facility is non-recourse to the Company and is collateralized by all of the investments of NMFDB on an investment by investment basis.

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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 six months ended June 30, 2021 and June 30, 2020:

Three Months Ended Six Months Ended

June 30, 2021 June 30, 2020 June 30, 2021 June 30, 2020

The Company is also charged a non-usage fee, based on the unused facility amount multiplied by the Undrawn Fee Rate (as defined in the LFSA) and a facility agent fee of 0.25% per annum on the total facility amount.

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, 2021 and September 30, 2020:

Three Months Ended Nine Months Ended

September 30, 2021 September 30, 2020 September 30, 2021 September 30, 2020

Interest expense(1) $ 1,384 $ 1,722 $ 4,517 $ 6,659

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(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 June 30, 2021 and December 31, 2020, the outstanding balance on the DB Credit Facility was $223,500 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 six months ended June 30, 2020, interest expense, non-usage fees and amortization of financing costs were $0 and $0, $12 and $23, and $28 and $56, 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.

As of September 30, 2021 and December 31, 2020, the outstanding balance on the DB Credit Facility was $167,800 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 (the "NMNLC Revolving Credit Agreement"), 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.

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.

The Credit Agreement (together with the related guarantee and security agreement, the "NMNLC CA"), dated February 26, 2021, by and between NMNLC, as the Borrower, and City National Bank, as the Lender (the "NMNLC Credit Facility II"), is structured as a senior secured revolving credit facility 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 June 30, 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 and six months ended June 30, 2021, interest expense, non-usage fees and amortization of financing costs were $0 and $0, $2 and $2, and $23 and $31, respectively.

As of June 30, 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.

As of September 30, 2021, the maximum amount of revolving borrowings available under the NMNLC Credit Facility II is $10,000.

For the three and nine months ended September 30, 2021, interest expense, non-usage fees and amortization of financing costs were $27 and $27, $1 and $3, and $24 and $55, respectively.

As of September 30, 2021, the outstanding balance on the NMNLC Credit Facility II was $5,845 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 “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”).

12 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 Convertible Notes as of June 30, 2021:

The following table summarizes certain key terms related to the convertible features of the Company’s Convertible Notes as of September 30, 2021:

Convertible Notes

2 unchanged sentences

Initial conversion price $ 15.18

Conversion premium at June 30, 2021 10.0 %

Conversion rate at June 30, 2021(1)(2) 65.8762

Conversion price at June 30, 2021(2)(3) $ 15.18

Conversion premium at September 30, 2021 10.0 %

Conversion rate at September 30, 2021(1)(2) 65.8762

Conversion price at September 30, 2021(2)(3) $ 15.18

Last conversion price calculation date August 20, 2021

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 June 30, 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.

(3) The conversion price in effect at September 30, 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 six months ended June 30, 2021 and June 30, 2020:

Three Months Ended Six Months Ended

June 30, 2021 June 30, 2020 June 30, 2021 June 30, 2020

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, 2021 and September 30, 2020:

Three Months Ended Nine Months Ended

September 30, 2021 September 30, 2020 September 30, 2021 September 30, 2020

Interest expense $ 2,893 $ 2,893 $ 8,679 $ 8,679

4 unchanged sentences

Average debt outstanding $ 201,250 $ 201,250 $ 201,250 $ 201,250

As of June 30, 2021 and December 31, 2020, 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.

As of September 30, 2021 and December 31, 2020, 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 (the “2016 Unsecured Notes”), pursuant to a note purchase agreement, dated May 4, 2016, to an institutional investor in a private placement.

13 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, which commenced 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.

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

These interest rates are subject to increase in the event that:

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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 six months ended June 30, 2021 and June 30, 2020:

Three Months Ended Six Months Ended

June 30, 2021 June 30, 2020 June 30, 2021 June 30, 2020

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, 2021 and September 30, 2020:

Three Months Ended Nine Months Ended

September 30, 2021 September 30, 2020 September 30, 2021 September 30, 2020

Interest expense $ 5,958 $ 5,960 $ 18,443 $ 17,879

3 unchanged sentences

Average debt outstanding $ 511,500 $ 453,250 $ 518,333 $ 453,250

As of June 30, 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.

As of September 30, 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 June 30, 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 June 30, 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.

As of September 30, 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 September 30, 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 June 30, 2021:

The following table summarizes the Company’s SBA-guaranteed debentures as of September 30, 2021:

Issuance Date Maturity Date Debenture Amount Interest Rate SBA Annual Charge

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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 six months ended June 30, 2021 and June 30, 2020:

Three Months Ended Six Months Ended

June 30, 2021 June 30, 2020 June 30, 2021 June 30, 2020

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, 2021 and September 30, 2020:

Three Months Ended Nine Months Ended

September 30, 2021 September 30, 2020 September 30, 2021 September 30, 2020

Interest expense $ 2,042 $ 2,080 $ 6,061 $ 5,963

3 unchanged sentences

Average debt outstanding $ 300,000 $ 300,000 $ 300,000 $ 281,102

The SBIC program is designed to stimulate the flow of private investor capital into eligible smaller businesses, as defined by the SBA.

Under SBA regulations, SBICs are subject to regulatory requirements, including making investments in SBA-eligible businesses, investing at least 25.0% of its investment capital in eligible smaller businesses, as defined under the 1958 Act, placing certain limitations on the financing terms of investments, regulating the types of financing, prohibiting investments in smaller businesses with certain characteristics or in certain industries and requiring capitalization thresholds that limit distributions to the Company.

The SBIC program is designed to stimulate the flow of private investor capital into eligible small businesses, as defined by the SBA.

Under SBA regulations, SBICs are subject to regulatory requirements, including making investments in SBA-eligible small businesses, investing at least 25.0% of its investment capital in eligible smaller enterprises (as defined under the 1958 Act), placing certain limitations on the financing terms of investments, regulating the types of financing, prohibiting investments in smaller businesses with certain characteristics or in certain industries and requiring capitalization thresholds that limit distributions to the Company.

SBICs are subject to an annual periodic examination by an SBA examiner to determine the SBIC’s compliance with the relevant SBA regulations and an annual financial audit of its financial statements that are prepared on a basis of accounting other than GAAP (such as ASC 820) by an independent auditor.

As of June 30, 2021 and December 31, 2020, SBIC I and SBIC II were in compliance with SBA regulatory requirements.

As of September 30, 2021 and December 31, 2020, SBIC I and SBIC II were in compliance with SBA regulatory requirements.

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.

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The Company may also enter into future funding commitments such as revolving credit facilities, bridge financing commitments or delayed draw commitments.

As of June 30, 2021, the Company had unfunded commitments on revolving credit facilities of $59,998, no outstanding bridge financing commitments and other future funding commitments of $46,072.

As of September 30, 2021, the Company had unfunded commitments on revolving credit facilities of $68,680, no outstanding bridge financing commitments and other future funding commitments of $139,153.

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 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 June 30, 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.

The Company also had revolving borrowings available under the Holdings Credit Facility, the DB Credit Facility, the NMFC Credit Facility, the Unsecured Management Company Revolver and the NMNLC Credit Facility II as of September 30, 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 June 30, 2021 and December 31, 2020, the Company had commitment letters to purchase investments in the aggregate par amount of $33,452 and $44,918, respectively, which could require funding in the future.

As of September 30, 2021 and December 31, 2020, the Company had commitment letters to purchase investments in the aggregate par amount of $116,802 and $44,918, respectively, which could require funding in the future.

COVID-19 Developments

2 unchanged sentences

These decreases were attributable to the impact of the COVID-19 pandemic on the markets.

As of June 30, 2021, the net asset value of the Company has experienced a recovery from that of March 31, 2020.

As of September 30, 2021, the net asset value of the Company has experienced a recovery from that of March 31, 2020.

The Company has been closely monitoring, and will continue to monitor, the impact of the COVID-19 pandemic and its impact on all aspects of the Company's business, including how it will impact the Company's portfolio companies, employees, due diligence and underwriting processes, and financial markets.

Further, the operational and financial performance of the portfolio companies in which the Company makes investments may be significantly impacted by COVID-19, which may in turn impact the valuation of the Company's investments.

The Company believes that its portfolio companies have taken, and continue to take, immediate actions to effectively and efficiently respond to the challenges posed by COVID-19 and related orders imposed by state and local governments, including developing liquidity plans supported by internal cash reserves, and shareholder support.

The COVID-19 pandemic and preventative measures taken to contain or mitigate its spread have caused, and are continuing to cause, business shutdowns and cancellations of events and travel.

In addition, while consumer demand for

goods and services has begun to rebound, we continue to see reductions in business activity and financial transactions, supply chain interruptions and overall economic and financial market instability both in the United States and globally.

Such effects will likely continue for the duration of the pandemic, which is uncertain, and for some period thereafter.

The extent of the impact of the COVID-19 pandemic on the financial performance of our current and future investments will depend on future developments, including the duration and spread of the outbreak, how quickly vaccines will continue to be distributed nationwide and globally, whether a "herd immunity" 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 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 and six months ended June 30, 2021:

To the extent the Company’s portfolio companies are adversely impacted by the continued 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 three and nine months ended September 30, 2021:

Accumulated Undistributed (Overdistributed) Earnings

15 unchanged sentences

Net assets at June 30, 2021 96,906,988 $ 969 $ 1,270,719 $ 105,398 $ (98,566) $ 13,610 $ 1,292,130 $ 18,956 $ 1,311,086

The table below illustrates the effect of certain transactions on the net asset accounts of the Company during the three and six months ended June 30, 2020:

Distributions declared — — — (29,072) — — (29,072) (278) (29,350)

Contributions related to non-controlling interest in NMNLC — — — — — — — 317 317

Net increase (decrease) in net assets resulting from operations — — — 30,338 23,008 (31,499) 21,847 1,058 22,905

Net assets at September 30, 2021 96,906,988 $ 969 $ 1,270,719 $ 106,664 $ (75,558) $ (17,889) $ 1,284,905 $ 20,053 $ 1,304,958

The table below illustrates the effect of certain transactions on the net asset accounts of the Company during the three and nine months ended September 30, 2020:

Accumulated Overdistributed Earnings

2 unchanged sentences

Net Investment Accumulated Net Realized

Unrealized (Depreciation) Total Net Assets Non-Controlling Interest in Total

Shares Par Amount of Par Income Gains Appreciation of NMFC NMNLC Net Assets

Unrealized Appreciation Total Net Assets Non-Controlling Interest in Total

Shares Par Amount of Par Income Gains (Depreciation) of NMFC NMNLC Net Assets

Net assets at December 31, 2019 96,827,342 $ 968 $ 1,287,853 $ 91,333 $ (85,448) $ (11,238) $ 1,283,468 $ — $ 1,283,468

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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 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

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 six months ended June 30, 2021 and June 30, 2020:

Three Months Ended Six Months Ended

June 30, 2021 June 30, 2020 June 30, 2021 June 30, 2020

Three Months Ended Nine Months Ended

September 30, 2021 September 30, 2020 September 30, 2021 September 30, 2020

Earnings (loss) per share—basic

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(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 six months ended June 30, 2020, there was anti-dilution.

For the three and six months ended June 30, 2021 and the three months ended June 30, 2020, there was no anti-dilution.

For the nine months ended September 30, 2020, there was anti-dilution.

For the three and nine months ended September 30, 2021 and the three months ended September 30, 2020, there was no anti-dilution.

Financial Highlights

The following information sets forth the Company's financial highlights for the six months ended June 30, 2021 and June 30, 2020:

Six Months Ended

June 30, 2021 June 30, 2020

The following information sets forth the Company's financial highlights for the nine months ended September 30, 2021 and September 30, 2020:

Nine Months Ended

September 30, 2021 September 30, 2020

Per share data(1):

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Distributions declared to stockholders from net investment income (0.90) (0.94)

Net asset value, June 30, 2021 and June 30, 2020, respectively $ 13.33 $ 11.63

Per share market value, June 30, 2021 and June 30, 2020, respectively $ 13.17 $ 9.29

Net asset value, September 30, 2021 and September 30, 2020, respectively $ 13.26 $ 12.24

Per share market value, September 30, 2021 and September 30, 2020, respectively $ 13.31 $ 9.56

Total return based on market value(2) 25.41 % (22.30) %

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Average debt outstanding—NMFC Credit Facility 122,537 154,974

Average debt outstanding—NMNLC Credit Facility II(4) 1,533 —

Asset coverage ratio(5) 183.99 % 178.65 %

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Total return does not reflect sales load.

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

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

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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 June 30, 2021.

The Company did not utilize the optional expedients and exceptions provided by ASU 2020-04 during the quarter ended September 30, 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.

6 unchanged sentences

Subsequent Events

On July 29, 2021, the Company’s board of directors declared a third quarter 2021 distribution of $0.30 per share payable on September 30, 2021 to holders of record as of September 16, 2021.

On October 27, 2021, the Company’s board of directors declared a fourth quarter 2021 distribution of $0.30 per share payable on December 30, 2021 to holders of record as of December 16, 2021.

On November 1, 2021, the Company entered into Amendment No.

1 to the Investment Management Agreement, pursuant to which the Base Management Fee will be reduced from 1.75% of the Company’s gross assets to 1.4% of the Company’s gross assets.

On November 2, 2021, the Investment Adviser extended the term of the Fee Waiver Agreement to be effective through the quarter ended December 31, 2023, rather than the quarter ended December 31, 2022.

Under the Fee Waiver Agreement, the Investment Adviser will continue to waive base management fees in order to reach a target base management fee of 1.25% on gross assets.

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 June 30, 2021, and the related consolidated statements of operations and changes in net assets for the three-month and six-month periods ended June 30, 2021 and 2020, the consolidated statement of cash flows for the six-month periods ended June 30, 2021 and 2020, 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 September 30, 2021, and the related consolidated statements of operations and changes in net assets for the three-month and nine-month periods ended September 30, 2021 and 2020, the consolidated statement of cash flows for the nine-month periods ended September 30, 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

August 4, 2021

November 3, 2021

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